Sameer Nath, head of mergers and acquisitions for Citi Group Global Markets India, has been busy working on domestic restructuring and consolidation deals over the past six to nine months.
Mesmerised by the cinematic kitsch of Mumbai's underbelly, Americans are seeking palliatives to the horror stories tumbling out of the Byzantine world of investment banking.
M&As are back on the radar for Indian companies, but with two vital changes. First, the average size of the deals are much smaller compared to the earlier years; and second, overseas acquisitions have taken a backseat.
People move from investment banking to growth equity or from venture capital to growth equity or entrepreneurship, depending on what's attractive at different points of life.
Investment banking giant Goldman Sachs has named housing loan major HDFC among world's seven best companies from the financial services space to sustain a competitive advantage in the long term, alongside global giants like Standard Chartered, HSBC and Morgan Stanley.
The satisfaction of serving the masses is proving to be a bigger lure for some management graduates.
Even as the business world is reeling at the amount of money that has been lost, the real tragedy is being enacted in the homes, hearts and minds of the individual victims the hundreds and thousands of people whose financial ability has been decimated, whose glowing future is suddenly unclear.
A well-balanced board of directors, proactive shareholders and swift action against malpractices could restore market confidence.
A new generation of scholars -- this time, sociologists and anthropologists, who hitherto have been busy with researching social practices of primitive tribes and social structures like India's caste system -- are starting to cast their eyes on the financial sector.
IT major Wipro Technologies and Gurgaon-based knowledge process outsourcing firm Copal Partners have expressed interest in bidding for the Indian back office business of Lehman Brothers Holdings, the US-based investment banking firm that filed for bankruptcy protection on Monday.
In another bid to mobilise funds for the cash-strapped realty major Unitech, promoter Ramesh Chandra and his family are in talks with leading Indian and global steel giants to sell their 25 per cent stake in Bhubaneswar-headquartered Orissa Sponge Iron & Steel Ltd.Investment banks said the Chandras, who bought the stake sometime in 2006 and 2007, are in talks with Korean steel giant Posco and Delhi-based Bhushan Steel, which owns 6 per cent in the firm.
Financial services major JPMorgan Chase on Thursday posted 36 per cent surge in the second-quarter profit at $2.72 billion, propelled by a steep rise in investment banking fees.
After months of negotiations, Tata Motors-owned Jaguar Land Rover is likely to get approval for a loan of pound 270 million (about Rs 2,000 crore) from the European Investment Bank on April 7, BBC reported on Saturday quoting official sources.
Analysts aiming to steer investors clear of disaster are pointing fingers at those companies that seem to be headed for bankruptcy
ITC Infotech, an IT services firm and a wholly owned subsidiary of tobacco-to-hotels conglomerate ITC Group, has acquired New York-headquartered Pyxis Solutions - a provider of quality assurance and testing services - for $25 million (around Rs 105 crore). This is its first all-cash acquisition in the last eight years, funded through internal accruals.
Ashish Aggarwal of San Francisco and two others have surrendered.
Considered, till recently, the "blue-chips" of the estimated $15 billion Indian matrimonial market, the marriage value of non-resident Indian (NRI) and India-based investment bankers is rapidly being eroded.
The options include doing away with Day Zero and reducing placement fees. Day Zero is the name given to the day placements begin at the IIMs. Day Zero and Day One are reserved for top companies and placement fees are higher on these days. In good times, most students are placed on these days, leaving the smaller companies to return empty-handed.
Goldman Sachs' controversial note on corporate governance in Oil and Natural Gas Corp that evoked a strong reaction from the company, is not the first instance of the US investment bank having a run-in with the state-owned firm.
Beleaguered investment bank Merrill Lynch has paid more than $10 million in cash and stock to its eleven top executives last year, says a media report.
Reliance Infratel, a subsidiary of the group's telecom arm RCom, is looking to dilute 10-15 per cent stake in a private placement of shares with the PE firms, investment banking sources said. The company had last year scrapped plans to raise about Rs 6,000 crore (Rs 60 billion) through sale of about 10 per cent shares in an IPO due to adverse market conditions.
Goldman Sachs had late last month announced appointment of Mittal, estimated to have a net worth of over $50 billion and CEO of the world's largest steelmaker ArcelorMittal, as an independent director effective June 28. Mittal will serve on the Audit, Compensation and Corporate Governance and Nominating Committees of the Board and would take the Goldman Sachs' board strength to 13 directors, including 10 independent directors.
Indian-origin steel magnate Lakshmi Mittal has joined the board of the investment bank major Goldman Sachs as an independent director.
JM Financial Consultants, Arpwood Capital and Alvarez & Marsal will advise the board going forward
Real estate developers like Indiabulls, DLF, Peninsula and even retail giant Future group are all considering converting space reserved for malls and hyper-markets to office space to meet heavy demand from financial institutions, investment banks and large companies.
K P Singh and family, promoters of DLF, are in advanced stages of discussions with leading foreign institutional investors to sell 6 to 7 per cent in India's largest realtor to raise Rs 2,000 crore to Rs 2,500 crore.
With America's fourth largest investment bank Lehman Brothers filing for bankruptcy protection and Merrill Lynch being bought over by the Bank of America, placements at the Indian Institutes of Management will be affected.
Lehman Brothers, fourth largest investment firm, filed for bankruptcy, after Barclays pulled out of an 11th-hour rescue, becoming the largest financial firm to fail in the global credit crisis, after federal officials refused to help other companies buy the venerable investment bank.
Goldman Sachs on Tuesday reported its first quarterly loss since it became a public company in 1999, after a severe decline in asset values, including real estate, hit the bank's revenues.
Even as most of the 50,000-odd employees at Satyam Computer Services remain concerned about job and pay cuts, 250 to 300 employees working on the Merrill Lynch project have accepted an offer from Bank of America (BofA), the bank that bought the sub-prime meltdown-hit investment bank in September last year.
The promoters of East India Hotels Ltd, owners of the Oberoi brand and the largest hotel chain after the Tata-owned Indian Hotels and ITC Welcome Group, are in advanced discussions with leading corporate houses and private equity firms to divest a strategic stake, possibly 26 per cent.
Moderation in the economy in the short-term could be because of high inflation, rising commodity prices, high oil prices, increasing fiscal deficits and global uncertainties, Edelweiss said in its annual report. Despite the BSE Sensex swinging between 12,500 in March 2007 and 21,000 in March 2008, fund mobilisation through the primary and secondary markets is preferred, it said.
The premier Indian Institutes of Management (IIMs) expect a 25 to 50 per cent increase in pre-placement offers (PPOs) this academic year. This, even as other prominent B-schools anticipate a 25 to 30 per cent drop in placements this academic year.
The funds are needed to meet losses for the next two years, sources said. The channel, which was launched in April 2008, earns around Rs 2 crore (Rs 20 million) a month and incurs an operating monthly cost of Rs 7.25 crore (Rs 72.5 million). As a result, its monthly loss is about Rs 5 crore (Rs 50 million), translating into an annual loss of around Rs 60 crore (Rs 600 million), sources said.
Fired by a financial firm? Here's a road map to rejoining the workforce.
The shutdown of capital markets is causing a major headache for private equity firms, hedge funds and investment banks that piled in to Chinese and Indian companies ahead of expected stock market listings.
BRICS countries, including India, on Thursday voiced concern over the "fragile recovery" of global growth and the potential spillover effects from the "unconventional monetary policies" of the developed countries.
Global financial services firm Goldman Sachs has said it is not planning to sell its five per cent stake in the National Stock Exchange.
Life Insurance Corporation of India and DaimlerChrysler, one of the oldest partners of Tata Motors, may refrain from participating in the ongoing Rs 4,145-crore (Rs 41.45 billion) rights issue that is closing on October 20, investment banking sources said. The move comes after Life Insurance Corporation of India expressed its wariness in putting in its bid.
"One IIT that is not affected (of this global crisis) is IIT Guwahati. The institute has had a policy of not allowing financial companies to make campus recruitment for many years now," IIT-G director Prof Gautam Barua told PTI. "The logic is that this is an institute producing engineers and scientists, and it will provide support for employment to its students only in organisations that can usefully utilise their expertise," Barua said.
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