India has 61,000 millionaires, while the United States has a whopping 2.27 million, according to a study.
Income and long-term gilt funds will continue to outperform the broad market indices in the long term as trading gains will add to the total returns, according to a Merrill Lynch Mutual Fund Debt survey.
DSP Merrill Lynch Mutual Fund on Monday launched three new schemes and targets to raise Rs 750 crore (Rs 7.50 billion) through the initial public offering for these schemes.
Merrill Lynch & Co Inc, said on Friday that Deepak Raj, who headed its global stock research team while it was the target of state and federal investigations, is leaving the Wall Street firm one week after his boss, Robert McCann, resigned.
Petronet LNG Ltd will float an initial public offering of 261 million shares, representing 34.8 per cent of the total equity of the company, around mid-February, P Dasgupta, director (finance), PLL, said in New Delhi on Friday.
The government has appointed Kotak Mahindra Capital Co, DSP Merrill Lynch and JM Morgan Stanley as book runners for the public issue of 10 per cent equity shares in state exploration firm Oil and Natural Gas Corporation.
About 61,000 high net worth individuals in India increased their wealth by 22 per cent to a whopping $267 billion (Rs 12,09,000 crore) in 2003, the World Wealth Report drawn up by Merrill Lynch and Capgemini said on Wednesday.
Some 500,000 people joined the ranks of the world's millionaires in 2003 thanks to a roaring stock market and strong economic conditions, a survey showed Tuesday.
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According to the BofA Merrill Lynch fund manager survey for October, investors are concerned that global economic recovery could falter, while emerging market confidence have started to rebuild.
Buoyed by the 'feel good factor' in the economy, investment banking firm DSP Merrill Lynch on wednesday raised India's GDP forecast for 2003-04 to 7.3 per cent from the earlier prediction of 6.7 per cent.
Petronet LNG Ltd, which will become India's first LNG importer when Qatari RasGas' cargo lands at its Dahej import terminal in January next, has planned an initial public offering of equity shares in the same month.
Even after the split, UTI Mutual Fund continues to hold the largest market share of 14.47 per cent closely followed by ICICI Prudential, HDFC Standard Life and Templeton in the over Rs 1,00,000 crore (Rs 1,000 billion) industry.
The sudden harsh ouster of Thomas Patrick as Merrill Lynch's executive vice chairman, may spell bad news for India-born Arshad Zakaria, who is head of institutional banking at Merrill, said the New York Times in a report.
RBI's previous monetary policy was announced on September 29.
JPMorgan, Goldman Sachs, Bank of America Merrill Lynch and Morgan Stanley, as well as Britain's Asia-focused Standard Chartered said they would try to support London's financial sector
The MPC headed by RBI Governor Shaktikanta Das will announce the resolution of the meeting at around noon on Thursday.
The Bombay Stock Exchange Sensex is expected to cross the 7,000 mark in the next one year, according to a survey by DSP Merrill Lynch Fund Manager.
Economic growth has slipped to a six-year low of 5 per cent for the June quarter and is expected to turn in lower than that in the September quarter. Lack of consumption is seen as one of the key factors pulling down growth.
Banks say they themselves red-flagged the transactions to RBI. It must be noted that these transactions are not outright evidence of fraud or proof of nefarious activities.
Facebook Inc founder and CEO Mark Zuckerberg will sell 41.4 million shares worth about $2.3 billion to pay a tax bill, as part of an offering by the social network of 70 million Class A common shares.
The US Fed will decide if it should raise interest rates from near-zero levels first time in a decade.
Axis Bank, HCL Technologies, Maruti Suzuki, NBCC and Union Bank are their top five stock picks.
Banks in India are expected to cut lending rates by up to 50 basis points by September as there is sufficient liquidity in the system.
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