Home » Business » Indians' appetite for Apple, Facebook shares to take a hit
Indian investments in equity and debt account for the second-highest remittances outgo (about a quarter).
According to RBI data, Indians invested $236.9 million in equity and debt in foreign countries in FY13.
This is more than all other heads, excluding ‘gifts’, which accounted for $261.6 million.
According to wealth managers, high net worth individuals typically invest in well-known or familiar brands and technology firms when investing abroad.
Illustratively, the typical Indian investor could buy around 400 Apple shares and 5,400 shares of Facebook under the old $200,000 limit.
This has now dropped to 149 and 2,000 at their current share price, which hovers around $37 for Facebook and $500 for Apple.
Typically, wealth managers offer high net worth individuals an option to invest abroad through the remittance scheme.
This is done through tie-ups with foreign brokerages or advisors.
Anshu Kapoor, head of private wealth division at Edelweiss Securities, noted the move came even as interest in investments abroad was picking up.
“There had been some momentum in investments, which had started to build up in the last 12 months with the rupee depreciation and the positive news from the US,” he said.
A V Srikanth, CEO of Motilal Oswal PrivateWealth Management Ltd, agreed interest had picked
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