The booming stock broking industry is being hit by rising attrition as the entry of big Indian business houses and expansion of existing players spawns opportunities for senior and middle-level executives. Surprisingly, multi-national players are at the receiving end as their executives are being lured by leading Indian corporate houses, which are entering into this space.
The group has earmarked over Rs 4,000 crore (Rs 40 billion) to acquire coal mines in foreign countries.
The Securities and Exchange Board of India (Sebi) is considering a proposal to allow funds, which are not managed by foreign institutional investors (FIIs) to get themselves registered as FIIs' sub-accounts with the Indian regulator.
We are hoping to have an exposure of over $300 million over the next two years. We would also evaluate opportunities to invest in other asset classes including equity and structured products.
With the market capitalisation crossing $1.6 trillion within a couple of months after piercing the magical $1 trillion mark, and a vibrant equity derivatives segment to boast, the Indian stock markets look much attractive in terms of depth as well, they add. The equity derivatives market in China is only a recent start and is yet to catch momentum.
NSE launched trading in individual stock futures in November 2001.
Vodafone-Essar, the leading GSM operator is raising around $500 million (Rs 2,000 crore) through overseas borrowing. This is the first fund raising by the telecom major after British telecom major Vodafone acquired a majority stake.
Videocon Industries, the oil-to-consumer durables company, has joined the race for the acquisition of the London-based Burren Energy, which recently rejected several approaches including one worth $3.5 billion (Rs 14,000 crore) from the Italian major ENI.
Kotak Mahindra Bank is raising a total of $300 million through three separate offshore funds - an infrastructure fund, a Shari'ah fund for Muslim investors and a multi-cap fund for European investors - to tap the growing appetite of global investors.
Some of the world's biggest foundations, including Bill & Melinda Gates Foundation, pension funds such as CalPERS, university funds and endowments are registered as foreign institutional investors with the Securities and Exchange Board of India for several years now.
The three corrections in stock markets this year - February, August and now in October - has one common thread, which is the dominance of foreign investors/hedge funds in the equity markets.
Dubai Holding, an investment firm of the Dubai government, has threatened to come out with an open offer for Orient-Express Hotels if the Tata group acquires a significant stake in the hotel chain. This comes exactly a month after the Tata group's Indian Hotels Company bought 10 per cent and expressed interest in striking a deal which was turned down by Orient-Express.
Most of the PN money is coming into stocks that are not in the blue-chip category. This means the source of the money is questionable and the investments are not driven by fundamentals.
Historically, Indian stocks trade at earnings multiple of 17-18 times. At current prices, the earnings multiple for the Sensex is 26 times.
The top slots at three Tata companies -- Tata Motors, Tata Steel and Tata Consultancy Services -- will be up for grabs in two years with incumbents Ravi Kant, B Muthuraman and S Ramadorai due to retire in 2009.
Interested parties are concerned about the possibility of 24 domestic banks and six financial institutions converting to equity Rs 1,480 crore worth of zero-coupon debentures to which they subscribed in 2002-03.
Even as the Bajaj imbroglio comes up for hearing before the Company Law Board (CLB) on October 23, there is every indication that this might turn out to be the longest-running family feud of all times.
Global liquidity, which dried up after the turbulence in the US credit markets, has returned big time following the Fed rate cut of 50 basis points on September 18. In the secondary markets alone, FIIs have pumped in over $4.5 billion in about 11 trading sessions, data from the BSE show.
Despite all its problems, V Thulasidas, head of the merged Air India-Indian Airlines, feels the elite cadre provides the most challenging environment.
Essel Propack, Amcore other contenders for $1bn deal.
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