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Business Briefs

Wednesday, November 10, 2010

Foreign stake in Indian companies increasing

The role of foreign investors in the Indian capital market is gaining significant momentum, as foreign stake in Indian companies has shown a sharp upturn in the quarter ended September 30, which saw net inflows of USD 12 billion.

According to an analysis of BSE 500 companies for the July-September quarter, the market share of foreign investors including foreign institutional investors (FIIs), American Depository Receipts (ADRs) and Global Depository Receipts (GDRs), has risen at the cost of domestic mutual funds.

For the September quarter, the market share of FIIs, ADRs and GDRs taken together in BSE500 has risen to 17.8 per cent, while domestic mutual funds' percentage of the total pie has declined to 3.76 per cent, even as the insurance share remained flat at 5.25 per cent, Religare Capital Markets has said in a recent report.

SC refuses extension for Raju's surrender

The Supreme Court yesterday rejected the plea of scam-tainted Satyam Computer founder B Ramalinga Raju, seeking extension of tomorrow's deadline for his surrender. The apex court had earlier cancelled Raju's bail and directed him to surrender by November 10.

However, Raju had moved an application seeking extension of this deadline to surrender citing poor health and ongoing family settlement. The application did not mention as to how much time he needed to surrender. Raju had merely sought reasonable extension. The plea was heard by a bench comprising Justices Dalveer Bhandari and Deepak Verma. In January 2009, Raju had admitted to the accounting fraud at Satyam Computer, now known as Mahidra Satyam -- a part of the Mahindra group.

The fraud, estimated to be about Rs 14,000 crore, is being investigated by multiple agencies, including the CBI.

IMF Team visits Union Bank of India

Caption: SC Kalia – ED Union Bank, MV Nair – CMD Union Bank, James Walsh – Senior Economist World Bank, Masahiko Takeda Mission Chief and Deputy Director Asia & Pacific countries and SS Mundra ED Union Bank.

An IMF Article IV Team yesterday visited Union Bank of India to discuss issues relating to economic and banking trends in India and their outlook. The IMF Team comprised Masahiko Takeda, Mission Chief and Deputy Director, Asia and Pacific Countries and James P. Walsh, Senior Economist. Union Bank of India was represented by its Chairman & Managing Director, M V Nair and two Executive Directors, S C Kalia and S S Mundra.

M V Nair shared with the IMF Team how India could ensure sound recovery from the global crisis with a coordinated fiscal and monetary support. He said, “India witnessed swift and broad-based recovery due to fundamental strengths of the domestic sector and a prompt fiscal and monetary stimulus. Growth trends are now close to pre-crisis levels and consolidating towards the trend level.” …“In the near-term, risks is broadly balanced for India and medium term prospects are positive. India is continuously creating capacities for a sustainable high growth rate in medium term”, Nair added. Masahiko Takeda, Mission Chief and Deputy Director, Asia and Pacific Countries, IMF remarked that such interactions help IMF in better understanding of the economic and financial conditions in the member countries and in framing its recommendations.

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