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By Vikas Agarwal With budget not providing any ammunition to bulls, the indices continued to slip in post budget period during March. With forthcoming results not likely to offer any positive surprise, bulls can trigger a Profit booking. So one can worry about more pain in th e markets, in the coming weeks. This suggests that for many months, we may not see any new highs, while moving towards newer recent lows is indeed a possibility. The coming months could be testing time for investors as well as traders.
The government is panicking by higher inflationary trend in the economy and is taking some unusual measures to keep prices of commodities in check. Till such measures don't indicate a reversal of control / license raj, the market may react negatively and in such case restoring the investors' confidence could become a challenge for Govt. When markets are good everything looks good for the government - growth in revenues, investments in infrastructure and capex plans across sectors. But one small mistake on the reforms front can kill the golden goose and lack buoyancy in capital markets, which can be dearer to the economy. We hope the government would not take any step which could adversely affect investor sentiments. |
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India may sign a free-trade agreement (FTA) with Thailand by end of June, IANS reported Indian Commerce and Industry Minister Kamal Nath as saying here on Wednesday. |
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Ahmedabad, Gujarat, India, Tuesday, April 03, 2007 -- (Press Release)  The city based Synchron Research Services Pvt. Ltd. today announced the acquisition of Innovance, a start up contract research organization based in Ahmedabad. This acquisition is first of its kind in CRO space in India. The deal was facilitated by Deloitte. Synchron also simultaneously started its operations in Bangkok. |
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NEW DELHI, April 10 (Bernama) -- India, with its booming economy and "Look East" policy, is poised to emerge a strategic player in the Southeast Asian region, and Malaysia should engage New Delhi more closely.
Institute of Strategic and International Studies (ISIS) chief executive officer Mohamed Jawhar Hassan said Malaysia, like other Asean countries, should bolster its relations with the sub-continent nation. |
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BANGKOK, April 4 (TNA) – Thailand is ready to expand the Free Trade Agreement (FTA) to India if the ASEAN–India FTA talks fail to reach an agreement, a Thai senior official said Wednesday.
Director General of the Trade Negotiations Department, Chutima Bunyapraphasara, said the ASEAN-India FTA talks, carried on for more than four years, will resume for the final round in July. The talks will definitely be the last if ASEAN and India cannot strike a deal in the July talks, she said, adding that it will be a good opportunity for Thailand to individually hold talks with India to expand the FTA. The two countries signed an agreement on FTA framework in 2004. |
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This is not the  first market crash during the bull run of the past four years. In fact, the carnage was far worse during the meltdown in May 2004 and the collapse last May. On each occasion, while local factors may have exacerbated the plunge, the fall was global in extent. That is an indication of how closely correlated markets have become. The first jolt came in May 2004, when markets plummeted as the UPA government, dependent on support from the Left, came to power. Apart from this domestic uncertainty, the fall coincided with a sell-off in the global markets, as the US Fed raised interest rates for the first time since 2000. At that time, too, the concern was that carry trades would unwind, thanks to higher borrowing costs in the US, the difference being that these trades were being funded by cheap dollar borrowing. As a result, there was a sell off in emerging markets.
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 CAMPUS recruitment in India has reached a new milestone this year with IIMs churning out crorepatis for the first time. Two students from IIM Calcutta have secured pre-placement offers of $250,000, or Rs 1.12 crore, a year from a leading investment bank for its New York desk, while a third student bagged a £120,000 (Rs 1.03 crore) package for the London desk of another investment bank.
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 IMPACT: Neutral for markets
Our view is that the budget has been neutral to the markets over all. The negatives have been balanced out by the positives. Skeptics may argue for a marginally negative view, but we had rather stay clear of the argument and take comfort in the growth story. Current valuations vis-à-vis growth is still attractive enough for investors. |
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- Abhishek Mills IPO extended till March 1; price band revised from between Rs 95-110 to Rs 90-100 (subscribed 0.22 times)
- NTPC submits non-binding bid to acquire assets of 682.5 MW Sidi Krir Power Project in Egypt via 100% acquisition of Globeleq Maghreb; to raise Rs 900 crore from US pension fund
- Alfa Laval India: Alfa Laval AB makes open offer to acquire up to 25.9% stake (47.02 lakh shares) of Alfa Laval at Rs 875 per share (CMP: Rs 818) - Offer opens April 19, closes May 08
- Open offer for SSI at Rs 208 per share (CMP: 165); Telephoto Ent at Rs 31.50 per share (SSI bought majority stake in Telephoto last year; CMP: 29)
- RIL prices warrant conversion at Rs 1,402 per share (CMP: Rs 1406.55)
- HOV Services : To acquire BPO company LASON for USD 148 million. Says to have combined annual revenue of USD 200 million plus. Expects acquisition to be EPS accretive
- Holcim to up stake in ACC, Guj Ambuja, in talks to buy Guj Ambuja's 33% stake in Ambuja Cement India.
- FII net sell in Nifty Futures worth Rs.1040 crore yesterday.
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 Going by the happenings in equity markets it looks that markets are heading for deeper corrections and therefore investors needs to better avoid short term and leveraged investments. Fundamentally the worry apart from Inflation and Interest rates; is the high earnings base of '06-07, which will mute the earnings growth for 07-08. A low to modest growth in earnings of companies will put pressure on discounting/valuations of the stocks. If high interest rates regime continues - it can adversely affect many sectors like - Housing, Automobiles, Consumer Durables and related ancillaries and dampen the growth projections.
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According to the projections on which the GDP growth rates are forecast, the industry body has assumed growth rates of 3% for agriculture, 9.1% for industry and 9.9% for services for 2006-07. The CII (Confederation of Indian Industry) has also set a target of building more than a hundred Indian companies with $1 billion-plus in revenues over the next three years. The targets and roadmap for the future were unveiled by the industry body’s new president R Seshasayee.
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