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Et news Oct 2
Et news Oct 2
Et news Oct 2
Et news Oct 2
Et news Oct 2
Et news Oct 2
Et news Oct 2
Et news Oct 2
Et news Oct 2
Et news Oct 2
Et news Oct 2
Et news Oct 2
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Et news Oct 2

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  • 1. ET NEWS10TH To 16TH Oct.<br />DeepinderKaurGrewal<br />MBA 2C<br />
  • 2. #1. Retail investors cash out of market, sell shares in companies<br />Funds led by Fidelity , Templeton and Goldman Sachs Group may have created a record investing $23 billion in Indian stocks,<br />but retail investors like Rahul Jains are turning away from the market<br />India’s benchmark indices have been on a tear this year on strong economic and earnings growth prospects, <br />but typical of the retail psychology many are paring their stakes, as stock prices reach their previous peaks. <br />
  • 3. The desire to take capital out due to fears that there may be yet another collapse and the attractiveness of alternative investments such as retail bonds are leading to investors selling stocks. <br />Retail investors have sold stakes in Tata Steel , IndusInd Bank , Ranbaxy Labs engineering company Larsen &amp; Toubro and Ambujua Cements, among the 209 of the 406 that have filed shareholding pattern till now for the period.<br />Shares of these companies have risen between 7.5% and 37%, compared to a 15% rise in the Sensex during the period. <br />Brokers believe that part of the retail outflows may be due to initial public offerings, including the highest-ever by Coal India at Rs 15,200 crores that opens next week. <br />Contd….<br />
  • 4. #2. MukeshAmbani ready to move into mansion in the sky.<br />Antilia, the luxe 27-storey home of India&apos;s richest person MukeshAmbani in south Mumbai, is ready for housewarming during the ongoing festive season. <br />The building, which stands taller than most buildings in the vicinity and <br />is visible from a distance in every direction, bears the name of a legendary island in the Atlantic Ocean. <br />MukeshAmbani, chairman of Reliance Industries , India&apos;s largest private sector company, whose personal wealth is estimated to be $27 billion, is set to move into his mansion by the end of the month. <br />
  • 5. Ambani&apos;s multi-million-dollar customized skyscraper in Altamount Road would have Kumar Mangalam Birla, scion of the Birla family, as one of his neighbours.<br />The glass tower that stands 570 feet tall features a swimming pool, a health club, a salon and a mini-theatre. <br />The first six levels comprise the garage where more than 160 cars can be parked. <br />Atop the parking lot is Antilia&apos;s lobby, which has nine elevators. <br />Contd…..<br />
  • 6. #3. Re hits 2-year high, RBI intervenes to pull it back<br />The Reserve Bank of India (RBI) has stepped in to pull the rupee back from a two-year high of Rs 43.97 against the dollar. <br />Besides aiming to rein in the rising rupee, RBI also appears to have acted to release some liquidity into the system. <br />The scarce liquidity has pushed the banks to borrow a whopping sum of Rs 88,570 crore from the RBI through its LAF or liquidity adjustment facility, through the repo window. <br />Bankers, however, don’t see the intervention as a move to set a new band for the local currency.<br />According to an official with a public sector bank, RBI doesn’t have indicative levels for intervention. <br />
  • 7. Whenever volatility in the currency market breaches the comfortable levels, the RBI tends to intervene.<br />On Thursday, the RBI intervened in the foreign exchange market for the first time in a year. <br />The firming up of the rupee has hurt exporters who have been pleading for RBI intervention. <br />According to brokers, the rupee appreciated to 43.97 against the dollar by afternoon, after which it immediately fell back to 44.10, which is when the RBI is said to have intervened. <br />The RBI intervenes by buying out dollars, based on the net importers-exporters positions, through public sector banks. <br />Contd…..<br />
  • 8. #4. Lehman bankruptcy a $1 billion payday for advisers.<br />When Lehman Brothers collapsed, a whole lot of money vanished with it. <br />Its bankruptcy, on the other hand, just keeps on paying.<br />Lehman&apos;s record-breaking bankruptcy has produced a staggering $1 billion in fees -- doled out to legions of lawyers, advisers and bankers over the past two years. <br />The financial firm has been paying out, on average, more than $40 million a month, and based on that rate, it passed the $1 billion mark last month. <br />September&apos;s details will be in the monthly operating report due in mid-October.<br />
  • 9. The fees are a fraction of the $639 billion in assets that Lehman Brothers Holdings Inc was running when it collapsed into bankruptcy in September 2008. <br />But it is still more than, say, the gross domestic product of Caribbean nation of St. Lucia, or the combined average salaries of 8,000 financial advisers. <br />Experts say that the fees, which continue to rise daily, come at the expense of creditors seeking to be repaid. <br />Contd…..<br />
  • 10. #5. After Mahindra&apos;s $10 mn, Tata donates $50 mn to Harvard<br />Tata Group has given America&apos;s prestigious Harvard Business School a $50 million donation, the largest gift the school has received from an international donor in its 102-year history. <br />Earlier this month Anand Mahindra, head of Mahindra Group, gave $10 million to Harvard where he earned his undergraduate and master&apos;s degrees. <br />The funds will be used to build a new academic and residential building on the school&apos;s campus in Boston.<br />Harvard said it hopes to break ground for the building, which will be named Tata Hall, next spring. <br />
  • 11. Ratan Tata, chairman of Tata Sons Ltd since 1991, attended the school&apos;s advanced management programme– <br />one of three leadership programmes offered by the school&apos;s executive education programme-in 1975 and received its highest honour, the Alumni Achievement Award. <br />Harvard Business School dean NitinNohria hailed the &quot;historic gift.“<br />Indian-born Nohria became the school&apos;s 10th dean earlier this year.<br />He has said his focus will be on business ethics, a cause he has long championed, particularly during the financial crisis. <br />Contd….<br />
  • 12. THANK YOU<br />

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