After the embarrassing pitch fiasco on Sunday, Delhi's Feroz Shah Kotla ground has lost out on hosting a Test match between India and South Africa early next year.
The South Africa-India series will be held in February and March next year. Though the list of venues had not been announced yet, Kotla was in contention to host one of the two Test matches to be played during the series.
However, Ratnakar Shetty of the Board of Control for Cricket in India (BCCI) has said that it has been decided that the Delhi and District Cricket Association (DDCA) will not get to host this match after the fiasco.
A two-member inquiry committee is also being set up to look into the Kotla pitch mess-up. (In Pics: Kotla ODI abandoned)
On Sunday, the nation watched stunned as the fifth One Day International between Sri Lanka and India was abandoned after 24 overs had been bowled with the guests complaining that the pitch was dangerous. What made it worse was that this was the national capital. Irate spectators turned violent at the ground and the entire DDCA pitch committee resigned later in the day. (Read: Poor Kotla pitch leads to ODI abandonment)
International Cricket Council (ICC) vice president Sharad Pawar has also spoken out on the issue saying it's the ground and pitch that matter the most, not a fancy stadium.
After the ICC receives the match referee's full report on the incident, it will write to the BCCI within five days demanding an explanation for the incident.
The BCCI will have 14 days to respond to the ICC. If ICC decides the pitch was sub-standard, penalties can range from a warning to a fine or suspension.
Match Referee Alan Hurst had issued a statement after the match was abandoned on Sunday. He said:
"The decision to abandon the match was taken by myself, in consultation with the on-field umpires Marais Erasmus and Shavir Tarapore, and both captains as it was clear that the pitch had extremely variable bounce and was too dangerous for further play.
"Before abandoning the match, consideration was given to shifting the match to a secondary pitch. However, it was deemed impractical as the secondary pitch was not adequately prepared," Hurst said in his statement.
However, the ICC's chief executive has said Feroz Shah Kotla can still retain hope of hosting the 2011 World Cup matches.
"It is not fair to say it hangs in the balance because you cannot comment till you know what the facts are," Haroon Lorgat said minutes after landing in New Delhi, where he will be presenting the ICC mace to the Indian captain MS Dhoni on Sunday evening for becoming the world's No.1 Test team.
Monday, December 28, 2009
Thursday, December 3, 2009
MF industry's assets cross Rs 8 lakh cr mark
The mutual fund industry hits another milestone, crossing Rs 8 lakh crore in assets under management for the month of November reports CNBC-T18’s Mrinalini Krishna.
The average asset under management currently stands at Rs 8.07 lakh crore which is about 6% jump from October last year. It’s been a good year for the industry from Rs 6 lakh crore in May to Rs 7 lakh crore in August and now 8 lakh crore in November.
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What is also interesting to see is that HDFC Mutual Fund, which is a second largest player have join the bandwagon of Reliance Mutual Fund crossing the Rs 1 lakh crore barrier of assets under management.
Also the other top five mutual fund players have had reasonable gains in their assets under management. While the Sensex was up about 6% through the month of November, experts feel that is not one of the key drivers of this growth in assets under management and there are many other factors.
Milind Barve, Managing Director at HDFC AMC says equity markets, the equity indices have grown by 6% but the industry has roughly about 25% of assets in equity or equity oriented fund products. “In that aspect impact on equity oriented MF could be correlated to market movement but the rest of the movement has essentially come from more money flowing into money market or money market type of products which is predominantly in the fixed income group.”
So while the equity markets are up they are not driving the AUM growth, so you can see that fixed income products are getting more of the inflows.
The average asset under management currently stands at Rs 8.07 lakh crore which is about 6% jump from October last year. It’s been a good year for the industry from Rs 6 lakh crore in May to Rs 7 lakh crore in August and now 8 lakh crore in November.
RELATED NEWS
IMF expects to cut growth UAE outlook due to Dubai
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RSS feed for news
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What is also interesting to see is that HDFC Mutual Fund, which is a second largest player have join the bandwagon of Reliance Mutual Fund crossing the Rs 1 lakh crore barrier of assets under management.
Also the other top five mutual fund players have had reasonable gains in their assets under management. While the Sensex was up about 6% through the month of November, experts feel that is not one of the key drivers of this growth in assets under management and there are many other factors.
Milind Barve, Managing Director at HDFC AMC says equity markets, the equity indices have grown by 6% but the industry has roughly about 25% of assets in equity or equity oriented fund products. “In that aspect impact on equity oriented MF could be correlated to market movement but the rest of the movement has essentially come from more money flowing into money market or money market type of products which is predominantly in the fixed income group.”
So while the equity markets are up they are not driving the AUM growth, so you can see that fixed income products are getting more of the inflows.
Friday, November 27, 2009
Tata Steel loses shine on weak numbers
Tata Steel plunges after posting weak September quarter numbers. The stock is trading at Rs 523 on the BSE, weaker by Rs 20 or 3.7%, on the BSE. It had opened at Rs 530 and has touched a high of Rs 535 and a low of Rs 521 thus far.
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The steel major posted a consolidated net loss of Rs 2,719.8 crore for the September quarter, compared with a net profit of Rs 4,703.6 crore in the corresponding quarter last year.
Consolidated net sales during the period fell to Rs 25,269.8 crore from the previous year’s Rs 44,050 crore, down 42.6 per cent.
Business restructuring also took a toll. During the quarter, Tata Steel had to shell out Rs 911 crore as restructuring costs. Poor performance in Europe added to the company's woes.
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The steel major posted a consolidated net loss of Rs 2,719.8 crore for the September quarter, compared with a net profit of Rs 4,703.6 crore in the corresponding quarter last year.
Consolidated net sales during the period fell to Rs 25,269.8 crore from the previous year’s Rs 44,050 crore, down 42.6 per cent.
Business restructuring also took a toll. During the quarter, Tata Steel had to shell out Rs 911 crore as restructuring costs. Poor performance in Europe added to the company's woes.
Wednesday, November 25, 2009
Survey of BSE trading members on extended timings
BSE Brokers Forum conducted a survey on the extended trading hours to seek views of the Trading Members of the BSE.
418 Trading Members responded to the survey. The key findings showed that more than 79% forming almost four fifths of the respondents felt that the current timings should not be changed. Of the balance 21%, 7% felt that the markets should be extended in the morning session only, 5% felt that the market should be extended in the evening session only and 8% felt that the markets should be extended in both the morning as well as the evening sessions.
The survey indicates that the Trading Members are not welcoming the change in the trading hours and see no benefit to the Indian Capital Markets in terms of getting volumes of the Asian Markets or getting a trend of the US Markets
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418 Trading Members responded to the survey. The key findings showed that more than 79% forming almost four fifths of the respondents felt that the current timings should not be changed. Of the balance 21%, 7% felt that the markets should be extended in the morning session only, 5% felt that the market should be extended in the evening session only and 8% felt that the markets should be extended in both the morning as well as the evening sessions.
The survey indicates that the Trading Members are not welcoming the change in the trading hours and see no benefit to the Indian Capital Markets in terms of getting volumes of the Asian Markets or getting a trend of the US Markets
More news from Market news
Survey of BSE trading members on extended timings
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NSE says most members against more trading hours
India's MF investor base down by 312,609 in Oct
Monday, November 23, 2009
Reliance's acquisition move a right step: Cyrus Daruwala
he market is abuzz with Reliance's much awaited proposed acquisition of LyondellBasell. In an interview with ET Now, Cyrus Daruwala, MD,
Financial Insights gives his thumbs up to Reliance bid and says that telecom sector industry will be biggest recipient of foreign direct investments outside infrastructure projects.
How do you read into this move of Reliance Industries going ahead and making this acquisition (of LyondellBasell), what's your take on the stock?
Most of the underperforming stocks that we have had there were ready for the picking. Inevitably what is happening is that most of the stocks are showing a huge amount of fluctuation and or the industries that you see are slightly speculative. But most of the foreign direct investments as well as the joint ventures that you see now are long term bets as they are fundamentally sound and are in the areas of growth.
How do you see things progressing from here? Is it the right time for the Indian companies such as Reliance Industries to make a mark on the global arena by taking up assets which might find it difficult to achieve valuations given that there are a lot of bankrupt companies out there?
It is correct. now two ways to skin that cat when Tata goes ahead and acquires something like a ailing asset it's not just for a global reach or because they are under evaluated. There is also a long term business synergy between the Tata Motors Groups as well as Jaguar as well as Range Rover.
Likewise, the other industries especially within the petrochemical industries - whether they are in cements, in refineries, in steel - are on the radar of the Indian companies and it is part of a long term synergitical move. They themselves benefit from some of the best practices, a good reach within the global market from an experts' point of view and in return they are also expanding their footprint by acquiring cheaper assets.
In that case would you approach Reliance Industries with a buy call given the potential of this investment and this acquisition?
I certainly would. Reliance has made a couple of these astute investments in the past. The slight volatility of their stock would not deter me as an investor that is backing Reliance into this deal. So yes it would be a buy.
What kind of an earnings upside do you see given that LyondellBasell is a distress asset? It's a bankrupt company and they are still working out their debt. So what kind of an earnings of potential do you see on the bottom line if these two companies were to come together?
I would say they would expedentially and instantly look at least about a five per cent jump in revenue, which is a much needed indicator. New revenues as well as the consolidated revenue marks are looking at about five per cent year on year growth. At least in the first instance that we have conservatively done the assessments going forth, I think the target that they would have would be a fairly ambitious between 7.5 to 12 per cent growth year on year to recoup the investments that they are going in with.
Financial Insights gives his thumbs up to Reliance bid and says that telecom sector industry will be biggest recipient of foreign direct investments outside infrastructure projects.
How do you read into this move of Reliance Industries going ahead and making this acquisition (of LyondellBasell), what's your take on the stock?
Most of the underperforming stocks that we have had there were ready for the picking. Inevitably what is happening is that most of the stocks are showing a huge amount of fluctuation and or the industries that you see are slightly speculative. But most of the foreign direct investments as well as the joint ventures that you see now are long term bets as they are fundamentally sound and are in the areas of growth.
How do you see things progressing from here? Is it the right time for the Indian companies such as Reliance Industries to make a mark on the global arena by taking up assets which might find it difficult to achieve valuations given that there are a lot of bankrupt companies out there?
It is correct. now two ways to skin that cat when Tata goes ahead and acquires something like a ailing asset it's not just for a global reach or because they are under evaluated. There is also a long term business synergy between the Tata Motors Groups as well as Jaguar as well as Range Rover.
Likewise, the other industries especially within the petrochemical industries - whether they are in cements, in refineries, in steel - are on the radar of the Indian companies and it is part of a long term synergitical move. They themselves benefit from some of the best practices, a good reach within the global market from an experts' point of view and in return they are also expanding their footprint by acquiring cheaper assets.
In that case would you approach Reliance Industries with a buy call given the potential of this investment and this acquisition?
I certainly would. Reliance has made a couple of these astute investments in the past. The slight volatility of their stock would not deter me as an investor that is backing Reliance into this deal. So yes it would be a buy.
What kind of an earnings upside do you see given that LyondellBasell is a distress asset? It's a bankrupt company and they are still working out their debt. So what kind of an earnings of potential do you see on the bottom line if these two companies were to come together?
I would say they would expedentially and instantly look at least about a five per cent jump in revenue, which is a much needed indicator. New revenues as well as the consolidated revenue marks are looking at about five per cent year on year growth. At least in the first instance that we have conservatively done the assessments going forth, I think the target that they would have would be a fairly ambitious between 7.5 to 12 per cent growth year on year to recoup the investments that they are going in with.
Saturday, November 21, 2009
ICICI Bank Mops up USD 750 Mn Abroad
A month after country's largest lender, State Bank of India mopped up USD 750-million abroad, its nearest competitor ICICI Bank today said it has raised USD 750-million through a five-year bond issue at its Bahrain branch.
The issue had an order book of over USD 3-billion and was participated by over 250 investors, an ICICI Bank press release said here. The notes were sold under the Rule 144A/Reg S format.
The bonds, which have a maturity of 5.33 year, carry a coupon rate of 5.5 per cent, which translates to 292.6 basis points spread over equivalent London interbank offered rate, the bank said.
Despite a fall in the total income, ICICI Bank had reported a 2.5 per cent rise in its net profits for the quarter ended September 30 at Rs 1,040.13 crore, against Rs 1,014.21 crore in the same period last year.
The issue came shortly after State Bank of India raised USD 750-million through the issue of five year bonds through its London branch.
State Bank raised the amount through the issue of fixed rate senior notes having a maturity of 5 years and a coupon rate of 4.5 per cent under its Medium Term Notes programme.
The lender has a headroom to raise Rs 28,000-crore from bond issuance to meet regulatory capital requirement to fund its business expansion plans in the current fiscal.
The issue had an order book of over USD 3-billion and was participated by over 250 investors, an ICICI Bank press release said here. The notes were sold under the Rule 144A/Reg S format.
The bonds, which have a maturity of 5.33 year, carry a coupon rate of 5.5 per cent, which translates to 292.6 basis points spread over equivalent London interbank offered rate, the bank said.
Despite a fall in the total income, ICICI Bank had reported a 2.5 per cent rise in its net profits for the quarter ended September 30 at Rs 1,040.13 crore, against Rs 1,014.21 crore in the same period last year.
The issue came shortly after State Bank of India raised USD 750-million through the issue of five year bonds through its London branch.
State Bank raised the amount through the issue of fixed rate senior notes having a maturity of 5 years and a coupon rate of 4.5 per cent under its Medium Term Notes programme.
The lender has a headroom to raise Rs 28,000-crore from bond issuance to meet regulatory capital requirement to fund its business expansion plans in the current fiscal.
Friday, November 20, 2009
Nifty climbs past 5000 as Europe opens firm
MUMBAI: Equities recovered intraday losses following positive opening of the European markets. However, the second rung stocks lagged behind in the
recovery.
At 2:05 pm, National Stock Exchange’s Nifty was at 5037.20, up 48.20 points or 0.97 per cent. The broader index hit a high of 5037.60 and low of 4932.80.
Bombay Stock Exchange’s Sensex was at 16895.36, up 109.71 points or 0.65 per cent. The index touched a high of 16923.80 and low of 16635.75.
BSE Midcap Index was up 0.34 per cent and BSE Smallcap Index moved 0.02 per cent up.
Amongst the sectoral indices, BSE Oil&gas Index was up 1.13 per cent, BSE IT Index moved 0.80 per cent higher and BSE Healthcare Index gained 0.59 per cent.
ACC (2.87%), SAIL (2.59%), Hindalco (2.57%), HDFC (2.31%) and DLF (2.16%) were amongst the Nifty gainers.
Reliance Capital (-2.62%), Suzlon Energy (-1.86%), Reliance Power (-1.79%), Bharti Airtel (-1.60%) and Reliance Infrastructure (-1.17%) led the resistance.
Market breadth was positive on the BSE with 1308 advances and 1293 declines.
European markets were in the positive terrain led by gains in commodities. FTSE 100 was up 0.50 per cent, DAX moved 0.60 per cent higher and CAC 40 gained 0.56 per cent.
recovery.
At 2:05 pm, National Stock Exchange’s Nifty was at 5037.20, up 48.20 points or 0.97 per cent. The broader index hit a high of 5037.60 and low of 4932.80.
Bombay Stock Exchange’s Sensex was at 16895.36, up 109.71 points or 0.65 per cent. The index touched a high of 16923.80 and low of 16635.75.
BSE Midcap Index was up 0.34 per cent and BSE Smallcap Index moved 0.02 per cent up.
Amongst the sectoral indices, BSE Oil&gas Index was up 1.13 per cent, BSE IT Index moved 0.80 per cent higher and BSE Healthcare Index gained 0.59 per cent.
ACC (2.87%), SAIL (2.59%), Hindalco (2.57%), HDFC (2.31%) and DLF (2.16%) were amongst the Nifty gainers.
Reliance Capital (-2.62%), Suzlon Energy (-1.86%), Reliance Power (-1.79%), Bharti Airtel (-1.60%) and Reliance Infrastructure (-1.17%) led the resistance.
Market breadth was positive on the BSE with 1308 advances and 1293 declines.
European markets were in the positive terrain led by gains in commodities. FTSE 100 was up 0.50 per cent, DAX moved 0.60 per cent higher and CAC 40 gained 0.56 per cent.
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