Long time, no blogging! Hmmm – as always, my ever handy excuse for not writing remains my poor net connection. Add to that the stricter IT policies in our office and frequent power cuts that have made blogging from cyber cafes a real pain in the neck for yours truly!
--- Sigh --- Such is life and its adversities! To top it all, I am virtually without work here and the HR has taken it upon themselves to keep me tied to my seat, thus restricting my physical movements and mental flights of imagination.
But worry not, you dear readers, I am here – your saviour, host and dost! I shall try my best to save you from the fickle nature of life and keep boredom at bay! But please have patience with me and do suggest a few topics on which I can research and write about!
In the meanwhile, take a look at some of the following sites to track the stock quotes -- with the Sensex at the 14k levels, it is a good time to build your portfolio with a 2-3 year investment horizon. Apart from the regular sites (like the NSE and the BSE sites), you can check out the MoneyControl and the MyIris sites. The sites of brokerage firms like India Infoline, Motilal Oswal, Karvy and Kotak also offer streaming quotes and live stock news. If equity is not your cup of tea, then check these sites for the latest info on debt and bonds.
Phew ... That’s a lot of sites for the time being; yet the list is far from over. So, I’ll be looking to update you on interesting sites as and when I chance upon something worth sharing! ‘Til then, please stay tuned to this space!
Showing posts with label NSE. Show all posts
Showing posts with label NSE. Show all posts
Thursday, June 26, 2008
Wednesday, February 20, 2008
Ranbaxy trades up floowing approval of demerger
The Board of Ranbaxy Laboratories Limited (Ranbaxy) cleared a Scheme of De-merger of the Company’s New Drug Discovery Research (NDDR) Unit into a subsidiary, Ranbaxy Life Science Research Ltd. (RLSRL). This is subject to requisite approvals.
Ranbaxy believes that this is a significant step in creating an independent pathway for NDDR with dedicated resources and an enhanced focus for long-term growth. Ranbaxy has state of the art Research infrastructure and a highly skilled scientific talent pool. These strengths can be more effectively leveraged through an independent vehicle that better aligns assets with priorities to accelerate the company’s drug discovery programmes. The resulting operational freedom and flexibility will also help to open up new growth opportunities while providing a platform for increased collaboration. The demerger will result in cost savings of approx. US $ 25 Million in the current year for Ranbaxy, a recurring expense, likely to increase significantly in the coming years.
Speaking on the occasion, Mr Malvinder Mohan Singh, CEO and MD, Ranbaxy Laboratories Limited, said, "The de-merger of our NDDR Unit into a separate entity establishes a robust structure to carry out pathbreaking research at the cutting edge of modern medicine. It will also enable RLSRL to create intellectual property at a faster pace while positioning it for the future".
Under the Scheme, the shareholders of Ranbaxy will be entitled to receive one equity share of Re.1 each of RLSRL, without any payment for every four equity shares of Rs.5 each held in Ranbaxy, as on the Record Date, to be fixed for this purpose, after receipt of requisite approvals. All assets, liabilities, research personnel and pipeline related to the NDDR Unit will be transferred to RLSRL.
The Appointed Date for the Scheme to come into effect after receipt of all the requisite approvals is January 1, 2008.
Ranbaxy has subscribed to redeemable preference shares of RLSRL aggregating Rs.200 Crores, to meet its business needs. Post the De-merger, the equity capital of RLSRL will be approx. Rs. 12.6 Crores. Ranbaxy and RLSRL Employees Welfare Fund Trust will respectively hold 19.8% and 4.9% of the equity share capital of RLSRL . The balance will be held by the shareholders of Ranbaxy.
It is proposed that equity shares of RLSRL will be listed on the National Stock Exchange and the Bombay Stock Exchange while GDRs will be listed at the Luxembourg Stock Exchange.
Friday, February 15, 2008
Meet Mr. C.B. Bhave, the new SEBI Chief!
It's like a homecoming for Chandrasekhar (Chandu) Bhaskar Bhave, the newly-appointed chairman of India's capital market regulator. The 1975-batch IAS officer of the Maharashtra cadre was the executive director in charge of the secondary and later the primary markets between 1992 and 1996.
That was the time when the Securities and Exchange Board of India was taking its initial steps to reform the stock exchanges and putting in place systems that help in investor protection. The Bombay Stock Exchange was then known as a brokers' club and Bhave was on the board of the exchange in his capacity as a representative of Sebi.
It was during his stint in Sebi that his boss, G V Ramakrishna, banned badla. Bhave also played a pivotal role in ensuring that market players get sophisticated hedging tools and are properly regulated. Bhave maintained that the capital market regulator's primary job is to protect individual investors and simultaneously develop systems that take care of the interests of issuers -- companies and intermediaries. He also ensured that the new National Stock Exchange's surveillance systems were top class.
The slimly built Bhave, who plays tennis regularly, has a self-effacing style, but is a tough administrator. As the head of the National Securities Depository Ltd (NSDL), he revolutionised the capital market by getting market players to accept the new system of dematerialised shares and debentures. He won buyers' support by arguing that demat would eliminate bad deliveries of shares and impressed upon the sellers that this would facilitate early settlement and early payments.
Setting up of a depository that converts physical share certificates into electronic form was not at all easy. For example, the UK has still not been able to implement it. But under Bhave, NSDL set up the depository at under Rs 100 crore (Rs 1 billion), or a seventh of the original estimate, and achieved paperless trading within just three years, the fastest in the world.
All this experience will come in handy when Bhave takes over as the sixth chairman of Sebi. For, the challenges are many as the investment climate is much more dynamic now than when he was the executive director.
He is also coming in at a time when the market sentiment is not favourable for small investors and many of them have had huge losses in some of the recent high profile IPOs. Also, the Indian capital market has seen the entry of thousands of new investors into the system. Private equity players are getting stronger and more influential in the market and there is a demand to regulate them. This is an international issue and the Indian market regulator will have to face it, too.
There is a need to reform the primary market to speed up the processes as well. The price discovery mechanism, for example, is not efficient even in book-building as institutional investors are paying just 10 per cent and putting bids for 10 times of the amount they pay in IPOs.
Short selling and physical settlement in derivatives are the other issues that need to be looked into. The allotment and listing also need to be much faster. His predecessor M Damodaran has ensured that the homework for all these is ready and it is up to Bhave to "implement" them.
It's also an irony of sorts that Bhave, 57, is joining as the regulator. His organisation, NSDL, has been fighting a bitter legal battle with Sebi since April 2006, when Sebi uncovered a massive scam involving the cornering of share allotments in IPOs for small investors. In November 2006, Sebi ordered NSDL and a few others 'implicated' in the IPO scam to return Rs 115 crore (Rs 1.15 billion) in "illegal profits" made from IPO deals. Of this, NSDL's share was Rs 45 crore. NSDL appealed to the Securities Appellate Tribunal (SAT), which, in December, set aside the Sebi order, describing its action as a clear "violation of the principles of natural justice."
Sebi investigation on the IPO scam isn't concluded. So as the new Sebi chairman, Bhave will have to resolve this tricky issue. As a regulator, he cannot be seen to be hurting the interest of the organisation which he founded.
That was the time when the Securities and Exchange Board of India was taking its initial steps to reform the stock exchanges and putting in place systems that help in investor protection. The Bombay Stock Exchange was then known as a brokers' club and Bhave was on the board of the exchange in his capacity as a representative of Sebi.
It was during his stint in Sebi that his boss, G V Ramakrishna, banned badla. Bhave also played a pivotal role in ensuring that market players get sophisticated hedging tools and are properly regulated. Bhave maintained that the capital market regulator's primary job is to protect individual investors and simultaneously develop systems that take care of the interests of issuers -- companies and intermediaries. He also ensured that the new National Stock Exchange's surveillance systems were top class.
The slimly built Bhave, who plays tennis regularly, has a self-effacing style, but is a tough administrator. As the head of the National Securities Depository Ltd (NSDL), he revolutionised the capital market by getting market players to accept the new system of dematerialised shares and debentures. He won buyers' support by arguing that demat would eliminate bad deliveries of shares and impressed upon the sellers that this would facilitate early settlement and early payments.
Setting up of a depository that converts physical share certificates into electronic form was not at all easy. For example, the UK has still not been able to implement it. But under Bhave, NSDL set up the depository at under Rs 100 crore (Rs 1 billion), or a seventh of the original estimate, and achieved paperless trading within just three years, the fastest in the world.
All this experience will come in handy when Bhave takes over as the sixth chairman of Sebi. For, the challenges are many as the investment climate is much more dynamic now than when he was the executive director.
He is also coming in at a time when the market sentiment is not favourable for small investors and many of them have had huge losses in some of the recent high profile IPOs. Also, the Indian capital market has seen the entry of thousands of new investors into the system. Private equity players are getting stronger and more influential in the market and there is a demand to regulate them. This is an international issue and the Indian market regulator will have to face it, too.
There is a need to reform the primary market to speed up the processes as well. The price discovery mechanism, for example, is not efficient even in book-building as institutional investors are paying just 10 per cent and putting bids for 10 times of the amount they pay in IPOs.
Short selling and physical settlement in derivatives are the other issues that need to be looked into. The allotment and listing also need to be much faster. His predecessor M Damodaran has ensured that the homework for all these is ready and it is up to Bhave to "implement" them.
It's also an irony of sorts that Bhave, 57, is joining as the regulator. His organisation, NSDL, has been fighting a bitter legal battle with Sebi since April 2006, when Sebi uncovered a massive scam involving the cornering of share allotments in IPOs for small investors. In November 2006, Sebi ordered NSDL and a few others 'implicated' in the IPO scam to return Rs 115 crore (Rs 1.15 billion) in "illegal profits" made from IPO deals. Of this, NSDL's share was Rs 45 crore. NSDL appealed to the Securities Appellate Tribunal (SAT), which, in December, set aside the Sebi order, describing its action as a clear "violation of the principles of natural justice."
Sebi investigation on the IPO scam isn't concluded. So as the new Sebi chairman, Bhave will have to resolve this tricky issue. As a regulator, he cannot be seen to be hurting the interest of the organisation which he founded.
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