Capital Market Global

FDI WORTH RS 992 CRORE SEIZED

The foreign investment promotion department has approved investment from 18 companies that will bring in FDI worth Rs 992.85 crores.In that 342 crores will be invested by the Japanese chemical major Mitsubishi chemicals. The investment will be set up in westbengal.Indian BPO sector with an investment for a RS 256 crores fro setting up a voice based call centre in Mumbai. The BPO will be setup by two US based private parties in partnership with the adventity BPO.

Other major investments include the British gas proposal to set up wholly owned subsidiaries in Andhra Pradesh, Karnataka and Tamilnadu for developing gas distribution and transmission infrastructure and supply and sale of natural gas to domestic, commercial and industrial customers.

I - Banks line up for strategic alliance
Major Indian players like ICICI and Kotak mahindra are looking at transaction specific tie ups in investment banking.Enam, one of the largest e owned brokerage and investment banks have initiated talks for strategic tie up with global big wigs, including Lehman Brothers and JP Morgan.JPMorgan is not active in the Indian capital market it has a good enough presence in FCCB, GDR, ADR markets. It is among the top five players in the institutional broking market in India.Enam is a major player in the equity capital market space and investment banking. Its achievements include bringing Infosys to capital markets. Lehman has recently started its Indian operations and is said to have major plans in the future.

IMF meets in Singapore

The IMF meets in Singapore, first time in Asia since the 1997 financial crisis. Main agenda of the meeting is to 2 yr plan of reforms, the first of which is to boost the influence of China, South Korea, Mexico, and Turkey in 184-meber fund.

China’s trade surplus hits record $18.8bn

China’s trade surplus hits record $18.8bn in August, exceeding market expectation and increasing the speed for policy makers to tackle economic imbalance by letting the Yuan rise faster. The import grew 24.6% to $71.97billon and export grew up to 32.8% from a year earlier to $90.77billon.

Forex reserves dip $1.3 billion on strong $ demand.

Foreign exchange reserves dipped $1.3 billion in the week to September 8 as the RBI intervened amid strong dollar demand. The total foreign exchange reserves including gold and SDR fell $1.3bn during the week to touch $165.13bn. While foreign currency assets dipped $3 million, the reserve tranche position with the IMF dipped $3million. The value of gold and SDR in reserves remained unchanged.

Source- Economic Times