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Mumbai, Nov. 20 Investigations carried out by the capital markets regulator show no evidence of manipulation in the share prices of ICICI Bank, said a news release from SEBI.
The bank had in September sought an investigation by SEBI into its share price movement, alleging that rumours were being spread about the bank to deliberately bring down its stock price. The ICICI scrip had started to tank on news of its exposure to Lehman bonds, and although the bank’s CEO had announced that its fundamentals were sound, the fall was not arrested.
SEBI analysed the trading pattern of the shares of ICICI Bank for the period September 8 to October 10, 2008 when the scrip fell 49.52 per cent, from Rs 720 to Rs 363.65.
“SEBI did not find evidence of manipulative trading in the ICICI Bank shares during the period referred,” said the release.
“None of the major sellers were observed to be placing orders successively at lower price. Also there was no pattern observed of booking intraday profits by major clients or brokers during this period.
“By and large, the trading patterns are consistent with the shareholding pattern of ICICI with predominant holdings by FIIs, the general buying and selling behaviour by FIIs and the broad movements of the market during this period.” When contacted, an ICICI Bank spokesperson declined to comment on the SEBI release.
The top 20 investors in ICICI Bank both on net buy and sell basis in the cash market show that majority of them were FIIs. (While 14 FIIs and four mutual funds were net buyers, 17 FIIs and two mutual funds were net sellers.)
FIIs have reduced their holding in ICICI Bank between the quarter ended on June 30 and September 30 by around 3 per cent, from
SEBI also found that the prices of ICICI Bank’s American depository receipts (ADR) fell more (53 per cent) than the shares of ICICI Bank in the Indian market during the period of investigation.
The underlying shares against ADR held by Global Custodian also show a fall of around 20.5 million shares during the period representing January 1, 2008 to September 30, 2008 indicating an increase in the shares available in the Indian market, said SEBI.
India needs an investment of up to Rs 60,000 crore (Rs 600 billion) over the next five years to meet demands in the healthcare sector alone, according to a consultancy firm Feedback Ventures.
"Currently, there are 1.5 beds available for every 1,000 people, while the global average stands at 3.3 beds per 1,000 persons.
An investment of Rs 40,000 to Rs 60,000 crore (Rs 400-600 billion) will be required over the next five years to maintain the Indian average looking at the population growth," FeedBack Ventures President (Infrastructure Advisory Division) Monika Sood told reporters in New Delhi.
She said about 80 per cent of the required funding were expected to come from private sector as government alone could not meet it, adding India required an addition of 30,000 beds annually to maintain the current average.
"High gestation period (of 3-4 years at least) of operating a hospital and making profits make the sector difficult for private equity," she added.
Short-term investors would not like to invest in such ventures as it takes at least 3-4 years before the hospital starts making profit. The cost of equipment upgradation, especially for tertiary hospitals is high, Sood said.
However, there has been an increase in the number of private players coming in the healthcare sector either independently or through private public partnership model.
"Private players have realised that the sector is lucrative and have set up hospitals in the metros. The next phase of their growth will come in from the tier II cities like Jaipur, Cochin and Dehradun," she said.
Asked about the impact of the slowdown, Sood said, "There has definitely been an impact as far as investments are concerned. Expansion plans might have been put on hold, but the sector is definitely looking good as healthcare is something not easily affected by recession."
Courtesy: inhome.rediff.com
MUMBAI: Even as four companies, including State Bank of India (SBI), managed to add to their market capitalisation (m-cap) amid high volatility on bourses, the elite club of country’s top 10 companies saw their valuations tumble by a whopping Rs 30,000 crore in just one week.
The 10 firms, comprising six from public sector and four private sector entities, together lost Rs 30,474 crore in m-cap for the week ending November 21. At the end of Friday’s trade, the total market value of the 10 most-valued firms stood at Rs 9,50,253 crore, down from Rs 9,80,727 crore a week ago.
Among the losers, state-run mining giant NMDC declined the most, shedding Rs 11,874 crore in valuation, followed by another public sector company MMTC, which saw a fall of Rs 8,605 crore in m-cap. Telecom giant Bharti Airtel witnessed substantial decline in its valuation, dropping Rs 5,890 crore.
Mukesh Ambani-led Reliance Industries’ market value dropped by Rs 3,336 crore, accounting for nearly 10% of the total losses incurred by the 10 companies. On the other hand, apart from SBI, two other public sector entities — NTPC and BHEL — and private sector player ITC added to their market valuation.
While SBI added Rs 828.52 crore to its m-cap, NTPC gained Rs 824 crore. Further, ITC and BHEL saw their valuation rising by Rs 170 crore and Rs 56 crore, respectively.
Weak global cues and heavy selling pressure battered the benchmark Sensex this week, with the 30-share index losing 470 points. However, the Sensex snapped its losing streak on Friday and closed at 8,915.21 points.
Courtesy: economictimes.indiatimes.com
New Delhi (PTI): Reliance Industries, India's largest private sector oil company that shut down all of its petrol pumps earlier this year because of huge losses, wants to restart selling petrol and diesel after margins on the two fuels turned positive."Reliance has informed us that they are keen on reopening their outlets," Petroleum Secretary R S Pandey told reporters here.
The Mukesh Ambani-run company had shut all of its 1,432 petrol pumps around March after it could not compete with public sector companies, who sold fuel at rates much lower than their cost, as they got government subsidies.
However, with the fall in international oil prices, margins on both petrol and diesel have turned positive. State-run oil companies Indian Oil, Bharat Petroleum and Hindustan Petroleum are making a neat profit of Rs 9.86 a litre on petrol and Rs 0.70 per litre on diesel.
Essar Oil, the second-largest private fuel retailer in the country, had begun reopening its petrol pumps when international crude oil prices started declining in September.
Pandey said Essar had written to him informing that 500 pumps have resumed operations. It plans to open most of its 1,250 fuel stations by the end of December.
The company began reactivating most of its outlets in southern and western India from August and would double its retail network by the end of December, taking it to 1,250 by January 2009.
Rapidly plunging crude oil prices has made it viable for the three private retailers - Reliance Industries, Essar Oil and Shell - to get back in the retail market. The private firms can now even offer fuel at lower prices, compared to their state-owned rivals.
In 2002, the Government had awarded fuel retailing rights to companies that had invested Rs 2,000 crore in petroleum infrastructure in India.
Besides Reliance, Essar and Shell, Cairn India and Numaligarh Refinery were eligible to set up petrol and diesel retail outlets.
Reliance had applied for permission to set up 5,849 petrol pumps, while Essar sought approval for 1,700 outlets. Shell had obtained permission for 2,000 pumps.
State-run firms operate 34,304 pumps in the country.
When crude oil prices climbed and the difference between domestic retail price and cost of product widened to some Rs 23-24 a litre, Reliance shut all its outlets, while Essar restricted sales to just a 100 of its outlets. Shell, which had about 50 stations, had reviewed its expansion plans in India and decided not to open any more petroleum outlets.
With the price of crude having fallen to USD 50 and with the government not reducing retail prices of petrol and diesel, the private retailers want to reopen their petrol stations.
Courtesy: hindu.com
