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Hand-picked News For Busy NRIs & PIOs
Issue No. 147 Evening Edition IST
Corporate World . Politics . Investment Opportunities in India
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Headline News in this issue:
- Rupee ended at 50.45 against dollar
- Office rental: Nariman Pt 6th in world
- Sukh Ram gets 3-yr term
- US FDA says Ranbaxy falsified drug data
- FDI inflow from NRIs steady
- Sikh teen’s docu to be screened in Hollywood
- IcySpicy: What happened at the Ambani bash?
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SENSEX: 8,954.9 DOWN 57.8 % from 52-wk high
FOREX-Rs: USD 50.45 / EUR 63.95 / GBP 71.58
Please Note: 2009 Is A Great Year For Making Investments In India
Do read Investment Advice for long-term investors in this issue.
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Rupee ended at 50.45 against dollar
The rupee closed below the 50 mark (50.45 against the dollar) for the second time in two and a half months on back of the S&P downgrade and signs of deepening recession.
Dealers said month end dollar demand from importers (crude oil rose to $ 43 per barrel increasing demand) and traders arbitraging between the onshore contracts and those based in the overseas market (NDF) also weighed on the local unit.
Office rental: Nariman Pt 6th in world (TOI,Mum,26Feb09,Pg2)
Slips Two Spots While Worli Is Ranked 10th; Hong Kong On Top
Mumbai emerged as the sixth most expensive office location in the world, according to Office Space Across the World 2009, a report by global property consultants Cushman & Wakefield.
Nariman Point, the commercial business district (CBD) of India’s financial capital, however, slipped two positions from last year’s fourth rank, moving towards more cost effective rentals. It has given way to Moscow (fourth) and Dubai (fifth) on the list.
Sukh Ram gets 3-yr term (TOI,Mum,26Feb09,Pg1)
Former Union communications minister Sukh Ram has been given a three-year jail term in a 13-year-old assets case.
Sikh teen’s docu to be screened in Hollywood (TOI,Mum,26Feb09,Pg22)
A 36-minute documentary by a 14-year-old Sikh teenager, Angad Singh, has been selected for screening at the International Family Film Festival being held in Hollywood from February 26 to March 1. The documentary Roots and Wings explores the struggles of young Sikhs while adjusting to the new environment in foreign countries.
For news in detail, visit The Times of India ePaper
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US FDA says Ranbaxy falsified drug data (ET,Mum,26Feb09,Pg1)
The US Food and Drug Administration has alleged that India’s largest drugmaker, Ranbaxy Laboratories, has falsified data for some of the over 24 low-cost drugs made at its Paonta Sahib plant. US FDA is also halting approval of new drugs from this plant.
FDI inflow from NRIs steady (ET,Mum,26Feb09,Pg7)
Global recession had no impact on foreign direct investments (FDI) from Indians abroad as it has registered a rise in the current fiscal, the Lok Sabha was informed on Wednesday. Goa and West Bengal figured as the highest investment attracting states.
For news in detail, visit The Economic Times ePaper
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IcySpicy
What happened at the Ambani bash? (TOI,Mum,26Feb09,Pg23)
Mumbai: “If you didn’t know there was a problem between the brothers, you wouldn’t have sensed anything amiss,’’ said an invitee to the party hosted by Mukesh and Anil Ambani and their two sisters on Tuesday evening to celebrate their mother Kokilaben’s 75th birthday at their Sea Wind residence.
Anil Ambani is reported to have been at hand to welcome the stream of roughly 200 guests as they entered the building while estranged elder brother Mukesh received them upstairs. The evening began with a fashion show by Abu Jani and Sandeep Khosla.
“The show was on a lower floor, on the lawn, while dinner was on an upper floor, by the pool. Nita (Mukesh’s wife) was responsible for the fashion show while Tina (Anil’s wife) took care of dinner,’’ said another guest.
Although there was no ostensible divide, some guests said that most of Mukesh’s friends sat on one side of the ramp and Anil’s on the other. “Later, at dinner, everyone mingled. And it didn’t matter whose guest list you were on, the brothers were warm with pretty much everyone.
In fact, Mukesh walked across to Jaya and Abhishek (Bachchan)—they were sitting in the second row, they may have taken their place a little late, Amitabh was in the first row—and he (Mukesh) brought them to the first row,’’ according to one of the guests.
The Bachchans are known to be close friends of Anil. The Samajwadi Party’s Mulayam Singh and Amar Singh (who’s also part of Anil’s inner circle) were at the party, but it’s not known if Mukesh spoke to either. If media reports are to be believed, there isn’t much love lost between Mukesh Ambani and Amar Singh.
Most guests TOI spoke to said it was “more a family than a corporate affair’’. A large part of the guests was made up of relatives and Kokilaben’s friends, including those from her husband Dhirubhai’s village Chorwad in Gujarat. “It was nice to see a lot of old people—people known to Kokilaben over the years. Many of them were unknown to us,’’ said a businessman.
Among the known faces were petroleum minister Murli Deora, civil aviation minister Praful Patel, Rajasthan chief minister Ashok Gehlot, Adi and Parmeshwar Godrej, Harsh Goenka, Bharat Sheth of Great Eastern Shipping, JP Morgan India head Kalpana Morparia, heritage activist Tasneem Mehta, and Vinod Khanna’s wife Kavita.
The confidantes/lieutenants of the two brothers—Anand Jain and Manoj Modi from Camp Mukesh and Amitabh Jhunjunwala from Camp Anil—were also present.
Kokilaben addressed the guests for about half an hour. Said a guest, “She spoke very well. She seemed to be carrying some notes, but didn’t refer to them. She spoke in Gujarati, straight from the heart. She thanked her children and grandchildren for having done so much for her.’’
From all accounts, the friction between the Ambani brothers doesn’t seem to have strained relations between their children. “They were all together, the rapport was good. They also walked the ramp,’’ said a guest. “All this was snapped up by a photographer flown in from Brussels.’’
Expectedly, the dinner was elaborate, representing the cuisines of the four dhams. And as a takeaway gift, everyone got a silver box.
For news in detail, do visit Bombay Times ePaper
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END OF THE DAY STATUS OF THE STOCK MARKET:
Sensex went up by 0.6 % today.
SENSEX: 8,954.9 (+0.6%) NIFTY: 2,785.7 (+0.8%)
DOWN..57.8 % from 21,206.77 the 52-week high of SENSEX
UP...........16.3 % from 7,697.39 the 52-week low of SENSEX
Investment & Wealth Creation Advice:
Please note that our advice is primarily for investors and not for speculators. Investors typically invest with 12-60 month investment perspective. You will therefore find that our advice does not change substantially from issue to issue.
We expect Sensex to come down to 7000-8000 level in the next few months. So, it is going to be a very good time for investments in good stocks.
Also, those who want to invest in realty in India should wait for some time as the flat and land prices are expected to come down substantially in the next 3-4 quarters.
Do consult your investment advisor before making any investment decisions.
Do not purchase shares of a good company at a wrong price. Also, do not purchase shares of a bad company even at a very low price.
Do not put all your eggs in one basket. Diversify your portfolio to de-risk. Do not put more than 33% of your investible funds in stocks or mutual funds. Do not invest in stocks, mutual funds or realty when their prices are quite high. From the high levels, these prices normally come down by about 40-50% and that is when many people lose their hard earned money in a big way.
Make sure that you are not one of those big losers. Make sure that you invest when prices are low and divest when prices are high. Please note that 2009 is going to be a great year for investing your money in stocks, mutual funds & realty in India.
Click here to display NSE CNX NIFTY Chart
Disclaimer: Please make all your investments after taking expert advice. NRI.NewsIndia will not be responsible for losses, if any, incurred by you. Through NRI.NewsIndia, we are only making you aware of the investment opportunities in India at a broad level.
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