24/7 Wall St. » India

Media Digest 7/7/2010 Reuters, WSJ, NYTimes, FT, Bloomberg

247wallst — Wed, 07 Jul 2010 07:55:07 +0000

Reuters: BP plc (NYSE: BP) shares have recovered as a relief well nears the leak.

Reuters: Saudi investors are seeking a 10% to 15% stake in BP.

Reuters: Microsoft Corporation (NASDAQ: MSFT) will cut a small number of jobs.

Reuters: Borders launched an e-book store.

Reuters: Sony (NYSE: SNE) cut its e-reader price to better compete with the Amazon.com (NASDAQ: AMZN) Kindle and Barnes & Noble (NYSE: BKS) NookReuters: Google Inc.’s (NASDAQ: GOOG) China website is being reviewed by the government.

Reuters: China’s AgBank priced to be the largest IPO in history.

Reuters: ICBC, one of China’s largest banks, may raise more money.

Reuters: KKR will probably launch its IPO in mid-July.

WSJ: Job benefits may cause the jobless to “pickier” in the job searches.

WSJ: Steel production in falling, a sign that the economy is slowing.

WSJ: Apple Inc (NASDAQ: AAPL ) said an app developer fraudulently set up several hundred iTunes accounts.

WSJ: Japanese companies are redesigning products for emerging markets.

WSJ: Google has increased its efforts to get more marketshare for its Chrome browser.

WSJ: BP plc said it will not issue new equity.

WSJ: VW added to its stake in Porsche.

WSJ: The Obama home energy efficiency program may cause problems for real estate investors.

WSJ: The UK is cutting its budget while the US is considering increasing its spending plan.

WSJ: The EU said Monsanto cannot stop Argentine farmers who export seed with the company’s patented formula to Europe.

WSJ: AT Kearny and Booz called off merger talks.

WSJ: European governments are selling more property to bring in money.

NYT; India is expanding its role as a drugmaker.

NYT: UK inflation could hurt that nation’s recovery.

FT: The Walt Disney Company (NYSE: DIS) will expand its language schools in China.

FT: The earnings for global investment banks will drop sharply.

Bloomberg: Samsung posted a record profit on chip sales.

Bloomberg: China will put a resource tax on oil, gas, and coal on western sections of the country.

Bloomberg: Microsoft Xbox sales probably broke $1 billion in the company’s last fiscal year.

Douglas A. McIntyre

Filed under: Press Digest Tagged: AAPL, AMZN, AT Kearny, BKS, BO, Booz, DIS, EU, GOOG, ICBS, India, iTunes, KKR, Porsche, Samsung, Saudi Arabia,, SNE, VW, XBox

New ETF To Track India (WSDT, IIF, IFN, INP, EPI)

247wallst — Thu, 24 Jan 2008 13:55:22 +0000

WisdomTree Investments (WSDT-OTC) made a fairly significant announcement yesterday for those who trade ETF’s. The ETF manager is going to launch an ETF in the latter part of February that tracks the Indian stock market, one of the larger emerging markets that is not exactly the easiest for Americans and non-Indians to invest in.

This will have the proposed tick of "EPI" on the NYSE. What is most interesting is that it is said to be an "earnings weighted ETF" and it will offer pure exposure to local Indian securities rather than just the US-listed ADR securities. This will also be more of an open-ended fund so that its assets will actually fluctuate more in-line with the underlying securities as opposed to swinging at wider premiums or discounts to the net asset values that closed-end funds and some ETF’s encounter.

EPI will select from a broad universe of approximately 150 profitable companies included in the WisdomTree India Earnings Index on the annual index screening date. EPI will be listed on the NYSE Arca. You can access the full release here.

The current major ETF that traders use is the iPath MSCI India Index ETN (NYSE: INP) or traders go to the closed end fund called the India Fund, Inc. (NYSE: IFN) or the Morgan Stanley India Investment Fund, Inc. (NYSE: IIF).

This may offer investors a chance to invest in a broader basket of Indian shares without the added volatility that can be caused from the premium and discount to net asset values. Now we just have to wait about 5 or 6 weeks to see how well it works and how active the trading is.

Jon C. Ogg
January 24, 2008

Reliance Power, India’s Largest IPO Gobbled Up

247wallst — Tue, 15 Jan 2008 07:22:33 +0000

Indian billionaire Anil Ambani’s Reliance Power raised roughly $3 billion in the country’s largest initial public offering. The IPO was fully subscribed today as investors continue to commit capital in this key component of the international BRIC investments in emerging markets. Most bids came in four to ten times oversubscribed, although this exact number is different from source to source.

Rediff.com, an Indian portal in English, has a full report on this IPO.
CNBC also has its own story as well.

Reliance Power currently has a portfolio of 13 medium and large-sized power projects under development and strategically located in various locations in India, according to the company itself.

It appears that the over-direct of necessary funds to bid ended up taking its toll on the entire market as the Sensex closed down about 476 points to 20,251 in a near 2% drop.

Jon C. Ogg
January 15, 2008