Tuesday, October 30, 2007
IT geeks stagger ahead of bankers on booze alley !
New Delhi, Sep 11 (PTI) IT and financial services professionals are as different as apple and orange when it comes to their eating and drinking habits, with a majority of financial sector employees staying away from alcohol while a significant percentage of IT professionals are tipplers, says a comparative study.
Large cross sections of the financial sector employees are more conservative compared to the IT sector employees, says a new survey by the global consultancy CLSA Asia Pacific.
"This is true of not only about their preferred cuisines while eating out but also of their drinking habits, with 60 per cent of financial sector employees do not taking alcoholic beverages," the survey said.
In contrast, 58 per cent IT employees take alcoholic beverages with nearly half of the them preferring wine or beer, the study said.
Even the choice of their drink varies widely. While nearly half of the 58 per cent IT employees who drink prefer wine or beer, among financial sector employees who consume alcohol, an overwhelming 54 per cent hard liquor -- whisky, rum or vodka.
Overall, the pattern of alcohol consumption is different with 55 per cent of men and 81 per cent of women in financial services sector not consuming alcohol at all.
In IT sector, 36 per cent and 67 per cent men and women respectively do not prefer boozing.
"We believe relatively more traditional behavioural pattern among financial sector employees is a function of location with less concentration in metros and lower income profile of the financial sector employees," CLSA analyst Anirudha Dutta said in the report. We also believe that these mores are likely to rapidly change, he added.
Interestingly, the survey also gives details about the preference of various alcoholic beverages by the two sectors.
Among IT employees 22 per cent prefer to consume beer, 20 per cent hard liquor, 10 per cent wine and six per cent cocktails. In financial sector, 22 per cent go for hard liquor, 13 per cent for beer, three per cent for cocktails and just two per cent prefer wine.
The survey also throws light on the eating preferences of the IT and the financial sector employees. While about 42 per cent of financial sector employees eat out once a week, only over 40 per cent IT professionals prefer to dine out at least once in a week.
"We believe that there is a just like that (JLT) generation out there. About 82 per cent of respondents eat out either for no particular reason or to spend time with family and friends," the survey said.
New generation workforce have convenience and leisure increasingly in their priority list even as they work hard.However, while 55 per cent of the metro-centric IT sector employees prefer to eat international cuisine or fast food on special occasions, nearly 80 per cent of financial sector employees prefer Indian fast food or traditional Indian cuisine when eating out.
Reliance Money goes rural; eyes 10k outlets
Malvika Bhatnagar in Pune
PTI August 13, 2007 16:41 IST
Reliance Money, the financial products distribution company of Anil Dhirubhai Ambani Group, launched on Monday services in rural markets with an initial target of tapping 1,000 talukas across five states in the country.
The broking and distribution arm of Reliance Capital also announced its tie-up with Rural Relations, a rural consumer relations organisation, for identifying partners and locations for rolling 10,000 outlets in over 5,165 talukas across India by the end of this fiscal. A taluka consists of about 1,000 villages on an average.
Rural customers will have to pay an annual premium of as low as Rs 25 for insurance policies, while systematic investment plan of as low as Rs 50 and Rs 100 per month was available for mutual funds."This is our effort to take financial instruments to rural masses and give them an opportunity to invest in various financial products like mutual funds, stocks and gold coins and secure their lives and other valuables by taking adequate insurance covers," Reliance Money CEO and Director Sudip Bandyopadhyay told reporters in Pune.
Reliance Money is looking to open over 20,000 outlets and 10,000 kiosks across the country by the end of this year. Out of the total outlets, 10,000 would be for rural markets while the remaining half would be in urban areas.The company already has presence in 727 cities and towns across India.
The new initiative would entail Rural Relations scanning over 100,000 people in 5,000 towns and identifying 10,000 franchisees for Reliance Money over the next one year.
PAN sole identification number
PAN to replace MIN for mutual fund transactions
PTI
Malvika Bhatnagar
NEW DELHI: Your Permanent Account Number will from Friday replace the Mutual Fund Identification Number, which was earlier this year made mandatory for mutual fund investments worth over Rs 50,000.
"MIN will be withdrawn from tomorrow and PAN will replace it as the sole identification number for mutual fund transactions from March 2," Association of Mutual Funds of India Chairman AP Kurien said over phone from Mumbai.
Finance Minister P Chidambaram had in his Budget speech proposed making PAN the sole identification number for all participants in securities market.
"Investors need to have PAN number and other documents under the KYC (know your client) norms of the Prevention of Money Laundering Act," he said.
About 2,00,000 mutual fund investors are estimated to have already been allotted MIN, which was introduced in January as an enhanced KYC measure to comply with regulatory norms.
Central Depository Services Ltd, the country's second largest depository, had established a separate company for allotting MIN to investors.
Those investors, who have been allotted MIN, need not provide their PAN details afresh.
$20 billion! India Inc on overseas buying spree
Barun Jha & Malvika Bhatnagar in New Delhi
'November 30, 2006 18:13 IST
Corporate India has put together a whopping $20 billion (Rs 90,000 crore) so far this year to fund its merger and acquisition bills abroad, surpassing all previous full year totals.
Indian companies have announced as many as 147 deals since the beginning of this year, which is almost three times the total outbound M&A deals in entire 2005.
The total number of deals would cost India Inc over $20 billion for the first time in history in a year, according to data provided by global financial information provider Dealogic.
In comparison, the total cross-border deals last year accounted for less than $5 billion, with 45 M&A deals.
The United Kingdom is the most targeted nation with $11 billion through 21 outbound M&A deals, followed by the United States with $1.8 billion via 29 deals.
The proposed acquisition of Corus Group by Tata Group for $9.8 billion would be the largest Indian cross-border M&A deal on record, Dealogic analyst Marco Lee said.
Metal and steel is the most targeted industry with $10 billion via nine deals, followed by Oil and Gas with $2.4 billion through seven deals.
The top five cross border deals this year include the proposed Corus acquisition by Tata Steel with a deal size of $9.8 billion, ONGC's buyout of Brazilian Campos Basin
Oil Fields for $1.4 billion, another takeover of 50 per cent stake by ONGC along with China Petrochemical in Columbia's Omimex de Colombia.
Vijay Mallya-controlled United Breweries' $753 million offer for UK-based Whyte & Mackay and Videocon Industries' takeover of Daewoo Electronics at $721 million also find place in the top five deals in 2006.
ABN Amro leads the advisory ranking with $10.9 billion from three deals, followed by Deutsche Bank with $9.8 billion through one deal.
Analysts believe that the frenzied M&A activity makes perfect sense as they provide access to global markets, synergy with the existing business and lower vulnerability risks.
Besides, they also give a chance to create a global company. ONGC is now a serious player in global oil and gas space with its various acquisitions, while Tata Steel's imminent buyout of Corus would make it the world's fifth largest steel-maker.
Similarly, Ranbaxy has got access to high growth markets like Romania and Eastern Europe with its Terapia buyout, while Tata Tea's Tetley acquisition gave it a foothold in the UK market. Also, the Glaceau deal gives Tetley an opportunity to enter the US market while Glaceau would gain the UK market.
However, there are some potential risks involved with the cross-border M&A deals, feel analysts. It takes quite some time to understand the global markets, while regulatory issues in global markets, particularly in sectors like pharma and energy, could be a dampener.
Cultural integration issues and global economic downturn are also some potential risks. However, the financing for a deal which used to be major stumbling block earlier is no more an issue of concern with private equity funds and banks being always ready to fund the deals.
One example of easy available financing could be Suzlon-Hansen transaction for over Rs 2,500 crore (Rs 25 billion). The acquisition was funded entirely by debt from four banks and the financing process was completed in less than 10 days.
Barun Jha & Malvika Bhatnagar in New Delhi
'November 30, 2006 18:13 IST
Corporate India has put together a whopping $20 billion (Rs 90,000 crore) so far this year to fund its merger and acquisition bills abroad, surpassing all previous full year totals.
Indian companies have announced as many as 147 deals since the beginning of this year, which is almost three times the total outbound M&A deals in entire 2005.
The total number of deals would cost India Inc over $20 billion for the first time in history in a year, according to data provided by global financial information provider Dealogic.
In comparison, the total cross-border deals last year accounted for less than $5 billion, with 45 M&A deals.
The United Kingdom is the most targeted nation with $11 billion through 21 outbound M&A deals, followed by the United States with $1.8 billion via 29 deals.
The proposed acquisition of Corus Group by Tata Group for $9.8 billion would be the largest Indian cross-border M&A deal on record, Dealogic analyst Marco Lee said.
Metal and steel is the most targeted industry with $10 billion via nine deals, followed by Oil and Gas with $2.4 billion through seven deals.
The top five cross border deals this year include the proposed Corus acquisition by Tata Steel with a deal size of $9.8 billion, ONGC's buyout of Brazilian Campos Basin
Oil Fields for $1.4 billion, another takeover of 50 per cent stake by ONGC along with China Petrochemical in Columbia's Omimex de Colombia.
Vijay Mallya-controlled United Breweries' $753 million offer for UK-based Whyte & Mackay and Videocon Industries' takeover of Daewoo Electronics at $721 million also find place in the top five deals in 2006.
ABN Amro leads the advisory ranking with $10.9 billion from three deals, followed by Deutsche Bank with $9.8 billion through one deal.
Analysts believe that the frenzied M&A activity makes perfect sense as they provide access to global markets, synergy with the existing business and lower vulnerability risks.
Besides, they also give a chance to create a global company. ONGC is now a serious player in global oil and gas space with its various acquisitions, while Tata Steel's imminent buyout of Corus would make it the world's fifth largest steel-maker.
Similarly, Ranbaxy has got access to high growth markets like Romania and Eastern Europe with its Terapia buyout, while Tata Tea's Tetley acquisition gave it a foothold in the UK market. Also, the Glaceau deal gives Tetley an opportunity to enter the US market while Glaceau would gain the UK market.
However, there are some potential risks involved with the cross-border M&A deals, feel analysts. It takes quite some time to understand the global markets, while regulatory issues in global markets, particularly in sectors like pharma and energy, could be a dampener.
Cultural integration issues and global economic downturn are also some potential risks. However, the financing for a deal which used to be major stumbling block earlier is no more an issue of concern with private equity funds and banks being always ready to fund the deals.
One example of easy available financing could be Suzlon-Hansen transaction for over Rs 2,500 crore (Rs 25 billion). The acquisition was funded entirely by debt from four banks and the financing process was completed in less than 10 days.
Rural women prove managing skills
Women prove to be better managers even in rural areas
By PTI
Tuesday October 16, 02:53 PM
Malvika Bhatnagar
New Delhi, Oct 16 (PTI) Women have emerged as the better managers not only in the corporate world but also in the remote villages of the country where the fairer sex has managed to successfully provide micro finance to alleviate poverty.
'Nalajhiri', a remotely situated village in Madhya Pradesh boasts of such women who have emerged leaders in a drive against poverty. About 77 women from the village have set an example and inspiration to all by successfully revolving the available fund of Rs 80,000 up to twice of its value.
The women members of a common interest group scheme availed of loans from the village fund 'Apnakosh' and have been prompt in repaying the amount, marking a recovery rate of 100 per cent in micro-finance.
The micro financing unit in the Nalajhiri village of district Rajgarh is a part of the Madhya Pradesh District Poverty Initiatives Project (MPDPIP) funded by the World Bank which is being implemented in 14 districts of the state.
"The Village Development Committee (VDC) has given loans for Rs 1,000 to Rs 3,000 to persons who needed to get a tube-well dug, for buying equipments for farmings, seeds and fertilisers etc," Manju Bhargava, the VDC secretary and a resident of Nalajhiri says.
The project became effective from March 2001 and the total outlay for the project is Rs 521.55 crore out of which Rs 59.92 crore would come from the contribution of community and share of the state government.
By PTI
Tuesday October 16, 02:53 PM
Malvika Bhatnagar
New Delhi, Oct 16 (PTI) Women have emerged as the better managers not only in the corporate world but also in the remote villages of the country where the fairer sex has managed to successfully provide micro finance to alleviate poverty.
'Nalajhiri', a remotely situated village in Madhya Pradesh boasts of such women who have emerged leaders in a drive against poverty. About 77 women from the village have set an example and inspiration to all by successfully revolving the available fund of Rs 80,000 up to twice of its value.
The women members of a common interest group scheme availed of loans from the village fund 'Apnakosh' and have been prompt in repaying the amount, marking a recovery rate of 100 per cent in micro-finance.
The micro financing unit in the Nalajhiri village of district Rajgarh is a part of the Madhya Pradesh District Poverty Initiatives Project (MPDPIP) funded by the World Bank which is being implemented in 14 districts of the state.
"The Village Development Committee (VDC) has given loans for Rs 1,000 to Rs 3,000 to persons who needed to get a tube-well dug, for buying equipments for farmings, seeds and fertilisers etc," Manju Bhargava, the VDC secretary and a resident of Nalajhiri says.
The project became effective from March 2001 and the total outlay for the project is Rs 521.55 crore out of which Rs 59.92 crore would come from the contribution of community and share of the state government.
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