FII Data

Foreign Institutional Investors today sold off equities worth Rs 1,30.79 crore, amid the barometer index plunging over 670 points today. 

FIIs invested in shares worth Rs 1,887.99 crore, and sold stocks valued Rs 2,918.78 crore, resulting in a net selling of Rs 1,030.79crore, as per provisional data available on the Bombay Stock Exchange. 

According to information available on the Sebi website, FIIs offloaded equities worth Rs 189.10 crore yesterday. 

However, domestic institutional investors purchased equities valued Rs 669.96crore on the bourses. 

Among other categories brokers invested of shares worth Rs 44.77crore on behalf of their clients and retail investors and non-resident Indian entities bought stocks valued Rs 2.09 crore on the day's trade. 

However, proprietors shed shares valued Rs 1.43 crore. The Bombay Stock Exchange 30-share index settled at 10,809.12, up 674.28points or 5.87 per cent.

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Goldman, Morgan Stanlee could make more FII exit India

With the US Federal Reserve approving the conversion of two major global investment firms into bank holding companies, Indian market is likely to witness more pullouts by foreign institutional investors (FIIs), fear BSE traders. The conversion of Goldman Sachs and Morgan Stanley into banks may see more winding down of structured investments vehicles which these entities had built in India and other Asian countries. Now, there could be a curb on their investment portfolios with much tighter regulatory norms, traders said. 

Goldman Sachs and Morgan Stanley will now be regulated like any other bank and will have to follow strict ‘dos and don’ts’ of the regulation. P-Notes, exotic structured investments and other such derivatives-based instruments would have to be wound down, a senior official with a leading private securities firm said. 

“As such, investments would be required to be shifted to some other subsidiaries of the proposed banks. However, on the positive side, they would be able to access public deposits,” he said. Airing a similar view, a financial market specialist with a global financial institution told ET that these entities would now be placed under much tighter regulation by the Fed, including tough capital requirements for investments. In addition, they will have to follow sectoral and group limits under overall banking norms as they will be controlled by the banking regulator, he asserted. 

In the backdrop of the global turmoil of the past two weeks, FIIs have been pulling out drastically from the Indian market and have been on a continuous selling mode. In this calendar year so far, FIIs have sold a net of about $ 8.2 billion (Rs 37,000 crore) and have been net sellers for every month since May, according Sebi data. 

“It is for the first time since 1994, that FIIs are net sellers for such a long sustained period,” said a technical analyst. Goldman Sachs and Morgan Stanley were granted approval on Sunday to become bank holding companies regulated by the US Federal Reserve. 

Under the new set-up, the Federal Reserve becomes the primary regulator of the parent companies though the Securities Exchange Commission (SEC) continues to regulate their US securities businesses. The Federal Reserve’s control over banks is much tighter though Goldman and Morgan would gain long-term access to the Fed’s discount window and be able to access bank deposits insured by the Federal Deposit Insurance Corp.

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Warren Buffett's warning becomes true

On Main Street, insurance protects people from the effects of catastrophes. But on Wall Street, specialized insurance known as a credit default swaps are turning a bad situation into a catastrophe. When historians write about the current crisis, much of the blame will go to the slump in the housing and mortgage markets, which triggered the losses, layoffs and liquidations sweeping the financial industry. 

But credit default swaps-complex derivatives originally designed to protect banks from deadbeat borrowers-are adding to the turmoil. "This was supposedly a way to hedge risk," says Ellen Brown, the author of the book "Web of Debt." "I'm sure their predictive models were right as far as the risk of the things they were insuring against. But what they didn't factor in was the risk that the sellers of this protection wouldn't pay ... That's what we're seeing now." 

Brown is hardly alone in her criticism of the derivatives. Five years ago, billionaire investor Warren Buffett called them a "time bomb" and "financial weapons of mass destruction" and directed the insurance arm of his Berkshire Hathaway Inc to exit the business. 

LINKED TO MORTGAGES 

Recent events suggest Buffett was right. The collapse of Bear Stearns.The fire sale of Merrill Lynch & Co Inc. The meltdown at American International Group Inc. In each case, credit default swaps played a role in the fall of these financial giants. The latest victim is insurer AIG, which received an emergency $85 billion loan from the US Federal Reserve late on Tuesday to stave off a bankruptcy. 

Over the last three quarters, AIG suffered $18 billion of losses tied to guarantees it wrote on mortgage-linked derivatives. Its struggles intensified in recent weeks as losses in its own investments led to cuts in its credit ratings. Those cuts triggered clauses in the policies AIG had written that forced it to put up billions of dollars in extra collateral -- billions it did not have and could not raise. 

EASY MONEY 

When the credit default market began back in the mid-1990s, the transactions were simpler, more transparent affairs. Not all the sellers were insurance companies like AIG -- most were not. But the protection buyer usually knew the protection seller. As it grew -- according to the industry's trade group, the credit default market grew to $46 trillion by the first half of 2007 from $631 billion in 2000 -- all that changed. 

An over-the-counter market grew up and some of the most active players became asset managers, including hedge fund managers, who bought and sold the policies like any other investment. And in those deals, they sold protection as often as they bought it -- although they rarely set aside the reserves they would need if the obligation ever had to be paid. 

In one notorious case, a small hedge fund agreed to insure UBS AG, the Swiss banking giant, from losses related to defaults on $1.3 billion of subprime mortgages for an annual premium of about $2 million. The trouble was, the hedge fund set up a subsidiary to stand behind the guarantee -- and capitalized it with just $4.6 million. As long as the loans performed, the fund made a killing, raking in an annualized return of nearly 44 percent. But in the summer of 2007, as home owners began to default, things got ugly. 

UBS demanded the hedge fund put up additional collateral. The fund balked. UBS sued. The dispute is hardly unique. Both Wachovia Corp and Citigroup Inc are involved in similar litigation with firms that promised to step up and act like insurers -- but were not actually insurers. "Insurance companies have armies of actuaries and deep pools of policyholders and the financial wherewithal to pay claims," says Mike Barry, a spokesman at the Insurance Information Institute. 

'SLOPPY' 

Another problem: As hedge funds and others bought and sold these protection policies, they did not always get prior written consent from the people they were supposed to be insuring. Patrick Parkinson, the deputy director of the Fed's research and statistic arm, calls the practice "sloppy." As a result, some protection buyers had trouble figuring out who was standing behind the insurance they bought. And it put investors into webs of relationships they did not understand. 

"This is the derivative nightmare that everyone has been warning about," says Peter Schiff, the president of Euro Pacific Capital at the author of "Crash Proof: How to Profit From the Coming Economic Collapse." "They booked all these derivatives assuming bad things would never happen. It was like writing fire insurance, assuming no one is ever going to have a fire, only now they're turning around and watching as the whole town burns down."

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ICICI Ventures Controlled RFCL Acquires US-based Co For $340 Million

Delhi-based RFCL Ltd, which is completely controlled by ICICI Ventures, has reportedly acquired US-based speciality chemicals firm Mallinckrodt Baker for $340 million. This acquisition would bring RFCL into the top league of fine chemicals companies across the world, which include Sigma Aldrich Co., Thermo Fisher Scientific Inc. and Merck KGaA.
Though RFCL, which previously know as Ranbaxy Fine Chemicals Ltd, did quite a few small acquisitions last year, this acquisition is in a different league altoghter. ICICI Venture could put in anywhere in the range of $100 as equity contribution to the deal while the rest would be finance through debt from ICICI Bank and others, reports Economic Times.
Mallinckrodt Baker has over 2,000 employees in four plants in the US, the Netherlands, Mexico and Malaysia will bring in revenues of reported annualised revenue of $422 million in 2006-07. It supplies chemicals for laboratory research, microelectronics devices, pharmaceuticals and biotechnology therapeutics.
RFCL has three divisions, animal healthcare, fine chemicals and the diagnostics business. It was once a part of drug maker Ranbaxy Laboratories Ltd, but was acquired by ICICI Ventures in 2005 for Rs 125 crore. At that time the company had revenues of about $37 million (Rs 150 crore), which have now gone up to over $87 million (Rs 350 crore). Last year RFCL acquired three companies, Wipro Biomed and Godrej Medical Diagnostics in the diagnostics space and Chennai-based Alved Pharma and Foods Pvt Ltd in the animal healthcare space.

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FII trading activity on NSE and BSE on Capital Market Segment 25-Aug-2008

The following is combined FII trading data across NSE and BSE collated on
the basis of trades executed by FIIs on 25-Aug-2008.

FII trading activity on NSE and BSE in Capital Market Segment(In Rs.
Crores)
Category
Date
Buy Value
Sell Value
Net Value
FII
25-Aug-2008
1289.21
1226.29
62.92

The following is combined Domestic Institutional Investors trading data
across NSE and BSE collated on the basis of trades executed by Banks, DFIs,
Insurance and MFs on 25-Aug-2008.

DII trading activity on NSE and BSE in Capital Market Segment(In Rs.
Crores)
Category
Date
Buy Value
Sell Value
Net Value
DII
25-Aug-2008
538.85
442.59
96.26