Financial Daily from THE HINDU group of publications
Wednesday, January 28, 2004

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India Inc Shining bright
The defining characteristic of the reform process was not the abolition of licensing, but the removal of controls on capital mobilisation. Even as few winners emerged from Corporate India, it was a double-edged sword for investors. More


A rare moment No shying away from enterpise For Indian industry, a leap of faith
Breaking the barriers, to globalise The Maharaja is grounded After a rich harvest
For rural India, opening a new chapter Reaching for the pot of gold A jump of joy at first signs of peace in Kashmir
Longing for that cup More power from the sun Clouds there are but sun will shine through
Window to a different world Barrelling along to a faster age


Secondary market: Up from the downs
INFOSYS, HDFC, Grasim, State Bank of India, Hero Honda, MICO, Sundram Fasteners, Hindalco, Container Corporation and Dr Reddy's Labs — ten stocks that would deliver handsome returns, adjusted for risk. After ... More

Primary market: Reforms after excesses
IF INVESTORS are still wary of equities in the 1990s, to blame are the excesses in the primary market in the 1990s. Of the thousands of IPOs (initial public offerings) and offers for sale made between 1994 and ... More

Offers that left a mark
Reliance Capital: The equity offer at Rs 150 per share was marked by much hype about the company being next financial powerhouse on the global stage. Its promotional campaign made this explicit to the likes of J. P. Morgan, Merrill Lynch, ... More

From badla to derivatives
THE soaring volumes and the open position in the futures and options segment on the NSE (National Stock Exchange) are evidence to the successful transition from the age-old era of badla to futuristic derivatives. ... More

Small investor, big risk appetite
WHILE the equity indices went on a roller-coaster ride over the past ten years, first inflated and then punctured by scams, retail investors who were badly hurt when the equity prices crashed, have emerged a ... More

Hate it, fear it, but equity's the way to go
SCARRED by equities and hit by non-banking finance companies, investors in the past decade have headed for the safe haven of instruments offered by the government and banks. For the retail investor, equity ... More


The fall and rise of mutual funds
CAN you, today, imagine investing in a mutual fund and waiting four months for it to declare its first NAV (net asset value)? Or, waiting for a fund to open its "repurchase window" to sell your investment? Would you ... More

UTI's stormy passage
IT HAS been a stormy passage for the Unit Trust of India over the past decade — from simmering problems, to a full-blown crisis and, then, a series of moves from the government to deflect the crisis. The ... More


Fixed-income investing — Fading glitter of debt
THE staid world of debt investing has been transformed beyond recognition over the last 10 years. More choices, sterling double-digit returns and relatively low inflation rate in the latter half of the period have ... More


National Stock Exchange: The real bull
IF India today boasts of what is perhaps the most advanced stock market trading and settlement system in the world, it is quite simply thanks to the National Stock Exchange. Off the starting block in 1993, the NSE had ... More

NSE: Clicking on with investors
THE Indian capital market in the past decade saw the setting up of the National Stock Exchange (NSE) with the sole objective of upgrading the capital market to global standards. But interestingly, in several ... More


Regulators: Lording it over, benignly
IF India has an orderly and regulated market in financial products and, to a lesser extent, in telecom, credit is due to Securities and Exchange Board of India, the Reserve Bank of India, the Insurance Regulatory ... More


A patient wait for change, rewarded
APRIL 1992. The heyday of Big Bull Harshad Mehta. The Sensex had climbed over 1,000 points in 30 days and zoomed past 4,000, lifting the spirits of investors. As well it might, for stock prices were 57 times their ... More

India in the era of economic reforms
The shackles on the economy are breaking. And with continued reforms, this could well be India's `decade of development', say Nirupam Bajpai and Jeffrey D. Sachs More

The unfinished agenda
If India has to become an attractive destination for FDI and a major platform for labour-intensive manufacturing exports, reforms in India's labour laws and exit policies are very essential. More

From crisis to confidence
In the place of diffidence and fear of failure, there is greater enthusiasm and confidence that India can do it. All this is root-based, not only on just a feel-good factor. More

Touching the rural landscape
The Government's commitment should be that every village will be assured at least clean water, a road to the regional market, reliable power, and minimal telephone service. More

Reforms, for and by a billion people
WHEN in a long, lone dialogue with his Maker Sachin Tendulkar scored 241 runs at Sydney in 2004, a billion Indians regained their faith in the only Indian who can proudly wear the tag of international class. The ... More


Telecom: Finally, the right connection
When India began its tryst with the liberalistion of the telecom sector in 1994, it was expected to provide an impetus for other infrastructure areas. The intention was to open up a host of telecom services ... More


`Agriculture is backbone of livelihood security system' — Dr M. S. Swaminathan, Chairman, MSSRF
Closely associated with the developments in Indian agriculture, including its scientific and policy direction, Dr M. S. Swaminathan formed the core team that made the Green Revolution in India, which saw the country end its ... More

Agriculture: Sowing the seeds of strength
OVER the last decade, India has emerged as one of world's fastest growing significant economies, resulting largely from the adoption of the process of liberalisation, begun in July 1991. The contribution of ... More

The progression to prosperity
For the overall well-being of the economy, India's farm sector has to be made more prosperous and more secure. More


Auto revolution rolls on
THE sheer pace of growth, the wide spectrum of new technologies, and the number of new car manufacturers that have made India-specific products have made the car industry unique. And now, with the expertise that multinational car manufacturers ... More


Engineering costs and going places
A DECADE-LONG wrap-up of the Indian capital goods sector can be summed up in just one word — transformation. It has been a transformation from a protected environment to one of intense competition; from the ... More


Well of paradoxes
IT HAS been a story of paradoxes in the oil and gas sector. Reforms unleashed private competition, yet prices of petroleum products have not fallen; on the contrary, they have doubled in the past decade. The ... More

`Real liberalisation yet to happen for oil PSUs' — Mr K. N. Venkatasubramanian, Chairman, Gulf Oil
"My worry for the public sector is that real liberalisation has not happened. There is still an understanding with the government on prices. As long as this straightjacket remains, it will be difficult for the public sector." More


Health and glow of pharma
THE last decade has seen a significant scaling up in the competitive abilities of the domestic pharma industry. Some of the frontline Indian majors such as Ranbaxy, Dr. Reddy's Laboratories and Cipla have ... More


Power: Fixing the fuse
IT IS now well known that the reforms in the power sector, which began in 1991, were started at the wrong end of the value chain. Opening generation to the private sector was considered simpler and easier to handle. Competition in generation ... More


`Broadcast is just beginning to evolve' — Mr Kalanithi Maran, CMD, Sun Netowrk
"The greatest challenge for the broadcasters is the cable TV industry. It is the most disorganised sector. That is, the last mile part of it — the distribution. It has to be organised. Nobody knows the subscription numbers.'' More

It is show time in media
DIRECT-TO-HOME, video-on-demand, multi-media messaging service (MMS)... just some of the new media vehicles that have taken off in the last decade. A sector that had remained closed and stodgy, exploded into action ... More


On a hard drive
THE changes that occurred in the tech-world in the last 10 years have transformed the way we live, communicate and do business. Yet, the country's hardware industry remained in a time warp.Mr Ajai Chowdhry, Chairman and ... More


Coding success in software
WHEN the World Bank-funded report in 1992 identified India as a possible software superpower, it appeared a distant and fancy dream. With software export revenues of a little over $100 million, India had neither a ... More


Cooperatives: Milking the challenge
FOR the dairy industry, the emergence of India as the world's No 1 milk producer has undoubtedly been the most significant development of the last decade. The sector owes its success to the critical input created ... More


HDFC: Strong financial franchise
ALL credit to the HDFC group that made the most of the opportunities that emerged in the domestic financial sector over the past decade. Creating many on the way. HDFC has made a mark, either directly or through its ... More


Financial and business media — Facing the future, filling new niches
THE era of globalisation and competitive market economy is wholly upon us . Economics, rather than politics, will be, if it is not already, putting its imprimatur on a nation's profile. Decisions in the economic domain bid fair to constitute the ... More


Reliance: Reaching out
IT is a company that touches your life everyday in one way or another. Your suit or saree may be made of the polyester yarn produced by it, your car could be fuelled by petrol from its refinery, you could well be speaking or receiving a call ... More

Tata Motors: India's own wheels
A NUMBER of developments changed the face of the passenger car industry in India in the last ten years, but the most significant of them all was the arrival of the Indica. The seeds of the project were sown in September ... More

Infosys: The growth program
WHEN asked about his greatest regret in investing, Mr Rakesh Jhunjhunwala, a legendary value investor said two years ago: "The epitaph on my grave will be that I missed out on buying Infosys IPO." Millions are sure to share the same sentiment. ... More

Jet on golden wings
FROM four aircraft in 1993-94 to 41 in February 2003; from 12 destinations in 1993-94 to 41in February 2003 Jet Airways is now the largest private airline. It is also the fastest growing airline in the world. And to ... More

Dr Reddy's: Health capsule
WHEN Dr K. Anji Reddy set up Dr Reddy's Laboratories in 1984 — his work experience included a six-year stint with Indian Drugs and Pharmaceuticals Ltd — with a capital of Rs 25 lakh, not many would have expected that this company ... More

Bharti Tele-Ventures: Wireless strength
TO Bharti Tele-Ventures goes the distinction of making the right call on potential of the cellular segment even as early as 1995. Notwithstanding a plethora of regulatory and legal hurdles stalling telecom ... More

Star Network: Shining bright
MORE and more Indians are seeing stars. The Star Network now enjoys unmatched viewership and this has been achieved with élan, despite a belated entry into the Hindi entertainment space. It has done so amidst intense competition, unlike the ... More

Corporate India, lean and mean
MERGERS, demergers, asset sell-offs, exiting unviable businesses, fine-tuning debt burden to ensure lower interest costs, voluntary separation schemes and focusing on improving operational efficiencies — ... More

Disinvestment: A best-seller idea
IT is easily the most controversial part of the reforms process till now. The subject of disinvestment generates passionate arguments from opponents and proponents alike. Opponents say it is nothing but selling off the ... More

`India is a bigger market for IT than any other' — Mr F. C. Kohli, former Deputy Chairman, Tata Consultancy Services
We missed the industrial revolution due to reasons over which we had no control. Today, there is a new revolution — the revolution in information technology, which requires neither mechanical bias nor mechanical temperament. Primarily, ... More


When consumers flexed their muscle
IF AN Indian version of Rip Van Winkle were to have slumbered through the 1980s and the 1990s and awakened at the cusp of this century, the world around him would be unrecognisable for him. Not just the fact that he ... More

Advertising: Where change is a constant
FROM the advent of a fee-based system, which is increasingly replacing the 15 per cent commission traditionally charged by most agencies, to large-scale unbundling of services, with divisions such as creative, media, ... More

The Korean high tide
THERE was a time when technology and design were the preserve of the Japanese. The scene has changed very much, certainly in India. The genesis of this change dates back to the early and mid-1990s, soon after the ... More

All are necessities of life now
THE power of the consumer is waxing eloquent. Over the last decade there has been a gradual increase in his affluence and spending power. This has brought about an increased `comfort led' mindset with a heightened ... More

Coffee: Life in a new brew
A CUP of coffee is a cup of coffee is a cup of coffee, right? Wrong! A cup of coffee is a lifestyle statement and if you have not gotten around to visiting the nearest espresso bar in your neighbourhood and sipping some ... More


The politics of economics: Little pain, much gain
FROM precarious foreign exchange reservesof less than $1 billion in 1991 — not enough to finance even three weeks' import — to well over $100 billion in 2004 and swelling each week, India has, indeed, ... More
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