Unstructured Finance

India stocks in 2010

The BSE Sensex rose more than 17 percent in 2010, to be among the best-performing major Asian markets this year. Most investors expecting the rally to continue.

Shares in Reliance Industries, India’s top listed firm, lost 2.8 percent in 2010., while ONGC shares added 9.8 percent.

TCS was a star performer, ending with gains of 55.3 percent. Infosys rose 32.2 percent in 2010.

Among sectors, it was a bad year for realty index which lost nearly 26 percent. The BSE IT Index rose 31.6 percent, while the BSE Oil & Gas Index gained 1.24 percent.

Which was your favourite stock in 2010 and where do you see India markets in 2011?

Deals wrap: CVS’s $1.25 billion deal

A pedestrian walks past a CVS store in downtown Washington, February 8, 2010. REUTERS/Stelios VariasDrugstore chain CVS Caremark agreed to buy Universal American’s Medicare prescription drug business for about $1.25 billion, doubling the size of CVS Caremark’s business that provides prescription drug coverage under the U.S. government’s Medicare Part D program.

Miner BHP Billiton’s acquisition strategy was back in the spotlight as market talk resurfaced it was looking at a $40 billion-plus bid for Anadarko Petroleum, although banking sources said they were unaware of any imminent offer.

Silicon Valley could see a modest return to the IPO market of prerecession days, writes NYT’s Evelyn M. Rusli.

Deals wrap: Battle in the Arctic

A woman pushes a baby pram while walking along a dirt road at dusk in Iqaluit, Nunavut on Baffin Island in the Canadian Arctic August 16, 2009. REUTERS/Andy Clark Nunavut Iron Ore sweetened its hostile bid for control of Baffinland Iron Mines, extending a battle with steel giant ArcelorMittal for a vast iron ore deposit in the Canadian Arctic.

Groupon, the social buying site that spurned a $6 billion takeover bid from Google earlier this month, has attracted several big institutional investors, writes NYT’s Evelyn M. Rusli.

Carlyle Group has sold a 2.5 percent stake worth around $860 million in China Pacific Insurance (Group) Co Ltd, sources said, helping the buyout fund recoup its investment in what could be one of its best Asian deals to date.

Morning Line-Up: insider trading, BP, 2011 outlook


News and views on the asset management industry from Reuters and elsewhere:

Insider trading defendants in prime time to deal – Reuters

U.S. pension funds prepare to sue BP over oil spill – Telegraph

Year-end planning: the 2011 fund outlook – Reuters

ICI: Long-term mutual funds rose $1.8bln in latest week – WSJ

HUL shares end as top Sensex gainer

Shares in Hindustan Unilever jumped 3.5 percent on Wednesday to close at 304.55 rupees on a newspaper report in the Mint that the company had put a property in Mumbai for sale.

The asset was expected to fetch 2.2-2.5 billion rupees to the largest maker of household products and consumer goods.

The stock also ended as the top gainer in the 30-share BSE Sensex and the second best performer in BSE FMCG index.

Deals wrap: Bank M&A hope in 2011

Bank of Montreal (BMO) Financial Group President and Chief Executive Officer Bill Downe addresses shareholders at the annual general meeting in Winnipeg, Manitoba March 23, 2010. REUTERS/Fred Greenslade The new year is offering hope to deal advisers, as U.S. bank M&As promise to return at a healthy clip after three years of gloom. The return of the mega transaction, however, is still some time away, writes Paritosh Bansal.

Norilsk Nickel launched a $4.5 billion share buyback after failing to persuade co-owner UC RUSAL to sell its 25 percent stake in the company, opening a new front in core shareholder Vladimir Potanin’s campaign to secure strategic control over the world’s top nickel and palladium miner.

After record solar-plant approval in 2010, the California Energy Commission believes its “big push” in solar-thermal projects is over.

Morning Line-Up: BlackRock bullish, IPOs, Tower Australia


News and views on the asset management industry from Reuters and elsewhere:

BlackRock founder upbeat on growth potential – FT

Institutional investors to shun high-price IPOs – Times

Australia’s Tower  accepts Dai-ichi’s $1.2 bln bid – Reuters

Deals wrap: Dai-ichi’s $1.2 billion deal

A man walks past the sign of Dai-ichi Mutual Life Insurance at its headquarters in Tokyo March 19, 2010. REUTERS/Kim Kyung-HoonDai-ichi Life Insurance Co will take full control of Tower Australia Group Ltd for $1.2 billion in cash, the latest in overseas acquisitions by Japanese insurers keen to move away from a stagnant home market.

ChemChina plans to buy 60 percent of Israel’s MA Industries in China’s latest move to expand in the global agricultural chemicals market.

The red-hot trading market that has developed in the shares of privately held stocks has drawn the attention of the SEC, writes the NYT’s Peter Latman.

Deals wrap: Hon Hai and the LCD crown

A shopper looks at an Apple Inc iPad at an electronic shop in Tokyo December 27, 2010. Taiwan's Hon Hai Precision Industry Co will buy a majority stake in a Hitachi Ltd display unit for about $1.2 billion, making it the world's top ranked maker of small and medium sized LCDs, the Nikkei newspaper said on Monday. The venture, Hitachi Displays Ltd, will use the funds to build a factory in Japan that will supply Hon Hai, one of the biggest manufacturers of Apple Inc's iPhone and iPad, the newspaper said. REUTERS/Issei KatoA spokesman for Taiwan’s Hon Hai said he had not heard about a deal reported by the Nikkei newspaper that would see the manufacturer of Apple’s iPhone and iPad become the world’s top-ranked maker of small and medium sized LCDs in a majority stake, $1.2 billion buy of a Hitachi display unit.

Spanish construction group ACS has moved closer to control of German bid target Hochtief.

After a year in which most U.S. IPOs clocked in at less than $200 million, investors can expect a larger slate of billion-plus offerings in 2011, writes WSJ’s Lynn Cowan.