No smoke without fire . jasavi your on right track
Foreign broking firms now face staff crunch
There used to be a time when domestic broking firms were losing their experienced staff to foreign broking houses, unable to match the huge salaries and bonuses that the latter were handing out. But the tide has now reversed and it is the foreign broking houses which are facing a manpower crunch. HSBC Securities is the latest foreign broking house to lose its key personnel to a domestic rival.
Five senior officials, including its head of broking Anish Jhaveri, have switched their allegiance to Mumbai-based Antique Stock Broking. A few months ago, India Infoline roped in some senior officials from French broking firm CLSA Securities. Antique, which had recently acquired the businesses of Shardul Securities and Four Dimensional Securities, is trying to strengthen its presence in the institutional broking side.
Jai Corp sees biggest PE deal in secondary mkts
2007-10-15 15:29:47 Source : moneycontrol Email Print Version Watch Video
There was a huge block deal worth almost USD 500 million on the Jai Corporation counter. About 11% equity changed hands on the BSE. This was the biggest private equity deal struck on the secondary market, analysts said.
This deal didn't come as a surprise to the market. The Jain family, who are promoters in the company, own about 87% equity. Under Sebi regulations, the company is expected to bring down that to 75%.
According to sources, JM, ENAM, and Antique Broking are believed to have brokered the deal. JM and ENAM are also believed to have taken sizeable positions for their clients, they added.
Some of the companies that have bought stake in Jai Corporation are DSP Merril Lynch Tiger Fund, Soros Fund which is run by Quantum M Fund, ZA Capital, Fidelity fund, Preline Hong Kong, India Cap Fund, and Birla Mutual Fund, analysts said. There is no information on how much money these companies have invested or what percentage of stake they will hold, they added.
Jai Corporation has a presence in many verticals like steel, plastic processing, and spinning yarn. It is completely transforming its business into a new vertical, analysts added. The company plans to expand its plastic processing business and may hive off its steel division.
The company plans to invest nearly Rs 10,700-13,500 crore in new initiatives, analysts said. It plans to invest Rs 9,000-11,600 crore on its Navi Mumbai SEZ off 5,250 acres and another Mumbai SEZ off 12,350 acres. Jai Corp plans to spend Rs 700 crore on Rewas Port and Rs 1,300 crore on the 700-mw power project.
The company also has a venture capital business, or Urban Infra Opportunities Fund, which is managing Rs 9,700 crore. It has also bid for the development of a proposed international airport along with a JV partner, they added.
Shardul Securities net profit rises 889.74% in the December 2007 quarter
Sales rise 815.01% to Rs 68.26 crore
Net profit of Shardul Securities rose 889.74% to Rs 45.33 crore in the quarter ended December 2007 as against Rs 4.58 crore during the previous quarter ended December 2006. Sales rose 815.01% to Rs 68.26 crore in the quarter ended December 2007 as against Rs 7.46 crore during the previous quarter ended December 2006.
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• Shardul Securities to invest in Antique Stock Broking / Antique group (Corporate News 4-Oct 09:35)
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