India news november 10

NO. 11 November 2010
Prince of Liechtenstein visits India
23.2% during September 2010, at US $ 18.02 billion. Stating this at a press interaction, Mr. H.S.H. Hereditary Prince Alois Von und zu Rahul Khullar, Commerce Secretary, informed Liechtenstein accompanied by his wife H.R.H that during the period April-September 2010, Hereditary Princess Sophie Von und zu Liech- exports have reached a level of US $ 103.3 tenstein, Foreign Minister Ms. Aurelia Frick, an billion at a growth of 27.6% Mr. Khullar also stated that as we have already achieved a level member business delegation visited India on of US $ 103.3 billion, we are on course to 15-19 November 2010 at the invitation of achieve the target of US $ 200 billion during Hon’ble Vice-President of India. This was the the financial year 2010-11. Commerce Secre- first ever high level official visit from Liechten- tary also highlighted that some sectors includ- stein since the establishment of diplomatic re- ing engineering, gems & jewellery, readymade lations with Liechtenstein in 1993. During the garments, marine products, leather & leather visit, H.S.H. Hereditary Prince Alois had meet- ings with Hon’ble President of India, Vice- President, Finance Minister, Leader of Opposi- India to grow at 9.7 per cent in 2010: IMF
tion, Minister of State for External Affairs and UPA Chairperson. During his visit to Mumbai, India's growth projection has been revised up- he called on the Governor of Maharashtra. The wards by the International Monetary Fund main objective of the exploratory visit was to (IMF) to 9.7 per cent for 2010, from the earlier deepen and broaden the existing bilateral rela- estimate of 9.4 per cent. It is the third straight tionship between India and Liechtenstein and revision of IMF's growth projections for India. the evaluation of future cooperation particu- The economy was projected to expand by 8.8 larly in the areas of economy and culture. The per cent, earlier. IMF's projection for India is views on foreign policy issues and current chal- lenges of the international, the commercial and agencies. The government and Reserve Bank trade policies were also exchanged during the of India (RBI) have estimated gross domestic meetings. H.S.H. Hereditary Prince Alois also product (GDP) growth at around 8.5 per cent visited India International Trade Fair (IITF). for 2010-11. RBI pointed out in its latest Mac- During a reception organised by the trade chambers CII, ASSOCHM and FICCI in Delhi, port that IMF's growth projections were for the two sides expressed their interest in GDP at market prices, which includes the trend strengthening and diversifying the existing in indirect taxes net of subsidies. The upward trade and investment flows between the two trend in indirect tax collections has continued. countries, fully exploiting substantial synergies According to the latest data released by the arising from their complementary economic Ministry of Finance, April-August 2010 wit- nessed the increase in these taxes by approxi- mately 46 per cent to over US$ 28.05 billion. Bilateral India-EFTA Agreement
Outbound M&A deals set to touch $100
The 6th round of negotiations on the bilateral billon this year
India-EFTA Agreement on Trade and Invest- ment was held in Geneva on 11-12 November, India has climbed seven notches to the 10th position in the global takeover league table and is poised to set a record this year on abundant Export grows 23 2 percent in September
funding as companies go in search of tech- and acquisitions rose 226% in the first nine India’s exports have registered a growth of months of this year to $56.7 billion in 948 deals, compared with $17.4 billion in 747 Europe, the Sensex traded on the Eurex, the transactions a year earlier, data provider region’s derivative leader, controlled by Ger- Daelogic showed. Indian outbound M&A was man operator Deutsche Börse and SIX Swiss $24.8 billion, up from $785 million, led by Exchange AG. Currently, NSE’s key index, the Bharti Airtel’s $10.7-billion acquisition of Zain S&P CNX Nifty, is traded on the Singapore Africa. The opening up of loan markets after Stock Exchange in Asia and CME in the US. In the credit crisis and the surge in confidence of Europe, NSE has expressed its intention to Indian corporates due to more than 25% earn- launch Nifty options contracts on the London ings growth is raising interest in deals. Reli- Stock Exchange, ranked a distant third after ance Industries, the nation’s biggest company, the Eurex and Liffe. The Sensex may have a which in the past mostly depended on the do- first-mover advantage over Nifty in Europe, mestic market has been aggressive in acquir- said market players. Interestingly, the Sensex ing shale gas assets in the US which is tipped will be trade from 7.50 am Central European to be a game changer in the energy economy. Time for 22 hours on the Eurex, which will ef- fectively capture the trading hours of Europe, 40% stake in the US-based Atlas Energy for the US and Asia. The Eurex will offer two mar- $1.7 billion in April 2010, besides two other ket-making schemes for the index: one to sup- small buys. It held $3 billion in cash as of port liquidity during the overlap of Indian and March 2010. According to a study by ET Intelli- gence Group showed that Indian companies scheme in Sensex options contracts. The con- were sitting on a cash pile of about $75 billion,. tracts will be dollar denominated and settled in That gives them an edge in negotiations over cash. The lot size of Sensex F&Os on Eurex will their rivals from developed markets which are be one, and the value will be as per the value over leveraged. India ranks 11th in acquirer of the index. This means one lot would be of nation transactions and 10th in inbound M&A $20,000, if the index is trading at a level of deals while China is the third largest acquiring nation with deals worth $131.2 billion, behind GSM operators add 12.4 mn users in Sept
FII inflows help Sensex reach 33 month
GSM-based mobile operators added 12.4 mil- lion subscribers in September to take their to- The benchmark stock indices reached a 33 tal tally to 494 million. BSNL was the top op- month high on 1 October, 2010 as foreign in- erator in terms of subscriber addition with 2.3 stitutional investors (FII) continued to show million users. This was the first time in the last their confidence in India's future. In just a pe- five years that BSNL has emerged the top op- riod of two days in the week ending 1 October, erator. BSNL now has 72.7 million subscribers 2010 FIIs invested more than US$ 899.77 mil- and was ranked fourth among GSM operators. lion in the Indian stock markets. The Sensex closed at 20,445 on 1 October, 2010, 375 India to overtake Japan as largest small
points higher than 30 September, 2010, reach- ing an intra-day high of 20,475. The Sensex, in the last one month, has gained more than India aims to become the small car hub of the 2,500 points. Net FII inflow in the same period world by dethroning Japan, the biggest maker has amounted to US$ 5.72 billion. Positive of compact cars, a majority of which is con- trends in the Asian and European markets led sumed domestically. Last year, it had pipped to an upswing in the Sensex on 1 October, Brazil to become the second-largest producer 2010. Also, according to brokers, the record of such cars. While Japan produced 3.4 million monthly auto sales announced by major do- small cars between January and December in mestic manufacturers gave a boost to the mar- 2009, India manufactured 1.48 million units in the same period. According to a top official from Tata Motors, the country’s biggest vehicle Sensex goes live in Europe
maker, India would certainly become the big- gest manufacturer of compact, fuel-efficient Futures & options (F&O) contracts of the Sen- cars, as there is a growing demand for such sex — India’s popular blue-chip index, owned versatile cars worldwide. Top manufacturers by the Bombay Stock Exchange (BSE) started like Maruti Suzuki, Hyundai Motor India and trading in Europe on 4 October, 2010. It was Tata Motors collectively sold 720,000 units of country’s first equity index traded there. In compact cars during the first six months of the year, reporting 32 per cent growth com- during the same period in 2009. Asian project pared to the same period in the previous year. volumes increased 55% with a value of $93.2 The industry also collectively exported 191,000 billion. India was the leading nation with $56.8 compact vehicles during the first half of the billion with 97 projects during this period current financial year. This was lower than the previous year by 2.6 per cent when the indus- GSK to make India a hub for anti-parasite
try reported exports of 197,000 vehicles, pri- marily because of lower penetration levels, coupled with a stagnant demand in the Euro- The world’s second-largest drug maker, GlaxoSmithKline (GSK), is making India a ma- jor manufacturing hub for its free global drug Indian law firms still on top in global
supply to treat neglected diseases. GSK would make additional investments in India and South Africa to increase production of anti- Indian law firms, which beat some of the parasite drug albendazole to one billion tablets world’s biggest to emerge as top legal advisors a year from 2012, Andrew Witty, chief execu- to global deals last year, have retained their tive officer of GSK, said in a tele-conference edge with three domestic firms finding pride of call from Japan. GSK supplies about 600 mil- place in the top 10 ranking. In the area of pub- lion tablets a year. India produces half of these lic private partnerships (PPP), Luthra & Luthra pills, while the rest comes from GSK’s factory retained the No. 1 slot as a global player for at Cape Town in South Africa. The drug is used the second year in a row with a 7.6% market to treat children at risk of intestinal worm share, valued at $3.29 billion for the first nine months of 2010 (see chart). This cemented its advantage over some of the world`s largest University of Atlanta opens study centre
firms like Clifford Chance, Allen & Overy, DLA in Ahmedabad
Piper and Linklaters. India Law Services se- cured the No. 3 position with a 5.4% market The University of Atlanta has opened its first share, valued at $2.35 billion. However, DSK study centre in Indian Subcontinent at Ahmed- Legal, which was at No. 2 in 2009, failed to abad. The Ahmedabad centre is being equipped make it to the top 10 this time. Luthra & Lu- with the most advanced teaching – learning technologies using the Credit system. The US Linklaters in the global project finance category methodology and pedagogy of Assignments, with a market share of 3.7% by offering legal practical live training and meaningful interac- advice for 17 deals worth $15.5 billion. Amar- tion and team work will be followed in deliver- chand, Mangaldas and Shroff slipped from No. ing the syllabi both at the BBA and MBA levels. 3 position in 2009 to the 7th slot in the top 10 ranking with a 3.9% share across 13 deals val- ued at $8.3 billion. Overall, India`s market share in global PPP in the top 10 category for 2010 was 13%, accounting for $5.6 billion and 11.2% in global project finance, accounting for $23.9 billion, according to a report by Dealogic Global Investment Banking. Global project vol-umes rose to $244.3 billion in the first nine months of 2010, up 21% from $201.7 billion DISCLAIMER
The information given in the Newsletter is prepared on the basis of various inputs available to
the Embassy and is for general reference. It should not be construed asan endorsement of the
views contained therein

EMBASSY OF INDIA,
SWITZERLAND

Source: http://www.indembassybern.ch/pdf-download/India%20news%20November%2010.pdf

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