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ADB to invest via private equity funds
Mumbai: The Asian Development Bank plans to invest $100 million in India through
various private equity funds. The Manila-based multilateral bank has already placed $15
million with the AIG Indian Sectoral Fund managed by the Infrastructure Leasing and
Financial Services. It has also been investing in Indian companies through its Asian
Infrastructure Mezzanine fund.
The bank, which has been involved primarily in
infrastructure and development lending in the past, is now targeting both infrastructure
and non-infrastructure sectors for investing its $100 million. The approach seems to be
that the growth of knowledge-based businesses related to the Internet will result in
broader growth opportunities for the country.
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US
64’s IT exposure may be capped at 20%
Mumbai: Unit Trust of India chairman P.S. Subramanyam has said that the UTI's US64
scheme will limit its exposure in the information technology sector to fifth of the total
fund size. He said this limit would be subject to change depending on market conditions.
According to Mr Subramanyam, the US64 scheme’s
exposure in IT stocks shot up to 19.13 per cent by 31 December 1999 against 5.68 per cent
in 1998 end. The scheme had investible funds of Rs. 19,923 crore that day. Currently
Infosys Technologies Ltd is the only IT stock in the scheme’s top ten equity
holdings.
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Nasdaq
nears 5,000
New York: On 3 March American stocks rose steeply on reports of good economic
prospects for the US economy. The biggest gains were made by technology stocks, with the
Nasdaq Composite Index rising 149 points, or 3.14 per cent, to 4,903.87, a new intra-day
high, marking the first time the index moved above 4,900.
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BSE turnover
doubles in 11 months
Mumbai: The total turnover on the Bombay Stock Exchange doubled from a daily
average of Rs 1,300 crore in fiscal 1998-99 to Rs 2,600 crore in the first 11 months of
the current year, according to BSE president Anand Rathi.
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