Word: indianizing
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...Media?which publishes Hindustan, a major Hindi daily, the Hindustan Times, an English-language newspaper, and two magazines?listed on the Bombay stock exchange on Sept. 1 after raising about $90 million through a public stock sale. The IPO marked the climax of an extraordinary year for the Indian newspaper industry, which has seen new editions launched, turf wars fought and sensational stories broken. All this exuberance is a heart-warming sight for newspaper publishers. In most countries, sales and profits of dailies have been declining for years, a slide that has been hastened recently by a surge of fresh...
...There's a 26% cap on overseas ownership of newspapers and TV news channels. The recent changes aren't enough, say some of the key players who had hoped for an opening. Last year, for example, the Wall Street Journal announced with fanfare that it would launch an Indian edition with a local partner. The publication has yet to hit the newsstands. "We certainly hope to publish in India," says Suman Dubey, chief representative in India for the WSJ's owner Dow Jones & Co, "but only if our product can be attractive to Indian readers and economically viable...
...Dubey's frustration is magnified by the sense that a golden opportunity may be eluding him. Watching the Indian newspaper scene is like taking a trip in a time machine to early 20th century America, when newspapers ruled life and politics. Sales of most Indian newspapers are increasing, and advertising is soaring. There are some 50,000 newspapers in this country of more than 1 billion inhabitants. Although circulation data is often controversial and hard to verify, one recent survey suggests that the number of Indians who read a daily newspaper shot up by 14% in the past three years...
These days, as usual, Wadhwaney thinks the herd is heading in the wrong direction. For example, although he grew up in Bombay, the center of India's boom, his fund doesn't own a single Indian stock. "People are paying ridiculous prices on promises of the future," he says. Nobody can reliably predict which way the stock market will move or what a company's earnings will be, he argues, so the key is to focus on the present. That means appraising a company's existing assets and buying the stock only if those assets are grossly undervalued. Typically...
...booming outsourcing sector. "There's a growing amount of confidence and growing resources among these firms," says Joe Sigelman, co-CEO of OfficeTiger, which will reach $100 million in sales this year and may go public in 2006. Strong, small firms will swallow others to solidify their positions against Indian outsourcing giants like Wipro and Infosys, says Peter Bender-Samuel, CEO of Everest Group, a research firm. U.S. players like Accenture and IBM Global Services, meanwhile, have a new kind of competitor to worry about, Bender-Samuel says. "It makes life difficult for them." --By Jyoti Thottam