Word: indianizing
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...firms create whatever products are suddenly in demand. Today, that means a new generation of India-focused mutual funds and hedge funds, often with wonderfully alluring names like (my favorite) the Monsoon India Inflection Fund. The most voguish vehicles of all are mid-cap funds that bet on riskier Indian companies that may one day grow up to be blue chips. In November and December alone, the CNX mid-cap index jumped 28%. Nilesh Shah, head of equity strategy at Kotak Securities in Bombay, says his team's fledgling mid-cap fund, targeted at foreigners willing to pony...
...foreign investment firms. Their attitude, he says, is: "'Let's just get invested quickly. It's going to boom for the next 20 years, so let's get a piece of the action.' They're not focused on valuations." As in any frothy market, the media feed the euphoria. Indian TV viewers are now treated to a regular CNBC program called Wizards of Dalal Street, showcasing the wisdom of local investment gurus. Another channel, NDTV Profit, offers a rival show called Big Fish, as well as one called Sensex and the City. Indian publications pile on with headlines like THESE...
...Superstar investors contemplating the frothier realms of the market should be getting nervous. Indiabulls, a financial-services firm that hopes to profit as wealthier Indians buy more stocks, has seen its shares quintuple since last fall, while shares of Pantaloon Retail?a chain of clothing stores, malls and supermarkets?have risen eighteenfold in two years as investors bet on the spending power of the Indian shopper. But such gains are less a reflection of unlimited promise than of limited supply, with investors bidding up the few stocks that offer a way to play these trends...
...first-class luxury in the air. (Room service? On a plane?) For his first column on investing in Asia, William Green took himself off to Bombay, the heart of India's stock-market boom. "My head was spinning," says Green, of being bombarded with pitches for hedge funds and Indian real estate over meals in Bombay's ritzy hotels...
...India plane bombing that killed 329 people, most of them Canadian Hindus; by a Supreme Court judge in Vancouver. The terrorist bombing, of a New Delhi-bound flight from Toronto, was believed to have been carried out by Sikh separatists in retaliation for the Indian Army's 1984 storming of a Sikh holy shrine in Amritsar. Prosecutors were hampered by a lack of physical evidence and credible living witnesses. Only one person has ever been convicted in the bombing...