The Indian Economy - Page 6

Auto makers have been slammed by a slowdown in demand for high-profit vehicles like SUVs and trucks. Chrysler's fell compared to last year, and the company's market share dipped by 2 percentage points to 10.6%.

Nardelli said the company is working on building an international presence, with emphasis on opportunities including India. Chrysler's former corporate parent, German automaker Daimler, had helped the company on the international front. Remember Benz still owns about 20% of Chrysler.

Daiichi Sankyo co. will buy control of India's Ranbaxy Labs ltd. for as much as 4.6 billion, entering a generic drug market growing twice as fast as branded medicines as govt. price cuts erode profits, the market is growing at a rate of 10%, 12% a year reaching $20billion by 2015. With that and when drugmakers have underperformed and foreign investors want to pump in 4b$ into the country it's good. Sold at Rs.737 a share, 31% higher than y'day's closing price, Ranbaxy's share rose 5.4% to 591Rs. Founded 1961, built over 30 years CEO Malvinder Singh, billionaire will keep his post giving Japan a reach in India where he's purchased 7 worldwide co.scopying blockbuster drugs and seling them for a fraction of the price aiming for $5 billion by 2012.

Blow to Vikram Pandit, Citigroup to close Hedge fund Old Lane.
Vikram Pandit(hereafter reffered as VP)personally reaped at least $165 million when Citygroup bought Old Lane in July '07 and then took over Citygroup. Then Citygroup was willing to pay a premium to land VP as CEO. Citigroup wanted to capitalize 1-3billion$ late as last month per Old Lane CEO Guru Ramakrishnan(from now on GR), and later decided against. VP was with Morgan Stanley till 2005 and ousted. He had contacts with expertise in India on hedge funds and GR raised 4billion$s in 9 months with supporters including Harvard and Singapore govt. VP was at the helm of these funds and sophisticated investors. Once the credit crisis started, Citigroup put GR in charge and VP went on to the board. VP's departure caused investors to withdraw money while VP moved his friends managing these funds over to his side. He has $100 million there, and will have to move it to other citigroup vehicles.
What will happen to GR? He reported to VP, and has performed well as a portfolio manager and generated more than 20% last year.

Centra bank raises key short term rate
India raistd it's short term leding rat to 8% in order to contain inflation. By the end of May India's inflation rate was 8.44%, while the comfort zone is no more than 5.5%. Will it go up to 10%?

Essar offers Esmark $750 million.
India's steelmaker wants to buys Esmark at $19 and assume it's $400million debt and gain a foothold in the U.S by spending $525 million in 5 years.

A new service has been started from San Francisco to Mumbai! Viva, when airlines are laying off workers, and many are grounding planes due to rising fuel costs, India keeps things positive for it's people.

Reliance and MTN
Mukesh's side of Reliance is seeking to interfere in the deal negotiated by Anil. Reliance wrote toMTN claiming it had the first right of refusal over reliance communications in the event of a sale. Will the deal be disrupted? Will it result in an asset trade? Reliance said there is no such question. The company says that the Bombay high court has held the agreement to be unfair and unjust. Meanwhile Anil Ambani has met with MTN's president and CEO. "We are aware that something is going on between the 2 brothers" an MTN spokeswoman said Friday.

Congrats Jagdu on becoming a goldie 👏 ...now you can join rest of our golden ladies and be the only golden man 😉 😆

I have just read through some of your post...very intersting...got to know a lot of info about indian economy 😊

Thanks Meli.
One can best describe these as a collection of short stories for real that happen in the news. Please continure laughing as the first family in the country continues it's saga of the rich and the famous.

Congrats Jagdu 👏👏