Financial Daily from THE HINDU group of publications
Monday, Mar 13, 2006
Financial Daily from THE HINDU group of publications Monday, Mar 13, 2006 |
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Markets - Stock Markets Investment banks hardsell India equity story to global clients Rajesh Abraham
Investor interface Investment banks invite foreign investors to attend investor meets in various cities. Investors get to visit manufacturing facilities of companies they plan to invest in.
Mumbai , March 12 It's India everywhere for global investors. A clutch of MNC investment banks led by Citigroup, Morgan Stanley, Merrill Lynch, and Deutsche Bank are hard-selling the India story to their global clients like never before, thanks to the over 50 per cent a year returns from the equity markets in the last few years. Recent weeks have seen over 500 clients of these MNC banks, including pension fund, hedge fund, and mutual fund managers from across the globe, descend on India to attend `investor conferences' held in different cities. These conferences are designed in such a way that their global FII clients get opportunities for one-to-one meets with top managements of Indian companies, industry officials said. The clients will also get a "feel" of the companies they are investing or have invested in. In some cases, FII clients visit the manufacturing facilities of the Indian companies as well. The objective is to make it easier for clients to take the investment decisions. Citigroup held its first India Investor Conference in the country early this week, where over 70 Indian corporates including large cap companies and many mid-cap companies made presentations to institutional investors; Deutsche Bank went a step further by taking their top investors to the facilities of blue-chip Indian companies, including Maruti Udyog and Bharat Forge. Over 150 top institutional investors of Citigroup from the US, Europe, the Asia-Pacific region, and Japan attended the three-day conference held in Mumbai and Delhi. "The markets may be at frothy levels, but it is easier to sell the equity at these levels. See the returns the Indian markets have given in the last couple of years," said an official in a local brokerage firm. "The Indian companies are now more researched than ever before." Merrill Lynch held its investor conference in Jaipur in February, which was attended by over 150 FII clients from all over the world. "The mood is bullish," said Mr Andrew Holland, Executive Vice-President (Research) of DSP Merrill Lynch. "The objective of the investor conference is to help our clients get the flavour of what's happening in the country. We try and showcase the country and the companies to our clients."
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