Business Daily from THE HINDU group of publications
Tuesday, Mar 18, 2008
ePaper | Mobile/PDA Version
Business Daily from THE HINDU group of publications Tuesday, Mar 18, 2008 ePaper | Mobile/PDA Version |
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Stocks Markets - Foreign Institutional Investors 
BL Research Bureau Forced to the brink of bankruptcy, Bear Stearns appears to have unwound a significant portion of its equity holdings in India in recent trading sessions. Notwithstanding a lower liquidity and high impact cost, BSMA (Bear Stearns Asset Management) has, in the last couple of days, sold securities worth over Rs 265 crore in delivery-based transactions. Notably, a bulk of the selling happened only on the 14th of March, when BSMA sold stocks such as HEG, Madhucon Projects, Dabur Pharma and Indo tech Transformers. This may have been driven by the company’s attempt to meet the large-scale redemption by Bear Sterns’ clients, on fears of the bank facing a cash shortage. This US firm saw as much as $17 billion being withdrawn over the last two days. BSMA’s India portfolio, which sports companies across sectors and market caps, has seen some selling over the last week. Panyam Cement, which boasts of over 9 per cent holding by BSMA saw about 7 per cent fall in stock price over the week. Among other BSMA-held stocks that fell were Jaiprakash Associates, RPG Transmission, Karuturi Network, DS Kulkarni and Havells India. More Stories on : Stocks | Foreign Institutional Investors
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