Three Indian women among International Power 50

Three Indian women among 'International Power 50'

Three Indian women -- ICICI Bank's Chanda Kochhar, HT Media's Shobhana Bhartia and JPMorgan Chase's Kalpana Morparia -- have been named in "International Power 50" list complied by US magazine Fortune. The International power list is topped by global diversified mining and natural resource group Anglo American's CEO Cynthia Carroll, followed by Australian financial major Westpac's CEO Gail Kelly and Netherlands-based Royal Dutch Shell's Linda Cook. ICICI Bank's Joint Managing Director Kochhar has been ranked at the 25th position, followed by HT Media's Chairman and Editor-in-Chief Shobhana Bhartia (34th rank) and JPMorgan Chase's India CEO Kalpana Morparia is at the 44th place in Fortune's international list of powerful women. "The women at the very top of our list do not just preside over huge businesses they also stand out in what remains male-dominated industries. By changing the face of international business, these women also are helping change the world," Fortune said. Quoting insiders, the magazine said, 46-year old Kochhar, would become CEO and Managing Director of ICICI Bank this month and added that ICICI faces slowing growth. "The retail credit business has gone from yearly gains of 35 per cent to single-digit increases. Kochhar is pursuing new business such as corporate credit," it stated. Writing on Bhartia, the magazine said she has raised India's standards of business journalism with Mint, a venture with the Wall Street Journal that mirrors the US paper's mix of market news, corporate profiles and lifestyle features. Describing Morparia as a lawyer-turned-banker, the report stated, "She aims to expand the bank's corporate loans business and later help develop a corporate debt market."
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Markets rebound on FM, SEBI remarks; ICICI shines

Markets rebound on FM, SEBI remarks; ICICI shines
Sensex snaps losing streak, ends 265 pts up

MUMBAI: In a panic situation, the markets always look to the authorities for assurance. And the RBI, SEBI and finance ministry did just that on Tuesday, as the indices hit bottom in the early half of the day. Indian stocks made a stupendous recovery as players covered shorts following confidence building statements from the regulators and on a rebound in European markets.

Bombay Stock Exchange’s Sensex ended the day 264.68 points, or 2.10 per cent, higher at 12,860.43. Intraday, the 30-share benchmark touched a low of 12153.55, before it shot up to high of 12995.20—just 5 points short of the 13K mark. National Stock Exchange’s Nifty settled at 3921.20, higher by 71.15 points, or 1.85 per cent from Monday’s close. The index slumped to a low of 3715.05 and high of 3966.85 during the day.

Banking, realty and capital goods led the market rally while metal and FMCG ended in the red. European equities also bounced back on speculation US government’s financial rescue package will be reviewed. The US senate possibly will review the $700 bailout package as it is essential given the crash in global stock markets. Back home, RBI's assurance about ICICI Bank’s financial strength, SEBI chairman's comment that Indian markets are resilient and Finance Minister Chidambaram’s statement that Indian markets remain attractive, boosted investor sentiment. Chidambaram assured “there is nothing to worry about. The regulations that are in place are adequate. Regulation would be tightened if needed to deal with the consequences of a widening global financial crisis”. On the F&O front, Nifty October futures provisionally closed flat to spot, signaling investors aren't optimistic on the pull back rally. Call buying was observed from strikes 3900 to 4500. However, bears bought puts at 3900 and 3800. “Stocks which were beaten down most during recent sessions, like banking and realty, were picked up at attractive valuations. Fresh buying emerged in these counters. ICICI Bank, which was down 12% Monday, was among the top gainers. Monday's closing price of Rs 493 comes to 1.15(x) of BVPS. That is a valuation no fund manager can ignore,” said V Theegala, analyst at local brokerage. “Hopes of US bailout package also revived. Dow Jones futures, up 149 points, indicate a positive outcome. Indian markets, if helped by a dose of sentiment boost from US, will rally further,” Theegala added. Realty stocks like Orbit Corporation and Unitech, which were worst performers during recent sessions, went up by 8 per cent and 7 per cent, respectively. However, Ankit Sinha of Raxson Wealth is sceptical about the rally. “On Monday, players bought calls and went long on Nifty futures. Given today's pull back, it seems players safeguarded their long positions on speculation US will possibly come out with some solution. But, if US government fails to decide on a constructive rescue plan, we might slump Wednesday as de-leveraging may push markets lower,” Sinha said. Meanwhile, the cost of borrowing in dollars overnight surged after the US Congress rejected a $700 billion bank rescue plan, heightening concern more institutions will fail. London Interbank Offered Rate, or LIBOR, that banks charge each other for such loans, climbed 431 basis points to an all-time high of 6.88 per cent today, the British Bankers' Association said.

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Source:ET,Sify

Dow Sinks 777 pts as Stunning Defeat for Bailout Plan Torpedoes Stocks

Stunning Defeat for Bailout Plan Torpedoes Stocks; Dow Sinks Over 750

Dow 10,365.45 -777.68 (-6.98%) - 3 yr low.......
Nasdaq 1,983.73 -199.61 (-9.14%)
S&P 500 1,106.42 -106.59 (-8.79%)

Wall Street's worst fears came to pass Monday, when the government's financial bailout plan failed in Congress and stocks plunged precipitously -- hurtling the Dow Jones industrials down nearly 780 points in their largest one-day point drop ever. Credit markets, whose turmoil helped feed the stock market's angst, froze up further amid the growing belief that the country is headed into a spreading credit and economic crisis.

Stunned traders on the floor of the New York Stock Exchange, their faces tense and mouths agape, watched on TV screens as the House voted down the plan in mid-afternoon, and as they saw stock prices tumbling on their monitors. Activity on the floor became frenetic as the "sell" orders blew in.

The Dow told the story of the market's despair. The blue chip index, dropped by hundreds of points in a matter of moments, and by the end of the day had passed by far its previous record for a one-day drop, 684.81, set in the first trading day after the Sept. 11, 2001, terror attacks.
The selling was so intense that just 162 stocks rose on the NYSE -- and 3,073 dropped.

It takes an incredible amount of fear to set off such an intense reaction on Wall Street, and the worry now is that with the $700 billion plan fate uncertain, no one knows how the financial sector hobbled by hundreds of billions of dollars in bad mortgage bets will recover. While investors didn't believe that the plan was a panacea, and understood that it would take months for its effects to be felt, most market watchers believed it was a start toward setting the economy right after a credit crisis that began more than a year ago and that has spread overseas.

"Clearly something needs to be done, and the market dropping 400 points in 10 minutes is telling you that," said Chris Johnson president of Johnson Research Group. "This isn't a market for the timid."

The plan's defeat came amid more reminders of how troubled the nation's financial system is -- before trading began came word that Wachovia Corp., one of the biggest banks to struggle due to rising mortgage losses, was being rescued in a buyout by Citigroup Inc. It followed the recent forced sale of Merrill Lynch & Co. and the failure of three other huge banking companies -- Bear Stearns Cos., Washington Mutual Inc. and Lehman Brothers Holdings Inc.; all of them were felled by bad mortgage investments.

And it raised the question: Which banks are next, and how many? The Federal Deposit Insurance Corp. has a list of over 110 banks that were in trouble in the second quarter, and that number surely has grown in the third.

Wall Street is contending with all these issues against the backdrop of a credit market -- where bonds and loans are bought and sold -- that is barely functioning because of fears that anyone lending money will never be paid back. The evidence of the credit markets' ills could again be found Monday in the Treasury's 3-month bill -- investors were stashing money there, willing to take the tiniest of returns simply to be sure that their principal would survive in what's considered the safest investment. The yield on the 3-month bill was 0.15, down from 0.87, and approaching zero, a level reached last week when fear was also running high.

On Wall Street, according to preliminary calculations, the Dow fell 777.68, or 6.98 percent, to 10,365.45. The decline also surpasses the 721.56-point intraday decline record also set during the first trading day after the terror attacks. Still, in percentage terms, the decline remained well below the more than 20 percent drops seen on Black Monday of October 1987 and the Depression.

Broader stock indicators also tumbled. The Standard & Poor's 500 index declined 106.85, or 8.81 percent, to 1,106.42.

The technology-heavy Nasdaq composite index fell 199.61, or 9.14 percent, to 1,983.73.
New York Stock Exchange: http://www.nyse.com/
Nasdaq Stock Market: http://www.nasdaq.com/
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