Continuing the trend of the past few days, the markets closed in the red today. However noticeable in todays trading is the last few hours of trade that actually pulled the indices downwards. NIFTY which opened at 4096.65 closed the day at 4040.00 with a change of -1.37%. While 5 scripts on CNX Nifty advanced, 44 scripts declined and 1 script remained unchanged. The markets remained positive till about 2:00 PM but the last few minutes of trade has dragged the pointer downwards making Nifty to end at 4040. The Bank Nifty index ended at 5647.65 (-2.91%)
Todays top gainers include Suzlon (+1.7%), TCS, Reliance Communications and Glaxo (just above 0.5%) and Reliance (+0.3%). Amongst the loosing scripts are Dabur (-5.5%), Grasim (-4.95), ACC (-4.4%), Punjab National Bank (-4.2%) and VSNL (-4.09%).
IT scripts remained to be cool though the CNX IT ended in the negative territory. CNX IT closed at 5660.60. Today’s IT gainers are Rolta (+7.5%), Moser Baer (+4.2%), Patni (+2.3%), I-Flex and IGS while the loosers list includes Polaris, Finantech, Wipro, MPhasis and Mastek (all above -2.4% to -2.8%).
February 23rd, 2007
The 7-year old joint venture between JM Financial and Morgan Stanley is going to end as both have come to an agreement.
JM Financial will get $445 million for its 49% stake in the institutional broking company JM Morgan Stanley Securities while Morgan Stanley will sell its equity in investment banking joint venture JM Morgan Stanley Pvt Ltd to JM Financial for $20 million.
India is considered as one of the best destination for investment banking business and global biggies like Morgan Stanley and Goldman Sachs have decided to stay alone ending their partnerships or ventures with local firms. It is believed that Morgan Stanley is keen to stay alone and has expressed this to JM Financials for over 2 to 3 years now.
Few quotes from the press on this story:
“Working in a joint venture is a great advantage as it gives you the best of both worlds, but what do you do if one partner doesn’t want to stay on?” - JM Financial Chairman Nimesh Kampani
“The separation will allow us to capture these opportunities on the foundation of their firm values of long term business focus backed by strong relationship with the clients,” - JM Financial Chairman Nimesh Kampani
“Post separation, JM Financial group will have over 600 employees, including some of the best and most experienced people in the industry,” - JM Financial Chairman Nimesh Kampani
“It is now the right time for Morgan Stanley to develop a wholly owned full-service India platform. Building on the highly successful institutional equities business and our existing operations in India, we will create an integrated platform that reflects all the businesses the firm conducts globally.” - Hans Schuettler, Chief Executive Officer, Morgan Stanley Asia
February 23rd, 2007