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COVER
STORY
Indian
Markets Scaling : New Heights
--K Seethapathi
A
day has come where the Indian markets are also being spotted
as one of the important investment avenues. The Indian macroeconomic
factors have contributed tremendously to the present state
of things. Foreign investors are getting hefty returns in
particular. Many new investment opportunities are open for
the investors. Corporates as well as the individual investors
ought to be cautious while investing. Sound risk management
practices are pre-requisites. All said and done though the
investors are experiencing a feel-good factor, the question
is, will this feel-good factor be sustained or is of a temporary
nature.
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TREASURY
Indian
Stock Market - The Bullish Fervor
--Amit Singh Sisodiya Swati Gulati
Will
the "feel-good factor" and the fundamentally strong economy
help sustain the bull run?
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TREASURY
E
merging Trends in Indian Securities Market
--T R Venkatesh Purba Basu
This
article begins with a quick summary of the securities market
in India. The authors then discuss the structural and operational
changes of the securities market such as introduction of T+2
rolling settlement, online trading system and demutualization
of stocks. The article also traces the activities of central
listing authority in scrutinizing the listing of stocks in
the stock market and discusses the different aspects of the
growth of mutual fund industry in India. It concludes with
a few pointers to the tasks that lie ahead particularly in
the light of educating investors to cope up with market manipulation.
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TREASURY
Treasurer's
Trauma: Relish or Perish
--Vinay Mahajan
Indian
bourses are showing fuzzy trends. Whether you attribute it
to US elections, guidance taken from the world market; PSU
offloading, call of the analyst, or the market rigging. The
behavior of the bourses left market pundits mystified. It
excites, but for the business will they allow to frame a trading
policy, or one has to count broken hearts always. Behaviorists
say, if psyche is put on the work, great results can be expected!
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RISK
E
-Finance: Marching Ahead
--Sanjeev Kumar
Use
of Information Technology and networking have drastically
modernized banking services to the customers and reduced the
transactions cost, apart from facilitating quick information
and introduction of innovative products. This will help the
economy to be competitive globally. This article is a comprehensive
coverage of various drivers of e-finance that make optimal
use of it.
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FOREX
Euro:
Touching the Sky?
--Vivek Jain
In
a floating exchange environment, market determines the rate
of exchange. As an international reserve, the euro is used
as an alternative asset to the dollar. After a major fall
in the 1999-2000 period and its trough at the end of 2000,
the effective exchange rate of the euro has now been appreciated
almost by 30%. There is a possibility that the euro may even
eat into some of the dollar's share in the global economy.
But as long as US remains a safe haven and its productivity
growth outperforms Europe, dollar will continue to be the
king of the currencies. The falling of the dollar against
euro is a reflection of a weaker US economy. But, if you think
positively, it might be even a blessing. As per the US' current
account deficit, the weaker dollar will make exports cheaper
for buyers who are having other currencies. It also provide
investors an option to put their money and provide policymakers
less room to set economic policy. Until now, the European
Commercial Bank (ECB) has indeed reacted by providing some
monetary stimulus in the form of interest rate- cuts. But
these have not been decisively strong to counter the negative
impact on growth coming from the strong euro.
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