Tuesday, May 25, 2010

‘India Growth Story Is Broad-Based And Localised’

The Boston-based firm made its debut deal in India last month by investing $30 million in Krishidhan Seeds Limited.
Summit Partners, the growth equity investment firm founded in 1984, has raised more than $11 billion in capital and has provided growth equity, recapitalization and management buyout financing to over 300 growing companies across a range of industries and geographies. Summit Partners’ portfolio companies have completed nearly 125 public offerings and more than 125 strategic sales or mergers. The Boston-based firm, with a 25-year PE track record, made its debut deal in India last month by investing $30 million in Krishidhan Seeds Limited. Amit Chaturvedy, vice-president of Summit Partners, talks about the firm’s investment strategies and India office plans in an e-mail interview to VCCircle. Excerpts:-
Do you think there was a delay in Summit Partners entering the Indian PE space?India is an entrepreneurial growth market, so our growth investment strategy is a natural fit. We have been looking at the Indian market since 2008 to find the right opportunity: A rapidly growing company with a visionary management team that sees value in bringing a global, experienced growth equity investor to its Board. Krishidhan Seeds fits that profile.
What is your view on investing in India? As an investor, you always evaluate your investment thesis and consider the risks and rewards. Investing in India is no different as compared to other countries in that sense. The risks we always consider are market risk, management risk, and execution risk.
How do you assess the current environment in India as far as investments are concerned? Has it improved much?
India seems to have recovered much faster from the financial crisis as compared to other major economies of the world. We are finding many attractive companies in this geographic market. Indian growth is broad based and localized, and this makes it a stable long-term growth story.
Regulatory and tax issues are more complex in India, as compared to what we have seen in the US and Europe. Indian regulators are working hard to streamline processes and provide more clarity in laws governing the various industry sectors.
What are your investment strategies for India?We are focused on companies in sectors including healthcare, education, consumer products, agriculture, telecom and power. Our exit options in India are primarily public offerings and sale to another strategic/financial investor. We are growth equity investors and are equally comfortable taking minority or majority positions. Anyway, at this moment, we do not have plans for an Asia-specific fund. The Indian economy is a strong and resilient growth story, and it is a good market for us given our long and successful track record as growth equity investors. Our Indian investments provide a natural route for our Limited Partners to increase their exposure to this market. We are looking at companies that are seeking Rs 50-500 crore of investment.
What is the rationale behind your investment in Krishidhan Seeds? India is one of the major agrarian economies of the world with a growing population and rising per capita income that have put significant pressure on its agricultural productivity. Krishidhan Seeds’ research-driven products increase farm productivity and offer Indian farmers a strong value proposition – which will increase as more than 125 hybrids in the pipeline are released over the next three years. We are very impressed with Krishidhan’s R&D commitment, growth trajectory, its dynamic management team, and well controlled business operations through SAP, and we look forward to a successful partnership.
In India, how many deals is Summit eyeing this year?
We recently closed our first investment in Krishidhan Seeds for $30 million. We are looking at a number of other attractive opportunities and we don’t have a specific target as to the number of investments made or capital invested.
How do you rate Indian entrepreneurs?
As a growth equity investor with 26 years of investment experience with rapidly growing and profitable businesses, Summit Partners sees a significant opportunity in the Indian market. India’s strong entrepreneurial tradition, combined with a fast-growing economy, means there are many companies that can benefit from Summit’s capital investment, strategic advice and industry expertise.
What are the major hurdles in handling portfolio firms in India?
Indian companies frequently focus on growing the top-line – and justifiably so, as many sectors in India continue to evolve. This leaves company managements with limited bandwidth to focus on corporate governance, MIS systems, and financial controls for easy data extraction and timely reporting. This issue can be addressed over time with the strong commitment of the management team.
Will Summit Partners eye investments in listed firms (PIPE deals)? Yes, we are selectively looking at PIPE transactions in India. We are using the same investment criteria – the company should be rapidly growing, profitable and have a talented management team running the business. Our major focus area is privately held companies where we can participate at the board level, provide strategic guidance, and make a substantial positive impact to the future value of the business.
Are there plans to set up an office in India?
We have plans to establish an India office in 2011. We have a team of five investment professionals focused on Indian investments, and we plan to incrementally build on that team.

Monday, May 24, 2010

Billionaire Ambani Brothers Agree to Seek ‘Harmony,’ Gas Deal

RIL, ADAG cancel 2006 non-compete agreements, hope to work in harmony.

It took a gentle nudge from the Supreme Court earlier this month to signal an end to the most publicised corporate war in India. Five years after going public with “ownership issues” and more in India’s richest family, the Ambani brothers today took a big step towards reconciliation of their feud that had made headlines and dragged in several government functionaries.

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Upfront commissions were making everybody think short-term. They will think long-term now”

The Securities and Exchange Board of India is confident that the mutual fund industry will emerge stronger and more investor-oriented following the slew of recent fundamental regulatory changes made that affected the fund industry badly so far. “The changes will force everyone to think hard on how to develop a robust long-term business model,” says KN Vaidyanathan, an executive director of SEBI, in an exclusive interview to Moneylife.
Following the regulatory changes over the last 12 months the business model of mutual funds has been profoundly affected. Fund companies have been losing assets while well-established selling and distribution strategies of fund houses have gone haywire since upfront commissions and the various ways in which intermediaries were being compensated, have been plugged. How does the regulator view these changes, especially since we are witnessing a continuous decline in equity assets over the last few months, since SEBI has a development role to play as well? “The industry will adjust. Maybe the asset size will shrink but that may be good for all, especially the serious players,” says Mr Vaidyanathan. “The industry is full of bright people. I am sure they will put their heads down and work out a better business model. That would be good for all—including the investors.”

SEBI is pushing fund companies to face the new reality which Mr Vaidyanathan goes on to articulate as follows: “The challenge for the fund industry thereafter is to find out where the scale will come from. According to me it will come from simplicity, distribution and technology.” According to him, fund companies must offer simple products with low volatility based on asset allocation, distribute the products through large distributors and ensure that their operations are backed by the best technology, which reduces cost. “That may also mean that those who were not serious would exit.”

Ever since SEBI has changed the business model of the fund companies by changing the way mutual funds are sold, equity funds are losing money. This has led to market speculation that SEBI may partially relax the regulations, allowing for some upfront commissions. “A large number of people (mainly the sponsors) keep checking whether SEBI will revisit the policy of scrapping entry loads because they argue ‘it has not worked’.”

However, when asked, Mr Vaidyanathan asserted with a simple: “No. That is a closed chapter.”
Having changed how the funds are being distributed, SEBI is changing how the funds would be created. In the first couple of decades of growth of mutual funds, fund companies have launched almost similar products, which confuse investors. SEBI is already making some changes in the fund-approval process which will change this. “It is their business, but I guess funds will have to change. One of the things we are asking funds to do is to explain clearly how fund A is different from fund B. This has to be done for all the funds that are being sold today no matter when they were launched. They have to redo their Key Information Memorandum (KIM).”

One of the key issues for the fund industry is that while SEBI has banned upfront commissions for mutual funds, insurance companies were pushing their products, especially Unit-linked Insurance Products (ULIPs) with hefty upfront commissions.

The fund industry has been quietly complaining that this has tilted the playing field against them. Since banks and financial institutions make easier money selling other products, why would they sell mutual funds, goes their argument. Mr Vaidyanathan counters this as a myth. “People confuse between upfront and trail. Business models based on upfront will die. Irrespective of how the dispute between ULIPs vs mutual funds works out, the writing on the wall is clear. Upfront commissions and entry loads will become zero. It is a matter of time. Therefore what it leaves us with is trail commissions. There is nothing to match the attractiveness of trail commission of mutual funds because the trail is on the total kitty, not like the upfront commission on a single product. But that means everybody has to think long term, especially after upfront commissions are gone. Until now nobody was thinking long term.”

Thursday, May 20, 2010

Revision in Fees for ARN Registration& Renewal for distributors

AMFI vide their circular no. 35P/MEM-COR/3/10-11 dated May 19, 2010 has revised the ARN Registration and Renewal Fees wef 1st June 2010 for all category of distributors as mentioned in their appended circular. As mentioned in yesterday's mail, the certification and examination will be conducted by NISM wef 1st June 2010 as against AMFI. The validity period of certification for non-individuals will be three years.

35P/MEM-COR/3/10-11 May 19, 2010

Dear All,

Re : Revision of fees – ARN Registration/ Renewal

The AMFI Board at its Meeting held on May 5, 2010 has decided to revise the fees for registration/ renewal of ARN with effect from June 1, 2010 as follows :-

Entity	ARN Registration Fees	ARN Renewal Fees
Banks/ NBFC/ Institutional Distributors	500,000	250,000
Public Ltd. Co.	500,000	250,000
Pvt. Ltd. Co.	50,000	25,000
Partnership Firm	25,000	12,500
Societies and Trusts/ HUF	25,000	12,500
Post Offices	15,000	7,500
Proprietorship Firms	10,000	5,000
Corporate Employees	5,000	2,500
Individual/Senior Citizens	5,000	2,500

It is further decided that the validity of ARN issued with effect from June 1, 2010 would be three years in case of non individual applicants. In case of individuals/ corporate employees, the validity period shall be computed from the date of receipt of application till the date of validity of AMFI/ NISM certificate.

Wednesday, May 19, 2010

3G auction ends, Govt to get Rs 67,719 cr windfall

ITS call For 3rd Generation

3G auction ends, Govt to get Rs 67,719 cr windfall
NDTV Correspondent & Agencies, 19 May, 2010

Auction for 3G licence ended on Wednesday, with bids for pan-India licence touching Rs 16,751 crore that ensures the government a revenue of Rs 67,719 crore.

No single bidder bid for a pan-India license and Delhi emerged the most valuable circle at Rs 3,317 crore, followed by Mumbai at Rs 3,247 crore. Among the major bidders, Idea paid nearly Rs 5,765 cr for 11 circles, Bharti paid Rs 12,290 cr for 13 circles, Vodafone paid Rs 11,617 crore for 9 circle while RCom paid Rs 8,583 crore for 13 circles.

The Winners:
Delhi: Vodafone, Bharti, Reliance Communications at Rs 3317 cr
Mumbai: Reliance, Vodafone, Bharti Airtel at Rs 3247 cr
Maharashtra: Tata Com, Idea, Vodafone at Rs 1258 cr
Gujarat: Tata Com, Vodafone, Idea at Rs 1076 cr
Andhra Pradesh: Bharti, Idea at Rs 1373 cr
Karnataka: Tata Telecommunication, Aircel, Bharti at Rs1580 cr
Tamil Nadu: Bharti, Vodafone, Aircel at Rs 1465 cr
Kolkata: Vodafone, Aircel, Reliance Communications at Rs 544 cr
Kerela: Idea cellular, Tata Telecommunications, Aircel at Rs 312.5 cr
Punjab: Idea Cellular, Reliance Communications, Tata Telecommunications, Aircel at Rs 322 cr
Haryana: Idea Cellular, Tata Telecommunications, Vodafone at Rs 222.6 cr
MP: Idea Cellular, Reliance Communications, Tata Telecommunications at Rs 258.4 cr
Rajasthan: Reliance Communications, Bharti, Tata Telecommunications at Rs 321 cr
U.P. (West): Bharti, Idea Cellular, Tata Telecommunications at Rs 514 cr
U.P (East): Aircel, Idea Cellular, Vodafone at Rs 364.6 cr

Today was the thirty-fourth day of the bidding. The government’s revenues from the 3G spectrum are much higher than its original estimates and even surpassed its revised estimates by a hefty amount. The 3G proceeds will help the government to bridge its fiscal deficit.The government had budgeted revenues of Rs 35,000 crore from sale of air waves for 3G and Broadband Wireless Access (BWA) put together.
The auction for Broadband Wireless Access (BWA) spectrum would begin soon after the 3G auction is over. The 3G auction had commenced on 9 April, 2010 and there were nine bidders in the fray for the slots of 3G spectrum on the block. The government auctioned three slots in 17 telecom service areas and four slots in the remaining five states of Punjab, Bihar, Orissa, Jammu and Kashmir and Himachal Pradesh.
BSNL and MTNL received spectrum outside the auction process, but the price would be determined by the auction price.
The third-generation spectrum allows subscribers to download hi-speed data and stream videos on mobile telephones. The successful bidders would be allotted air waves in September after the spectrum is vacated by the defence forces.
The 3G spectrum saw aggressive bidding by the telecom players as India remains one of the fastest growing mobile-services market by subscribers. With the addition of over 20 million new users in March, the mobile subscriber base in the country has jumped to 584.32 million customers. The number of telephone subscribers in India, both wireless and wireline combined, increased to 621.28 million at the end of March-2010 from 600.98 million in February 2010, thereby registering a growth rate of 3.38 per cent. With this, the overall Tele-density in India reached 52.74.
Telecom players hope that the 3G spectrum will ease capacity constraints and also increase the revenue per user, which has been falling due to intense completion in the sector.
For broadband wireless access, there are 11 operators are in the fray. The reserve price for BWA spectrum has been fixed at Rs 1,750 crore and only two slots of 20 MHz each are on the block.

Goldman Sachs Hands Clients Losses as Seven of Nine `Top' Trade Ideas Flop

(Bloomberg) -- Goldman Sachs Group Inc. racked up trading profits for itself every day last quarter. Clients who followed the firm’s investment advice fared far worse. Seven of the investment bank’s nine “recommended top trades for 2010” have been money losers for investors who adopted the New York-based firm’s advice, according to data compiled by Bloomberg from a Goldman Sachs research note sent yesterday. Clients who used the tips lost 14 percent buying the Polish zloty versus the Japanese yen, 9.4 percent buying Chinese stocks in Hong Kong and 9.8 percent trading the British pound against the New Zealand dollar.
The struggles for analysts at Goldman Sachs, which is fighting a fraud lawsuit from U.S. regulators who accuse the company of misleading investors in a mortgage-linked security, show the difficulty of predicting market movements as widening budget deficits, a fragile global economic recovery and tighter financial regulations increase volatility. Stock and currency fluctuations rose to the highest in a year this month as Europe pledged about $1 trillion to stop a debt crisis in the region.
“This says that Goldman’s guys are only human,” said Axel Merk, who oversees $500 million as president and chief investment officer of Merk Investments LLC in Palo Alto, California. “No one is always right. There are a lot of cross currents in this market.”
Gia Moron, a spokeswoman for Goldman Sachs, declined to comment.
China’s Bear Market
Goldman Sachs’s trading profits come from capturing bid- offer spreads when its traders act as intermediaries for clients, Gary Cohn, the firm’s president and chief operating officer, said last week in New York. Proprietary trading isn’t a main driver of earnings, he said.
The trade advice for customers is distributed by Goldman Sachs’s global markets economic research group. It tracks the performance of the trades in a daily research note. The time period of the recommendations is 12 months.
The performance this year is a reversal from 2009, when nine of Goldman Sachs’s 11 trading recommendations made money. Investors saw a 22 percent return owning Chinese stocks and a 12 percent gain buying the British pound versus the dollar, according to a Goldman Sachs note on Dec. 1.
Goldman Sachs analysts made eight trade recommendations for this year in December, including telling clients to buy the British pound against the New Zealand dollar. On April 1, Goldman Sachs added a ninth “top” trade, telling clients to buy Chinese stocks listed in Hong Kong and predicting the Hang Seng China Enterprises Index would rise 19 percent to 15,000.
Tough Analysis
Since then, the gauge has slid 9.4 percent to 11,426.18. The Shanghai Composite index has entered a bear market, losing about 21 percent this year. That’s the third biggest decline in the world after Greece and Cyprus. The decline accelerated this month on concern Greece, Spain and Portugal will struggle to finance their budget deficits and dismantle the euro.
The Chinese stock recommendation was made by a group led by Dominic Wilson, a senior Goldman Sachs economist in New York. Wilson cited inexpensive valuations and “robust” economic growth. He also said investors have already factored in the risk of higher interest rates in China.
Wilson wasn’t available to comment because he was out of the office traveling, according to an e-mail.
Exit Calls
“Emerging markets appear superior to the developed world, but the market isn’t trading that relationship,” said Eric Fine, who manages Van Eck Associates Corp.’s G-175 Strategies emerging-market hedge fund. “It may be that some assets are mispriced, but if the market starts to discount the end point of the game, such as the collapse of the euro, it’s not that mispriced.”
Analysts at Goldman Sachs recommended investors exit two trades in February, one involving interest-rate swap rates in the U.K. and another advising clients to buy credit-default swaps in Spain and sell similar contracts in Ireland. The first trade had a potential loss of 24 basis points and the other had a return of 2.9 percent, according to figures issued in the appendix of the research note in February.
Owning currencies that are tied to growth is the only remaining trade that has increased in value this year, according to Goldman Sachs. The Goldman Sachs FX Growth Index has climbed 3.4 percent since the firm made the recommendation in December.
Betting on Markets
Goldman Sachs makes more money from trading than any other Wall Street firm. In the first quarter, the bank’s $7.39 billion in revenue from trading fixed-income, currencies and commodities dwarfed the $5.52 billion made by its closest rival, Charlotte, North Carolina-based Bank of America Corp. In equities, Goldman Sachs’s $2.35 billion in revenue was about 50 percent higher than its nearest competitor.
Cohn told investors at a May 11 conference in New York that the firm lost money on only 11 days in the last 12 months. He said that uncanny streak of success refutes suspicions that the bank depends on proprietary bets with its own money.
“It is implausible that a proprietary-driven business model could be right 96 percent of the time,” Cohn said. Instead, he said the “simple answer” is that the firm makes money by capturing bid-offer spreads when acting as an intermediary for client trades.
Goldman Sachs executives have grappled before with questions about whether they’re better at making money for the firm than for their clients, according to an internal e-mail dated Sept. 26, 2007, that was released by a U.S. Senate subcommittee last month.
U.S. Lawsuit
The e-mail to Chief Executive Officer Lloyd Blankfein from Peter Kraus, who was then co-head of the company’s investment- management division, explains that individual investors, unlike institutional clients, occasionally make “comments like ur good at making money for urself but not us.”

The U.S. Securities and Exchange Commission filed a lawsuit against Goldman on April 16 accusing the company of misleading investors in a mortgage-linked asset. Goldman denies those allegations and said it will fight the charges.

http://www.bloomberg.com/apps/news?pid=20601087&sid=aF5tV7uvY0FU&pos=4

News Round Up

It plans to invest in residential and commercial projects in smaller Indian cities as a passive investor.
US Fund Manager Blumberg Capital To Invest $100M In Indian Realty - Blumberg Capital Partners, a US-based realty fund manager, is planning to invest $100 million (about Rs 456 crore) in realty projects in India. It plans to invest in residential and commercial projects in smaller Indian cities, and will be a passive investor. The company did not have any time frame in mind, but is expecting to start investing within three years. The move is part of Blumberg Capital’s plan to diversify outside the US market. It is raising $1 billion from high net-worth individuals and institutions to start a real estate fund that will invest up to 30% in non-US assets, particularly in the Persian Gulf and India. (Mint)
JSW Steel likely To Sell Stake To JFE - Sajjan Jindal promoted JSW Steel has nearly finalised a share sale agreement with Japan’s second-largest steel maker, JFE, after about six months of discussion. JSW Steel is likely to have an extraordinary general meeting (EGM) early next month to take board’s approval. JFE is likely to buy a 14.9% stake in the Indian company for Rs 1,600 a share. At this price, JFE would pay Rs 4,500 crore, which would be a 39% premium to Tuesday’s closing price of Rs 1,150. (BS)
IDFC To Buy 26% Stake In Custodian Firm Orbis - Infrastructure Development Finance Co Ltd (IDFC) is acquiring 26% stake in Gurgaon-based custodian Orbis Capital Ltd for Rs 22 crore. The acquisition will be completed over the next two years. Orbis is claimed to be India’s first privately-held custodian registered with the capital market regulator Securities and Exchange Board of India. It started its operations in April 2009. (Mint)
Shriram Arm Orient Green Files DRHP For IPO - Orient Green Power Company Ltd (OGPL), an associate company of Shriram EPC Ltd (SEPC), has filed a draft red herring prospectus (DRHP) with SEBI for its proposed initial public offer (IPO). OGPL is engaged in power generation from renewable sources and has a portfolio of operating projects of 193.1 Mw. The company aims to expand its portfolio to 1,000 Mw in three years. The company is planning to raise around Rs 800 crore to support its Rs 4,000 crore investment plan. (BS)
Tilaknagar Nearing Liquors India Buy - Mid-sized spirits company Tilaknagar Industries Ltd (TIL), makers of Mansion House brandy brand, is reportedly in the final stages of discussion to acquire Hyderabad-based Liquors India Ltd, a distillery and bottling unit. VCCircle broke the story on May 12. The acquisition is likely to be completed over the next 2 to 3 months. In February, TIL struck a deal with Alcobrew Distilleries to acquire the latter’s six brands, which has reasonable presence in CSD (Army canteen) channels. (FC)
MSSL To Buy Partner’s Stake In JV - Motherson Sumi Systems Ltd (MSSL), an auto component maker, is buying 60% stake in Balda Motherson Solutions owned by its German JV partner Balda AG for an undisclosed sum. Motherson already owns 40% in plastic component producer, Balda Motherson Solutions, that was formed in 2006. The JV company had revenues of Rs 20 crore for the year ended March 2009. (ToI)

Zero trail commission for transferred MF accounts

Amfi says trail commission in case of transferred mutual fund accounts be put in an investor education fund.
Last week, the Association of Mutual Funds in India (Amfi) banned charging of trail commissions from customers who have transferred their account to another distributor.

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Tuesday, May 18, 2010

Here’s another company that’s openly flouting IRDA norms on prohibition of chain marketing of insurance products

You have to hand it to this company. The name itself—Rose Valley Chain Marketing System Ltd—makes it clear that the outfit is neck-deep in multi-level marketing schemes. And insurance is part of its arsenal. The company, certified by the Insurance Regulatory & Development Authority (IRDA) is a corporate agent of the Life Insurance Corporation of India (LIC) since 2002 and has six lakh foot soldiers pushing various insurance policies across India.

Moneylife had reported earlier (http://www.moneylife.in/article/8/5371.html) on how according to Section (42) of the Insurance Act, 1938, appointing sub-agents and passing on commission or kickbacks is prohibited. When we had approached the insurance regulator on the proliferation of various MLM insurance schemes, along with the details, IRDA's executive director A Giridhar had told Moneylife, “Selling insurance through unlicensed persons is illegal and we will act on the information provided by you.” In addition, IRDA certification is mandatory for selling insurance products.

But here is an example of a company that does not even find it necessary to cloak its insurance MLM business—its name itself is a dead giveaway.

The model operates as follows—a sales executive has to achieve a target of Rs40,000 within 12 months. This is the joining stage. At the 18th rank, a sales executive ‘graduates’ to become a ‘Development Advisor Group 3’.

The products being peddled include LIC policies, along with fixed deposits and recurring deposits of Rose Valley.
A sales executive does not have to pass an IRDA examination, says an official from the company, which is in express violation of the rules.

The official from Rose Valley said, “Once you reach a certain level, you don’t have to work any more; you can earn commission bought by your chain.”

The brochure also says that a ‘marketing executive’ can also recruit a maximum of 15 sales executives.
At the first stage, the annual target is Rs40,000 and at the final stage (the 18th rank) the target is Rs20 crore. This target also includes the business achieved from the lower chain(s).

The group is a huge conglomerate with its finger in many pies. It has interests in real estate, hospitality, retail, broadcasting and IT education & training.

According to the company official, the group is also looking at entering the housing finance loan segment.

Bank of Rajasthan to merge with ICICI Bank

Small private sector lender Bank of Rajasthan said on Tuesday that its controlling shareholders have agreed to merge with ICICI Bank (ICICIBANK.NS : 889.2 -11.9

), India's No 2 lender.
No terms were immediately available. Bank of Rajasthan, controlled by the Tayal family, has a market value of $296 million.
Shares in Bank of Rajasthan rose 19.95 percent to 99.50 rupees ahead of the announcement in a Mumbai market that ended up 0.24 percent.
Boards of both banks were to meet later in the day to consider the merger, Bank of Rajasthan said in statement to the stock exchange.
The Tayals, who owned about 29 percent of the small bank at the end of December, according to Bombay Stock Exchange (^BSESN : 16875.76 +40.2

) data, have been reported to be negotiating with potential buyers.
In March, the Reserve Bank of India appointed consulting firms to conduct a special audit of the books and accounts of Bank of Rajasthan.
India's markets regulator, the Securities and Exchange Board of India (SEBI), on March 8 issued an interim order restraining the founders and various group entities from accessing the capital markets or from dealing in securities.
Bank of Rajasthan has a network of 463 branches and a customer base of 2 million.
Bank of Rajasthan officials could not be reached for comment while an ICICI Bank spokesman declined comments.

BUSINESS INTERESTS
ANIL AMBANI	MUKESH AMBANI
* Financial services	* Oil, gas, petrochemicals
* Telecom	* Textile
* Infrastructure	* Retail
* Media & DTH	* SEZs, ports & gas terminals
* Power	* Life sciences & biotechnology
* Healthcare	* IPL
Combined mkt cap Rs 1,08,792 cr (as on May 21, 2010)	*Combined mkt cap Rs 3,26,717 cr
POSSIBLE OVERLAPS IN FUTURE
* Telecom
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* Infrastructure
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