NEA India appoints AP Parigi as advisor

AP Parigi has 35 years of experience spanning across several sectors, including telecommunications, media and entertainment

New Enterprise Associates India (Pvt) Ltd, a global affiliate of the $11 billion venture capital firm, has appointed AP Parigi as advisor for its operations in India.

Bala Deshpande, senior managing director, NEA India, said, "With his unique industry experience spanning 23 years in traditional economy sectors like construction, infrastructure and manufacturing and then almost two decades of pioneering leadership in new age technology-led sectors, Mr Parigi will augment the India team substantially. His experience of creating winning businesses in emerging sectors from the ground-up stage can add significant value to our company building expertise for the portfolio companies we source and help build for the NEA Investment funds."

Mr Parigi has 35 years of experience spanning across several sectors, including telecommunications, media and entertainment. He has held key positions in Associated Cement Companies Ltd (TATA Group company), Batliboi & Company Limited and later as the CEO of BPL Mobile Communications (a JV with France Telecom), Mumbai. He is credited with developing and establishing Radio Mirchi into a power brand across 32 cities and broadcasting in 10 languages. Parigi was MD and CEO of Entertainment Network India Limited (Radio Mirchi) from 2000 to 2007.

In April 2009, Mr Parigi was the first non American recipient of the Rensselaer Entrepreneur of the year Award conferred by the Severino Center for Technological Entrepreneurship in the Lally School of Management & Technology, New York. In June 2010, Mr Parigi joined the business advisory council of the Said Business School (Oxford University), UK. He is also on the advisory board of the Fordham Graduate School of Business, Fordham University, New York.


Govt approves 16 FDI proposals worth Rs924 crore

A total of 38 FDI proposals were taken up by the Foreign Investment Promotion Board, but the board deferred a decision on 14 applications, rejected seven and recommended one for the Cabinet Committee on Economic Affairs

New Delhi: The government today cleared 16 foreign direct investment (FDI) proposals amounting to Rs923.55 crore, including those of Star News Broadcasting Ltd and L&T Finance Holdings, reports PTI.

A total of 38 FDI proposals were taken up by the Foreign Investment Promotion Board (FIPB), but the board deferred a decision on 14 applications, rejected seven and recommended one for the Cabinet Committee on Economic Affairs (CCEA), the finance ministry said in a statement.

The board gave its approval to Soma Tollways Pvt Ltd (Andhra Pradesh) for induction of foreign equity in an investing company. The proposal is likely to bring in FDI worth Rs500 crore.

L&T Finance Holdings' application for permission for pre-IPO placement of equity shares with eligible non-resident investors was also approved by the FIPB. The firm aims at FDI worth Rs400 crore.

The board also approved the Star News Broadcasting's (Touch Tele Content (I) Ltd) proposal for induction of foreign capital. It would, however, not include any fresh inflow of funds.

The other major proposals that were cleared by the FIPB include those of Global Gourmet (Gujarat), Park Controls & Communications (Bangalore) and Centum Electronics (Bangalore).

The ministry further said the board deferred a decision on applications by Indian Rotorcraft (Mumbai) for induction of foreign equity and Precision Electronics to undertake the additional activity in the defence sector.

Decisions on the proposals of BNP Paribas SA (Paris), Sightlife USA, Southern CNG Automobiles and Natixis Global Asset Management (France), among others, were also deferred.

The proposals which were rejected include those of Reynders Label Printing India (Delhi and Haryana), Anuradha Holdings (Bangalore) and AOS Holding India SAS (France).

The official statement said that two proposals-PTC India Financial Services (Delhi, Haryana) and Tata Steel-were withdrawn from the FIPB Agenda on the request of the applicants.

The proposal, which was recommended to the Cabinet Committee on Economic Affairs (CCEA) was of Cals Refineries (Delhi and Haryana) to issue equity shares in the form of GDRs against supply of refinery equipments. The proposal is likely to bring in FDI worth Rs1,425 crore.

Foreign direct investments into the country had fallen to $19.43 billion (Rs88,520 crore) in 2010-11 as against $25.83 billion (Rs12.31 lakh crore) in the previous fiscal, a decline of 25%.


Share prices may move up: Tuesday Closing Report

If Nifty stays above 5,550 it will target to reach 5,620

As we have been expecting, the market continued its upward move today on support from select blue-chips like Jaiprakash Associates, Reliance Industries (RIL) and Infosys. The main indices, the Sensex and the Nifty, were up for the second day.

The sell-off in US stocks for the fourth day in a row on Monday and weak opening by Asian markets resulted in the domestic bourses opening lower. The Sensex was down 65 points at 18,355 and the Nifty opened at 5,509, 23 points lower from its previous close. The indices fell to their day's low in initial trade, with the benchmarks at 18,351 and 5,508, respectively.

The market was range-bound, hovering on both sides of the neutral line till noon trade, when buying in select heavyweights pushed the indices into the positive. The gains were also supported by European markets that mostly opened in the green. The Sensex and the Nifty crossed their psychological levels of 18,500 and 5,550. The market hit the high-point of the day in the last hour with the indices at 18,546 and 5,570.

The Sensex finished 76 points up at 18,496, marginally off its psychological level, and the Nifty added 24 points to close at 5,556.

The gains over the last two days have covered up last Friday's losses. After a range-bound performance for most of the day, the Nifty managed to keep itself above the first resistance of 5,550. If the Nifty maintains a higher high and stays above 5,550 it could reach 5,620.

The advance-decline ratio on the National Stock Exchange was a positive 801:576.

The broader markets outperformed the Sensex today. The BSE Mid-cap index climbed 0.77% and the BSE Small-cap index surged 0.65%.

The BSE Realty index (up 1.64%) was the top sectoral gainer. It was followed by BSE Oil & Gas (up 1.28%), BSE IT (up 1.24%), BSE Healthcare (up 1.12%) and BSE TECk (up 0.95%). The losers were Capital Goods (down 0.48%) and BSE Fast Moving Consumer Goods (down 0.16%).

The top gainers on the Sensex were Jaiprakash Associates (up 2.12%), RIL (up 1.93%), Infosys Technologies (up 1.91%), Cipla (up 1.88%) and Tata Steel (up 1.37%). The major index losers were Hindustan Unilever (down 2.14%), Hero Honda (down 1.28%), Larsen & Toubro (down 1.11%), Wipro (down 0.97%) and Bharti Airtel (down 0.58%).

The top Nifty gainers were Sun Pharma (up 2.41%), RIL (up 2.33%), Jaiprakash Associates (up 2.05%), Tata Steel (up 2.05%) and Reliance Capital (up 1.85%), whereas the losers were led by Hindustan Unilever (down 2.56%), Hero Honda (down 1.64%), L&T (down 1.26%), ACC (down 1.10%) and Wipro (down 0.91%).

The strike by workers at the Manesar plant of Maruti Suzuki India, the country's largest car maker, entered the fourth day today, and production continued to be affected.

Around 2,000 workers at the plant have been on strike since Saturday, resulting in a production loss of about 1,800 units till Monday and the value of the loss is estimated at around Rs100 crore.

Markets in Asia settled mixed with stocks in Japan paring early losses on a weakening yen against the dollar, as Japan's finance minister Yoshihiko Noda said that he would "closely watch" the currency market, indicating the government's intent to get tough against speculative yen-buying.

European Central Bank president Jean-Claude Trichet's willingness to sanction bond rollovers in Greece, helping ease concerns of a slowdown in the global economy, also supported gains in the region.

The Hang Seng fell 0.29%, the Jakarta Composite declined 0.21%, the KLSE Composite and the Straits Times shed 0.02% each and the Seoul Composite settled 0.65% lower. On the other hand, the Shanghai Composite gained 0.64%, the Nikkei 225 rose 0.67% and the Taiwan Weighted added 0.12% in trade today.

Back home, foreign institutional investors were net sellers of shares worth Rs201.78 crore on Monday, whereas domestic institutional investors were net buyers of stocks worth Rs184.99 crore.


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