Weekly news

Submitted by Ankush Gupta

MBA2A

BSE may take reins at CAMS for 650 cr.

• BSE India’s oldest bourse plans to buy a controlling stake in investors services company Computer Age Management Services.

• CAMS has more than half the market share in servicing mutual fund clients.

• BSE with a net worth of Rs 1900 cr. is seeking to enhance returns as it finds little room for expansion in its core business.

Reckitt-Bharti Walmart brand battle on

• Reckitt Benckiser India has served a legal notice on Bharti Walmart demanding that the cash and carry joint company withdraw its Great Value toilet cleaner as it infringes the bottle design and cap.

• Great Value is Walmart’s top selling umbrella brand with estimated global annual sales close to $11 bn.

Ohio bars govt. depts from IT outsourcing

• The US state of Ohio has banned outsourcing of IT and back office projects by government departments to offshore locations such as India.

• Many states are ready to give tax breaks worth millions of $ if a TCS or Wipro makes commitment about hiring local staff.

Largest selling spirit brands

• In a magazine’s survey it is found that 6 brands out of the 10 largest selling whiskies of the world, belongs to India.

• Leading is the Jinro from South Korea with 63 million cases worldwide.

• Bagpiper(USL), McDowell No.1(USL), Officer’s Choice(ABD), etc. are the main Indian Brands.

MFs look to connect with investors abroad

• Top AMC such as Rel MF, ICICI Pru, Birla SunLife, HDFC and UTI plans overseas offices.

• They have plans to open offices in the UK, the US, Singapore, Japan and the Gulf.

• Most fund houses are selling their products offshore through foreign distributors by paying huge commissions.

Govt. begins search for the next SEBI chief

• Mandates 5 member panel to choose C B Bhave’s successor as his term ends in third week of Feb. 2011.

• Mr. Bhave has informally indicated to the govt. that he was not interested in securing another term as SEBI chief.

• It is quite likely that professinals from both state owned and private firms will submit their applications for the same.