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Strategies & Market Trends : India Coffee House -- Ignore unavailable to you. Want to Upgrade?

To: Mohan Marette who wrote (7056)	9/21/1999 11:31:00 PM
From: sea_biscuit	Respond to of 12475

These exit polls are throwing up numbers all over the place. About the only thing they are agreeing upon is that the BJP will get more seats than the Congress and that the NDA will make it past the half-way mark. So, don't be too surprised if the new numbers are pretty much a repeat and a rehash of the same old situation, except that this time, the BJP will have to pull together 23 allies instead of the 16 or 18 that they had to before. Should be a lot of watching BJP supporters squirm in their seats cooking up excuses and recriminations within the next year.

To: Mohan Marette who wrote (7056)	9/22/1999 5:55:00 AM
From: Nandu	Read Replies (1) \| Respond to of 12475

The difference in sample size between the two polls is significant. While the Lokmat poll covered 15,000 voters in 67 constituencies, the Star News/Insight poll covered 120,000 voters (an order of magnitude higher) voters and 127 (double) constituencies. The results are projected over 344 constituencies. I believe India requires larger sample sizes than the US because of the more heterogeneous nature of the voting population. Anyway, it is obvious that those who have stability as the important deciding factor, should vote for the NDA and not the congress. Maybe Sonia will now drop the stability plank.

To: Mohan Marette who wrote (7056)	9/22/1999 9:01:00 AM
From: JPR	Respond to of 12475

By Anshuman Daga BOMBAY, Sept 22 (Reuters) - Rediff On The Net, one of India's leading Internet publishers and service provider, plans to seek a stockmarket flotation in the United States in calendar 2000, the company's founder and chairman said. "We are planning a listing on NASDAQ by middle or late next year," Ajit Balakrishnan told Reuters in an intervew late on Tuesday. He said it was too early to comment on the issue size. Rediff On the Net runs Rediff.com, a popular Indian site which started off three years ago primarily as a news and information site. It is now tapping the net to sell an array of merchandise including books, music, gifts and other speciality items. Microchip maker Intel Corp (NASDAQ:INTC), venture capital firm Draper International and investment firm Warburg Pincus together hold a 40 percent equity stake in Rediff, an offshoot of Indian advertising agency Rediffusion-DY&R. Balakrishnan said the IPO is aimed at meeting the long-term capital requirements of the firm. "I am under a lot of pressure from investment bankers to rush the IPO," Balakrishnan said. "However, our firm needs a little more time before going public. I am making sure that quarter by quarter, we have predictable results." Balakrishnan said Rediff planned to seek a listing on an Indian stock exchange after the U.S. offering. "We are talking of investing close to $75-$100 million in this business in the next 18 months," he said. Like many other Internet firms, Rediff does not expect to become profitable for a few more years. "We will have operating losses this year, next year and maybe one more year," Balakrishnan said. Industry officials estimate the company's revenues to rise to about $7 million in 1999/2000 (April-March), up from the previous year's revenues of about $2-$3 million. Balakrishnan said in 1999/2000 (April-March), the company would earn half of its annual revenues from e-commerce, 30 percent from building websites and the balance from advertising. Last year, about 60 percent of Rediff's revenues came from building websites, 30 percent from advertising and the rest from e-commerce. anshuman.daga@reuters.com)) Copyright 1999, Reuters News Service

To: Mohan Marette who wrote (7056)	9/22/1999 10:30:00 AM
From: Mohan Marette	Read Replies (2) \| Respond to of 12475

ICICI ADS price set at $9.8 each icici.com BOMBAY, Sept 22 (Reuters) - Indian finance firm ICICI Ltd has priced its American Depositary Shares (ADS) at $9.8 each, a company official said on Wednesday. ``The pricing has been decided at $9.8 per ADS,' Madhabi Puri Buch, ICICI joint general manager, told Reuters. Buch said each ADS represented five Indian shares of the company and the $9.8 pricing worked out to 85.75 rupees per local share. ``The price represents a 10.3 percent premium to the five day average price of the share on both the domestic exchanges after adjusting for the fact that the ADS holders will receive dividend only for half the year,' the company said in a statement. ICICI shares closed nearly eight percent or 6.35 rupees higher at 86.35 on the Bombay Stock Exchange on Wednesday. The statement said the company received orders for over $1.6 billion against the issue size of $275 million, with a greenshoe option of another $40 million. ``The issue saw strong demand, coming from all over the world with U.S.-based investors providing the largest proportion,' the statement said. U.S. retail investors put in orders for over $300 million, it added.