..and a Religare sell down to bring promoter stake to 75%
CARE has a significant hold on its almost Captive market for ratings of Fixed Income, Debt and even other Capital Market instruments wwith the 75% EBITDA guaranteeing them a good 20% pop from the IPO price of INR 750.
Fortis also as expected brushed aside worries about failed overseas takeovers and brotherly friction or the lack of traction in new bank licenses with the IPO investors back in droves aas a two stage bull market was unveiled in India at the bottom of the Economic cycle and a downtown tear in the Economy and withdrawal of foreign banks from key markets was more than filled in by the shadow economy and the NBFCs going strong in Tier 1 and 2 towns and looking for new bank licences as rural consumption sweetened the take for market makers in the just ending 2012
Markets have created a new bull market support level at 5850 and will be looking for key FDI investors also in the coming year as India’s FDI statistics fall by the wayside and Auchan and Walmart are unlikely to get much more competition from Real Estate, Aviation and Multi retail format investors despite the flogging of new guidelines and easing in a year in which India was the only bright spot in the Global economics and investing worlds and US was barely able to make the optimistic GDP growth targets of 2.5% in the last quarter
IT of course is now the fundamental speculators pick like Tata Motors and HUl, a safe defensive after the beating on the bourses and the continuing annuity business 66% US and 33% Europe Healthcare the new bull will soon have the market corresponding parameters of accountability taking over the reins as the run continues on the plus end esp with non ECB , non MID CAP candidates like LUPIN and Stride ( as against Orchid/Opto ) and the home grown behemoths like SUN and CIPLA while DR Reddy straddles its ambitions in the Defensives list.