impact of foreign institutional investment on indian stock market[bric]

8/12/2019 Impact of Foreign Institutional Investment on Indian Stock Market[Bric]

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IMPACT OF FII ON STOCK MARKET

SUBMITTED BY-


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ACKNOWLEDGEMENT

I express my sinere !r"#i#$%e #& my '"$(#y !$i%e MY Le#$rer in ))

* '&r +er ",(e !$i%"ne* &n#in$&$s s$pp&r# "n% &&per"#i&n #+r&$!+&$#

my pr&e#* .i#+&$# .+i+ #+e presen# .&r/ .&$(% n +"0e ,een

p&ssi,(e1

I .&$(% "(s& (i/e #& #+"n/ #+e en#ire #e"m ))))))))))))'&r #+e &ns#"n#

s$pp&r# "n% +e(p in #+e s$ess'$( &mp(e#i&n &' my pr&e#1

Si!n"#$re

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TABLE OF CONTENTS

S$,e#

C+"p#er 2 Exe$#i0e S$mm"ry 3

C+"p#er 4

Rese"r+ Me#+&%&(&!y555555

Prim"ry O,e#i0e6s7

Rese"r+ Desi!n

S"mp(e Desi!n

S&pe &' #+e S#$%y

Limi#"#i&ns

8

C+"p#er 9 Cri#i"( Re0ie. &' Li#er"#$re 2:

C+"p#er ; C&$n#ry An"(ysis ; An"(ysis =3

C+"p#er 8 Re&mmen%"#i&ns =:

C+"p#er : Bi,(i&!r"p+y =?

C+"p#er ? Annex$re

T",(es

Gr"p+s

3 'in"((y .+"# imp"# i# (e"0es &n &$r

sensex * "(s& pr&0i%es #+e "%0"n#"!e > %is"%0"n#"!e &' FII in In%i" 1

F&rei!n Ins#i#$#i&n"( In0es#&rs "re in (&0e .i#+ In%i"1 T+ey "re ,e##in! ,i! #ime &n

D"("( s#ree#1 T+e "m&$n# &' in0es#men# #+"# +"s p&$re% in#& In%i" in ("s# 9 Ye"rs is

m&re #+"n #"( in0es#men# #+ey m"%e in #+e &$n#ry sine In%i" ! In%epen%ene.

T+e #"( in0es#men# #+"# F&rei!n In0es#&rs 6FIIs7 +"0e m"%e in In%i" $rren#(y

s#"n%s "# 44


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RESEARC METODOLOGY

PRIMARY OBECTIE

Before starting a project , we should keep in mind the clear objective of the project

because in the absence of the objective one cant reach the conclusion or the end result of

the project . Research objective answer the uestion !"h# this stud# is being conducted

$or ever# problem there is a research. %s all the research is based on some objective, m#

research has also some objectives which are as follows&

'o ascertain the growth prospect in BR() countries b# doing in*depth and

detailed anal#sis of the economic situations in these countries

'o identif#ing ke# opportunities for growth in different industr# sectors at the

economies of Bra+il Russia, (ndia and )hina,


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RESEARC DESIGN

Rese"r+ Desi!n is " p("n '&r se(e#in! #+e s&$res "n% #ypes &' in'&rm"#i&n $se% #&

"ns.er rese"r+ H$es#i&ns1 A 'r"me.&r/ '&r spei'yin! #+e re("#i&ns+ips "m&n! #+e

s#$%y 0"ri",(es1 Rese"r+ Desi!n is ",($eprin# #+"# &$#(ines e"+ pr&e%$re 'r&m

#+e +yp+esis #& #+e "n"(ysis1

Rese"r+ Desi!n is #+e &nep#$"( s#r$#$re .i#+in .+i+ rese"r+ is &n%$#e%1 I#

&ns#i#$#es #+e ,($eprin# '&r &((e#i&n* me"s$remen#* > "n"(ysis &' #+e %"#"1 T+e

%esi!n $se% '&r "rryin! &$# #+is rese"r+ is E@PLORATORY > E@PERIENCED

,"se%1

T+is #ype &' rese"r+ is #en#"#i0e "n% i# is H$"(i#"#i0e in n"#$re1 Exp(&r"#i&n is

p"r#i$("r(y $se'$( .+en rese"r+ers ("/ " (e"r i%e" &' #+e pr&,(ems1

T+e "ppr&"+ $se% in #+e s#$%y ."s ,+ H$"(i#"#i0e "s .e(( "s H$"n#i#"#i0e "s &n(y

#+e&re#i"( "spe#s "re n &nsi%ere% ,$# #+eir pr"#i"(i#y is "(s& ,een &,ser0e%1

-


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SCOPE OF TE STUDY

Emer!in! E&n&mi P&.ers(ncreasing share of global /0

1igher growth rate of /0 per capita

Burgeoning energ# consumption

rowing $oreign /irect (nvestment

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LIMITATION

C+"((en!es '"in! BRIC e&n&mies

0roblems of state functioning

(neffective law and order

Rampant corruption

1igh levels of ineualit# and povert#

rowing 0ains& Bra+il, Russia, (ndia and )hina face economic hurdles

Bra+il, Russia, (ndia and )hina, collectivel# known as BR()s, are the current bu++ on

ever#one3s global econom# radio as a result of their incredible economic growth. 'his

growth has stemmed from compounding changes in each countr#& !%ll these things don3t

just happen magicall#the# happen for a reason, sa#s 'eas %7 $inance 0rofessor

%rvind 7ahajan.

7ahajan, 8amar 9avings 0rofessor at 7a#s, is co*author of !% $uture lobal :conom#

to be Built b# BR()s, published as the lead article in the 7a# ;


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1igh oil prices and a cheap ruble are the sources of Russia3s recent economic success. (ts

foreign debt has declined from 2< percent of /0 to onl# @? percent and foreign reserves

have leaped from A?; billion to A?-< billion within a decade. Russia has abundant natural

resources, but still faces problems because the countr# lacks strong legal, financial and

democratic institutions.

% democraticall# elected government runs (ndia, but its democrac# has created obstacles

of another kind. !0rogress can3t be as swift because of democrac#. /emocrac# can be

bad news and good newsit3s bad because it makes ever#thing move slower, but it3s

good because if people aren3t happ#, the# can complain, 7ahajan sa#s. :ven with

slower progress, (ndia3s growth rate has eplodedit averaged a 6 percent increase over

the last ;5 #ears. (f that growth rate continues, (ndia3s econom# Cin terms of purchasingpowerD will eual that of the E.9. b# ;


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9tudents at 7a#s Business 9chool can epect more opportunities for stud# abroad

eperiences, including those in BR() countries. 7B% students are stud#ing in (ndia this

#ear and other students will have the opportunit# to stud# at the Eniversit# of Beijing.

7a#s facult# were also involved in starting a business school in 9t. 0etersburg, Russia.

7ahajan, along with other 7a#s professors, plans to continue challenging 'eas %7

students in their knowledge and understanding of the global econom#, especiall#

concerning BR() countries. !'he E.9. is on the first page of ever# countr#3s newspaper,

7ahajan sa#s. !"e know so little about these countries, and the# know so much about

us. "e need to understand where people are coming from to know where the# are going

?;


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CRITICAL REIEW OF LITERATURE

BR() or BR()s are terms used in economics to refer to the combination ofBra+il,

Russia, (ndia, and )hina. 'he fortunes of the world econom# over the net decade

depend on what happens in the BR() countries& Bra+il, Russia, (ndia and )hina. %ll with

large populations and hungr# for growth, the# are alread# reshaping global commerce

and the# have the potential to change it even more. (n this issue of T+e B"n/erwe focus

on all four. "ith international banks engrossed b#)hina,our cover stor# looks at the best

banks to bu# and provides a 'op 5< of )hinese banks.

'he Bric countries have large, #oung populations to drive this growth, with man#

concentrated in major cities, wealth generators that these are.'he growing prosperit# of

the Bric economies will be largel# down to a rapidl# emergent and epanding middle

class. (mproving domestic consumption should complement eport and investment

strengths, and provide more long*term growth.

'he numbers of Bric residents whose incomes eceed A@,


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(n future, provided the recent problems in the credit market do not affect global growth in

a significant manner, we believe that Bra+il should continue to perform well despite the

short*term volatilit#. Faluations are not stretched, and diversification has been increasing

with new companies coming to the market.

7eanwhile, (ndiaGs stock market has reached ver# high levels. "e epect (ndian /0

and corporate earnings growth to slow as we enter ;


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$orecasts that the nominal /0 of the BR()s will virtuall# treble between ;


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on the current commodit# price boom and are not making the necessar# investments in

infrastructure and human capital.

Russia currentl# has a bad reputation for obvious ver# serious political reasons, and

Bra+il tends to get lost in the meanders of its democratic politics and corruption scandals.

1owever, in m# view, the article goes a bit too rapidl# over a few issues. 9o, here a few

remarks, if ( ma#&

%ccording to the authors, )hina and (ndia !are competing with the west for

intellectual capital by seeking to build top-notch universities, investing in high,

value-added and technologically intensive industries, and utilising successful

diasporas to generate entrepreneurial activity.Jes, but (ndia has got its basic

education wrong. (t might have a few Brahmin*like intellectuals involved in rich*

econom# standard services and high*tech activities, but it will not have resolved

its problems of mass povert# and thus long*term political stabilit# and immense

potential growth prospects. %ccording to m#Pocket World in igures, !""#

$ditionedited b# %he $conomist, adult literac# in )hina is 2


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FACTORS LEAD TO GROWTH IN BRICcountries

Globalization an !ro"t#**"orldwide demand for energ# and other commodities, the

outsourcing phenomenon, and widespread access to global capital have helped fuel the

BR() countriesG growth. (ndia dominates service outsourcing, Bra+il and Russia have

vast energ# and mineral resources, and )hina has developed into the worldGs

manufacturing plant. (ndiaGs econom# is growing at -.5H a #ear, and )hinaGs at more

than ?


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instabilit#, currenc# fluctuations, andMor economic problems. (nvestors who were affected

wonGt soon forget RussiaGs ?22- economic crisis or Bra+ilGs bouts with rampant inflation

in the late ?2-


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COUNTRY ANALYSIS

BRAIL

Bra+il became an independent nation in ?-;; and a republic in ?--2. B# far the largestand most populous countr# in 9outh %merica, Bra+il overcame more than half a centur#

of militar# intervention in the governance of the countr# when in ?2-5 the militar#

regime peacefull# ceded power to civilian rulers. Bra+il continues to pursue industrial

and agricultural growth and development of its interior. :ploiting vast natural resources

and a large labor pool, it is toda# 9outh %mericaGs leading economic power and a

regional leader. 1ighl# uneual income distribution remains a pressing problem.

Population:?2


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Sex ratio: at birth(?.


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RUSSIA

$ounded in the ?;th centur#, the 0rincipalit# of 7uscov#, was able to emerge from over;(> sei+ed power soon after

and formed the E99R. 'he brutal rule of (osif 9'%8(> C?2;-*5@D strengthened

)ommunist rule and Russian dominance of the 9oviet Enion at a cost of tens of millions

of lives. 'he 9oviet econom# and societ# stagnated in the following decades until

eneral 9ecretar# 7ikhail IRB%)1:F C?2-5*2?D introduced glasnost CopennessD and

perestroika CrestructuringD in an attempt to moderni+e )ommunism, but his initiatives

inadvertentl# released forces that b# /ecember ?22? splintered the E99R into Russia and

?4 other independent republics. 9ince then, Russia has struggled in its efforts to build a

democratic political s#stem and market econom# to replace the social, political, and

economic controls of the )ommunist period. (n tandem with its prudent management of

RussiaLs windfall energ# wealth, which has helped the countr# rebound from the

economic collapse of the ?22orth )aucasus.

;?


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P&p$("#i&nJ?4?,@,5;

A!e s#r$#$reJ "-&' years(?4.6H Cmale ?


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Russia will most likel# be a star performer in ;


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CINA

)hina stood as a leading civili+ation, outpacing the rest of the world in the arts and

sciences, but in the ?2th and earl# ; Qiaoping and other leaders

focused on market*oriented economic development and b# ;


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male(?.?@ #ears

female(4.-; #ears

N"#i&n"(i#yJ )hinese

E#+ni !r&$psJ1an )hinese 2?.2H, Phuang, E#gur, 1ui, Ji, 'ibetan, 7iao, 7anchu,

7ongol, Bu#i, Oorean, and other nationalities -.?H

Re(i!i&nsJ/aoist C'aoistD, Buddhist, )hristian @H*4H, 7uslim ?H*;H

note(officiall# atheist

L"n!$"!esJ 9tandard )hinese or 7andarin C0utonghua, based on the Beijing dialectD,

Jue C)antoneseD, "u C9hanghaineseD, 7inbei C$u+houD, 7innan C1okkien*'aiwaneseD,

Qiang, an, 1akka dialects, minorit# languages Csee :thnic groups entr#D

;5


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INDIA

%r#an tribes from the northwest infiltrated onto the (ndian subcontinent about ?5


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P&p$("#i&n !r&.#+ r"#eJ ?.6


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PESTLE An"(ysis

Br"i(J A'#er #+e s(&.%&.n &' #+e ?


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opportunities for business in Bra+il. 'he eistence of organi+ed crime and prison gangs is

rampant. 'he absence of strong laws protecting intellectual propert# is a growing issue.

'he 8ula government has identified ke# issues to tackle.

Ne. p&(iies in p("e #& &n#r&( %ep(e#i&n &' #+e r"in'&res# "n% &0er-exp(&i#"#i&n &'

n"#$r"( res&$res 'he government is taking action to control the environmental

degradation that has occurred over the past few #ears. (ndustrial progress had also had

significant environmental cost

R$ssi"J Re-en#r"(i"#i&n "n% " re0i0"( %ri0en ,y n"#$r"( res&$res

0olitical stabilit# is being achieved at the epense of democratic fundamentals

0resident Fladimir 0utin has emerged as a dominant force in Russian politics and this is

likel# to continue. >ew RussiaGs foreign polic# stance is driven more b# economic factors

rather than political and militar# factors. /espite RussiaGs forceful intervention, the

)hechn#a issue continues to pose a threat to internal securit#

N"#$r"( res&$res ,"se% !r&.#+ is ,ein! %i0ersi'ie% ,y en&$r"!in! '&rei!n

in0es#men# &n " se(e#i0e ,"sis'he Russian econom#Gs strong growth is driven b#

continuous epansion in internal demand, growing capital investment, high oil prices and

a relativel# cheap ruble

T+&$!+ #+ere is " m&0emen# #&."r%s !re"#er e&n&mi &n#r&(* #+e !&0ernmen#

re&!nies '&rei!n in0es#men# "s "n imp&r#"n# %ri0er &' e&n&mi %e0e(&pmen#1

A %e(inin! "n% "!ein! p&p$("#i&n "(&n! .i#+ #+e !r&.#+ &' $r,"n "!!(&mer"#i&ns

"re inre"sin!(y imp&r#"n# iss$es1RussiaGs population is steadil# declining and ageing

rapidl# :panding urban agglomerations are characteri+ed b# rising affluence and

growing business opportunities but income ineualit# and a rising crime rate are the ke#

challenges

A#i0e !&0ernmen# in0&(0emen# #& s$pp&r# #+e !r&.#+ &' #+e ICT se#&r* #+&$!+

s&'#."re pir"y is s#i(( r"mp"n#'he Russian government is activel# encouraging

;2


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research and development in the technolog# sector.9oftware 0irac# continues to be a

major inhibitor to the growth of the ()' industr#

De0e(&pmen# &' "n in0es#&r-'rien%(y (im"#e '"es &,s#"(es &' &rr$p#i&n "n%

&r!"nie% rime. Russia has created fleible and investor friendl# laws which are

helping in reali+ing high economic growth rates. )entrali+ation of power in the

presidenc# has adversel# affected judicial independence and legal function. 'he

government must make a concerted effort to eliminate rampant criminal activit#.

E&n&mi pr&!ress is #"/in! pri&ri#y &0er en0ir&nmen#"( &nerns E&n&mi

development has taken a priorit# over environmental sustenance RussiaGs vast network of

oil pipelines and nuclear waste disposal s#stem need urgent upgrading and maintenance.

lobal warming is becoming an important issue

In%i"J Risin! in#ern"( iss$es m"y %e-s#","(ie #+e .e(( p("e% re'&rms

/eclining in influence, (ndian >ational )ongress still holds the ke# to political stabilit#

aining the support of national and regional parties makes it difficult for a single*part#

government to be formed at the center. 0olitical stabilit# in (ndia is threatened b# the

Oashmir dispute and other internal issues. (ndiaGs current position in the global arena isreflective of its political and economic development over the past two decades.

D&$,#s &0er s$s#"in",i(i#y &' #+e $rren# r"pi% e&n&mi !r&.#+ &n#in$es #& p("!$e

#+e s$,-&n#inen#(ndia has registered robust economic growth over the recent past

which has put it in a relativel# strong economic position. 1owever, doubts over the

sustainabilit# of this growth continue to plague the econom#. (nfrastructure holds the ke#

to sustain current levels of economic growth. 'he government has adopted a liberal

approach towards foreign nvestment in most sectors

Reen# e&n&mi %e0e(&pmen# r"ises ne. s&i"( iss$es

)hanging social and demographic make*up of the econom# is presenting new

opportunities as well as challenges 9ocial dimensions of povert# and ineualit# need to

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be tackled along side economic development 'he social infrastructure in place is not

sufficient to meet the needs of a burgeoning population

In%i" re!is#ers "n inre"sin! #e+n&(&!i"( presene !(&,"((y

8arge talent pools, the development of reuired infrastructure and incentives provided b#

state governments are attracting investment in the ()' sector. 'here is evidence of

increasing technological capabilit# and learning among (ndian firms. % growing number

of 7>)Gs have been setting up offshore development centers and R/ facilities in (ndia

since the ?22


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A'#er #.& %e"%es &' r"pi% e&n&mi !r&.#+* C+in" #"/es &nsi&$s me"s$res #&

s#",i(ie "n% s$s#"in '$#$re !r&.#+. )hina has been the fastest growing econom# in

:ast %sia and the world for the last two decades 1oweverN there are growing concerns

about the sustainabilit# of the continuous high growth rates 9teps to cool the econom#

might prove ineffective. )hina still continues to protect its econom#

C+in"s %em&!r"p+i #r"nsi#i&n #& "n "!ein! p&p$("#i&n "n% !r&.in! ineH$"(i#y

p&ses seri&$s e&n&mi +"((en!es % major demographic issue facing )hina is its

ageing population. (ncreasing ineualit# is emerging as an issue in )hina

'he )hinese econom# is witnessing a technological shift . 1istoricall# )hina focused on

low cost bulk manufacturing and placed little emphasis on branding but recentl# there has

been a growing shift towards use of high*end technologies and brand creation. )hina is

attempting to create its own technological standards. 'here is strong political control of

the judiciar#. $reedom of the press and religion has been severel# restricted. %lthough

(ntellectual 0ropert# 8aws have been strengthened, significant progress needs to be made

in the implementation of these laws

T+e Inre"sin! en0ir&nmen#"( &s# &' exp"nsi&n +"s '&re% #+e !&0ernmen# #&

,e&me m&re en0ir&nmen# 'rien%(y )entrali+ed polic# making combined with a high

degree of emphasis on economic growth has resulted in )hina becoming one of the

largest global polluter .

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IT SECTORBra+il, Russia, (ndia and )hina to 8ead (nternet rowth 'hrough ;


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=upiterResearch.

B# ;


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Energy Sector

T+e BRIC &$n#ries - Br"i(* R$ssi"* In%i" "n% C+in" - +"0e +e(pe% p$s+ #+e s#ee(

%em"n% !(&,"((y .i#+ s#r&n! per'&rm"nes re&r%e% in #+e p"s# ye"r "n% is expe#e%

#& s$s#"in in &min! ye"rs #&&1

'he (nternational (ron and 9teel (nstitute C((9(D said that with onl# two months left before

the #ear gets over, the epectation for global demand in allo# for ;


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7iddle :ast are emerging as strong growth regions, as higher energ# and raw material

prices associated with growth in )hina, as well as other developing nations, increase

incomes and boost investment in these regions.

% research anal#st at R>)I9sa#s convincingl#, 'he economic boom in developing

parts like the BR() countries of Bra+il, Russia, (ndia and )hina has increased the steel

demand and its price. 'he demand for steel is boosted due to infrastructure development,

like construction of roads, buildings and bridges, in these countries. 0rospering

economies also means wealth# citi+ens, who are demanding for autos and consumer

goods that contain steel.

Bra+il, Russia, (ndia and )hina, also known as the BR() group of countries, are epectedto overtake the rich countries in primar# energ# consumption b# ;


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T+e M"r/e# '&r P+"rm"e$#i"(s in

Br"i(* R$ssi"* In%i" > C+in"

'he BR() countries3 pharmaceutical markets are currentl# valued at E9A54.2 billion.

'his is a large sum of mone#, but is collectivel# lower than found in leading markets

such as the E9% and =apan. rowth rates, ranging from 5H in Bra+il to ?5H in Russia

are impressive, but the low starting point along with a range of other operational issues

means companies must be targeted in the opportunities the# pursue.

Ipportunities do eist

'here are, of course, wide regional differences in ependiture levels within the BR()

countries, far more so than in developed countries where health s#stems have evolved to

provide a more uniform level of coverage. %ll four countries have a relativel# wealth#

urban population with a far greater spending power than their respective national average.

(n the case of )hina and (ndia, these urban populations have grown rapidl#, and number

hundreds of millions. 'he challenge for these countries is to etend this level of wealth to

the rest of the population, in order that better levels of healthcare become affordable.

% long haul

'his is evolution not revolution, and change will be incremental. 9hort*term opportunities

eist in meeting the health demands of the burgeoning middle classes, and future

prospects are bright, where stead# growth in BR() markets will erode commercial

differences with the established markets in >orth %merica, =apan and :urope.

)urrent and accurate decision support information is vital

:ffective planning is vital and that is wh# :spicom, the leading provider of

pharmaceutical market intelligence, has issued this report collection %he +arket for

Pharmaceuticals in rail, ussia, /ndia 0 1hina !""2. $or each countr# there is a

comprehensive eamination of the market for pharmaceuticals which covers all aspects

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of the operating environment from the regulator# situation through health

provisionMependiture to domestic production. (mportantl#, each market evaluation

includes 5*#ear growth forecasts and 9"I' anal#sis. %n additional benefit * at no etra

cost is that concise uarterl#*updated outlook reports are included in the price.

INDIA

"ith a population of over one billion, the pharmaceutical market in (ndia has

considerable potential. :spicom3s market projections assume stable market growth of

around -.4H per #ear, putting the market at E9A?5.6 billion b# ;


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'he )hinese pharmaceutical market has shown impressive growth in recent #ears, in

tandem with the countr#3s rapid economic epansion. 'he influ of foreign

multinationals in recent #ears has offered continued investment, and production plants

and R/ facilities are being epanded all the time. (mprovements in regulator# practices

are making the abilit# to sell imported products uicker and easier, while the lowering of

tariffs on imported goods and an increase in transparenc# of legislation has made a

notoriousl# hard*to*penetrate market a more attractive proposition for overseas

companies. (mports continue to rise, with ;


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RUSSIA

(n ;


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'he biggest breakthrough growth for the automotive industr# will come from BR()

countries .'hese countries (ndia, Bra+il, Russia and )hina will account for more

than 4< per cent of forecast global light vehicle assembl# increases and represent 5; per

cent of the industr#Gs forecast global capacit# epansion.

'hese factors are reflected in the fact that nearl# all major global automakers are pursuing

a BR() strateg# in some form as the# attempt to gain competitive advantage b# tapping

the potential of these emerging markets. 'his is just one of the findings included in the

annual Slobal %utomotive $inancial ReviewG b# 0ricewaterhouse)oopers.

%ccording to 7r Ramesh Rajan, %utomotive (ndustr# 8eader, 0w), 'he (ndian

automotive manufacturing sector is poised to grow, with increasing domestic market and

(ndia being projected as the ShubG for small cars. Enveiling of the 'ata >anoand the

h#sterical response it triggered off in (ndia and overseasthe ultra low cost car is right

on top of the automotive mind*space . 9o much so that anal#sts and eperts attending the

/etroit auto show just after the /elhi %uto :po were ama+ed to see that the car that

made the most news there was the one that wasn3t even on show namel# the >ano.

'ata >ano sets the platform for (ndia as a frugal engineering hub

9o far we know prett# much ever# scrap of information that is avail*able on the >ano, till

the car is officiall# launched later this #ear and is available for test*drives . "e know that

the standard variant sans airconditioning and power steeringwill have an e*dealer

price of Rs ? lakh Cthough customers will have to shell out the value added ta and the

logistics cost from the factor#D. 'hat it sports a 6;@ cc, two*c#linder , 70$( engine with

single balancer shart, four*speed manual transmission and top speed of ?


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etc. (ndustr#, however, needs to work with overnment to address some of the ke#

areas such as inadeuate infrastructure, high direct and indirect ta regime, infleible

labour laws, etc., to ensure that the industr# is able to sei+e the opportunit# and achieve

the potential growth.

%s per the report, the emerging strength of the BR() countries is common to all

manufacturing sectors. "hat makes the automotive industr# so different is the additional

d#namics of consumer tastes and demands, which var# so much from market to market.

'he challenge is responding to these with new strategies and products. )ompanies that

maintain a Sbusiness as usualG strateg# or wait too long to act will find it etremel#

challenging to sustain momentum as the competitive environment transforms around

them. %s the auto industr# becomes more global and markets more competitive, thewinners will tend to be those companies that full# capitalise on the opportunities in

BRIC Countries unique positioning inthe Retail Market

4;


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%s retail opportunities in emerging markets go, the undoubted leaders are the BR()

nations of Bra+il, Russia, (ndia and )hina. >ot onl# are these countries outrunning the

developed world with their slew of economic reforms, but the# have also managed to sta#

ahead of other emerging markets with their alread# si+eable retail markets. %nd

considering the saturated markets of the developed economies, the global investor can ill*

afford to ignore the growth of organised retail in these countries.

(n (ndia, the Retail sector is the second largest emplo#er, after %griculture. rowth of the

Russian retail market has also seen impressive. 'his unprecedented growth is due mainl#

to the fact that the Irganised retail markets in these countries are still in an infanc# stage

but are growing ver# fast. BR() markets are in general fragmented with a large number

of private owners and neighbourhood Tmom popG stores. 'herefore, as disposable

income rises in these countries, aided b# second stage economic reforms, an increasing

trend towards urbanisation and changing consumption patterns are fast leading to the

growth of the retail industr# in these nations.

' he small share of organised retail Cjust 4.6H in the case of (ndiaD and the highl#

fragmented nature of most BR() retail markets, leave plent# of room for new entrants

and also for market consolidation. :arl# movers have been able to and will continue to

reap the rewards hereN and as earl# movers produce tangible results, retailers that are not

as #et in the BR() markets will need to address this si+able opportunit# .

'he BR() countries have all made an impressive impact on the global econom# in these

earl# #ears of the twent#*first centur#, as each countr# in its own uniue wa# eperiences

si+eable build*up in economic wealth even while fighting protectionist trade barriers from

the developed world. 9tatistics show that within five #ears of the formation of the BR()

concept, (ndia and Russia have epanded their econom# considerabl# while )hina clearl#

leads the pack with its high /0 growth and understandabl# the most stable political

scenario,

BRAIL

Bra+il represents the ?6th largest retail market in the world growing at 6.6H )%R.

Bra+il is a high*potential market for retail as a result of the countr#3s

4@


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large and growing population Cepected to reach ;


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concerned, besides grocer# development, cosmetics and personal care hold much promise

with an annual growth rate of ?5 percent. )urrentl# there is also an absence of value

retail brands in Russia.

(>/(%

(ndia represents the ??th largest retail market in the world and is growing at ?


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)hina represents the @rd largest retail market in the world and is growing at a 2H )%R.

)hina3s population of ?.@B consumers along with high economic growth Rates, recent

entr# into the "'I and opening up of its markets offers retailers considerable

opportunities for growth. !$ood at home will remain the largest 9egment.

/omestic retailers are now scrambling to enter tier*(( cities to consolidate their positions

before global retailers establish themselves in these areas too. "ith growing urban as

well as rural incomes, national as well as international retailers are set to cash in on the

shopping boom.

)hinaGs implementation of "'I reuirements, together with continued liberalisation and

deregulation has lead to increased investor interest. $/( t#picall# occurs through foreign

companies where the foreign partner must hold at least ;5 percent ownership. "ith a fast

saturating metropolitan scenario, opportunit# toda# lies in tier*(( cities and in rural hubs,

although it remains to be seen how the whole of )hina integrates in to the free enterprise

mode and still manages to continue with the present political s#stem.

M"r/e# Tren%s* C+"((en!es > Opp&r#$ni#ies

?D %cross BR() countries, the food and grocer# C$D segment is clearl# driving

retail growth. $or eg, retail food sales dominate the total retail market in Bra+il,

accounting for almost 54 percent of the total retail sales, while Russia is the

fastest growing retail food sales market in the world, with the potential to again

double in si+e b# ;


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non*democratic countr# makes it easier for foreign investors to do business sans

bureaucratic red*tapism Cin comparison to a democratic countr# like (ndiaD, the

obvious reason being that the political establishment is not directl# accountable to

the people.

4D rowing urbanisation and metropolitan saturation is leading to the epansion of

retail formats and investment opportunities towards tier*(( cities and rural hubs

across all four countries.

5D )ontinued economic reforms together with the growth of organised retail

Cespeciall# in the $ segmentD has led to growing rural incomes, triggering off

far*reaching, social impacts. 'he upcoming Tolden UuadrilateralG plan for

roadwa#s in (ndia, which is to connect the four cities of /elhi, Oolkata, 7umbai

and )hennai, will have massive economic and social repercussions on rural and

semi*rural clusters along the vast network. (n )hina too, the government plans to

create a rural retail network covering < percent of all villages b# ;


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E'e on Inia

(ndiaGs imminent urbanisation process has implications for demand for housing, urban

infrastructure, location of retail, and demand for consumer durables.

'he on*stream infrastructure development will drive growth in the transportation sector,

spur demand for vehicles, increase real estate values along the !olden Uuadrilateral

corridor, and potentiall# boost construction of suburban homes as people escape

congested cities. 0lus, it will open up thousands of villages en route to a global audience

and effectivel# integrate them with the growing (ndian econom#.

V rowth of the Retail market, to a great etent, is the dependent on the si+e of the

countr#Gs consuming class and the rate of growth of /0, especiall# disposable incomes.

V (ndia is the worldGs second most populous countr# and its /0 growth is likel# to

surpass that of )hina b# ;


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V 'he retailing industr# in (ndia, estimated at E9/ ;< Billion in ;


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BRICJC"r,&n F&$n%"#i&n O' E&n&mies

0rice change is the ultimate focus of investors, but investing as a forward looking process

reuires eamination of fundamental issues. Ine fundamental issue in countr# anal#sis

is the degree of carbon dependenc# * principall# oil, natural gas and coal.

5


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)arbon based economies could once assume that carbon for energ# and for material was

unlimited and that it would alwa#s be available. (n "orld "ar (( control of %frican and

7iddle :astern oil supplies was an important strategic issue that began to put carbon

availabilit# as an issue into clearer view. B# the ?2


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)hina Cpro# $Q(D is about to be, or ma# alread# be, the world3s largest carbon consumer

and is working ver# hard to sustain its carbon supplies to drive its econom# and maintain

civil order ,which ma# depend on growth of its econom#. (ndia Cpro# (>0D is a net

carbon consumer, but nowhere near the level of )hina . (ndia has built an econom#

based on eporting brains and services, instead of manufactured goods as )hina has

done.

Both (ndia and Bra+il consume low percentages of world carbon and have low per capita

carbon consumption. 'hat ma# mean the# have lower short term sensitivit# to a price or

suppl# crisis, ecept to the etent that their customers suffer from carbon problems.

Bra+il, as a significant non*renewable and renewable carbon eporter and an econom#

with low carbon consumption per capita, ma# be in the best situation to withstand a

carbon crisis. 'he# are also more insulated from geopolitical risk and war than the other

BR() countries.

FINANCIAL SECTOR

$inancial services market consists of institutions such as banks, insurance companies,

finance houses and assets management companies, among others, that deliver products to

direct end users, the customers, being the largest and most visible single group of end

5;


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users.'he retail products available to this group in its generic form include depositor#

accounts, credits and pa#ment services. 'hough statistics are sketch#, it would not be out

of place to suggest that this market encompasses more than @


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(n Russia, a broad network of bank %'7s, 0I9 terminals, and online e*mone# providers

offer transaction services outside of traditional branch offices.

B"# nations gi$e highest returns in e%erging %ar&ets

BR() CBra+il, Russia, (ndia and )hinaD countries have outperformed other emerging

markets in ;


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biggest ever in the histor# of capital market.

(ndian stock market has continued its bull run for the fourth #ear since ;


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'ake heart, though& itGs still above its long*term trend line C;


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companies that operate in these countries have listed their stoc"s in the #ew 'or"

(toc" $xchange as well, in search of a wider pool of investors and investment

dollars

'he average investor can take the path of investing in individual securities, but this limitsthe number of companies one can safel# and easil# invest in. (t is far better to put mone#

into actual mutual funds that speciali+e in emerging economies with a specific focus on

the BR() nations of Bra+il, Russia, (ndia and )hina.

"all 9treet =ournal recentl# reported that $ranklin 'empleton (nvestments, 19B) %sset

7anagement, /eutsche %sset 7anagementand 9chroders (nvestment 7anagementare

among the fund companies that recentl# began offering BR() funds to investors in

:urope and %sia, and to E.9. high*net*worth individuals.>ikko %sset 7anagementhas

launched a BR() fund in =apan.

%s #ou ma# note, these funds are not available to the average investor in the E9 * but if

#ou are a high net*worth individualthen #ou can take advantage of these funds. 'here are

other options however, such as the %merican )entur# :merging 7arketsand 7anagers

:merging 7arket :uit#that invest in all of the BR() nations as well as other emerging

economies.

%nother method to invest is to simpl# bu# the :'$s that track the stock market indees in

these countries. $or eample #ou could purchase the 79)( Bra+il (nde fund C:"PD,

and the 79)( (ndia :'$, or the upcoming 7arket Fectors Russia :'$ Cproduced b# Fan

:ckD, and the 79)( )hina C1O/D or ver# broadl#, simpl# the 79)( :merging 7arkets

(nde :'$ C::7D. %lso, take a closer look at all the closed funds that operate in these

countries. $unds such as (ndia $und, (ndia rowth $und, )hina $und, reater )hina

$und, Bra+il $und and Bra+il :uit# $und, and 'empleton Russia $und will give #ou the

eposure and diversification #ou need.

8ast but not the least is funds that are based in those countries * local companies that

primaril# cater to the domestic population. 'here are several ver# savv# fund managers

that operate in each of these countries, and who are intimatel# familiar with the local

conditions and now have developed a reasonabl# strong track record. >ot all of them

have facilities to accept and disburse funds abroad, but either directl#, or through banking

institutions, #ou should be able to access these funds. %lternativel#, #our broker should

5
http://www.franklintempleton.com/http://www.hsbcinvestments.com/global/generated/pages/portal_page/portal_page-en-UK.jsphttp://www.hsbcinvestments.com/global/generated/pages/portal_page/portal_page-en-UK.jsphttp://www.deam.com/deamWeb/dyn/index.jsphttp://www.schroders.com/portal/site/schroders/menuitem.c13f04984a760f24097fcf104220334b/?vgnextoid=cee2048a5fab9010VgnVCM100000f2cb3dc8RCRDhttp://www.nikkoam.com/english/http://www.wisegeek.com/what-is-a-high-net-worth-individual.htmhttp://www.americancentury.com/funds/fund_facts.jsp?fund=043http://www.managersinvest.com/index/funds-app/site.ret/id.63http://www.managersinvest.com/index/funds-app/site.ret/id.63http://www.franklintempleton.com/http://www.hsbcinvestments.com/global/generated/pages/portal_page/portal_page-en-UK.jsphttp://www.hsbcinvestments.com/global/generated/pages/portal_page/portal_page-en-UK.jsphttp://www.deam.com/deamWeb/dyn/index.jsphttp://www.schroders.com/portal/site/schroders/menuitem.c13f04984a760f24097fcf104220334b/?vgnextoid=cee2048a5fab9010VgnVCM100000f2cb3dc8RCRDhttp://www.nikkoam.com/english/http://www.wisegeek.com/what-is-a-high-net-worth-individual.htmhttp://www.americancentury.com/funds/fund_facts.jsp?fund=043http://www.managersinvest.com/index/funds-app/site.ret/id.63http://www.managersinvest.com/index/funds-app/site.ret/id.63


56/99

be able to place orders in those countries directl# and give #ou access to not onl# these

mutual funds, but to a large range of individual companies in these countries.

)s with any asset allocation methodology, ma"e sure that investments in the

BRIC countries ma"e up a fixed, small percentage of your overall portfolio &any of

these nations are experiencing serious, sustained growth for the first time in many

years - and are yet to face all the usual obstacles of business cycles, social moods

that may swing from pro-business to anti-business, protectionism and currency

upheavals *hile the returns are wonderful, always ta"e some money off the table

each time you ma"e a serious profit in any of these investments )s mentioned

above, event ris"s are above average in these economies and countries

1app# investing in the BR() countriesX

$merging mar"ets may be +high-ris", high-octane stuff, says ustin &odray of Bestinvest in

The Independent on (unday, but those who have been brave enough to invest in funds

covering Brazil, Russia, India and China .Bricfunds/ have seen +eye-popping returns, says

Craig 0armin in The *all (treet ournal

In the five months since launch, the Te!leton Bricfund has returned 1234 for investors,

while the "#a Talents Bric$.the 5"6 stands for (outh 0orea/ has risen by a third over the

past 17 months

That compares to a measly 284 return over the same period from the global emerging

mar"ets sector +$ven the star managers in this sector couldn6t "eep up with the Brics, says

Tim (harp in The Independent on (unday

SECTI%& I '( B R I C F ) & * S + F R % M E - % R T T %

I & T E R & " . C % & S ) M - T I % &

9ne of the bedroc"s of the expansion in emerging mar"ets has been exports Russia and Brazil

have benefited from the price of oil and other commodities being pushed up by China6s and

India6s demand for raw materials, while *esterners have snapped up China6s cheap

manufactured goods &any commentators fear, understandably, that this ma"es them

vulnerable to a slowdown, or even recession, in the :( economy ; something that seems

more and more li"ely to materialise in the year ahead

5-
http://money.independent.co.uk/personal_finance/invest_save/article2062380.ecehttp://money.independent.co.uk/personal_finance/invest_save/article2062380.ece


57/99

But there6s more to the Bricstory than cheap goods )s their economies have developed, the

countries have become increasingly self-reliant The emergence of a middle class in each

country is feeding a steady rise in internal consumption *ith retail and financial services

booming as a result, there are signs that the Brics are now better placed than in the past to

weather a :( downturn

)nd investment ban"


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Per'&rm"ne

in

2 m&n#+ 9 m&n#+ YTD 2 Ye"r = Ye"r Sine

L"$n+

F$n% -2;1;8 -2?1;2 -2;1;8 9;1;8 - 24;1=8

Ben+m"r/ -2=1== -2?133 -2=1;9 98124 - 29=12=

6


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Fin"ni"( R"#i&s

0MBook Falue @.? @.5;

0M)ash :arning ?@.@6 ?;.@4

0M: Ratio ?-.-5 ?-.-5

0redicated 0M: Ratio ?5.4 ?5.4?

RI: ?2.@< ?2.

/ividend 0a#out Ratio ;-.?; ;6.-@

@ Jear :arning rowth H @?.2 @;.6

6?


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Lis# &' BRIC FUNDS

'empleton BR() $und * B# $ranklin 'empleton (nvestments

19B) BR() $reest#le $und * B# 19B) %sset 7anagement

%llian+ R)7 BR() 9tars $und * B# %llian+

db Benefit BR() * B# /eutsche %sset 7anagement

9)1RI/:R BR() $E>/ * B# 9chroders (nvestment 7anagement

/"9 BR() 0lus $und * B# /eutsche %sset 7anagement C%siaD8td

>(OO BR()s :uit# $und * B# >ikko %sset 7anagement =apan

O B R I C F ) & * S + R I S / S " & * R E 0 " R * S

6;


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9f course, there are ris"s in investing in emerging mar"ets >olitical interference, corruption

and bureaucracy are a fact of life in all four countries But there is comfort in the fact that

valuations remain attractive +Brazil is on nine times 7228 earnings and China and Russia on

11-17 times, ulian &ayo, investment director of Charlemagne Capital, tells the %T

%or those who are interested in buying into the Bric, most financial advisers rec"on emerging

mar"ets should ma"e up no more than 124 of a portfolio The "#a Talents Bric$is the fund

with the biggest exposure to China, at around A4

BR() $unds are volatile and carr# a higher risk both in terms of market and currenc#

volatilit# which ma# result in dramatic fluctuations from time to time. Risks might also

include dealing difficulties, settlement and custod# practices and the market for some of

the securities ma# be less liuid. (nvestments in emerging markets include investment in

Russia. Jou should be aware that although the Russian Registrar )ompanies, that provide

share registration services to issuers of Russian securities, are appropriatel# licensed in

Russia, the# ma# not be subject to the same stringent controls, as in other, more

developed countries. 'his ma# mean that investors ma# not secure good title to the

Russian securities held b# the local /epositar#. 1ence, because of the potential for even

greater volatilit# in such markets, there is a conseuentl# greater risk of #ou not receiving

back allMor an# of #our investment allocated to this market. 'he $und will hold t#picall#

around 6< stocks. 8ower diversification and active stock selection can result in greater

than average investment in individual countries, companies or market sectors. 9uch

concentration can give rise to more risk than where investments are spread over a larger

number of countries, companies or market sectors. "hilst this ma# increase the potential

gains, this concentration of eposure and lack of diversification ma# also substantiall#

increase the risk of loss in the $und. 0ast performance is no guide to future performance

and the value of an investment and the income from it can fall as well as rise.

BRIC &$n#ries &mp"nies &p#imis# '&r 4


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'he manufacturing companies of the group of countries known as Bric CBra+il, Russia,

(ndia, and )hinaD are filled with optimism in relation to the business perspectives for the

net ?; months, notwithstanding the moment of strong crisis in the %merican econom#.

%ccording to the surve# of the O07 (nternational consulting compan#, the Bra+ilian

companies are more confident regarding the level of business activit# this #ear * .5H

believe it will increase and ?.;H that it will reduce. In the average of the Bric,


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services. %bout 5< percent of the organi+ations revealed that low*cost is the reason for

conducting business in BR() countries, while about 5 percent revealed that access to

new customers and markets is the major reason.

%bout -< percent of organi+ations surve#ed agreed that the# will sell their products in

BR() countries. %bout 6 percent of eecutives interviewed revealed that globali+ation is

helpful as this will provide them an option of entering into markets of BR() countriesN

onl# ?; percent of the eecutives interviewed revealed that globali+ation has negative

impacts on their organi+ations.

% majorit# of the eecutives plan to sell their products in )hina, which has a huge

population. %bout -< percent of the organi+ations are implementing strategies to target

the )hinese market, while about 55 percent plans to do so in the net few #ears. %bout 64

percent of the organi+ations agreed that (ndia offers Tsignificant market opportunities3,

while less than 5< percent agreed for it in the Bra+ilian and Russian markets

B$((is+ &n BRICs

$irst, for the first time in recent memor#, BR()s are growing not b# borrowing, but b#

investing. )hina has the worldGs highest savings rate. Russia is sitting on huge foreign

currenc# reserves, thanks to windfalls from oil profits. :ven freewheeling Bra+il is

showing heretofore unseen discipline b# running a fiscal surplus.

9econd, soaring commodit# prices have put more mone# in BR()s3 pockets than ever

before. 'hat means much less danger of a financial meltdown like the ones Bra+il and

Russia had the ?2-


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$inall#, higher credit ratings mean that BR()s toda# can issue debts in their own

currencies. 'he resultL 7uch more stable economic epansion and financing of

investment that depends on the whims of foreign investors.

BRIC &$n#ries #& in#ensi'y &&per"#i&n

Rising economies Brasil, Russia, (ndia and )hina have decided to graduall# intensif#

cooperation beginning with consultations at the ambassadorial level and then moving on

to political level.

)onsultations will focus on issues of mutual interest in the international arena as also

those relating to trade, development and financial s#stem.'he decision was taken during a

ministerial meeting of the four countries on 7onda# on the sidelines of the ongoing

Enited >ations eneral %ssembl# session.

66


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:ternal %ffairs 7inister 0ranab 7ukherjee, who is leading the (ndian delegation at the

E>%, had a series of bilateral meetings with his counterparts during which

international issues as also those of mutual interest came up.

/uring a meting with %fghan $oreign 7inister Rangin 9apanta, 7ukherjee reiterated

(ndiaGs firm commitment to assist %fghanistan in its efforts to rebuild its econom#,

especiall# in infrastructure, and to support capacit# building programmes aimed at

%fghan*isation.

'he two foreign ministers also reviewed ecellent bilateral relations and discussed the

securit# situation in %fghanistan. 'he# agreed that it posed a significant challenge,

officials said.Besides the %fghan foreign minister, 7ukherjee also had in*depth

discussions on issues of mutual interest with the foreign ministers of %lgeria, 9ingapore,

)uba, 9lovakia, the E%:, 9lovenia and )anada. /uring their discussions, 7ukherjee and

%lgerian $oreign 7inister 7ourad 7edelci agreed on the need to epand bilateral

cooperation, focusing in particular on the economic relationship.

%s representatives of nations that had suffered greatl# from terrorism, there is a close

similarit# of views between the ministers on the threat posed b# this menace, officials

said./uring a half*an*hour meeting, 7ukherjee and 9ingaporean $oreign 7inister

eorge Jeo reviewed the strong bilateral ties between the two countries in the political,

economic, trade, cultural, defense and scientific fields.

(n his meeting with )ubaGs $oreign 7inister $elipe 0ere+ Roue, 7ukherjee sought and

received a briefing on the health of )uban leader $idel )astro, officials said but gave no

further details.

'he two ministers noted that the ecellent bilateral relationship had developed over the

6


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#ears with contacts at the highest levels, and the# also recalled that 0rime 7inister

7anmohan 9ingh had called on )astro in 9eptember ; p$,(is+e% rep&r#s +"0e ,een s#$%ie% #& "n"(ye #+e !r&.#+

'&re"s#e &' BRIC &$n#ries1 As n"#$re &' my s#$%y &n(y nee%s se&n%"ry %"#"

.+i+ is "s '&((&.sJ

6-


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D"#" per#"inin! #& '&rei!n in0es#men# in In%i" +"s ,een "H$ire 'r&m #+e si#e

&'51e#

S&me '"#s > 'i!$res 'r&m &$rn"(s* ,&&/s* ne.sp"pers "n% m"!"ines (i/e

De"( m"/er* B$siness W&r(%* E&n&mi Times* Times &' In%i"* in%$s#"n

Times*Fin"ni"( Express* B$siness T&%"y* B$siness Line e#1

C&(&ss"( "m&$n# &' /n&.(e%!e "'#er ."#+in! #+e in#er0ie. &' Di(i!en#

Pers&n"(i#ies &n CNBCT2:* NDT* "n% e"%(ine T&%"y511 e#

In'&rm"#i&n !"#+ers 'r&m /ey pers&nne( in 'in"ne > A&$n# %ep"r#men# &'

In%i",$((s * > %is$ssi&n .i#+ Represen#"#i0e M"n"!er > Br"n+ M"n"!er

&' #+e &mp"ny

FINDING > ANALYSIS

Bra+il, Russia, (ndia and )hina as economies, would together overtake the

economies of the *6 countries in the world b# ;


68/99

'hese fast epanding BR() economies are epected to represent 44H of world

/0 b# ;


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?. overnment should set a minimum limit as well as maimum limit, within

which $(( invest in (ndia , in order to avoid volatilit# in (ndian stock market

C sense nift#D

;. overnment should allow more than ?


70/99

+##pJ...1in%i"re#"i(in!1&memer!in!-m"r/e#s1"sp

+##pJ...1,$siness-s#"n%"r%1&m

+##pJ+##pJ...1m"r/e#."#+1&m

+##pJ!reen(i!+#"%0is&r1&m!(",(&!

+##pJ

+##pJ

...1

+##pJ

+##pJ

;


71/99

"&&E)RES

TABLES

"ND"A #."NA BA/"L !SS"A

Population 012 billion 013 billion 045 %illion 030 %illion

Populationgrowth rate

016567 516567 015587 9513837

Literacy 657 45147 88167* 44137

Populationbelow po$ertyline:

287 47 27 07

;DP rate 4137 0517 37


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;DP(purchasingpower parity+:

=31063 trillion =00 trillion =0188 trillion =0146 trillion

#urrency (code+: "ndian rupee("N+

yuan (#N>+? real (BL+ ussian ruble(!+

Exchange rates: @4135 per dollar


73/99

5


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/0 contribution India China Brazil Russia

Service 56H 4


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industry: ;2H 42H ;


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-


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2


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-


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In'("#i&n in BRICs

"nflation "n B"# 2556

0514

:1orth %merica

impact of foreign institutional investment on indian stock market[bric]

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