Foreign fund flows into India in 2010 could match or exceed a near-record $17 billion in 2009 but will not give the Mumbai stock market the same boost this year, as a flood of new share sales soak up cash and cap overall gains.
Initial offerings by the likes of Jindal Power or new shares sales by state-owned firms such as miner NMDC Ltd could be magnets for overseas investors, and would put further upward pressure on the Indian rupee .
The long-term case for investing in
Indian firms raised about $19 billion in new equity in 2009, and Morgan Stanley figures they could raise $70 billion over the next three years. Overseas investors tend to be the biggest buyers of fresh Indian equity.
"Within emerging markets, I would say there is no alternative to
Michiel van Voorst, who helps manage a 500 million-plus euro ($714 million) Asia-Pacific portfolio for Dutch fund manager Robeco in Hong Kong, said India valuations look steep in the context of its high interest rates and is underweight India relative to the MSCI Asia Pacific index.
"We do see the growth, but we also have a couple of risk factors that we keep in the back of our mind," said van Voorst, whose
Wednesday, January 20, 2010
New share issues to sustain fund flows into India
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