Indus Gas Share Discussion Threads

[pre] 09/6/2008 08:27

nice find P C....director buys announced today too:-))

[pomp circumstance] 06/6/2008 06:25

Gynia Holdings Limited, a company controlled by Mr. Kalsi and which following Admission will remain the majority shareholder in the Company.

------------------------
Management
The Board and senior management have extensive experience in the oil and gas industry both in India and internationally. The Board includes two executive directors. Mr. Ajay Kalsi is the Chief Executive Officer and Mr. John Scott is the Chief Financial Officer of the Company. Both of the executive Directors have relevant oil and gas industry experience. The Board is supported by an advisory team consisting of Paul Fink a senior technical adviser to Focus on matters of exploration and Vikas Agarwal, a senior employee of Focus responsib le for mergers and acquisition. The Company intends to augment the current management team by recruiting senior staff with particular experience in geological and geophysical roles. Further details of the Board and senior management are set out on page 32 of this Document.
Focus, the Operator and holder of a 10 per cent. Participating Interest, conducts day to day management and operation of the Block. Focus has approximately seven years of oil and gas operation experience and owns participating interests in three other oil and gas blocks in India. Focus is beneficially owned by Mr. Ajay Kalsi, who is also a Director and major beneficial shareholder of the Company through his Beneficial interest in Gynia. A relationship agreement has been signed with Mr. Kalsi and Gynia prior to Admission to ensure that the Company and the Board are able to conduct their operations independently of Gynia. The transactions between Focus and the Company are conducted on an arms length commercial basis.

[pomp circumstance] 06/6/2008 06:22

Control by significant shareholder
Upon completion of the Placing, Gynia will have an interest in approximately 89.4 per cent. of the Enlarged Share Capital. Gynia will therefore be able to exercise significant influence over certain corporate governance matters requiring shareholder approval, including the election of directors and the approval of significant corporate transactions and any other transactions requiring a majority vote.
The Company, Arden Partners, Gynia and Mr Ajay Kalsi have on the date of this Document entered into a relationship agreement to regulate the arrangements between them following Admission. The relationship agreement applies for as a long as Gynia directly or indirectly holds in excess of thirty per cent. of the
issued share capital of the Company and the Company's shares remain admitted to trading on AIM. The relationship agreement includes provisions to ensure that:

(i) the Board and its committees are able to carry on their business independently of the personal interests of Gynia;

(ii) the constitutional documents of the Company are not changed in such a way which would be inconsistent with the relationship agreement;

(iii) all transactions between the Group and Gynia (or its affiliates) are on a normal commercial basis and at arm's length;

(iv) in the event of a conflict of interests between Gynia and the Board, no person who is connected with Gynia is appointed as a Non-Executive Director of the Company and no existing Non-Executive Director is removed as a director of the Company unless such appointment or removal has been previously approved by the nomination committee of the Board and that to the extent that any recommendation of the nomination committee concerning the composition of the Board which has been approved by the Board requires the approval of the shareholders of the Company then Gynia will vote its Ordinary Shares in favour; and

(v) certain restrictions are put in place to prevent interference by the Shareholder with the business of the Company.

[trainspotter] 06/6/2008 06:20

the elephant in the room must surely be the clause in the drilling contract which provides the nominee of the INdian govt the option to reduce INDI's working interest from 90% to 60%. Not sure under what circumstances this option would be exercised but should INDI make a commercial discovery you would assume they would exercise that option. It looks punitive rather than an incentive.

[wassapper] 06/6/2008 06:16

*

The Company owns, through its wholly owned subsidiaries, a 90 per cent. participating interest in a petroleum concession located in a 4,026 km2 on-shore area in mid Indus Basin, Rajasthan, India, known as Block RJ-ON/6 ('the Block'). This interest is subject to an option held by Oil and Natural Gas Corporation of India as nominee of Government of India (GOI), which if exercised, would reduce the Company's interest by 30 per cent


*

Two discoveries on the Block have been made to date - SGL and SSF. While SGL has been assigned P50 gross reserves of 192 bscf and has been declared commercial, SSF is yet to be tested and has been assigned gross contingent resources of 369 bscf. In addition, the Block contains 4 prospects with associated gross risked P50 prospective resources of 104 bscf and several other leads which may mature into prospects with additional seismic acquisition.


*

The total NPV10 value attributed to the Group's presently held 90 per cent. interest in the Block (subject to the potential 30 per cent. back in by GOI) is estimated to be US$266 million, US$ 660 million and US$ 185 million respectively for 2P reserves, 2C contingent resources and best estimates of risked prospective resources.


*

Several other oil and gas discoveries have been made in the surrounding blocks and extensive exploration has been further committed in this region.


*

Sales of gas are planned to commence in 2009 with a term sheet in place.

[pomp circumstance] 06/6/2008 06:12

New to the market today



Indus Gas Limited is an international oil and gas exploration and development company primarily focused on India. The Group has a 90% interest in a petroleum concession located in a 4,026 km2 on-shore area in mid Indus Basin, Rajasthan, India, known as Block RJ-ON/6.

The ordinary shares of Indus Gas Limited are traded on the AIM Market of the London Stock Exchange under the trading mnemonic INDI.L.


Placing Price 164p
Number of Placing Shares being issued ==> 15,243,922
No of Shares after placing ====> 182,913,924
Placing Shares as a percentage of the Enlarged Share Capital 8.33%
Expected Mkt Cap upon Admission based on the Placing Price approximately £300 million
Estimated gross proceeds of the Placing approximately £25 million
Estimated proceeds, after expenses approximately £23.4 million

[hectorp] 09/1/2008 23:54

India will keep it up in 2008.

[rambutan2] 10/10/2007 12:52

India's growth could be even better, says OECD
By Andrew Buncombe in Delhi
Published: 10 October 2007

India's already impressive economic growth could improve even more if it further opened its markets and relaxed government controls, according to the Organisation for Economic Co-operation and Development.

The pro-free market organisation said that while the current growth that has averaged 8.5 per over the past four years was sustainable, a rate of 10 per cent was possible if greater reforms were introduced...

[rambutan2] 10/10/2007 12:45

Using this as a place to keep links in one handy place:

[inthecoldlightofday] 01/8/2006 07:35

India Hospitality Corp.
01 August 2006


NOT FOR PUBLICATION, RELEASE OR DISTRIBUTION IN OR INTO THE UNITED STATES OF
AMERICA

For Immediate Release 1 August 2006


INDIA HOSPITALITY CORP



$100M Fundraising Makes New AIM Entrant Largest SPAC Focused On India

•Targeting multiple acquisitions in hospitality, leisure, tourism, travel
and related industries
•Management team headed by Jason Ader - proven track record in hospitality
sector investment and research - previously Senior Managing Director with
Bear Stearns & Co before founding New York based investment manager
Hayground Cove
•Experienced management team with 'on the ground' presence and sourcing
network - key to successful diligence and investment selection
•Focus on fast-growing Indian cities and top tourist destinations in India
-non-luxury markets overlooked by major players
•India's GDP has recently grown at 7-8%, expected to continue
•India's middle class estimated at 300m in 2005, expected to grow to 500m
by 2010 - greater purchasing power allied to more budget airline entrants
underpins significant domestic air travel growth expectations - further
fuelling hospitality growth
•Attractive growth potential due to significant sector demand/supply
imbalance - recent Government initiatives to address shortage of hotel
rooms, especially ahead of the 2010 Commonwealth Games
•Dealings due to start on AIM today
•Deutsche Bank AG London acting as NOMAD

Commenting on the fundraising and admission to AIM, CEO Jason Ader said 'the
$100m raised shows confidence in the opportunity to generate superior
shareholder returns from our targeted area of the Indian hospitality market.'

Contact:

Mark Edwards/ Richard Oldworth
Buchanan Communications +(44) 207 466 5000



INDIA HOSPITATLITY CORP

$100 MILLION FUND RAISING AND ADMISSION TO AIM


India Hospitality Corp ('IHC' or 'the Company') is pleased to announce that it
has raised $100 million and dealings are due to commence on AIM today. Nominated
Adviser and Broker to the Company is Deutsche Bank AG London



PROPOSED BUSINESS


IHC intends to use the funds raised to acquire an Indian business, businesses or
assets focused on the hospitality, leisure, tourism, travel and related
industries, including but not limited to hotels, resorts, timeshares, serviced
apartments and restaurants. While potential acquisitions could come from any of
these sectors, IHC intends to focus primarily on the hospitality industry. These
markets in India, and particularly the hospitality industry, are high-growth,
underserved and fragmented, and they offer profit margins, returns on capital
and cash flows that are among the most attractive in the world. IHC intends to
place emphasis on acquiring businesses in fast-growing Indian cities and top
tourist destinations in India. IHC believes that the predominantly local
hospitality businesses serving these segments have generally not pursued
aggressive growth strategies, but instead have followed an own-and-manage model
as opposed to the lease or franchise model employed by hospitality industry
leaders. The Company believes opportunities exist to negotiate purchases
directly with these companies and their individual owners. In addition, IHC
believes that it will be able to use its management's expertise in operations
and financing to manage the businesses or assets which IHC may acquire, and to
deliver superior risk-adjusted returns for shareholders.


Strategy


IHC's strategy to focus on the non-luxury segment of the Indian hospitality
market is driven by the following key points:


• At 7-8% GDP growth, India has one of the fastest growing economies in
the world


• Foreign direct investment in India's trade, hotels and restaurants
industries is at a lowly 1% of total inflows to India despite being one of
the fastest growing sectors


• Government initiatives to promote sector investment


• Indian hospitality industry is largely driven by domestic market,
particularly domestic tourism which grew 13.7% CAGR between 2000 and 2004


• Rapid expansion of Indian middle class - from 300m 2005 to 500m in 2010


• Increasing disposable per capita income and growth in lost cost travel
fuelling further growth in domestic tourism.


• Current demand / supply imbalance with significant shortage of hotel
rooms, particularly ahead of 2010 commonwealth Games.


• Non-luxury segment of market is overlooked by sector major players -
offering potentially superior shareholder returns.


MANAGEMENT


Directors and Executive Officers

(for biographical details see Appendix)

The Company's current Directors and executive officers are as follows:

Name Age Position
------ ----- ----------
Jason N. Ader 38 Chief Executive Officer and Chairman of the Board of Directors
Andrew Sasson 36 Chief Operating Officer and Director
Raj Nandiwada 41 Vice President, New Business Development
Christa Short 33 Director
Pawan Munjal 51 Director
Anthony Juliano 39 Director
Manvinder Puri 51 Director
Rajeev Talwar(1) 51 Prospective Director



(1) Mr. Talwar is not currently a member of the Board of Directors of the
Company. His appointment will only occur if and when he receives final approval
by the requisite Indian governmental agencies of his resignation from his
positions as Additional Director General, Ministry of Tourism and the Chairman
and Managing Director of India Tourism Development Corporation. There can be no
assurance that he will receive such approvals.



Investment Committee


IHC will form an investment committee to advise and consult with the Company's
management team with respect to its investment policies, financing and
leveraging strategies and investment guidelines. The investment committee will
provide the Company with a competitive advantage in analyzing and valuing
acquisition candidates through their experience, financial industry contacts and
investment ideas.


Experienced Management Team and Strong Local Network


The Company's executive officers and Directors, and Hayground Cove's ''on the
ground'' network in India, have extensive experience in the hospitality,
leisure, tourism, travel and related industries as executive officers,
principals or Directors in various enterprises throughout the world. Jason N.
Ader, the Company's Chief Executive Officer and the Chairman of the Board of
Directors, is the Chief Executive Officer of Hayground Cove Asset Management
LLC, a New York-based investment management firm with approximately $1.46
billion of assets across funds and managed accounts under management as of May
31, 2006. The funds of Hayground Cove in operation since January 1, 2004 had
returns of approximately 2.54x the returns on the S&P Hedge Fund Index from
January 1, 2004 through May 31, 2006. Mr. Ader has a strong asset management
record and, prior to founding Hayground Cove, was a Senior Managing Director at
Bear Stearns & Co.,Inc. where he performed equity and high yield research for
more than 50 companies in the gaming, lodging and leisure industries. Mr. Ader
was rated as one of the top ranked analysts by Institutional Investor Magazine
for nine consecutive years from 1994 to 2002. Members of the Company's
management team have, on average, approximately 13 years of experience in the
hospitality, leisure, tourism, travel and related industries. The Company's
management team has a successful track record of completing large-scale
acquisitions and minority investments in businesses competing in the
hospitality, leisure, tourism, travel and related industries. The Company's
management team's experience and familiarity with the hospitality, leisure,
tourism, travel and related industries is an important asset that will assist us
in implementing the Company's business strategies and pursuing its growth
opportunities. The Company will serve as Hayground Cove's only vehicle for
direct, private investments in the Indian hospitality sector.


The Company's management team possesses broad industry knowledge and core
competencies that the Company believes will enable it to identify attractive
potential targets. In addition, Banyan Tree Capital and Hayground Cove's network
of professionals in India has a wide range of contacts that the Company expects
will help it to identify prospective acquisition candidates.


ADMISSION TO AIM


Dealings on AIM are due to start today (1 August 2006)


APPENDIX


Jason N. Ader is the Company's Chief Executive Officer and Chairman of the Board
of Directors. Mr. Ader founded and serves as the President and Chief Executive
Officer of Hayground Cove Asset Management LLC, a New York-based investment
management firm with approximately $1.46 billion of assets across funds and
accounts under management as of May 31, 2006. Mr. Ader has a strong asset
management record and, prior to founding Hayground Cove, served as a Senior
Managing Director at Bear Stearns & Co., Inc. from 1995 to 2003, where he
performed equity and high yield research for more than 50 companies in the
gaming, lodging and leisure industries. From 1993 to 1995, Mr. Ader served as a
Senior Analyst at Smith Barney covering the gaming industry. From 1990 to 1993,
Mr. Ader served as a buyside analyst at Baron Capital, where he covered the
casino industry. Mr. Ader has a B.S. degree in Economics from New York
University and a M.B.A. in Finance from New York University, Stern School of
Business.


Andrew Sasson is the Company's Chief Operating Officer and a member of the
Company's Board of Directors. In February 2006, Mr. Sasson acquired the land to
develop Spa Lofts, a modern loft condominium project in Las Vegas. Mr. Sasson
was a partner in Panorama Towers, a high-rise condominium in Las Vegas, from
January 2004 to November 2005, pioneering the Las Vegas high-rise market. Mr.
Sasson is currently developing a $500 million non-gaming boutique hotel as part
of MGM Mirage's $7 billion ''Project City Center.'' The hotel will serve as the
gateway into the

66 acre development and is being planned by a world renowned design team. Mr.
Sasson also owns and operates the Light Group, a $100 million Las Vegas
hospitality company known for its innovative and profitable venues including FIX
Restaurant and Bar at the Bellagio Hotel and Resort and Stack Restaurant at the
Mirage Resort and Casino, among others. Mr. Sasson has been a prominent
participant in the hospitality industry for the past 16 years.

Raj Nandiwada is the Company's Vice President, New Business Development. Mr.
Nandiwada has served as an analyst at Hayground Cove since March 2006. Mr.
Nandiwada founded and served as the Chief Executive Officer of Global Infozone
Inc. from June 2004 to March 2006. From March 1998 to June 2004, Mr. Nandiwada
served as Quantitative Analyst/Portfolio Engineer at Jacobs Levy Equity
Management, where he developed quantitative models, performed equity research
and traded equities. Mr. Nandiwada has a B.S. degree in Engineering from the
Regional Engineering College in Nagpur, India, a Master's Degree in Systems
Science from Louisiana State University and a M.B.A. in Finance from New York
University, Stern School of Business.


Christa Short is a member of the Company's Board of Directors. Ms. Short has
served as a Managing Director-Research Analyst at Hayground Cove since September
2003. From August 2001 to August 2003, Ms. Short was an equity research analyst
covering gaming, lodging and leisure industries at Bear Stearns & Co., Inc., and
she served as Vice President-Equity Research from January 2003 to August 2003.
Ms. Short has a B.B.A. degree in Finance from the University of Michigan and a
M.B.A. in Finance and Strategy from Kellogg Graduate School of Management at
Northwestern University.


Pawan Munjal is a member of the Company's Board of Directors. Mr. Munjal is the
Managing Director and Chief Executive Officer of Hero Honda Motors Limited,
positions which he has held since 2002. Mr. Munjal has also served as a director
of Hero Honda Motors Ltd., a joint venture between Hero Cycles Ltd. and Honda
Motor Co. of Japan. Over the years, he has played a significant role in its
development and growth. Under his leadership, Hero Honda Motors Ltd. Has emerged
as the world's No. 1 two-wheeler company from 2000 to 2005. As the chief
executive of one of the principal Hero Group Companies, Mr. Munjal is a
constituent of the ''Core Team'', which looks at growth and strategic planning
for the entire group of associated companies. He is currently a member of the
Society for Indian Automobile Manufacturers Committee on Two and Three-wheelers,
and a member of the World Economic Forum. A known figure in industry forums, Mr.
Munjal has been the chairman of several committees of the Confederation of
Indian Industry, or CII, including Technology and Innovation from 2004 to 2005,
Environment from 2003 to 2004, and Sports from 2000 to 2002. He was also
chairman of the Northern Region of the CII from 1996 to 1997. Mr. Munjal has a
B.E. degree in Mechanical Engineering from the University of Kurukshetra.


Anthony Juliano is a member of the Company's Board of Directors. Mr. Juliano has
served as the Executive Director, Dubai Investment Group, Global Real Estate and
Hospitality since March 2006. At Dubai Investment Group, he oversees a $2
billion U.S. real estate portfolio, including a $700 million hospitality
portfolio. From July 1999 to March 2006, Mr. Juliano held various senior
positions with GE Real Estate, including positions with the private equity
investment platform and large loan/mezzanine financing groups. Mr. Juliano was a
real estate attorney with Thacher Proffitt & Wood from 1993 to 1999 where his
practice concentrated on real estate finance and capital markets. He has a B.A.
degree in English from the State University of New York at Albany and a J.D.
degree from New York Law School.


Manvinder Puri is a member of the Company's Board of Directors. Mr. Puri has
served as Vice President of the Americas division of GHM Hotels since January
2004. He also served as General Manager of The Setai, South Beach, a GHM Hotel,
in Miami, Florida from January 2004 to January 2006. From January 2003 to
December 2003, Mr. Puri was the Group General Manager of the Hong Kong and
Shanghai Hotels, Limited, and he was the Senior Vice President of Operations at
Raffles International, a Singapore-based hotel chain, from March 2001 to
December 2002. For over 30 years, Mr. Puri has been associated with the finest
hotels around the world, including the Peninsula Hotels in Hong Kong, Raffles
Hotel in Singapore, The Fullerton Hotel in Singapore, Rosewood Hotels and
Resorts, British Airways Hotels, The Ritz Carlton in Hawaii, Halekulani in
Honolulu, the Fairmont Hotel in Chicago, and La Mansion in San Antonio. Mr. Puri
studied Food & Beverage Management and Financial Management at Cornell
University, as well as Business Management at Punjab University in his native
India.


Rajeev Talwar has been offered a position on the Company's Board of Directors.
He has resigned from his position in government on June 6, 2006; however his
resignation is pending approval. Mr. Talwar's appointment will only occur if and
when he receives final approval by the requisite Indian governmental agencies of
his resignation. There can be no assurance that he will receive such approvals.
Mr. Talwar is currently Additional Director General (Ministry of Tourism)
Government of India (since February 2005), CEO National Council for Hotel
Management and Catering Technology (since February 2005), and Chairman and
Managing Director India Tourism Development Corporation (since March 2005),
which manages government owned hotels, travel agencies and all duty free shops.
Prior to joining the Ministry of Tourism, Mr. Talwar was assigned to the Delhi
Government where he managed many portfolios and was Managing Director and Chief
Executive Officer of Delhi Tourism from August 2001 to December 2003 where he
was responsible for the implementation of the entire tourism policy of Delhi,
Secretary, Information and Public Relations from June 1999 to January 2005, and
Chairman and Managing Director Delhi Transportation Corporation from July to
December 2004. Mr. Talwar has been in the Indian Administrative Service (IAS)
since his induction in 1978. During his 28 year career he has had a cross
sectoral experience at a senior management level, and policy making level, as
well as widespread field experience. He has been involved on an all-India basis
in a variety of sectors of the economy, including: civil aviation, tourism,
labour, shipping, roads, inland waterways, coal and food processing. As a result
of his position, Mr. Talwar has had exposure to managements of a large number of
public and private sector enterprises along with statutory bodies in the
transport, tourism and infrastructure sectors. Mr. Talwar holds a B.A. (Honors
in History) and a M.A. (History) from St. Stephen's College, Delhi.




This information is provided by RNS
The company news service from the London Stock Exchange

[Abuse team] 24/3/2006 20:23

Post removed by ADVFN

[snowflake34] 27/12/2005 19:03

Dec. 27 (Bloomberg) -- In the holiday-season euphoria, analysts appear to have become excessively upbeat about Asia's economic prospects for 2006.

According to Credit Suisse First Boston's latest forecast, the 10 biggest economies in Asia outside Japan will expand at a weighted average rate of 7.5 percent next year. Three months ago, CSFB's prediction for 2006 growth was just 6.4 percent.

China and India, the region's two biggest economies, are expected to race ahead, expanding 10.1 percent and 8.5 percent respectively, while gross domestic product in smaller economies -- from South Korea and Hong Kong to Singapore and Malaysia -- will grow between 4 percent and 6 percent, CSFB says.

While an optimistic outlook for Asia is hardly implausible, it's important to recognize that there are risks.

China and India will both face daunting challenges to economic stability in 2006. How authorities in Beijing and New Delhi face up to them may determine whether Asia is able to make the most of the good tidings projected for next year.

The nature of the risks is well-known. Overinvestment is the Achilles' heel of the Chinese economy; India's flaw is too little investment in regard to rapidly increasing consumption. One rising Asian superpower wants to produce all it can now and consume later, the other wants to spend its future income today.

``China's investment demand is based on excessive optimism about the future,'' says Andy Xie, Morgan Stanley's chief economist for Asia. ``India depends on capital inflow to fund its consumption-led growth, like a poorer version of the U.S.''

China and India

Domestic demand in China's red-hot economy hasn't kept up with the country's growing exporting prowess. The result is a persistent trade surplus, expected to triple this year to more than $100 billion. The surplus is acting as a magnet for foreign capital looking to profit from revaluation of the yuan.

Making things worse, a state-dominated banking system wastes export earnings and foreign capital by pumping money into state-owned enterprises in industries where there's overcapacity, such as cement, steel and property.

China needs to shift as much as $250 billion of its economy from investment to consumption just to prevent new bad loans in the banking system, Xie estimates.

India's situation is just the reverse. Merchandise exports are constrained by shortages in basic infrastructure, such as power, ports, roads and airports. Computer software and back- office services, in which the country is the world leader, are still a very small part of the Indian economy.

Amid surging domestic consumption, exports are nowhere close to their potential. That's forcing India to pay for its spending excesses with dollars sent home by overseas Indians or by selling domestic equity to foreigners.

Overcapacity

Neither country's strategy is indefinitely sustainable.

In 2006, China will face a very real threat of trade retaliation in the U.S. If the U.S. Treasury does find China guilty of currency ``manipulation'' and the Congress slaps a proposed 27.5 percent punitive tariff on toys, textiles, shoes and electronics imported from China, it'll be a crushing blow for Beijing's export-led economic growth strategy.

Unless domestic demand in China rises quickly, providing a solution both to the trade surplus and the overcapacity problems, rapid economic growth may be hard to sustain in 2006.

`Urgency'

The Development Research Center of the State Council, a Chinese government think tank, recently pegged excess steel availability next year at 116 million tons, almost three times this year's surplus. A decline in steel prices because of overproduction should be good news for the automobiles industry. Trouble is, there's a glut in car manufacturing, too.

``Oversupply risks loom large,'' said Lehman Brothers Inc. economists Rob Subbaraman and Wenzhong Fan in a report, ``which increases the urgency of promoting domestic consumption.''

India's ballooning trade deficit is becoming a source of concern for overseas investors. The trade gap soared to $27 billion in the first six months of 2005, almost equaling the entire $28 billion deficit of 2004.

Having poured a net $10.5 billion into Indian equities this year, compared with $8.5 billion in 2004, investors are looking closely at the trade deficit and feeling uneasy about 2006.

``Amongst the best performing markets of this year, we're most concerned about India,'' Asia strategists at Merrill Lynch & Co. said in a report last week. ``The deterioration in the current account is being transmitted through the currency.''

The Indian rupee has weakened 2.6 percent against the U.S. dollar in the current quarter, the second-worst performer in Asia after the Japanese yen according to data compiled by Bloomberg.

India's fiscal profligacy -- public debt equals 90 percent of gross domestic product and is still rising -- makes investors jittery about financing even a modest current-account deficit.

Vulnerable

``This macro pressure point,'' say Merrill's strategists, referring to the weakness in the Indian rupee, ``has the ability to feed through the equity market, as we saw with Indonesia.''

After Bank Indonesia delayed raising interest rates to arrest a decline in the rupiah, the Jakarta Composite Index lost 11 percent of its value in August amid a full-blown currency scare.

A quarter-point increase in the Indian central bank's key overnight rate is very likely on Jan. 24.

The resilience of the Chinese and the Indian economies may be tested next year even without an oil shock, a sudden collapse of the U.S. dollar, or a bird-flu pandemic.

``China and India,'' as Morgan Stanley's Xie says, ``look the most vulnerable.''

This holiday season, policy makers in Beijing and New Delhi should fret a little.

[energyi] 26/7/2004 07:04

at/near 5100, looks set to rollover again

[bbbb] 19/7/2004 11:46

although much improving, the bureaucracy will need to be tamed more and brought more into line with best practice in more vibrantly capitalist cultures. there is a cultural bias to a disputational approach to many matters, with large quantities of paper documentation.

they probably need a 'three modernisations' type of declaration to focus on the system slippages and clear the decks. that said, with english as the language of commerce and the elites, they are well advanced as a serious global presence.