Bizbits

FIIs turn net buyers
MUMBAI: After a gap of over three months, foreign institutional investors (FIIs) finally seem to have changed their view on the Indian capital markets, thanks to the dilution in sanctions by the US. The sudden surge in FII investments is an indication of a change in FIIs’ perception. According to figures released by SEBI, FIIs have been net buyers in the week to July 17.

The FII inflow was marked at Rs 90.40 crore (US $22.3 million) in the week to July 17, compared with the previous week’s net outflow of Rs 19.5 crore. However, the debt market saw a net foreign fund outflow of Rs 5.4 crore. There has been no FII participation in the debt market during the last two weeks. As per the release, July has seen an outflow of Rs 10.1 crore (US $2.5 million) till date and the cumulative net investment figure now stands at $8.84 billion. According to SEBI, the net investment has been negative from April this year. April witnessed a net outflow of Rs 98.4 crore while May saw the outflowincrease to Rs 883.7 crore. In June the FII outflow dropped marginally to record a negative Rs 836.4 crore.

C&L chief quits
NEW DELHI: In an apparent fallout of last year’s global merger between consultancy firms, Price Waterhouse and Coopers & Lybrand, managing director of Coopers (India) J Rajagopal has quit and joined rival firm KPMG. "Appointment of Rajagopal is part of a series of moves to consolidate KPMG’s growing consulting practice in India," KPMG said in a statement here today. Sources at Coopers and Lybrand said Rajagopal’s resignation was a fallout of the merger between the two firms.