November 13, 2007
James M. Anderson was elected chairman of the National Stock Exchange (NSX) on October 18, 2007. Anderson, who was the President and Chief Executive Officer of Cincinnati Children’s Hospital Medical Center when he was elected as chairman by the NSX board of directors, had been serving as an Independent Director on the NSX Board since 1978. He earlier served as chairman of the Exchange from 1979 to 1989.
Anderson succeeded Donald L. Calvin, who is now continuing to serve as an Independent Director on the Exchange Board. Since 2002, Calvin was the Chairman of NSX. He served the Exchange in this capacity at a crucial time in NSX’s history. During the last two years, NSX reorganized into a profit making corporation, attracted equity investments from six leading Wall Street firms and ECNs, and launched a new state-of-the-art technology platform.
In 1996, Anderson was appointed as President and CEO of Cincinnati Children’s Hospital Medical Center. Before that, he had served 20 years in the Cincinnati Children’s Board of Trustees, including four years as Chairman. Anderson was appointed Chairman of the Board of the Cincinnati Branch of the Federal Reserve Bank of Cleveland in 2005. That year, he was also appointed to a national advisory commission focusing on reforms to the Medicaid system.
Before joining Cincinnati Children’s Hospital Medical Center, Anderson was a partner specializing in corporate law at Taft, Stettinius & Hollister LLP. Previously, he also served as President of U.S. operations and director at Xomox Corporation, a publicly traded manufacturer of specialty process controls which was acquired by Emerson Electric Co. in 1980. Anderson has been a director of several corporations and is at present a director of Gateway Investment Trust, River City Insurance Ltd and the UNIFI Companies.
Anderson, a graduate of Yale University and Vanderbilt School of Law, was honored in 2005 with the Human Relations Award presented by the Cincinnati Chapter of the American Jewish Committee, for his outstanding professional contributions to a healthy Cincinnati community.
Indian share market is rocking. The BSE sensex has gained 10,000 points in a year and nine months. The sensex touched all time high of 20,025 on October 29, 2007. The BSE sensex had touched 10,000-mark for the first time on February 6, 2006.
The rally is due to the massive investment by foreign funds. The Foreign Institutional Investors (FIIs) have invested $66.2 billion since 1993 when they were allowed to buy Indian shares. Since February 2006, the FIIs have invested $25 billion. The foreign funds have been attracted to the Indian share market because of the strong economy compared to other emerging markets, robust economic growth, strong rupee, and low trading risk. Many investors see India as one of the safest havens among the emerging markets.
Capital goods, oil and gas and metals have led the rise of the BSE sensex. The capital goods have surged by 181 percent since February 7, 2006 when the sensex touched 10,000-mark. Other top gainers in the stock market are Banks, PSU, Con Durables, Realty, IT, FMCG, Automobile and Healthcare. Banks have become gainers by 101 percent from February 2006 to October 2007.
Several Mutual Funds have given over 100 percent returns in 20 months from February 2006. Reliance Diversified Power has given 168 percent returns, followed by ICICI Prudential 130 percent, Tata Infrastructure 129 percent, UTI Infra 128 percent, DSP Tiger 118 percent among others.
In Asia, the BSE sensex is second only to Hong Kong’s Hang Seng to cross 20,000 points. India is now one of the 20 countries with bourses having crossed the 20,000-mark. The other countries include Brazil, Peru, Venezuela, Mexico, Argentina, costa Rica, Russia, Poland, Italy, Jamaica, Hungary, Turkey, Egypt, Ukraine, South Africa, Nigeria, and Morocco.
The BSE sensex touched 20,000 for the first time on October 29, 2007. With this, India became the world’s 20th nation to see its stock market benchmark enter the league of bourses that have crossed the 20,000-point milestones.
The rise on the sensex was due to heavy investments by foreign institutional investors (FIIs). Since 1993, FIIs have invested a total of $66.2 billion into the country. Of this, $25 billion has been invested since February 2006. Foreign funds have been lured to pump in their money in the Indian market because of several factors that include multi-year robust economic growth, stronger currency, inexpensive equities, rapid expansion of industry and very low trading risk.
On Monday (October 29, 2007), a 735-point rally took the BSE sensex to an all time high of 20,025 in intra-day trade. The rally was led by capital goods, oil and gas and metals. Capital goods index rose by 1,360.51 points at 19,847.66, oil and gas index shot up by 556.19 points at 11,659.65. Metal index was the third best performer with a gain of 445.18 points to 17,189.74 and the bank index increased by 376.18 points to 10,649.71.
The capital goods sector has become the top gainer and increased by 181 percent since the time the sensex hit 10,000 on February 6, 2006. The BSE sensex had crossed 19,000 on October 15, 2007 and 15,000 on July 6, 2007. From February 2006 to October 2007, Several Mutual Funds have given over 100 percent returns. Reliance Diversified Power has given 168 percent returns, followed by ICICI Prudential 130 percent and Tata Infrastructure 129 percent.
In Asia, India’s BSE sensex is second only to Hong Kong’s Hang Seng to achieve this feat. The other countries whose stock market indices have crossed 20,000-level include Brazil, Mexico, Argentina, Peru, Venezuela, costa Rica, Italy, Jamaica, Russia, Poland, Hungary, Ukraine, South Africa, Turkey, Egypt, Nigeria, and Morocco.
