Stock Market

The government has notified the procedures for the recently allowed export of five lakh tonne of sugar. Bajaj Hindustan and Balrampur Chini have together got a quota of more than 33,000 tonne. The export quota of five lakh tonne has been pro-rated among sugar factories by taking into account their three years average production. The government had allowed export of five lakh tonne of sugar after it became reasonably certain that domestic sugar production for the current sugar year (October-September) will be in excess of 24.5 million tonne against domestic demand of 23 million tonne.

Patni- iGate deal hit by procedural delays

A stake sale deal between Patni Computers Systems and iGate is on course, but has been delayed due to procedural issues such as tax related developments and offshore transaction fees. There is no disagreement between the three Patni brothers and iGate on a non-compete fee. Patni board met for the first time to discuss the stake sale issue and the discussion was very general.

Arvind to boost its fashion quotient with US Mossimo

Arvind is launching American youth brand Mossimo owned by Iconix Brand Group in May through its discount apparel chain Megamart. Megamart is the Rs.300 crore retail subsidiary of textile firm Arvind. Arvind has been tying up with international brands, adding Gant, US polo, Izod and Energie for its lifestyle brands division that included only Arrow and Flying Machine until 2006. The group operates 160 Megamart stores that sell 200 brands at discounts, including American Family brand Cherokee.

Manufacturing growth slows to 3-month low

India’s manufacturing sector expanded at a slower pace in December than in the previous month, indicating that growth may have peaked in Oct 2010, a survey showed. Purchasing managers index (PMI) for Nov 2010, compiled by HSBC Holdings and Markit Economics, dropped to 56.7 in Dec 2010 from 58.4 in Nov 2010.

An index, level above 50 indicates expansion, and higher the index above that threshold greater the growth. A reading of less than 50
indicates a contraction in manufacturing. Manufacturing industrial growth rose to 10.4 percent in Oct 2010 from 4.4 percent in Sep 2010.

But advance indicators seem to give a mixed signal for Nov 2010. The output of six key infrastructure sectors grew 2.3 percent in Nov 2010 from a year ago, the slowest pace in the last 21 months. The six core industries, crude oil, petroleum refining, coal, electricity, cement and finished steel have a combined weight of 26.7 percent in the index of Industrial production.

Facebook

With its $500 million infusion  from Goldman Sachs and other investors, Facebook is now flush with cash, and a market value of about $50 billion, giving it the financial muscle it needs to compete with better-heeled rivals like Google.

And Facebook hopes for an even bigger advantage from the deal, the ability to delay an initial public offering. That would allow it to remain free of government regulation and from the volatility of Wall Street. It would also allow Mark Zuckerberg, the company’s chief executive, to retain near absolute control over the company he co-founded in a Harvard dorm room in 2004.

This strategy was unthinkable in Silicon Valley just a few years ago, when hundreds of start-ups with scant revenue and no profits, like Pets.com and Webvan, raced to go public, and investors eagerly lined up to buy their shares.

Lots of people would stand in line to buy shares in Facebook, but for now, only an exclusive few — wealthy clients of Goldman Sachs will be able to. On Monday, Goldman sent e-mail to certain clients, offering them the chance to invest in the company.

That offer is the latest sign of the emergence of active markets in the shares of closely held companies. Those markets are helping successful start-ups like Facebook develop the financial wherewithal to compete in the big leagues of Business. They have also become an avenue for venture capitalists and start-up employees to cash in their stock, turning many overworked engineers into instant millionaires.

And so a young mogul like Mr. Zuckerberg, the world’s youngest billionaire at age 26, can enjoy many of the benefits of going public without having to tie the knot with Wall Street. Other hot technology companies like Twitter, Zynga and Groupon are also tapping secondary markets to keep stock market investors at bay. They are in no rush to go public and no longer need the bragging rights that a stock offering used to bestow.

“This is a topsy-turvy world,” said Scott Dettmer, a founding partner of Gunderson Dettmer, a law firm that has advised venture capitalists, start-ups and entrepreneurs since the 1980s. He added that even a few years ago, “there were all sorts of business reasons to go public, but for entrepreneurs it was also a badge of honor.”

Perhaps more than any company founder, Mr. Zuckerberg, who declined to comment for this article, has frequently expressed his lack of interest in Wall Street, though Facebook is clearly not above taking its cash. He passed on opportunities to make a killing, for example, when, at age 22, he rejected billion-dollar offers for Facebook.

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