Archive for December, 2008

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iPhone…no, it’s a gPhone

Monday, December 8th, 2008 December 8th, 2008 Priyanka Joshi

The iPhone continues to attract interesting applications, despite concerns about Apple’s rigid policing of its online App Store, and the latest highlights include a delightful software from online retailer Amazon. But according to various estimates (measured online), games dominate the league table of most popular premium (paid-for) iPhone apps. (more…)

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Average AUM is ambiguous

Saturday, December 6th, 2008 December 6th, 2008 BG ShirsatBG Shirsat

The sharp drop in mutual fund’s assets in November 2008 hit the headline of the business and general newspapers on December 3, when the Association of Mutual Funds in India (AMFI) on December 2 announced average assets under management (AAUM) for the month of November 2008. The AMFI data show that the AAUM of 36 mutual funds for November 2008 declined to Rs 402,029 crore or by Rs 29,873 crore over the October AAUM of Rs 431,902 crore.

The media reporters, with no scent of data research, flashed news of seven per cent decline in AAUM in November 2008 due to heavy redemptions. However, the AMFI puts AUM data for November 2008 on its website on December 5 which shows that AUMs as on November 30, 2008 increased by Rs 10,401 crore to Rs 405,112 crore from Rs 394,711 crore as on October 31, 2008. This means that mutual funds witnessed net inflows in November and hence there were no net outflows.

The average assets under management (AAUM) is an ambiguous term which only indicates the average figure for the month based on sales proceeds from existing and new schemes and redemptions and repurchases of old schemes during the month. So, the AAUM numbers differ from the assets under management (AUM) at the end of the month. The fund houses prefers the AAUM as there are chances that AUM as on date could be decline because of redemption of interval or short terms funds.

The mutual funds, which witnessed a sharp declined in AUM of Rs 88,568 crore in October 2008 due to outflow of Rs 46,793 crore in income funds and value erosion of Rs 41,775 crore in equity related schemes, recorded inflows in November in liquid and money markets schemes. However, despite net inflow of 13,790 crore during the month, the AUM rose by Rs 10,401 crore largely due to value erosion in equity related schemes.

The mutual fund industry would like to forget financial year 2008-09 as its AUM in the past eight months has declined by a whopping Rs 189,898 crore from Rs 595,010 crore as on April 30, 2008 to Rs 405,112 crore as on November 30, 2008 mostly due to value erosions in equity related funds as outflows in income and gilt funds were around Rs 40,000 crore.

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Signals should be broken, especially by cabs with bombs

Monday, December 1st, 2008 December 1st, 2008 Joydeep Ghosh
Last Wednesday, I went to the Press Club located behind the Times of India building, which is quite usual. What was unusual was that I left it at exactly 10 p m; most days, I hang around till 11 or 12, sometimes later.

But on Wednesday, I was with Raghu Mohan (a scribe with Business World). And he has this unusual habit of leaving at exactly 10 often, even if the drink is half-finished.

As our regular cab driver sped towards Borivali, I received a message from a friend that brought the initial awareness. The message read…” Firing at 4 places in Mumbai. Pl don’t go out. Watch tv”. I was about to respond to him with a “safe and sound at SantaCruz” when there was a loud dull thud.

We could see was a lot of smoke in front of us, a burning tyre was rolling across the street and the fire was spreading with it. But there was no cab in front of us – it had just disappeared – maybe, into pieces. Phones had already started ringing. In-between taking calls, we made a few to friends and offices.

What has stayed etched in my mind is this incident: There was a Toyota Innova besides us and for reasons unknown to me, I told the driver (rather stupidly, perhaps) to put off the engine – some weird thought about electromagnetic waves. The driver just looked at me and rolled up the window.

Meanwhile, a large number of people had started running towards the taxi or whatever was left of it. We decided to walk to catch a train or auto or whatever. On our way, we saw a crumpled piece of metal on the roadside – it resembled a mudguard. Crowds had gathered in other places where either parts of the cab or its passengers had fallen.

We got an auto soon. When informed about the blast, the driver drove like a maniac – we almost had a few accidents and landed up a couple of kilometres away from our homes.

Finally, when I reached home, there were more calls and animated conversations about what happened or could have.

I went to town today (as Bombayites or Mumbaikars tend to call places beyond Dadar). I saw the dark patches and broken windows at the Taj and Oberoi. A few months back, I was at the Taj for the Business Standard Awards. Today, the building stood pleading helplessness.

I remembered Raghu’s call the morning after to inform that he is writing an article about our experience. He just happened to mention, “You know, that cabbie broke the signal while we stopped,”…

Joydeep

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