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This article was posted on Mar 3, 2009 and is filed under Press Releases

Ex-Dawnay Day top team to set up co:
The former senior management of Dawnay Day AV Financial Services, led by MD and group CEO Arpit
Agarwal — who had quit a month ago, is now in the process of setting up an investment company. The venture is believed to be backed by a group of foreign investors.

The company, Aryss Knowledge, would primarily look at investing in distressed assets. While still at ‘work in progress’ stage, its first investment target is learnt to be in the education space. Other than Mr Agarwal, the team that had quit Dawnay Day included Surabhi Gupta, group treasury head; Sheshadri Bharathan, head of stock broking; Sajjan Desai, head of institutional stock broking & research and Yogesh Bajaj, head of wealth & investment advisory.

All these officials have been together for the past 8-10 years, moving from BNP Paribas to ICICI Bank to Dawnay Day. Incidentally, Mr Bharathan, who has been part of this group so far, is learnt to be setting up a separate venture.

New faces likely at Sebi
There are chances of a couple of new faces at the top management in Sebi. The tenure of two executive directors on the Sebi board will be coming to an end within the next couple of months. Both the officials have been serving their second term. Executive directors are appointed either on a contractual basis, or on deputation for a period of three years. It can give an extension to the
members if it so decides. Presently, there are five executive directors on the board, including Usha Narayanan, RK Nair, Manas Ray, PK Nagpal and J Ranganayakulu.

Bears back at Tata Steel
Bears regained control of the Tata Steel counter on Monday, hammering the stock to Rs 159.35, down 7.5%, over the previous close. The stock was the top gainer in the Sensex pack on Friday, after it reported consolidated numbers better than what most analysts were expecting.

But the initial euphoria seems to have vanished overnight, with analysts at leading broking houses retaining their bearish view on the stock. According to these analysts, weak demand and sagging prices are still a cause for concern.

Citigroup Global Markets has retained its ‘sell’ rating on the stock with a price target of Rs 125. Merrill Lynch has retained its ‘underperform’ rating with a price target of Rs 128, saying the worst is yet to come. The broking arm of Royal Bank of Scotland has rated the stock a sell, with a price target of Rs 115.

source: Economictimes

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