Dear Niveshaks,
As the Stock markets rallied in the later part of Samvat 2065 to kiss the 17000 mark on Sensex, the new financial year Samvat 2066 opened on a high note pushing both our benchmark indices BSE Sensex and NSE Nifty to 12 month highs. Hope this jubilation is a sign of things to come. With this hope and celebration in mind, we welcome you to Samvat 2066 and wish that we have a great year of Bull Run.
I still remember 6 months back, newspapers were full of negative economic and financial data from across the globe. Almost all the companies went into the negative income zone and had their shares trading at 12 months low. Countries were pushed to the recession and the brink of depression. Multinational Banks were writing off billions of dollars of bad debts quarter after quarter. We used to celebrate on even the slightest of any good news like any company coming out with positive quarterly earnings, but markets dint react much to such reports. Then we got reports on the whole of sectors recovering like positive IIP, then reports on recovery of whole of economies started to come. Most of these were intentionally created with forward statements to boost the morale of markets. Markets let some of these pass by and reacted heavily to others. We used to celebrate to all these.
But all of a sudden, today I feel that we are no longer searching for positive financial data on news sites. Market indices touching new highs every day has just become a part of the story. The same Banks and companies are making profits. M&A deals, which were either absent at that time or were forced by banks to help some companies survive, are returning with a bang. Have we matured or has this just been a part of life. We are now among reports that within the next two quarters, our financial markets will reach the levels that were prevalent just before the Sub Prime doom. We just hope that this current Bull Run prevails for at the least two more quarters’ so that we get the cheer & jubilation that once made the Wall Street and dalal street the most happening places of the world.
In the current edition we have a cover story on one of the most potent derivative instrument that was recently introduced in India- Currency Futures. Apart from this we have articles on Asset Management and allocation strategies, articles on the Bharti-MTN deal and the current state of Private Equity Industry of India. Hope this issue would prove to be an interesting read for you.

Stay Invested for the good times ahead.
Biswadeep Parida
(Editor-Niveshak)