New York-based OrbiMed Advisors plans to launch its second pan-Asia healthcare fund towards the end of 2013, setting aside $500 million to invest in the fast-growing markets of India, China and other Asian countries. The OrbiMed Asia Partners II fund could invest up to 65% of its funds in India, OrbiMeds founder and managing partner Samuel Isaly said. The new fund would be more than double the size of its $188-million Asia fund launched in 2008. Were looking to make approximately 10 to 12 transactions, Isaly said. We are running out of money in the existing fund. Private equity funds quadrupled their investment in Indias primary healthcare in 2012, betting on the countrys rising consumer spending and massive requirement for quality primary healthcare, a market which is estimated at about $30 billion. Goldman Sachs Group, Warburg Pincus, Sequoia Capital, the Government of Singapore Investment and others have already pumped $520 million into Indias basic healthcare industry.
BSE to suspend trading in securities of 26 firms
Trading in securities of 26 companies will be suspended effective from March 21 for non-compliances of various clauses of listing agreement, BSE said in an e-mailed statement. The companies include Asian Films Production & Distribution, Blue Bird (India), BMB Music & Magnetics, Chemcel Bio-Tech, Coral Hub, Essen Supplements India, Exelon Infrastructure, Futura Polyesters, Indtradeco, Indiaco Ventures, Integra Switchgear, among others.
Morgan Stanley, Nomura upgrade Bharti Airtel
Morgan Stanley raised its rating on Indias Bharti Airtel to overweight from equalweight, citing positive factors for the sector such as rising tariffs and data volumes, falling capital spending and eased competitive intensity. Morgan Stanley said the failure of the recent 900 MHz auction also lowered regulatory risk for Indias mobile sector, and upgraded Idea Cellular as part of the same report dated Wednesday. Nomura also raised its rating on Bharti, but to neutral from reduce, citing a recent share price drop. Nomura said it remained relatively cautious on the sector given high valuations, regulatory drama, and a low degree of confidence in earnings.