Buzz: Rich desis buy 'poor man's Tesla' shares

ET’s weekly roundup of the wackiest whispers and murmurs in corporate corridors & policy parlours:Hello GoodbyeThis bulge-bracket US private equity firm has been a revolving door for a long time. Just when we thought stability was finally returning, with a new senior hire from a rival blue-blooded group, word is in that a McKinsey suit-turned-long-serving director has also put in his papers after spending 14 years with the firm, somewhat fed up with the sharp elbows in the office. Considering that the firm is on an investment blitz in the country, a steady ship is a must, one would have thought.Big DealWell, better late than never. After weeks, nay months, of negotiations, Tata boss N Chandrasekaran finally clinched the much-awaited BigBasket acquisition this weekend we hear, with a deal signing. Good timing, one could argue, considering the news from Europe was grim as Swedish group SSAB walked out of negotiations to buy Tata Steel’s Dutch business. The dreams of the super app just came a click closer.Quintessentially YoursA Wimbledon box seat is a piece of cake as is an hour-long appointment with Yohji Yamamoto or Nadège VanheeCybulski herself. You want Heston Blumenthal to cook dinner for you or better still get the Fat Duck crew to fly down to your villa and cook for a private dinner? Consider it done. No request is too complex or too expensive if you have the right luxury concierge service at your disposal. Rich desi billionaires too want to become members of this elite set to ensure the proverbial backstage pass for the trendiest dos and hippest happenings around the world. But the first family of India Inc doesn’t like to be part of any club. They would rather poach the best expat talent from one of these firms for their private service. Now we know who organised the long European sojourn last year! Cross ConnectionTelcos, tower companies and consumer associations are believed to have received subtle signals to downplay the impact of the farmers’ agitation on network infrastructure. Especially after the recent Republic Day protests, when agitating farmers stormed the Red Fort. “Sentiments appear to be veering against the protesters and their backers and nobody wants to rake up the matter anymore, around damage caused to towers or impact on mobile coverage as the entire issue has become a hot potato,” said a senior industry executive. This is one cross-connection that the sector seems to be trying to avoid.Alt TeslaSeveral wealthy Indians who missed out on the Tesla share rally are now accumulating this Chinese electric carmaker’s stock because of FOMO — fear of missing out. Many Indians didn’t dare to touch the Elon Musk company stock even a year ago, thinking it wasn’t worthwhile. But now, seeing the stellar rise in its shares, they are eager to buy into NIO. A leading broker said the stock was being touted as the ‘poor man’s Tesla’ in several Gujarat-based market chat groups. While one share of Tesla would cost about $800, NIO is just $59. Some of these enthusiastic investors have even used nationalist sentiment, arguing that Indians should own more shares in Chinese companies and control them.

from Economic Times https://ift.tt/3ajUm6a