Mr Market is always right, says Nimesh Kampani
The country’s stock market capitalization has grown from a paltry ₹5,000 crore in the 1980s to around $2 trillion todayThere is a lot to learn from the markets because “Mr Market is always right
MUMBAI : India’s investment banking industry has matured a lot since 1971 when Nimesh Kampani, one of India’s top investment bankers, began his career and managed the initial share sale of Andhra Steel Corp. Ltd, a company founded by the family of Lakshmi Mittal, who now controls the world’s largest steel maker.
“The size of public issues those days was less than one crore and there were no investment banks. Only brokers," said Kampani, chairman of JM Financial Group, on the first day of the Mint India Investment Summit 2019. Kampani was awarded the Mint India Investment Summit Hall of Fame award for his outstanding contribution to the investment banking industry in India.
The country’s stock market capitalization has grown from a paltry ₹5,000 crore in the 1980s to around $2 trillion today, said Kampani, who founded JM Financial.
“In 1980, we did the convertible bond market issuance for Tata Motors, then known as Telco. This opened up the capital markets. I am proud that we were one of the firms that helped create investment banking and capital markets in India," Kampani said.
There is a lot to learn from the markets because “Mr Market is always right. We can only follow the market," he said.
Over the years, JM Financial has been in the midst of various consolidation waves in industries such as cement and telecom in the 1990s and 2000s, he said.
Today, technology plays a vital role in the markets, said Kampani, adding technology will change the face of the domestic market in the coming years. The first edition of the Mint India Investment Summit held on 28 February and 1 March in Mumbai, also saw Mint celebrate the best deals that India witnessed in 2018 across private equity, M&A and venture capital.
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