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Reserve Bank of India (RBI) Governor Shaktikanta Das had stumped the market in the previous two policies - in August and in October - first with action and then with words. In August, it was the introduction of an incremental cash reserve ratio (I-CRR) to take out excess liquidity, which took the markets by surprise. In October, there was no action. Rather, what is known as "open mouth operation", Das' comment that the central bank might conduct open market operations (OMOs) by selling bonds tempered the euphoria in the bond markets after JP Morgan's inclusion of India in its Emerging Market Bond Index.
There hasn't been any dramatic moment in the first act (the Budget) but nobody would complain. It's par for the course as long as the figures don't change in the main Budget, which will be presented after general elections.
J P Morgan Property Fund, which has mobilised over $300 million to focus on Indian real estate, is going to set up a residential project in Chennai, at an estimated cost of Rs 400 crore (Rs 4 billion).
In a dazzling resurgence, foreign investors have graced the Indian equity markets with an influx of nearly Rs 1.5 lakh crore in 2023, fuelled by optimism over the country's resilient economic fundamentals amid shadows of a gloomy global scenario. Experts believe that the positive trend may continue in 2024. This follows Indian equities witnessing the worst-ever net outflow of Rs 1.21 lakh crore by FPIs in 2022 on aggressive rate hikes by the central banks globally after net inflows for three consecutive years.
For the initial public offering (IPO) of the Life Insurance Corporation of India (LIC), the Centre has shortlisted 50-60 anchor investors, which include BlackRock, Sands Capital, Fidelity Investments, Standard Life, and JP Morgan, and will soon finalise its anchor book. The feedback from anchor investors has led to price discovery in LIC shares, valuing India's largest insurer at around Rs 7 trillion, said an official aware of the development. The "attractive valuation" is seen widening the investor base by providing an opportunity to more of them to participate in the IPO, the official added.
Infosys was the only large-cap IT player to report sequential constant currency (cc) revenue growth for the June quarter (1 per cent ), which was ahead of analyst expectations, but the company's sharp downward revision in its growth guidance took most brokerages by surprise. In line with the cut in its FY24 revenue guidance (cc) to 1-3.5 per cent, brokerages have unanimously reduced FY24 EPS estimates for the company in the range of 2-4 per cent, though the Street is likely fearing even further downside, they say. Global brokerages Macquarie and Nomura downgraded Infosys to underperform and reduce ratings, respectively, with the latter cutting the target price to Rs 1210 from Rs 1260.
Qatar's sovereign wealth fund is in early discussions to buy a minority stake in billionaire Mukesh Ambani's rapidly expanding retail unit for about $1 billion (Rs 8,200 crore), sources said. The Qatar Investment Authority is keen on tapping the fast-growing Indian market and has entered into a discussion to buy about 1 per cent stake in Reliance Retail Ventures, sources with knowledge of the matter said. Talks, sources said, are at a preliminary stage and being led by an executive director on the board of parent Reliance Industries Ltd.
The question is: Will the company have a strong balance sheet to support this massive investment plan?
'Data-dependence means you can raise or drop rates. The present stance is only for raising rates.'
Sashidhar Jagdishan, managing director and chief executive officer of HDFC Bank, the largest private-sector lender of the country, has just completed his first term. The period October 2020-October 2023 was a roller coaster, and the second one, which started on October 27, could be more interesting as the lender absorbs the impact of the merger of HDFC, which was integrated on July 1, and moves to the next growth phase. Soon after he took over the reins from Aditya Puri on October 27, 2020, the Reserve Bank of India (RBI) debarred HDFC Bank from enrolling new credit card customers and launching new products under the Digital 2.0 programme due to repeated outages on its mobile-banking and internet-banking platforms.
JP Morgan's decision last week to include Indian government bonds in its Government Bond Index-Emerging Markets (GBI-EM) index and the index suite from June 2024 may be a sort of blessing for India, as the move is estimated to result in an inflow of $25 billion of foreign portfolio investments into the country. The development comes at a time when the spread between the benchmark 10-year government of India bond and the 10-year US government bond has declined to its lowest level in more than 17 years. Low yield spreads make Indian bonds less attractive to foreign portfolio investors (FPIs).
The bank is facing a slew of government legal actions.
After a sharp correction over the last few months, analysts seem to be turning cautiously optimistic on the information technology (IT) sector and suggest there could be trading opportunities in select counters despite revenue and growth concerns that still plague the sector. "IT stocks valuations have corrected 17 per cent-49 per cent and stock prices have corrected 9 - 42 per cent since mid-December 2021. Nifty IT index valuation has corrected by 27 per cent and price by 21 per cent. "About two quarters ago, we made a case that valuation drivers have peaked.
Since its results for the first quarter of the 2023-24 financial year (Q1FY24) earlier this month, the stock of auto component major Bharat Forge is up nearly 15 per cent and hit its all-time high in the process. The recent gains have extended the returns over the last three months to over 34 per cent. After a strong Q1 performance which beat expectations, brokerages had revised their earnings estimates upwards to factor in the improved outlook.
Uday Kotak has resigned as the managing director and chief executive officer of Kotak Mahindra Bank, the bank said in a stock exchange filing on Saturday.
Apple's newest phone iPhone 14 will be made in India as the global tech titan bets big on the manufacturing prowess of the world's second-biggest smartphone market after China.
Five Indian-origin women executives have made it to Barron's prestigious annual '100 Most Influential Women in US Finance' list for achieving positions of prominence in the financial services industry and helping shape its future. Barron's is a sister publication of the Wall Street Journal, published by Dow Jones and Company. "The list honours established and emerging leaders in financial services, the corporate world, nonprofit organisations, and government," the magazine said in a press release.
Indian equity markets had a good run in the first half of calendar year 2023 (CY23), with the S&P BSE Sensex and the National Stock Exchange Nifty50 hitting fresh 52-week highs. While the Sensex scaled up to a peak 64,718, the Nifty50 hit Mt 19,189. As the markets now prepare to enter the second half (H2) of CY23, all eyes are on global central banks, especially the US Federal Reserve, as to when they will pause and pivot as regards their interest-rate cycle.
Foreign brokerages said if SBI decide to buy stake in the bank, they should buy it at Rs 1 per share as the net worth is hugely impaired.
The challenge for the RBI in 2024 is likely to be less about containing elevated inflation and more about curbing excessive financial market exuberance and a 'problem of plenty', notes Sajjid Chinoy, Chief India Economist JP Morgan.
'I think RBI has been phenomenally responsive to ensure there is ample liquidity in the system.'
Usain Bolt is running in a new direction, as the Jamaican sprinting champion became a co-owner of Irish esports organization WYLDE on Wednesday.
What would Parliament be without these nine ladies?
The Centre has garnered around Rs 2,500-3,000 crore in the first five weeks after it imposed a windfall tax on oil and gas companies for the export of fuel, Business Standard has learnt. It is likely that the government will continue with the one-time tax till the Indian crude basket is above $80 a barrel, sources said. The next review of the windfall tax on oil companies is early next week.
Shareholders of Tata Sons, the holding company and promoter of Tata group companies, have approved the reappointment of N Chandrasekaran as chairman for another five-year term despite its single largest shareholder the Shapoorji Pallonji family abstaining from voting, according to sources. In February this year, the Board of Tata Sons had approved the reappointment of Chandrasekaran as executive chairman for another five years till February 2027, subject to shareholders' approval. At the shareholders meeting held on Monday, the proposal for Chandrasekaran's reappointment for a second term needed more than 50 per cent of votes as it was an ordinary resolution.
Aided by the $57.8-billion merger of HDFC Bank and HDFC, India Inc reported its highest ever mergers and acquisitions in calendar 2022 at $171 billion as against deals worth $145 billion announced last year. The acquisition by the Adani group across cement, media and ports dominated the headlines with the conglomerate making its foray into the cement sector by buying Swiss materials firm Holcim's stake in Ambuja Cements for $6.5 billion. The Adani family's additional $4-billion open offer for Ambuja did not get a response because shareholders preferred to stay invested with the new owner.
European soccer's governing body UEFA on Monday said clubs and players joining the proposed breakaway Super League could be banned from all of its competitions and the World Cup as it condemned a "disgraceful and self-serving proposal".
Marylebone Cricket Club (MCC) has announced plans for a four million pounds refurbishment of the award-winning JP Morgan Media Centre at Lord's.
According to JP Morgan, it seems that Jio is willing to go for the jugular in chasing market share if this hurts some of its standing rivals like Vodafone and Idea to a point from where they find it difficult to fight back.
The broader economy risks a potential flight of foreign portfolio capital, therefore pressure on the rupee and more bad news on the stock market, warns T N Ninan.
Petrol and diesel price hikes are likely to resume after state elections get over next week to bridge the Rs 9 a litre gap created by international oil prices soaring past $100 a barrel. International crude oil prices shot above $110 a barrel for the first time since mid-2014 on fears that oil and gas supplies from energy giant Russia could be disrupted, either by the conflict in Ukraine or retaliatory western sanctions. The basket of crude oil India buys rose above $102 per barrel on March 1, the highest since August 2014, according to information from the Petroleum Planning and Analysis Cell (PPAC) of the oil ministry.
The manufacturing of iPhone 14 in India within weeks of the global launch demonstrates the maturity of Apple's manufacturing capabilities in the country, according to Moody's Investors Service. Increasing volumes of locally-manufactured iPhones will also accelerate Apple's expansion strategy in India, Raj Joshi, Senior Vice President, Corporate Finance Group, Moody's said. The Indian smartphone market's large size and strong growth prospects as the country unveils its 5G network "make it an attractive long-term market for Apple", according to a note by Moody's.
If reports that Apple Inc plans to triple its iPhone production in India come true, it is likely to help the country become a supply hub for the American company. There are some 190 Apple suppliers globally, but only 12 have manufacturing facilities in India now. Apple's strategy is to focus on India and a clutch of other countries as it diversifies its supply chain out of China.
India's benchmark share indices came off their day lows in late trades after the rupee trimmed losses.
In December 2020, as economists debated the shape the global economic recovery might take - Z, V, U, W or L - JP Morgan came up with the concept of the K-shaped curve. The investment bank used the shape of the letter K to illustrate the growing difference between large and small businesses in the United States. Since then, as the Covid-19 pandemic exacerbated the gap between the rich and poor, the term has gained a larger connotation to embody the characteristics of development across economies.
The institute has bagged 179 pre-placement offers so far, with the highest domestic offer at Rs 64 lakh per annum.
Paytm's pre-IPO investors, which include likes of Warren Buffet's Berkshire Hathway, SoftBank and Alibaba, do not seem to be in a hurry to exit India's leading digital payments brand as they continue to believe in its long-term prospect, analysts said. On Tuesday, 86 per cent of Paytm's shares became free to trade after the end of the lock-in period, allowing investors to sell shares that haven't yet been allowed onto the market. Market participants have been speculating on Paytm, post-expiry of lock-in for pre-IPO investors.
AirAsia is expanding its distribution network and increasing its offline travel partners.
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