Morgan Stanley removed banking stocks from its model portfolio when it slashed its weighting on the sector by 500 basis points. Several foreign brokerages, such as UBS, JP Morgan, and Credit Suisse, of late, have also become less optimistic about banking stocks.
L&T Housing Finance on Thursday announced selling L&T Investment Management (LTIM) to HSBC Asset Management (India) at $425 million. LTIM is the investment manager of the mutual fund business of L&T. The divestment of the mutual fund business is in line with the strategic objective of L&T Finance Holdings of unlocking value from its subsidiaries to strengthen its balance sheet, it stated in a press release. The data from the Association of Mutual Funds in India (Amfi) shows L&T Mutual Fund (MF) has average assets under management (AAUM) worth Rs 78,273.80 crore, while HSBC MF has AAUM of Rs 11,314.32 crore as in the July-September quarter.
The stars kept their promise of an action-packed week giving the Sensex the much-needed boost.
Foreign institutional investors (FIIs) have raised stake in billionaire Mukesh Ambani-led Reliance Industries to a record 25.2 per cent in the quarter ended September 30, according to the company's regulatory filing. Reliance Industries (RIL) on Thursday filed a statement showing the shareholding pattern for the quarter ended September 30.
Financial power-house JP Morgan's Rs 175 crore (Rs 1.75 billion) investment in its Indian arm was among the 44 foreign direct investment proposals worth Rs 222.19 crore (Rs 2.22 billion) cleared by the government on Tuesday.\n\n\n\n
Five months before the put option window closes, JP Morgan has come out with a report stating that Essar's stake in Vodafone Essar is around $2 billion, which is far less than what the shareholder agreement between the two companies in 2007 envisaged.
Logistics services provider Delhivery is likely to launch its downsized initial public offering (IPO) this week, said people in the know. The Softbank-backed firm may trim its issue size from Rs 7,460 crore to Rs 5,500 crore to align with the volatile market conditions, sources said. Sources added the fresh issue component of the IPO could be reduced to Rs 4,500 crore and the OFS component to Rs 1,000 crore.
Conventional wisdom is that when the US sneezes, emerging markets like India catch a cold. And yet the Indian stock market went up last year, points out Debashish Basu.
The Apple iPhone comprises 44 per cent of the global smartphone market's revenues and it is the second most-such device to be shipped after Samsung. More than half of smartphones used in the US are iPhones. More than 7 million iPhones are expected to be sold in India in 2022, extending the user base to 20 million, according to market research and analyst firm Techarc. Hence, the news about Apple scaling down its production target for iPhone 14 in India has made news.
JP Morgan Chase is planning to slash nearly 21 per cent of workforce and lay off 4,000 employees by January at Washington Mutual, which was acquired by the investment banking major in September.
The New-York based Goldman Sachs, one of the world's oldest and largest investment banking firms, plans to enter the buoyant mutual fund business in India.
Expect heightened volatility and stress to hit the markets. Caution may be the need of the hour, alerts Akash Prakash.
Sajjid Chenoy, India economist at JP Morgan is the new part-time member.
The government has appointed 10 merchant bankers including Goldman Sachs (India) Securities, Citigroup Global Markets India, and Nomura Financial Advisory and Securities India to manage the mega initial public offering of country's largest insurer LIC. Other selected bankers include SBI Capital Market, JM Financial, Axis Capital, BofA Securities, JP Morgan India, ICICI Securities, and Kotak Mahindra Capital Co Ltd, a circular on the divestment department website said. "Government has finalised the book running lead managers and some other advisors for the IPO of LIC," DIPAM Secretary Tuhin Kanta Pandey tweeted. The divestment department had invited applications for the appointment of merchant bankers on July 15.
There is lot of potential in chip designing and solar energy going forward
At least four foreign fund biggies would soon enter the Indian mutual fund industry, a sign that re-affirms overseas interest in the country's stock markets though indices continue to sway.
Online auto classified platform CarTrade Tech on Tuesday said it fixed a price band of Rs 1,585-1,618 a share for its nearly Rs 2,999-crore initial public offer. The initial public offering (IPO) will open for subscription on August 9 and conclude on August 11. The bidding for anchor investors will open on August 6, the company announced. The initial share-sale will be entirely an offer for sale (OFS) of 18,532,216 equity shares.
Nikunj Saraf, Vice President Choice Wealth, answers your queries.
International oil prices jumped to the highest level since 2014, topping $87 a barrel but domestic petrol and diesel prices remained unchanged for the 74th day in a row - a freeze that may be linked to ensuing assembly elections in states like Uttar Pradesh and Punjab. Brent - the key global oil benchmark - soared to $87.7 per barrel mostly due to rising geopolitical tensions and supply-side disturbances due to Yemen's Houthi group's attack on oil facilities in the United Arab Emirates. Also, global inventories are waning. The attack, some analysts believe, may lead to more hostile behaviour between the two power centres in the Middle East - Iran and Saudi Arabia.
'That is the one headline the world is reading about India this week, and it is a potentially damaging story...' 'I don't think a panic mentality has set in, but this story is one that investors and market watchers are absolutely seized with.'
Sebi has allowed mutual fund schemes the option of 'side-pocketing' which move will help both fund houses and investors.
Three business houses are likely to be in the final race to strike a deal with Germany's Metro AG for investing in its India unit -- Metro Cash & Carry. Industry sources in the know named Reliance, Adani Group, and Thailand's conglomerate Charoen Pokphand (CP) as potential frontrunners to acquire a partial or full stake in the Gurugram-headquartered Metro Cash & Carry, which has 31 stores and 5,000 direct employees. Around 20 companies, including strategic and private equity investors, were approached by the German chain, inviting them to bid for the Indian wholesale business, according to a source aware of the M&A developments.
Petrol and diesel prices, which have been on a freeze for the past four months in view of assembly elections in states like Uttar Pradesh, need to be increased by over Rs 12 per litre by March 16 for fuel retailers to break even. International crude oil prices shot above $120 a barrel for the first time in nine years on Thursday before retreating a little to $111 on Friday, but the gulf between cost and retail rates has only widened. With international oil prices - on which domestic fuel retails are directly benchmarked - spiking in the last two months, state-owned fuel retailers "need a massive price hike of Rs 12.1 per litre on or before March 16, 2022, just to breakeven and a price hike of Rs 15.1 is required" after including margins for oil firms, ICICI Securities said in a report.
Google has emerged as top choice in the Top 100 Ideal Employer Rankings in a survey conducted among Indian management and engineering students.
Crisis-hit SpiceJet hopedul of a turnaround.
Cognizant's consulting practice today has 5,500 consultants, perhaps one of the highest numbers when compared to Indian IT players.
Visa-related restrictions and costs to affect profitability of all major offshore-centric IT firms.
As stringent sanctions imposed by the European Union and US are crippling business and trade, desperate Russian oil companies are offering huge discounts to India, provided a payment mechanism to bypass the SWIFT ban is quickly approved by the government. According to sources familiar with the development, Russian oil firms are offering 25-27 per cent discount to the dated Brent crude prices. State-run Rosneft is one the biggest oil companies that supply crude to India.
The company has tried for a long while to maintain its prices and margins, even if it had hit growth. This seems to be changing. In a recent analysts meet, many noted the management had finally turned aggressive on pricing to drive volume growth.
Manchester United's David Gill will step down in June after a decade as chief executive of the English Premier League football club, United said on Wednesday.
Rating agency Icra has revised down its GDP growth estimate to 5.7 per cent, citing absence of concrete improvements in the investment sentiment, weaker monsoon and a likely rise in inflation, which limit RBI's room to spur the growth by cutting rates.
2022 is shaping up as the year brimming with job opportunities for people who possess relevant skillsets. Therefore, it is crucial for fresh graduates and young professionals to enroll in relevant certification courses to add more feathers to their introductory portfolio
Reliance Industries Ltd, the nation's most valuable company, on Thursday said it has raised $4 billion (around Rs 30,000 crore) in debt through the largest ever foreign currency bond issuance by an Indian entity. The oil-to-telecom conglomerate plans to use the proceeds of the three tranche issues to retire existing borrowings. The issue was "nearly 3 times oversubscribed with a peak order book aggregating around $11.5 billion," the company said in a statement. This is the largest ever foreign currency bond transaction in India, eclipsing ONGC Videsh Ltd's $2.2 billion US dollar bonds issue of 2014.
With their home markets in turmoil, large global investors such as Blackstone, Carlyle, Morgan Stanley, JP Morgan and the Government of Singapore Investment Corporation are actively scouting for and signing deals in the Indian property sector.
Corruption and inflation were major concerns among Indian investors, according to a survey done by ValueNotes on behalf of JP Morgan Asset Management in December.
While Tech Mahindra's Gurnani earned Rs 146 crore in 2017-18, his actual gross salary component was Rs 2.77 crore. Wipro's Neemuchwala, on the other hand, took home Rs 18.23 crore
United States President Barack Obama's estimated assets for the last year are valued at $8 million (Rs 43.3 crore), his latest annual financial disclosure forms show and he has up to $1 million (Rs 5.4 crore) in the JP Morgan Chase, the bank which is under the Federal Bureau of Investigation scanner.
Foreign institutional investors have offloaded shares worth nearly Rs 3,000 crore (Rs 30 billion) in 23 Indian companies, such as mortgage lender HDFC and Bombay Dyeing, among others, so far in 2011.
Meet stereotype-busters in their own right,who share their experiences about glass-ceiling in India.
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