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.
His business successes which started with the international distribution rights for the Bollywood blockbuster movie 'Sangam' in 1964 made him one of the richest in Britain but it was the Bofors scam that made Srichand Parmanand Hinduja famous, or rather infamous, back home. SP Hinduja, as he was known, died in London on Wednesday after a prolonged illness. He was 87, a family spokesperson said. Born in a business family in Karachi, British India, he and his two younger brothers were accused of receiving payments totalling Rs 64 crore in illegal commissions to help Swedish gunmaker AB Bofors secure an Indian government contract.
Axis Bank's acquisition of Citibank's consumer finance business for Rs 12,325 crore - the second biggest deal in the Indian banking sector - is seen as a good deal at a good price. The acquisition enables Axis Bank to close the gap with competition in some key segments such as credit cards. At the same time, there are some key issues that are crucial for the deal's success, apart from the fact that it will take some time for Axis to reap the full harvest of its investment.
Balanced advantage funds have the potential to earn superior risk-adjusted returns for the investor and offer a smoother investment journey.
Mutual fund (MF) houses have started realigning their overseas product offerings after the Securities and Exchange Board of India (Sebi) advised them to stop subscriptions. PPFAS Asset Management has decided to suspend transactions in Parag Parikh Flexi Cap Fund with effect from February 2, 2022. Though new lump-sum and systematic investment plans (SIPs) will not be accepted, existing SIPs and systematic transfer plans (STPs) will continue.
Inflation data, both at domestic and global level, interest rate scenario in the US, geopolitical situation and general elections in 2024 are some of the major factors that would influence trading in the equity market this financial year, analysts said. Besides, foreign fund trading activity and global trends will also dictate terms in the equity market going ahead. Equity markets across the globe faced major challenges in FY23 due to concerns over high inflation, which resulted in increase in interest rates around the world, lowering investor sentiment, experts added.
Axis Bank on Wednesday said it has completed the acquisition of Citibank's retail business in India for a final cash consideration of Rs 11,603 crore. The sale excludes Citi's institutional client businesses in India. The third-largest private sector bank said the acquisition, announced first in March last year, will not necessitate any new capital requirements and stressed that the attrition numbers on customers are much better than expected.
The amount of money Indians invested in foreign securities, property, and deposits in 2022 was likely the highest on record. At $2.1 billion, it was the largest spend for any 12-month period according to the Reserve Bank of India's (RBI's) data going back over a decade. The amount spent for each individual segment was also the highest.
Private sector lender Axis Bank is close to acquiring Citigroup's retail banking business in India and a deal is likely to be announced soon, sources said on Wednesday. According to the sources, the deal, to be valued at $2.5 billion (about Rs 18,000 crore), will be subject to regulatory approvals. In April 2021, American banking major Citigroup announced its plan to exit from the consumer banking business in India as part of its global strategy. The business comprises credit cards, retail banking, home loans and wealth management.
A lot of mid and small-caps are in the bubble zone and command high valuation and have corrected sharply.
Lump sum investments in equity and hybrid schemes of mutual funds (MFs) declined to Rs 17,900 crore in October - the lowest since January 2021. The fall in lump sum investments comes even as flows through systematic investment plans (SIPs) rose to a new all-time high of Rs 13,000 crore in October. The latest lump sum tally is just a third of the peak inflow of Rs 49,700 crore in July 2021.
The bull run in the Indian equity markets is intact, said analysts at Morgan Stanley in a recent note. They expect the S&P BSE Sensex to hit 80,000 levels by December 2023 in their bull-case scenario, to which they have assigned a 30 per cent probability. From the current level, this translates into an upside of nearly 29 per cent.
In our mystery the watchdog agencies are silent, but it is the market that has barked and has not stopped barking. Till such time as it continues to do so, this headache will not go away, notes Aakar Patel.
'Then select those that are well-aligned with your risk-return profile and investment time horizon.'
So which sectors are likely to do well in 2022? Should you focus on domestic economy-related sectors or export-oriented ones?
Ambani is in good company. The likes of ultra-rich individuals like hedge fund billionaire Ray Dalio and co-founder of Google Sergey Brin have chosen Singapore to establish their family offices. So have British inventor James Dyson, famous for his bladeless fans and hair dryers and vacuum cleaners, and Zhang Yong, founder of China's Haidilao hotpot restaurant chain, reports Lee Kah Whye.
State Bank of India (SBI) on Tuesday announced the launch of its first "state-of-the-art" dedicated branch for start-ups in the country here, to facilitate and support them. The branch launched by SBI chairman Dinesh Khara is located in Koramangala, which alongside neighbouring HSR Layout and Indiranagar are the biggest start-up hubs in the city. "...overall we are in a position to provide end-to-end services to start-ups, with that in mind this particular start-up branch is the first start-up branch we are starting, from the capital city of start-ups- Bengaluru.
'The tigress drank, the photogs made their pictures, the Mela had a story of a lifetime.'
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
US bank Citigroup on Wednesday announced the sale of its Indian consumer banking businesses, including credit cards, retail banking, wealth management and consumer loans, to private lender Axis Bank for Rs 12,325 crore, as part of its plans to exit retail operations in 13 markets.
Gold prices are struggling and are down 18 per cent from their March highs. But stock prices have fallen even more. As a result, the precious metal has begun to outperform equities - both in the domestic market and international markets. Gold prices are up 2.6 per cent in the domestic market in the current calendar year (CY22) so far, according to the World Gold Council (WGC), compared to a 1.7 per cent decline in the Sensex year-to-date (YTD).
An audit conducted by professional services firm Alvarez and Marsal confirms fintech firm's dealings with fake or non-existent vendors.
Markets regulator Sebi on Monday imposed a penalty of Rs 25 crore on Yes Bank in the matter of misselling the lender's AT-1 bonds few years ago. Besides, the watchdog has imposed a fine of Rs 1 crore on Vivek Kanwar, who was the head of the private wealth management team, and Rs 50 lakh each on Ashish Nasa and Jasjit Singh Banga. The two individuals were part of the private wealth management team at the time of violation. They need to pay the penalty within 45 days, Sebi said in its order.
Investing in start-ups can be highly rewarding, but direct investing is not meant for everyone. For the majority of wealthy investors, taking the private-equity route could still be the better option.
You also avoid capital gains tax during redemption in case the gold price is higher, making them tax efficient.
UBS Wealth Management Americas, Bank of America's Merrill Lynch and Morgan Stanley all employ several retired Olympic athletes.
'We are most bullish on all aspects of the financial sector -- private sector banks, even one state-owned bank, insurance, mortgage finance, broking, wealth management, gold finance, etc.'
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
On an average, small-cap funds have generated annualised returns of 67.5% in the last two years. Large-cap funds and mid-cap funds have given average annualised returns of 41.3% and 53.4% respectively.
The size of the Indian financial services market could touch around $340 billion in the next few years.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
Tax benefit on WFH expenses, regulatory clarity on cryptos figure high on their wish list.
American banking major Citibank on Thursday announced that it will exit from the consumer banking business in India as part of a global strategy. The business comprises credit cards, retail banking, home loans and wealth management.
Illustration: Uttam Ghosh/Rediff.com After a brief respite at the year's start, FPIs have dumped shares worth more than $5.7 billion (Rs 42,596 crore), taking the cumulative net outflows since October to $10.5 billion (Rs 78,466 crore), and adding to the volatility on the bourses. The figure would have been a lot worse had it not been for net purchases to the tune of $5.7 billion in the primary market from October to date.
The government is expected to defer the mega initial public offering (IPO) of LIC to the next financial year as the ongoing Russia-Ukraine war has dampened fund managers' interest in the public issue, market experts said on Sunday. The government was looking to sell 5 per cent stake in Life Insurance Corporation (LIC) this month, which could have fetched over Rs 60,000 crore to the exchequer. The IPO would have helped meet the curtailed divestment target of Rs 78,000 crore this fiscal.
Despite the large economic impact of the Covid-19 pandemic, the markets have recovered sharply even though the performance among individual stocks has been quite polarised.
Tech Mahindra was the top loser in the Sensex pack, shedding over 3 per cent, followed by NTPC, IndusInd Bank, Kotak Bank and Reliance Industries. NSE Nifty fell 185.60 points to 17,671.65.
'India has entered an economic super-cycle driven by a housing cycle turnaround.'
Paytm CEO Vijay Shekhar Sharma said on Wednesday that the company's share market performance has been in line with that of global peers in the sector over the past six months due to macroeconomic factors. "Macro factors like quantitative easing, free money due to US monetary policy and other parameters led to a spook in the market in terms of pricing the IPO. "Paytm's shares have received a similar response to that of global peers in the last six months...But that is not a complete reasoning.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
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