The investment banking major has hiked its FY'14 CAD forecast to 4.3 per cent of GDP from 3.8 per cent with slowing global recovery likely to delay export turnaround.
According to the financial services major, FY13 Sensex EPS has been downgraded from Rs 1,510 to Rs 1,175, and FY14 Sensex EPS is likely to be downgraded to below Rs 1,300.
Citibank on Wednesday joined the list of foreign banks that have exited retail banking business in India. Mumbai-based Axis Bank completed acquisition of Citigroup's consumer business for Rs 11,603 crore. Under the deal, Axis acquired consumer banking businesses of Citibank India, which includes credit cards, retail banking, wealth management and consumer loans.
According to BofA-ML, lead indicators still point to six months of pain and it is not until the March quarter that growth is expected to recover to 6.5 per cent levels.
Foreign brokerage Bank of America Merrill Lynch said they expect the headline inflation to rise to 3.3 per cent in May, but added that it is within the 2-6 per cent range which the government has set for the RBI.
ICICI Pru's IPO is being managed by 10 investment banks, including Bank of America Merrill Lynch and ICICI Securities
Reliance Industries is expected to report a 24 per cent drop in its net profit for the June 2012 quarter as compared to its profit in June 2011.
Analysts at foreign brokerage Bank of America Merrill Lynch said the RBI will cut rates by 0.25 per cent in December, and follow it up with a 0.15 per cent in February.
In the mid-quarter review on December 18, the Reserve Bank left key policy rates unchanged but said it will hike interest rates if inflation does not subside.
The proposal to increase public float, hike income tax surcharge, move to tax share buybacks and lack of stimulus to shore up economic growth has hurt investor sentiment.
Monsoon session of Parliament expected to be stormy and likelihood of GST Bill and Land Bill getting passed are slim
The net proceeds of the fund raising will be used to repurchase certain equity shares issued to Tata Motors and for general corporate purpose.
Irrespective of demonetisation and GST blues, IIM Lucknow has been able to successfully place their batch of 459 students.
Merrill Lynch jumps to first from 7th last year in a smaller market; says its focus is larger deals and clients.
RBI's previous monetary policy was announced on September 29.
Greece's financial crisis has intensified.
The US Fed will decide if it should raise interest rates from near-zero levels first time in a decade.
Axis Bank, HCL Technologies, Maruti Suzuki, NBCC and Union Bank are their top five stock picks.
Governor Raghuram Rajan's move to cut the MSF rate, at which banks borrow if they exceed their repo borrowing limits, by 0.50 per cent to 9 per cent should not be construed as a reversal in his policy stance and is more of a normalising measure, Citi said in a note.
Banks in India are expected to cut lending rates by up to 50 basis points by September as there is sufficient liquidity in the system.
Bank of America Merrill Lynch believes this would ease pressures on CAD as $10 a bbl fall in oil price reduces CAD by $8 billion or 0.4 per cent of GDP.
Eight investment banks including HSBC and India's ICICI Securities and SBI Capital have submitted bids to manage a 10-per cent stake divestment in state-owned Coal India.
The bank remains on high alert to intervene if markets freeze.
The rupee's stability in the last 12 to 18 months made corporates reduce hedging
After a delayed start, the monsoon is advancing steadily.
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The newly-appointed Governor Raghuram Rajan said on Wednesday Reserve Bank of India will offer a window to banks to swap the fresh FCNR-B dollar funds, mobilised for a minimum tenor of three years and over, at a fixed rate of 3.5 per cent per annum. According to Bank of America Merrill Lynch, "the move should fetch $8-10 billion", adding that the move would help in shifting rupee risks away from NRIs at a time of extreme volatility.
This was the fifth consecutive quarter when the Indian markets have seen positive flows from FIIs.
While Gupta, 60, can rightfully bask in the glory he has achieved for his bank in the subcontinent, his peers in foreign banks will have to revisit their India play, especially the local incorporation model, says Raghu Mohan.
Strong refining and petrochemical margins seen boosting consolidated net by up to 6%
Broking firm Jefferies says Indian financial system is now flooded with the kind of liquidity witnessed in 2005-07 and 2009-10
Growth remains weak, inflation is within 2-6% range, rate cut would help recoup forex reserves
Though Indian banks don't have large exposure to subprime mortgages, analysts are worried at the rise in their restructured loan portfolios and deterioration in credit quality.
The MPC headed by RBI Governor Shaktikanta Das will announce the resolution of the meeting at around noon on Thursday.
Rally restricted to big stocks; FIIs have hit investment caps in many large companies.
According to the foreign brokerage major, after two quarters of 'near-zero' growth aggregate headline profit for Sensex companies, it is expected to show a weak recovery.
While rate cuts may increase churn between banks, these may not boost credit offtake meaningfully.
Raghuram Rajan on February 2 left the key interest rate unchanged.
The hardening of the Wholesale Price Index follows an uptick in retail inflation.
The year 2015 is likely to see lower rates to support growth and the Reserve Bank is expected to cut key policy rates by 0.25 per cent in February's monetary policy review meet, says a Bank of America Merrill Lynch report.
Ma is also exploring strategic play in one of the largest media houses in India.
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