Billionaire Gautam Adani's son Karan will helm the cement firms his group has acquired to become India's second largest cement player and extend his burgeoning empire that spans from ports and energy to airports and telecom.
Just like it happens in football, where everybody from around the world wants to play in European leagues, every cricketer would dream to play in the Big Bash, IPL and The Hundred, explains Abhishek Singh.
Officers across departments and ministries have been asked to speak to people across sectors for 'SWOT' analysis of issues for revival of the economy.
India's economy is unlikely to see double-digit growth and may grow between 8 per cent and 9 per cent this fiscal year (2021-22, or FY22), against the estimated 11.5 per cent, according to leading economists and rating agencies. The downward revision of growth projections to as low as 10 per cent is mostly on account of stringency in restrictions by states, relatively slow vaccination pace, and the possibility of a third wave of the pandemic. However, they say the impact will not be as severe as the first wave, and expect the first quarter to see positive growth.
According to Barclays Capital, the government's decision to lower the withholding tax on foreign borrowings could produce an additional $2 billion per year inflow in the medium term -- a material sum against annual balance of payments forecasts (around $15 billion deficit).
'Fitness and fielding are two things I want my team to improve'
In India, it is not easy to fight it out with the large banks which are nimble-footed and technology-savvy and are continuously innovating on the retail turf with newer products for customer acquisition.
Analysts at Barclays pitched for a 0.25 per cent cut to generate demand advising the central bank to throw caution to the wind.
There is much more that the government can do to track money hidden abroad.
Foreign banks were ahead in terms of technology, but that is no longer the case as Indian private banks steal the innovation march.
The budget has strong growth impulses and response of the economy is positive.
In a move to soften the blow of Lehman Brothers' bankruptcy in the Indian stock and asset markets, four banks are set to take over its structured products businesses in India.
Like the US, India too has a sub-prime market and it is booming. The success of early entrants like Citi Financial and GE Money has encouraged several others to enter the consumer lending business, nearly half of which is a sub-prime market.
Fitch Ratings has cut India's economic growth forecast to 8.7 per cent for the current fiscal but raised GDP growth projection for FY23 to 10 per cent, saying the second COVID-19 wave delayed rather than derail the economic recovery. In its APAC Sovereign Credit Overview, Fitch Ratings said India's 'BBB-/Negative' sovereign rating "balances a still-strong medium-term growth outlook and external resilience from solid foreign- reserve buffers, against high public debt, a weak financial sector and some lagging structural factors". The 'Negative' outlook, it said, reflects uncertainty over the debt trajectory following the sharp deterioration in India's public finances due to the pandemic shock.
Prime Minister Narendra Modi had announced a relief package of Rs 20 lakh crore or about 10 per cent or GDP last week. However, many of the measures unveiled have been in the form of moves like loan guarantees which do not entail an immediate fiscal cost.
India with its increasing number of millionaires is projected to be in the 8th position among the world's top 10 wealth centres by 2017, says a report by banking giant Barclays.The report further says that emerging markets like India, China and Russia are fast catching up with the rich countries in terms of their wealth.
Bankers pay a small price for their misdeeds, no matter how large the cost to their banks or to the economy at large, says TT Ram Mohan.
'We believe there will be a full shutdown for four weeks and a partial shutdown for eight weeks.' 'Hence, economic activity is unlikely to normalise before the end of May.'
India's widening current account deficit (CAD), driven by the massive spike in commodity prices led by crude oil, is set to put pressure on the fragile recovery, warns a brokerage report that has revised upwards its CAD forecast to $45 billion or 1.4 per cent of GDP by March. According to a report by British brokerage Barclays, the worries arise from the fact that the trade deficit has been jumping continuously since July. From an average monthly trade deficit of $12 billion till June, it has jumped to $16.8 billion in July-October, with September showing the highest-ever trade deficit on record at $22.6 billion, the report said.
'There is a long-term bull market that commodities will witness. This can take 2-3 years to start. There have been some large moves in foreign exchange. We have seen the pound depreciate by 25 per cent against dollar. We have seen the yen appreciate against the dollar. When the markets start stabilising, these trends will reverse. This will give good trading opportunity. But it is not clear whether any one should do anything yet,' says Robert Morrice, MD, Barclays Wealth.
Given the developments, analysts expect fiscal and monetary support from the government and RBI to revive sentiment. However, recovery, they say, from these levels will be slow and painful.
Fitch Ratings on Wednesday cut India's growth forecast to 10 per cent for the current fiscal, from 12.8 per cent estimated earlier, due to slowing recovery post second wave of COVID-19, and said rapid vaccination could support a sustainable revival in business and consumer confidence. In a report, the global rating agency said the challenges for banking sector posed by the coronavirus pandemic have increased due to a virulent second wave in the first quarter of the financial year ending March 2022 (FY22). "Fitch Ratings revised down India's real GDP for FY22 by 280bp to 10 per cent, underlining our belief that renewed restrictions have slowed recovery efforts and left banks with a moderately worse outlook for business and revenue generation in FY22," it said. Fitch believes that rapid vaccination could support a sustainable revival in business and consumer confidence; however, without it, economic recovery would remain vulnerable to further waves and lockdowns.
Earlier, the Reserve Bank of India was the approving authority.
One out of five high net-worth individuals plan to give away their entire wealth.
As with TCS, most companies put their money in mutual funds, corporate bonds and bank deposits, which are losing their appeal versus government bonds in terms of both returns and safety.
The ICC said Australia and India would host T20 World Cups in 2021 and 2022 but it was undecided who would host which.
Hinduja Group's business process management entity, Hinduja Global Solutions Limited (HGS) said on Wednesday that it has entered into definitive agreements to divest its Healthcare Services business to funds affiliated with Baring Private Equity Asia (BPEA), at an enterprise value of $1.2 bilion. The deal is subject to closing adjustments, and is expected to complete within 90 days, subject to shareholder and other regulatory approvals. "The cash that will come in as a result of this transaction will be deployed to growing the business as well as looking at buying some capabilities...where capabilities are important for being able to do a good job of customer experience transformation.
Foreign banks set the template in consumer banking in its infancy, but have almost vacated this booming space.
'It's the brazen corruption involving politicians that makes you sit up years after the event,' notes Nivedita Mookerji after reading B K Syngal's Telecom Man.
The government on Wednesday asked the Reserve Bank to maintain retail inflation at 4 per cent with a margin of 2 per cent on either side for another five-year period ending March 2026. To control the price rise, the government in 2016 gave a mandate to the RBI to keep the retail inflation at 4 per cent with a margin of 2 per cent on either side for a five-year period ending March 31, 2021.
Of the 1,145 offers made this year, consulting firms made up 34 per cent, followed by banking, financial services and insurance, pharma/healthcare, IT/ITeS and FMCG/retail.
Don't get carried away by the current rally; be picky and take a stock-specific approach.
It hopes to attract billions of dollars in investment by this move, and may ease some restrictions on foreign inflows.
TCS is expected to report a 5 per cent QoQ (USD) growth in revenues, highest in our coverage, while Wipro's IT Services revenue growth could be closer to 1.1 per cent QoQ (USD terms)."
While the remainder of the IPL has been shifted to the United Arab Emirates between September 15 to October 15, the BCCI doesn't want to let go the opportunity of hosting the T20 World Cup in October-November.
According to a media release sent by the ICC, Deputy Chairman Imran Khwaja will take over as interim chairman till the election process is set in motion.
Whereas the headline growth rate appears very respectable, India needs faster to growth to generate jobs.
Analysts cut upstream firms' FY15 earnings estimates, while raising those for GAIL and Gujarat Gas.
All Sensex components ended in the red. IndusInd Bank was the top loser, followed by Tata Steel, HDFC, ICICI Bank, Axis Bank, Infosys and ITC. According to traders, volatility heightened in global markets as US Federal Reserve's interest rate cut stoked concerns over an impending economic recession.
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