Global banking major Citigroup has stuck the biggest property deal in recent years in the country by paying a hefty Rs 985 crore (Rs 9.85 billion) for six floors in the upcoming First International Financial Centre (FIFC) Tower at the coveted Bandra-Kurla Complex, to house its country headquarters.
Another media report stated that the controversial change, known as cramdown, would let courts wipe out some mortgage debts. The report said that the Mortgage Bankers Association was evaluating Citigroup's announcement, but added its opposition to the cramdown legislation had not softened.
The North-West is expected to be hit the most.
A strong investment recovery is essential for India to sustain high GDP growth rates in the medium term
The list of contenders for this job include Vikram S Pandit, currently Citigroup's investment banking head and a former Morgan Stanley investment banker, and Shaukat Aziz, formerly the bank's global private banking business head and most recently the prime minister of Pakistan, according to various media reports.
India, a leading global player in the home textile space, is poised to strengthen its position with an over three fold jump expected in exports by 2010, global financial services major Citigroup said.
The race for Citigroup Global Services, the business process outsourcing arm of Citigroup is hotting up with the entry of the BPO firm WNS and consultancy firm Accenture.
According to the global financial services major, following two years of sub 5 per cent growth, India's GDP is expected to be around 5.6 per cent in 2014-15 and around 6.5 per cent in 2015-16.
Citigroup, apart from grappling with the write-offs and losses in its consumer banking business in the US, will also have to get its act right in other markets as well, particularly, India and Mexico.
The US regulators on Wednesday fined Citigroup, American Express, J.P. Morgan Chase & Co and Putnam Investments a combined $81.25 million for failing to provide customers with necessary information about mutual funds.
The job cuts will begin this quarter and be completed 'over the next few quarters' across a range of businesses, Pandit said at a Goldman Sachs Financial Services conference in New York.
Bharat Petroleum Company Ltd has entered into a swap transaction worth Rs 100 crore (Rs 1 billion), making it the first interest rate derivative deal among the public sector entities in India.
In recent months, several pharma multinational corporations (MNCs) are increasingly turning to Indian companies to expand market reach in the country's pharmaceuticals sector. Sanofi's partnerships with Dr Reddy's, Cipla, and Emcure, AstraZeneca and Mankind Pharma - teaming up for asthma medication distribution - are a few instances of this trend. This strategy allows MNCs to leverage established Indian networks and reach a wider audience. Indian companies also benefit from global brands and expertise, say analysts.
With inflation spreading to non-food items, the Reserve Bank is likely to further tighten its monetary stance in its forthcoming annual policy, which may jack up interest rates, Citigroup said.
The global universal banking concept doesn't work and the Citigroup colossus ought to be dismantled as quickly as possible. But the dismantling needs to be done by someone who believes that it's the right strategy for recovering shareholder value.
The largest component in computing CAD is trade deficit. India's trade deficit widened to $13.35 billion in October as exports contracted 5.04 per cent and gold imports surged
Inflation is estimated to be around 8 per cent in FY15 and is likely to decline further towards 6.5 per cent in FY16, Citigroup said.
Some top Indian information technology firms such as Tata Consultancy Services, Satyam Computer and Polaris could feel the heat if Citigroup decides to sell part of its business or look for partners to tide over its losses.Analysts feel TCS' revenue might have an impact as Citi has signed an assured revenue agreement of $2.5 billion (Rs 12,500 crore) for a period of over nine years.
The sale of the BPO business, run by Citigroup Global Services (formerly e-Serve), is expected to fetch around Rs 3,200 crore for the group. At this price, it will be the largest deal in the domestic BPO space.
Similarly, the wide-based 50-issue CNX Nifty of the NSE jumped 109.30 points, or 1.46 per cent, to end above 7,500-mark for the first time at 7,583.40.
Citigroup, the global financial giant, plans to cut almost 17,000 jobs worldwide in a bid to cut down its expenses by $1 billion.
The Bombay Stock Exchange's 30 share benchmark Sensex is trading 5.69 per cent lower so far this year.
Global financial services giant Citigroup Inc on Tuesday sold its 100 per cent subsidiary Citi Technology Services Ltd to Wipro for $127 million. CTS is an India-based captive provider of information technology services and solutions to Citi entities worldwide.
Food delivery platform Zomato has filed preliminary papers with capital market regulator Securities and Exchange Board of India (Sebi) to raise Rs 8,250 crore through an initial share-sale.
These investments from strategic international partners would provide Indian commodity markets and MCX access to global know how and technology making them more efficient, competitive and transparent institutions globally.
As many as six merchant bankers are vying to handle and manage the sale of the government's 29.53 per cent residual stake in Hindustan Zinc Ltd (HZL), according to an official notice. ICICI Securities, SBI Capital Markets, HDFC Bank, IIFL Securities, Axis Capital and Citigroup Global Markets will make their presentations via video conferencing before the government officials on Friday, highlighting their plans in managing the offer for sale. The bankers to manage the sale process would be finalised after the presentation and opening of financial bids on August 12, as per the notice.
Against an offer of 4.55 crore shares of Adani Enterprises Ltd, only 4.7 lakh were subscribed, according to information available from the BSE. Adani Enterprises fell almost 20 per cent to below the offer price of its secondary sale as all the seven listed companies of the conglomerate took a beating in the aftermath of Hindenberg Reserach alleged that the group was "engaged in a brazen stock manipulation and accounting fraud scheme over the course of decades".
In the morning, school students in uniform were seen going to their institutions, many accompanied by guardians, the Daily Star reported.
Maintaining its growth forecast for the Indian economy at 7.6 per cent for 2011-12, financial services major Citigroup on Monday said higher farm output is expected to offset sluggishness in the industrial sector.
Financial services firm Citi has retained the projection for India's economic growth in next fiscal at 8.4 per cent, saying there is less challenging atmosphere to various aspects of the economy, including outsourcing.
Foreign institutional investors were the major sellers on the Indian bourses in the last six months, accounting for total outflows of Rs 62,000 crore (Rs 620 billion).
Foreign fund house Citigroup Global Markets Mauritius on Tuesday bought 0.97 per cent stake in Tata Motors for Rs 350.13 crore (Rs 3.50 billion) through open market transaction -- as part of the 5.34 per cent residual stake that Dailmer sold in the country's largest automaker.
The government will launch the mega public offer of LIC by March and file draft papers with market regulator Sebi by the end of this month, an official said. Finance Minister Nirmala Sitharaman had last week reviewed the progress of the initial public offering (IPO) of Life Insurance Corporation (LIC) in a meeting with top officials of the ministry. The official said the September 2021 quarter financials of LIC are getting finalised as well as fund bifurcation is in progress.
Sixteen merchant banks are in the fray to act as book running lead managers (BRLM) for the initial public offering of Life Insurance Corporation of India (LIC). These merchant banks will have to make a presentation before the Department of Investment and Public Asset Management (DIPAM) on August 24-25. The shortlisted banks are BNP Paribas, Citigroup Global Markets India, BofA Securities, Goldman Sachs (India) Securities, HSBC Securities and Capital Markets(India), J.P. Morgan India, Nomura Financial Advisory and Securities (India), Axis Capital, DAM Capital Advisors, HDFC Bank, ICICI Securities, IIFL Securities, JM Financial, Kotak Mahindra Capital, SBI Capital Market, and Yes Securities India.
Investment bankers handling the IPO had said marquee global investors made big-ticket applications.
Talking to reporters after placing a wreath at the grave of former president and BNP founder Zia-ur Rahman in the city, Fakhrul said India is seemingly not keeping its commitment towards democracy by providing shelter to her.
