The charges of aiding tax fraud, to which Credit Suisse has admitted, are serious and reflect the deep malaise that afflicts the Swiss banking system.
HCL Tech led the Sensex gainers' chart, spurting 3.58 per cent, followed by UltraCement, Nestle India, Tata Steel, Kotak Bank, ICICI Bank, Bharti Airtel and HDFC twins. In contrast, ITC, Maruti, NTPC, Asian Paints and Sun Pharma were among the main laggards, shedding up to 1.51 per cent.
Such businesses outperform non-family firms by 3% in first six months of CY20, says Credit Suisse report.
Standard Chartered's India strategy will focus on wealth management while credit card will remain core to its business though will avoid competition with the country's private banks, said a senior executive of the British lender. "Our focus on wealth management and affluent clients are central to our existence. "We are strong in these areas and we want to grow in these areas.
The sharp correction in the Indian markets from their peak levels has made valuations attractive, say analysts, who advise buying selectively, but only from a long-term perspective. Fifty-six of the Nifty 100 stocks, according to Mahesh Nandurkar, managing director at Jefferies, now trade below the 10-year historical averages, including stocks in financial, select auto, and pharma sectors. "Valuation (one-year forward consensus price-to-earnings, PE) has declined 25 per cent from October 2021 peak, almost matching the 33 per cent price-earnings contraction during the 2011 tightening cycle when repo rates went up by 375 basis points (bps) versus 250 bps this cycle.
India's wealth grew by $451 billion, the eighth largest wealth gain globally.
More than 90 per cent of India's population belongs to the base tier (less than $10,000, or about Rs 730,000) when it comes to the distribution of wealth.
The broader economy risks a potential flight of foreign portfolio capital, therefore pressure on the rupee and more bad news on the stock market, warns T N Ninan.
'Silicon Valley people are generally used to layoffs.' 'Every person who has been in the industry for 15-20 years would have been laid off at least 3-4 times.' 'In India, we aren't used to that concept.' 'So when it came here, people were shocked.'
Let's take a look at per capita income in India and around the world.
Billionaire Mukesh Ambani's Reliance Industries has started a limited test use of WhatsApp to connect customers to grocery stores, days after Facebook decided to invest USD 5.7 billion in digital assets controlled by the company. JioMart, an e-commerce venture of Reliance Retail, "has already started interacting with customers on WhatsApp for grocery orders" in Navi Mumbai, Thane and Kalyan, Credit Suisse said in a report.
Switzerland-based bank Credit Suisse said on Tuesday it expects the Bombay Stock Exchange's 30-stock barometer Sensex to touch the 22,000 mark in 12 months.
These unicorns, or startups valued at over USD 1 billion, are across industries, beyond technology and tech-enabled sectors as well, like pharmaceuticals, and consumer goods, Credit Suisse India equity strategist Neelkanth Mishra told reporters in Mumbai.
The Reserve Bank of India has sought views of the Union ministry of finance in giving permission for a 'Credit Suisse' Swiss Bank to open its first Indian branch in Mumbai.
In spite of Mukesh Ambani, Gautam Adani, the Poonawallas and many other Indians seeing a jump in their net worth in the pandemic-hit 2020, overall wealth of the country's super-rich dipped 4.4 per cent to $12.83 trillion in the year due to the rupee's fall, and so did their tally, says a report. The number of dollar millionaires in India fell from 7,64,000 in 2019 to 6,98,000 solely because of the rupee's fall, while their cumulative wealth stood at $12.833 trillion, down $594 billion or 4.4 per cent from the previous year, according to the report by Credit Suisse Research Institute. The country is home to just 1 per cent of the global rich, whose number rose by 5.2 million to 56.1 million in the COVID-hit year. However, the report expects the number of millionaires in India to soar 81.8 per cent to 1.3 million by 2025.
While analysts remains overweight on financials, property, discretionary, industrials and materials, they maintain a neutral stance on pharma, telecom and energy; and underweight on staples, utilities, and IT services.
The study, conducted by global financial services major Credit Suisse, found that 67 per cent of all listed companies in India were family-controlled entities.
Let's take a look at GDP growth around the world, including India.
At present, the country has 182,000 millionaires, Credit Suisse Research Institute said in its fourth Annual Global Wealth Report 2013 released in Mumbai on Wednesday.
'There is no need for suspicion regarding the US-India civil nuclear agreement,' US Ambassador David C Mulford tells the Rediff Chat.
If the latest strategy reports of some leading foreign institutional investors (FIIs) are anything to go by, then the outlook for the Indian equity market appears bleak. This is, despite section of experts pitching for the current attractive valuations.
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.
According to the Credit Suisse Global Wealth report, India has 1,800 ultra high net worth individuals -- 11th largest group globally, while the United States tops the chart with 62,800 UHNW adults (equivalent to 49 per cent of the global total).
UBS, Credit Suisse see emerging markets doing well next year, but expect India to underperform, given its rich valuations.
The demand for gold is expected to take a hit if the price of the yellow metal - which has been hovering around Rs 60,000, a level never seen before - remains elevated. Due to a sharp increase in price in a very short time and the flow of smuggled gold continuing, gold price in Mumbai is quoted at around Rs 59,000 per 10 gram. Typically, overall demand in the January-March and July-September quarters is moderate-to-dull, which is the case in the ongoing period.
Global investors appear to be 'most optimistic' on Indian market after domestic companies showed consistent long term improvement in profits since 1988, according to a survey by global merchant banking major Credit Suisse First Boston.
The report also compares the entertainment and media market of India with China. It clearly states that the industry in India has grown because of a benign regulatory environment.
Advertising growth in emerging markets such as China remained robust this year and would help offset any slowdown in developed countries, according to Miles Young, who takes over as chief executive of the Ogilvy Group in January.
According to a Credit Suisse report, Indian GDP at the current price level of the rupee (Rs 40.76 per $) stands at $1trillion. The strengthening rupee has now made India the 12th country to achieve this milestone.
According to a Credit Suisse report, the steep Sensex fall has validated two fears: (1) The Indian market is linked to global developments; and (2) Foreign flows are the biggest drivers of the market.
According to the Credit Suisse Global Wealth Report published for the first time, the total wealth of India has trebled in a decade to $3.5 trillion. By 2015, the country's wealth could nearly double to $6.4 trillion.
We wish to build a leading investment banking set up in India.
Say their aggregate borrowings were "well within the norms"
India is set to surpass China as the fastest-growing economy in Asia next year on the back of increasing consumer demand and public investment in infrastructure, global research firm Credit Suisse has said.
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.
What matters is the culture and the atmosphere of the workplace, and whether employees get treated fairly. 'It is also important for the employee to feel s/he is part of a winning team,' Credit Suisse's Mickey Doshi tells Niraj Bhatt.
The government will announce the FY13 GDP numbers on May 30, where it expects the readings to be around 5.2 per cent.
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