Aided by the $57.8-billion merger of HDFC Bank and HDFC, India Inc reported its highest ever mergers and acquisitions in calendar 2022 at $171 billion as against deals worth $145 billion announced last year. The acquisition by the Adani group across cement, media and ports dominated the headlines with the conglomerate making its foray into the cement sector by buying Swiss materials firm Holcim's stake in Ambuja Cements for $6.5 billion. The Adani family's additional $4-billion open offer for Ambuja did not get a response because shareholders preferred to stay invested with the new owner.
Of the six-member rate-setting monetary policy committee, five members voted for a 25 bps cut while one by 40 bps, the RBI said.
Bankers said the outlook of M&As in India in 2024, especially in the second half after the Lok Sabha election, seems relatively better.
Other private banks also planning to employ bots soon
Private equity firm Carlyle Group and associates will acquire a controlling stake of over 50 per cent in PNB Housing Finance by investing in the Rs 4,000 crore preferential issue of equity and warrants of the Delhi-based mortgage lender. After the proposed transactions, expected to be completed by January 1, 2022, Carlyle will also have the right to nominate the chairperson of PNB Housing Finance (PNB HF). This right will continue as long as it holds at least 40 per cent of the share capital on a fully diluted basis.
Paytm, the country's leading fintech player which had to shut its payment bank business following regulatory action, is revisiting its business strategy including partnership with lenders. Also, the company's founder and chief executive officer (CEO) Vijay Shekhar Sharma has decided to oversee the day-to-day operations with all the major verticals reporting directly to him now. "The thing on top of everyone's agenda is getting the core businesses back on track," a person in the know said.
The Reserve Bank may announce cut in policy rates up to 50 basis points soon as inflation has been on way downward for past three successive weeks, bankers said.
Describing RBI policy as not surprising, State Bank of India Managing Director and Chief Financial Officer Diwakar Gupta said there is room for the central bank to look at the long-term and not too much on the short-term issues like rupee fall and the CAD.
Vijaya Bank assured employees that the service conditions 'will remain unaffected and staff benefits retained'
As a step to protect its interest as a lender, SBI will look at the financial stability and corporate governance practices in companies where it has exposure.
ICICI Bank, HDFC Bank, Infosys, SBI and L&T among fund managers' preferred bets.
Puri pointed out that government's work on agricultural constituents like functioning of the APMCs, irrigation and direct benefit transfers will help the supply side
Banking services across the country were hit on Wednesday by the day-long strike by 10 central trade unions and 14 bank unions, but workers of largest lender SBI and a few other banks stayed off the agitation.
HDFC on Thursday offered home loans to women borrowers at 9.85 per cent.
But what do banks gain by opening their apps for all? The answer -- rival bank's customers under their fold.
Corporate India is busy restructuring - through mergers, demergers and splits. That seems to be the new normal as CXOs and boards brainstorm on how to create assets and value. The pitch rose significantly during the third quarter of this financial year (FY24), translating into $32.9-billion worth of such deals - the highest quarterly total since the HDFC Bank-HDFC merger announced in FY22 Q2.
India's top private banks might soon exit from the gold coin business.
Some are innovators, some have inherited their family business and some are at the helm of big corporate houses. They are all successful in their own stride. Can you identify these business leaders? Take this quiz to find out
'Opportunity is there in each segment of the market. There is opportunity in affordable and specifically governed by government initiatives as well as for housing for all.'
India's second-largest passenger vehicles firm will be valued at Rs 1.59 trillion at the top-end of the price band of Rs 1,865-Rs 1,960.
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.
If customers did not see value in what we provide them at the price point at which we provide these, they would not have been there with us in such a competitive market, says HDFC deputy managing director Paresh Sukthankar.
Public sector Punjab National Bank on Friday said it had no plans to raise the rate of interest on home loans, after two leading private sector banks hiked interest rates by 0.5 per cent across the board.
'The impact of CEO transition is fairly even for stocks, with about half (53 per cent) of the events not producing any change in the relative performance of the stock.'
The Indian rupee, which has depreciated 1.1 per cent so far in August, is expected to decline further on the back of a strengthening US dollar and a weakening Chinese yuan, according to a Business Standard poll of analysts. The Indian rupee hit an all-time low recently, closing at 83.15 per dollar. Five of the 10 respondents said the Indian currency might touch 83.5 per dollar in August itself, while others said the worst could be over.
Dr Nagesh Kumar, one of the three new MPC members, wanted the MPC to reduce the repo rate by 25 basis points to 6.25%.
Among Sensex components, shares of Reliance Industries, India's largest company by market value, stole the show by surging 1.61 per cent to their highest in over three months.
Following are comments from economists at leading financial institutions, banks and rating agencies on the interim Budget:
With the markets scaling new highs, as many as 43 stocks from the Nifty50 index and 27 of the 30 scrips that are part of the S&P BSE Sensex are trading above their respective 200-day moving average (DMA). The 200-DMA is seen as one of the most relevant trend indicators by investors and traders, who believe that stocks and indices trading above this level possess strength and are likely to rally in the short to medium term, while the ones trading below this level are viewed as bearish and expected to see a sell-off. Wipro, UPL, Kotak Mahindra Bank, Hindalco, Infosys, Cipla, and Adani Enterprises are the only stocks from the Nifty50 pack that are still below their respective 200-DMA, the exchange data suggests.
The other board members will be Sunil Mehta, former non-executive chairman of Punjab National Bank, as the non executive chairman of Yes Bank, Mahesh Krishnamurthy and Atul Bheda as non-executive directors.
Riding on a bull run, equity investors became richer by Rs 128.77 lakh crore in the 2023-24 fiscal, driven by robust fundamentals of the Indian economy, increased investment inflows and promising corporate earnings. After a muted performance in 2022-23, equity markets made a remarkable recovery in FY24, giving handsome returns to investors. The 30-share BSE Sensex climbed 14,659.83 points or 24.85 per cent in 2023-24.
The three day MPC meeting began on Monday and the decision will be announced on Wednesday by RBI Governor Shaktikanta Das.
However, despite the reduction, their interest rates would be about 50-100 basis points higher than those of banks
Foreign banks set the template in consumer banking in its infancy, but have almost vacated this booming space.
Finance Minister Arun Jaitley said the magnitude of the alleged black money transfer through state-owned BoB will only be known after completion of the multi-disciplinary probe.
But the industry's chief executives remain confident of the long-term growth potential of NBFCs in India, given their specialised lending on the asset side, last-mile reach, and a well-capitalised balance sheet. "Over the years, NBFCs have faced many crises.
SBI, the country's largest lender, first announced a rate cut of 0.25 per cent in its home loan rates on Thursday, forcing HDFC, the second biggest home loan financier, to respond.
'We may bite the bullet and draw up plans for privatisation.' 'If that is done now, the sale of the government stake will fetch money; a delay will see erosion in whatever value is left in these banks,' says Tamal Bandyopadhyay.
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