In a controversial move, global private banking major HSBC has closed a number of "risky" accounts belonging to Muslim groups and individuals in the United Kingdom.
The SIT will ask the RBI for transaction details over 15 years
Among the Sensex firms, JSW Steel, Tata Steel, Tech Mahindra, Infosys, Wipro, Tata Consultancy Services, Nestle, HCL Technologies, HDFC Bank and Maruti were the major laggards. IndusInd Bank, ITC, Bharti Airtel and State Bank of India were among the winners.
The chief operating officer of HSBC Holdings, A W Jebson informed that HSBC board would meet in Mumbai on November 25.
The Reserve Bank is unlikely to cut the benchmark interest rate in its forthcoming bi-monthly monetary policy review later in the week as retail inflation is still a cause of concern, and there is a possibility of the Middle East crisis deteriorating further, impacting crude oil and commodity prices, say experts.
HSBC Banking group will expand its capital market, corporate and investment banking team in India and establish analytical support facility to exploit growing business opportunities and provide services to the group's overseas requirements.
There was no smooth surge in middle class prosperity for foreign businesses to tap into because of the Indian economy was mismanaged, argues Debashis Basu.
Swiss police in February searched HSBC offices in Geneva as part of its probe.
Names of 100,000 a/c holders in HSBC's Swiss unit recently became public.
The bank has been at the centre of the black money and tax evasion scandal.
Switzerland, UK, Venezuela, US and France are t
Funds raised by India Inc. through offshore loan syndication hit a 15-year high in 2023 with companies and banks raising $21.4 billion, the highest since 2007. The momentum is expected to continue in 2024 as well with over $4 billion fund raising expected in the first three months of this year. Companies raise funds, both onshore and offshore, depending on interest rates and activities. Funds raised offshore can be deployed in overseas activities.
The I-T department has been probing 240 HSBC cases where it is suspected that Indians have stashed their illicit funds abroad.
In the latter half of the year, there would be some economic recovery and return to normal business conditions.
Slowing economy, election-related uncertainty and tighter monetary conditions pose risks for Indian markets and the BSE index, Sensex, is likely to hover around 20,250 by the end of this year.
Many of the jobs will now be offshored to lower income countries such as India, China and Poland
HSBC is in advanced talks to buy assets of two troubled financial groups -- ING and RBS in Asia in a move to expand its base in the region.
Similarly, 51 per cent of 105 market participants polled by RBS said they do not expect a CRR cut in the quarterly policy announcement next Tuesday.
From the Sensex basket, Power Grid, Asian Paints, Tata Motors, Tata Steel, NTPC, Sun Pharma, Mahindra & Mahindra, HDFC Bank, Tata Consultancy Services and JSW Steel were among the major gainers. Kotak Mahindra Bank, Bharti Airtel, Axis Bank, Wipro, ICICI Bank and IndusInd Bank were among the laggards.
According to the global financial services major, since the last RBI policy meet, data suggest accelerating growth and surprisingly mild inflation, both at the core and headline level.
The government expects the economy to grow by 7-7.75 per cent in the current fiscal.
The documents show that HSBC opened Swiss accounts for international criminals, businessmen, politicians and celebrities, according to the ICIJ.
India's first quarter GDP growth print was 7.9 per cent y-o-y, primarily led by urban consumption demand
Current account deficit is expected to narrow to 1 per cent.
HDFC Bank Q4 review: HDFC Bank's January-March quarter (Q4) results, for financial year 2022-23 (FY23), brought no cheer to investors as elevated costs, and merger-related uncertainties continue to dent the sentiment. Moreover, analysts fear that merger-related costs may put pressure on margins and cost to income ratio in the near-term, while the return on equity could moderate owing to low leverage of the parent. Analysts, therefore, opine that the stock's re-rating may be some time away. "While the risk of a de-rating on a standalone basis appears to be quite low given that the business performance is holding up well, we believe a re-rating in the stock would happen as and when more clarity emerges on the smooth transition (merger)," said a report by Sharekhan.
From the Sensex basket, Kotak Mahindra Bank, HCL Technologies, ICICI Bank, Infosys, Tata Consultancy Services, Wipro, Tech Mahindra and Larsen & Toubro were the major laggards. Mahindra & Mahindra, Nestle, Tata Motors and IndusInd Bank were among the gainers.
Among the Sensex firms, Larsen & Toubro, Tata Consultancy Services, Infosys, HCL Technologies, Hindustan Unilever, Axis Bank, ICICI Bank and Wipro were the major gainers. Nestle India, Asian Paints, JSW Steel, Kotak Mahindra Bank and HDFC Bank were among the losers.
Switzerland, long known as a place with unbreakable banking secrecy, has come under intense global pressure, including from India, to crack down on illicit fund flows.
The Reserve Bank of India is likely to cut policy rates by 0.25 per cent and keep the cash reserve ratio unchanged at its policy review next week, on the back of slower-than-expected growth and more encouraging inflation readings, says a report by HSBC.
The Asian Development Bank too had projected Indian's economic growth for current fiscal at 7.4 per cent.
'We expect market consolidation and recommend buying during market dips.'
SIT on black money on Monday decided to widen its probe as new names of Indians with Swiss bank accounts have come up
The financial and commodity markets will continue to roil, as China's growth moderates and readjustments are made.
Banks say they themselves red-flagged the transactions to RBI. It must be noted that these transactions are not outright evidence of fraud or proof of nefarious activities.
Hedge fund redemptions and margin calls on leveraged investors will trigger further selling.
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According to the global financial services major, the primary concern for the RBI at the moment has to be anchoring elevated inflation expectations and stabilising the currency, which could face renewed pressures if the Fed begins QE tapering this week, as widely expected.
Deutsche Bank could be the next to trim its retail operations.
Prices of perishable items could spike in the near term.
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