The job cuts will affect almost a fifth of the bank's workforce.
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.
India's first quarter GDP growth print was 7.9 per cent y-o-y, primarily led by urban consumption demand
India's manufacturing sector growth climbed to a four-month high in January as a sharper upturn in new orders boosted output growth amid mild cost inflation, a monthly survey said on Thursday. The seasonally adjusted HSBC India Manufacturing Purchasing Managers' Index (PMI) recovered from an 18-month low of 54.9 in December to 56.5 in January. The latest reading highlighted the strongest improvement in the health of the sector since last September.
Mutual funds (MFs) have lined up information technology (IT) funds, indicating that technology stocks are back on fund managers' radar after a hiatus. Over the past 18 months, stock prices for companies in the software space have either corrected or remained subdued. Fund houses have launched five IT-based sectoral funds in the past three months, with three of them taking the passive route.
The government's capex spend is expected to rise and much of this is likely to be focussed on rural India, particularly for housing, roads and irrigation.
Sector-wise, pharmaceuticals, transport equipment and textiles will help accelerate overall export growth.
On Tuesday, UK-based Standard Chartered's outsourcing of key banking jobs to India came under the lens of US authorities.
The deal fell as the transaction deadline expired. RBS said that it will wind-down its banking operations in the country.
Most global as well as domestic brokerages are upbeat on India's largest IT services provider, Tata Consultancy Services (TCS), despite its performance during the December quarter of FY25, when it missed Street estimates. On the bourses, the TCS share price rallied as much as 6.44 per cent to hit an intraday high of Rs 4,296.80 apiece, before settling 5.67 per cent higher at Rs 4,265.55.
This is because no prosecution complaint has been filed in any of these cases under the Black Money Act.
Here are 15 companies that research houses believe could see significant impact due to the Budget proposals.
The HSBC/Markit Purchasing Managers Index for the services industry fell to 46.7 in December from 47.2 in November, registering the sixth consecutive monthly drop in output levels, the longest period of continuous reduction since the 2008/2009 global financial crisis.
The bank is expected to report a pre-tax profit of $21 bn.
Ola Electric share price strategy: The meteoric rise of Ola Electric share price has left analysts and investors bewildered. Yet, they suggest investors hold on to the stock as it remains a pure "momentum" play. Since its listing on August 9, the stock has surged 92 per cent (till August 19) over its issue price of Rs 76, taking its market capitalisation to a little over Rs 63,000 crore.
Meanwhile, outlook for global emerging markets remained relatively weak in September.
The Asian Development Bank too had projected Indian's economic growth for current fiscal at 7.4 per cent.
When it comes to electric cars, the electric dream is turning out to be a six-letter word starting with f, ending with y, and having antas in between, notes Suveen Sinha.
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.
Hedge fund redemptions and margin calls on leveraged investors will trigger further selling.
Life Insurance Corporation of India (LIC) February 8 for the first time ever crossed the Rs 7 trillion market capitalisation, as the stock price of state-owned insurer hit a new high of Rs 1,144,45, on rallying 10 per cent on the BSE. The board of directors of the Corporation are scheduled to meet today i.e. February 8, 2024, to consider a proposal for declaration of interim dividend for the financial year 2023-24 (FY24). The board will also consider and approve the unaudited financial results for the quarter and nine-month period ended on December 31, 2023.
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.
Prices of perishable items could spike in the near term.
SIT on black money on Monday decided to widen its probe as new names of Indians with Swiss bank accounts have come up
According to the global financial services major, inflation may remain sticky, with a possible El Nino effect on the monsoon likely to push up food prices and geopolitical uncertainties seen pumping up global commodity rates.
Inflation has seen some moderation in the recent past, falling from double-digit figures in 2013 to 7.8 per cent year-on-year in August.
The financial and commodity markets will continue to roil, as China's growth moderates and readjustments are made.
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Improved investor sentiment is expected to drive the economy forward in the coming quarters.
A probe by the New York State's key banking regulator, the Department of Financial Services, has found deficient money laundering controls in outsourcing of work by StanChart to India, thus exposing the US financial system to terror financing and other risks.
According to HSBC, India's current account deficit is expected to narrow from 1.1 per cent of GDP in 2014 to 0.6 per cent in 2015.
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.
According to HSBC, the 'storm has abated' for the Indian markets as the US Fed has deferred tapering of its quantitative easing stimulus, and as the new Reserve Bank of India Governor Raghuram Rajan has taken steps to contain the rupee fall.
The new offer is part of its strategy to turn India to an exclusively 4G market.
HASBC says India is a strategic market and one of the key profit centres.
'We expect market consolidation and recommend buying during market dips.'
Indian equities have had a rocky start to 2008, after years of double digit growth, but that has not stopped providers coming to the market with fund launches
The churn in investment banks, though less muted than in the heydays of 2007, is gathering speed. "The pent-up desire to move is very high at the moment," says R Suresh, managing director at head hunting firm Stanton Chase.
The I-T department has been probing 240 HSBC cases where it is suspected that Indians have stashed their illicit funds abroad.
The bank has been at the centre of the black money and tax evasion scandal.
