Analysts have largely maintained their positive outlook on HDFC Bank, as the private lender reported in-line results for the October-December quarter (Q3) of the current financial year (2024-25/FY25). They believe the results were 'strong' given the tough macro environment, and relative to peers.
HSBC on Monday lowered India's GDP forecast for the current financial year to 4 per cent from 5.5 per cent earlier saying economic uncertainty is likely to weigh on the growth forecast in the coming months.
BRIC economies improved slightly on the previous quarter.
Reliance Industries Ltd, India's most valuable company, is back on a growth path after six months of challenges as it posted better than expected earnings in the December quarter, brokerages said.
The HSBC Emerging Markets Index, a monthly indicator derived from Purchasing Managers' Index surveys, inched up to 50.6 in May from 50.4 in April, indicating weak output growth across global emerging markets.
According to global financial services major, despite its recent slowdown, India's economic promise remains substantial, with the growing population and nascent domestic middle class generating a growing market for consumption goods.
Financial services giant HSBC on Tuesday opened its fifth group service centre in India, to provide superior services to its customers worldwide.
The bank says valuations are still high, foreign mutual funds are still 'very overweight' on Indian shares.
Foreign lender HSBC has decided to slash 193 jobs in its Indian consumer assets business segment after reviewing its portfolio in the backdrop of the prevailing economic conditions, the bank said.
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The HSBC Emerging Markets Index, a monthly indicator derived from the PMI surveys, sank to 50.6 in June from 51.3 in May, signalling the weakest increase in output since May, 2009.
HSBC's downward revision is in line with similar kind of revisions by a host of other think-tanks, research houses, investment banks and other agencies like the UN, Morgan Stanley, Goldman Sachs, Merrill Lynch, Stanchart and Citi.
HSBC cut its GDP forecast for the year ending in March to 5.2 per cent from 5.7 per cent, and its forecast for the next fiscal year to 6.2 per cent from 6.9 per cent, according to a report released on Thursday.
The current account balance is the single most important indicator to assess an economy's health.
HSBC whistleblower Herve Falciani on Monday said he is willing to "cooperate" with the Indian investigative agencies in their black money probe.
Domestic and external environment still remain "challenging".
Equity benchmark indices Sensex and Nifty hit their all-time high levels on Friday helped by impressive GDP data and fresh foreign fund inflows. Also, a rally in global markets added to the positive momentum in the equity markets. The 30-share BSE Sensex jumped 1,139.04 points to 73,639.34 -- its all-time peak -- in the late afternoon trade.
The Hongkong and Shanghai Banking Corporation is looking at investing over $400 million in India with organic growth driving expansion.
Reliance Industries' (RIL's) oil-to-chemicals (O2C) business is likely to remain under pressure for the remaining of the current financial year, according to analysts and company executives. "Management guides for softness for the next couple of quarters in both retail and O2C businesses," analysts at BOB Capital Markets noted in an after-results report on RIL. For the July-September quarter (Q2) of 2024-25 (FY25), RIL's O2C business reported a 5.1 per cent year-on-year increase in revenue to Rs 1.55 trillion.
India attracted $1.4 billion FIIs in November, says a report by HSBC.
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.
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.
Current account deficit is expected to narrow to 1 per cent.
Meanwhile, outlook for global emerging markets remained relatively weak in September.
Though the level of gloom about the future business outlook moderated among the big-four emerging market economies, Indian counterparts are the most confident.
It is not often that you find a mechanical engineer leading the private banking business of a foreign bank in India.
Global banking major, HSBC has retained its India GDP growth forecast of 6.2 per cent in FY10 but hiked the outlook for next fiscal by 0.5 per cent to 8.5 per cent given the economic recovery.
Hong Kong has regained its spot as the world's fourth-largest market following a broad market rout in Indian equities. Currently, the Chinese territory's market capitalisation stands at $4.9 trillion versus India's $4.75 trillion, according to data compiled by Bloomberg. In January, the domestic equity markets' market capitalisation had surpassed that of Hong Kong following a spectacular rally in the small- and midcap stocks.
The I-T department has also filed 77 prosecution cases.
The fully funded scholarship includes tuition, living expenses and travel cost for a one-year-postgraduate programme.
India remains one of the most over-owned market in Asia.
Last year, HSBC agreed to pay $1.92 billion to settle allegations of violating American sanctions with respect to Iran and other countries, among others.
RBI interest rate decision, macroeconomic data and global trends would guide markets' movement this week, analysts said. Besides, trading activity of foreign investors and the last batch of Q1 earnings announcements would also guide trends in equities. HSBC PMI (Purchasing Managers' Index) for the services sector is scheduled to be announced on Monday.
The HSBC Emerging Markets Index, a monthly indicator derived from the PMI surveys stood at 52.6 in March, little unchanged from the February reading when it stood at 52.4, indicating a subdued rate of economic growth in global emerging markets.
The index has remained above the 50-mark, below which it indicates contraction, for more than three years now.
In the mid-quarter monetary policy review last month, RBI Governor Raghuram Rajan had left the key policy rate unchanged, after raising it 50 bps in two instalments since he took over on September 4, saying he was waiting for more data clarity.
Air India on Friday said it has completed the acquisition of its first A350-900 aircraft by way of a finance lease transaction with HSBC through the GIFT City. This is also the first wide body aircraft to be leased through the GIFT City, the country's first International Financial Services Centre (IFSC). In a release, the airline said the transaction was facilitated by its wholly-owned subsidiary AI Fleet Services Ltd (AIFS) and is also the first financing transaction from the orders for 470 aircraft that were made earlier this year.
The leaked files relate to accounts holding more than $100 billion, as per ICIJ.
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Improved investor sentiment is expected to drive the economy forward in the coming quarters.
Management commentary on demand environment, and forward guidance will be in focus when Indian IT services players declare their September quarter results for financial year 2024-25 (Q2FY25). The industry is exepected to have continued on the path of recovery in Q2, similar to the preceding quarter, rather than sprint towards growth. The top four firms likely grew between 0 per cent and 4 per cent year-on-year (Y-o-Y), according to consensus estimates.
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