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.
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's manufacturing sector witnessed a slowdown in July - the weakest growth rate since November - because of moderation in domestic and export orders amid sagging global economy, an HSBC survey said.
The HSBC Emerging Markets Index, a monthly indicator derived from the PMI surveys, remained only just above the neutral threshold of 50.0 in September, signalling muted output growth in emerging markets.
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 Asian Development Bank too had projected Indian's economic growth for current fiscal at 7.4 per cent.
The Reserve Bank on Thursdaysaid it is keeping a close watch on global banking major HSBC.
Herve Falciani, who refused to appear for trial in Switzerland, has been charged of industrial espionage.
Hedge fund redemptions and margin calls on leveraged investors will trigger further selling.
The index, however has remained above the 50 mark - below which it indicates contraction - for more than three years now.
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 Securities and Exchange Board of India began its formal investigation into the complaint earlier this year.
The chief operating officer of HSBC Holdings, A W Jebson informed that HSBC board would meet in Mumbai on November 25.
Hongkong and Shanghai Banking Corporation (HSBC) is looking at entering the retail broking business to benefit from the rapidly growing middle class investors in India. It may scout for an existing retail broking house to hasten the pace of setting up business.
Names of 100,000 a/c holders in HSBC's Swiss unit recently became public.
The bank believes that that gold prices will recover this year and retain a pronounced bullish posture.
The Hongkong and Shanghai Banking Corporation is in the process of setting up a non-banking financial company to cater to new market segments
India's first quarter GDP growth print was 7.9 per cent y-o-y, primarily led by urban consumption demand
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.
Rural inflation running higher than urban: HSBC
Rising bilateral trades, growing consumer wealth and high confidence level will push India to the top league of trading nations.
Switzerland, UK, Venezuela, US and France are t
After investing $150 million this year, HSBC is willing to step up investments in India as it expects the economy to sustain over 7 per cent growth in the coming years.
Facing black money investigations in India and several other countries, global banking giant HSBC on Monday said it is also being probed in the US for hiring candidates related to government officials in Asia Pacific.
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.
The bank has been at the centre of the black money and tax evasion scandal.
The deal fell as the transaction deadline expired. RBS said that it will wind-down its banking operations in the country.
HSBC's India staff have come under the scanner for deficiencies in their role as 'offshore reviewers' of the global banking giant's compliance to safety mechanism against money laundering and terrorist financing.
Investors have been hoping for a cyclical recovery.
The Hongkong and Shanghai Banking Corporationon Friday announced it will acquire the Indian business of Royal Bank of Scotland worth $1.8 billion, a move that will help the British giant gain greater exposure in the country.
HSBC Holdings plc on Thursday said it was keen to study the opportunities available in the Indian insurance sector, including pension fund.
Cuts its 2013 price forecast to $1,760 an ounce from $1,850.
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.
