Small queues were witnessed at some bank branches on Tuesday for the exchange of Rs 2,000 notes against smaller denominations as part of the withdrawal exercise. As per the RBI guidelines issued on Friday, the exchange of Rs 2,000 facility is available from Tuesday. A person can exchange up to a limit of Rs 20,000 at a time without filling any form or requisition slip.
India's services sector activity expanded in May and the pace was the fastest in three months, driven by uptick in new orders, an HSBC survey said on Wednesday.
According to HSBC's 'Climate Confidence Monitor', one in three people in Vietnam, India and China believe that climate change can be halted, compared to just one in twenty in developed economies such as France and the UK.
Indian start-ups breathed a sigh of relief after the UK government facilitated the acquisition of the now-defunct Silicon Valley Bank's (SVB's) British arm by HSBC. In a bid to allay fears, the US Federal Deposit Insurance Corporation (FIDC) announced recently that it had transferred all deposits of start-up-focused SVB to a newly created bridge bank and all depositors would have access to their money. President Joe Biden also sought to reassure jittery depositors that they can have confidence that the US banking system is "safe".
Bank of America Merrill Lynch believes this would ease pressures on CAD as $10 a bbl fall in oil price reduces CAD by $8 billion or 0.4 per cent of GDP.
Many requests are pending with the Swiss authorities.
Shapoorji Pallonji Group's head Pallonji Mistry died at his residence here, company officials said on Tuesday. Mistry, the largest individual shareholder in the Tata Group with a 18.4 per cent holding in the conglomerate, was 93.
The index went below the crucial 50 mark.
August witnessed the fastest pace of growth in new business orders since February.
Notwithstanding expectations of a pick-up in construction activity during a seasonally strong January-March quarter (fourth quarter) of 2022-23 (FY23), analysts are cautiously optimistic about the building material sector - encompassing paints, pipes, wood panels, tiles, metals, and cement - as volatile input costs, coupled with fears of a global slowdown, are making demand projections uncertain. Against this backdrop, analysts suggest investors stay selective and pick stocks of companies with stronger brand recall, expanding distribution network, diversified product profile, healthier balance sheet, and sustainable cash flow. "The government's various proposals under Budget 2023-24 (FY24) may lead to the building material segment growing between 8 per cent and 12 per cent for the next five years.
The Indian regulatory framework forced Citi to hibernate -- contrary to the claim that it never sleeps!
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.
Move will be a setback for India which wants information on black money probe based on leaked data
Why does the world's fastest-growing major consumer of energy fail to attract investments in oil and gas? This is a question worth pondering after private sector conglomerate Reliance Industries Ltd (RIL) failed to close a $15-billion downstream asset deal with Saudi Arabia's national oil company, Aramco. It's understandable if multi-billion dollar investments in oil and gas projects or deals involving state companies that need to traverse a complex bureaucracy at state and federal levels and the corridors of ministries unravel. However, Mukesh Ambani-run RIL, India's most successful energy company, is not typically known to fumble on closing deals (Ambani closed deals worth around Rs 2 trillion early last year in telecom and retail with blue chip investors).
Distribution yields could rise, but risk of Covid, higher interest rates remain.
India has pipped China to drive the volume growth of smartphones in the world on the back of falling prices of high-end devices.
Indian frontline benchmarks - the S&P BSE Sensex and the Nifty50 - have rallied around 12 per cent each since June-end and outperformed their global peers by a wide margin. On Thursday, the US Fed hiked interest rates by another 75 basis points (bps) - the third such hike this year - and surprised the markets by projecting further sizable hikes in the coming months. With the latest hike, the Fed fund rate (FFR) now stands in the range of 3 - 3.25 per cent and is highest since January 2008.
The difference between what the banks play in the US and India is not that of soccer and football but rugby and football. SVB also has a unique character. But when risks are mispriced, the fallout could be very similar, points out Tamal Bandyopadhyay.
The 57-year-old Bhattacharya, front-runner for the post on account of years of service left, was managing director and chief financial officer of the bank prior to her elevation.
Finance Minister P Chidambaram has been repeatedly stressing he will meet the fiscal deficit target of 4.8 per cent of the gross domestic product in this fiscal, but HSBC said the spending-revenue gap may overshoot to 5.1 per cent.
Using ATMs beyond the permissible free transactions for cash as well as non-cash purposes will cost more from Saturday. As per the Reserve Bank directive issued in June, the banking customers would be required to pay Rs 21 per transaction with effect from January 1, 2022 for transactions beyond the free permissible limit. Presently, banks are allowed to charge Rs 20 for such transactions through ATMs.
The new offer is part of its strategy to turn India to an exclusively 4G market.
At issue size of Rs 10,355 cr, the offering will be Asia's biggest this year and fifth-largest domestically.
So which sectors are likely to do well in 2022? Should you focus on domestic economy-related sectors or export-oriented ones?
Sixteen merchant banks are in the fray to act as book running lead managers (BRLM) for the initial public offering of Life Insurance Corporation of India (LIC). These merchant banks will have to make a presentation before the Department of Investment and Public Asset Management (DIPAM) on August 24-25. The shortlisted banks are BNP Paribas, Citigroup Global Markets India, BofA Securities, Goldman Sachs (India) Securities, HSBC Securities and Capital Markets(India), J.P. Morgan India, Nomura Financial Advisory and Securities (India), Axis Capital, DAM Capital Advisors, HDFC Bank, ICICI Securities, IIFL Securities, JM Financial, Kotak Mahindra Capital, SBI Capital Market, and Yes Securities India.
Let's take a look at countries that will see biggest jump in exports.
The recent weakness of the rupee has been due to yuan's devaluation.
Economists caution that the underlying cause could be an alarming drop in demand -- something that's not good for economic growth.
After Indonesia and South Korea on Friday joined Thailand, Australia, Chinese Taipei and Algeria in pulling out due to the dreaded disease
'To achieve a corpus of Rs 10 crores in the coming years, I would suggest you increase your SIP, advises Nikunj Saraf, vice president, Choice Wealth.
It said Naisar Kothari, a resident of Bhavnagar in Gujarat, was arrested under sections of the Prevention of Money Laundering Act (PMLA) and he has been sent to the ED custody till December 22 by a court.
The HSBC Manufacturing Purchasing Managers' Index fell to 51.3 in April from March's 52.1
Some of Modi's biggest reforms have met with fierce political opposition.
This is Chidambaram's third letter to Swiss Finance Minister Eveline Widmer Schlumpf within four months on this matter.
Will 2022 be a year of contrasting narratives -- one filled with caution and the other with continued optimism?
Economic recovery in US, euro zone help; new orders sub-index at 52.4
The current global downturn has made India even more desirable to Non-Resident Indians who are bullish about the country's growth and continue to invest heavily in the country of their origin, a report said.
Most sought-after market of the past few years doesn't feature among top bets in Asia, emerging markets
India on Monday got the backing of Switzerland in its bid to become a member of the Nuclear Suppliers Group.
India's GDP growth quickened to 7.4 per cent in the September.
