The financial services major posted a profit of $1.6 billion in the first quarter of this year against a whopping loss of $5.11 billion in the same period last year.
Among sectors in Asia, JP Morgan prefers financials, domestic consumer discretionary and consumer technology. Notwithstanding the fall in the Sensex and the Nifty during the end of 2008, major emerging market fund managers actually increased their allocation to India in December.
India's top-ranked men's player Saurav Ghosal gave a glimpse of his fighting abilities before going down 1-3 to Stewart Boswell of Australia in the opening round of the JP Morgan Tournament of Champions in New York.
Inside story of how Wall Street and Washington fought to save the financial system and themselves.
Three top global asset management and investment banks - American International Group, JP Morgan Asset Management and Japan's Mitsubishi UFJ Securities today announced their India strategy, vying for a place in the second fastest growing economy in t
Apart from SBI, the consortium will include leading entities like Citibank, Standard Chartered, BNP Paribas, JP Morgan, Tokyo Mitsubishi UFJ and Mizuho Financial Group, a source closely connected to the development told PTI. The country's largest lender is also in talks with two-three public sector banks to be a part of the consortium, the source said. The company reported a loss of $12.7 billion for the fiscal ended December 30, 2006.
Strong response from institutional buyers has prompted the promoter family of India's largest real estate company DLF to raise the shareholding it had put up for sale from 100 million shares or 6 per cent to 168 million shares or nearly 10 per cent to raise Rs 3,850 crore from qualified institutional investors, including foreign investors.
Bollywood impresario Vijay Taneja was sentenced to 84 months in jail followed by three years of supervised release, and ordered to pay $33 million in restitution to four financial organisations, on charges of money laundering. Taneja, under the banner of Elite Entertainment, has been promoting Bollywood celebrities like Shah Rukh Khan and Aishwarya Rai for shows across the United States.
American CEOs on Friday identified poor infrastructure and bureaucratic delays as major deterrents to US investments in India, while making a strong pitch for further liberalisation in the financial and retail sector.
Blue-chip names such as Bessemer Venture Partners, Google, JP Morgan Asset Management are taking strategic bets in the Indian market.
Debt fund managers are reassessing their strategies after the setback delivered by the Reserve Bank of India recently. While most are refraining from any knee-jerk reaction to the central bank's surprise open market operation (OMO) announcements, they are taking a re-look at the duration of their schemes. Sandeep Yadav, head of fixed income at DSP Mutual Fund, said it has trimmed the duration of some schemes, considering the hawkish stance by the RBI.
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ICICI Bank was looking at valuing ICICI Holdings at $10 billion, sources said. Vishaka Muley, chief financial officer of the group, refused to comment on the development.
The question is: Will the company have a strong balance sheet to support this massive investment plan?
The Aditya Birla group is close to buying the Reddy family's 66.32 per cent stake in Apollo Sindhoori Capital Investments (ASCIL), marking a re-entry of the group into the broking business.
Housing prices, which have cooled down from their peak, are expected to rise by 15 per cent in the next one year on the back of increased demand, a report said.
'Higher inflows into these securities should lead to lower borrowing costs for the government.'
Blogertize does not require bloggers to spend time to promote their blogs. That's the job Bhatia's site would do. It creates a link (in the form of an image) to a blog that would be placed on Blogertize for a minimum of three years at prices starting as low as Rs 750. "Without spending even a single minute on our website, bloggers stand to make thousands of dollars per year just by placing the link to our shopping portal on their blog," says founder Dushyant Bhatia.
The auction of radio waves used for mobile services saw a muted opening on Tuesday, with five rounds attracting bids worth about Rs 11,000 crore from telecom companies. The government has put over 10,500 Mhz spectrum in eight frequency bands -- 800 MHz, 900 MHz, 1,800 MHz, 2,100 MHz, 2,300 MHz, 2,500 MHz, 3,300 MHz and 26 GHz, valued at Rs 96,238 crore at base price, for auction.
A 30-member delegation of venture capitalists will visit India with a view to understand and explore the country's economic scenario.
From its lows in December, the stock of Tata Motors is up about 15 per cent. The gains came on the back of better than expected December volumes in its UK-based subsidiary Jaguar Land Rover (JLR). This coupled with gradual recovery in the global passenger vehicle demand, improving profitability due to product mix and lower commodity costs are expected to be key positives for the company.
Vedanta Resources (VRL), the diversified mining company headquartered in London, is giving final touches to a plan to raise up to $2.5 billion (about Rs 20,800 crore) as debt repayment deadlines near. The company owned by billionaire Anil Agarwal plans to do this by a combination of instruments, including issuing preference shares in the holding company to a slew of offshore investors from West Asia, and taking on another loan to refinance older debt at a higher interest rate. VRL, which is the group's holding company, is also looking to sell part of its 63.71 per cent stake in the Indian listed subsidiary Vedanta Ltd to meet funding requirements, said a banker close to the development.
Reliance Industries' (RIL's) consumer business is expected to lead earnings growth in the Q3FY24 performance, according to analysts. While the energy business is expected to show sequential weakness, the consumer business, especially retail, is estimated to show strong growth. The oil-to-telecom conglomerate will announce its Q3FY24 financial results on Friday.
It is too late to devote resources to chip manufacturing. India, instead, should explore opportunities in solar energy, where entry barriers are low and end-products are sold like commodity, states a JP Morgan report.
Shares of Ranbaxy Laboratories on Thursday fell 7.67 per cent on the Bombay Stock Exchange to Rs 552.25 at close, after top investment banks like JP Morgan and CLSA said the out-of-court settlement with Pfizer over cholesterol pill Lipitor announced on Wednesday would delay the launch of the drug in the US by well over a year.
Around 15 venture funds from the US and Southeast Asia will be making investments in the Indian real estate sector through the FII route
Shareholders of Tata Sons, the holding company and promoter of Tata group companies, have approved the reappointment of N Chandrasekaran as chairman for another five-year term despite its single largest shareholder the Shapoorji Pallonji family abstaining from voting, according to sources. In February this year, the Board of Tata Sons had approved the reappointment of Chandrasekaran as executive chairman for another five years till February 2027, subject to shareholders' approval. At the shareholders meeting held on Monday, the proposal for Chandrasekaran's reappointment for a second term needed more than 50 per cent of votes as it was an ordinary resolution.
Fund managers do not see any dent in the India story. Given the strong fundamentals, there is optimism that foreign fund flows may even exceed 2005's level of $10.7 billion.
Sebi has allowed mutual fund schemes the option of 'side-pocketing' which move will help both fund houses and investors.
The co-chairs of the US-India CEO Forum have stressed the need to continue 'liberalisation' of economic policies between the two countries, saying it is 'critical' for building a strong business cooperation.
The sale of Daewoo assets in Surajpur to Crosslinks, a company floated by former Hyundai executive B V R Subbu and Spicejet promoter Ajay Singh, has hit a legal quagmire with a slew of new players staking a claim for the 205-acre land.
Foreign portfolio investors (FPIs) have withdrawn over Rs 12,000 crore from Indian equities this month so far, mainly due to a sustained rise in US bond yields and the uncertain environment resulting from the Israel-Hamas conflict. However, the story takes an intriguing turn on observing FPI activity in Indian debt as they have infused over Rs 5,700 crore into the debt market during the period under review, data with the depositories showed. Going ahead, the trajectory of FPIs' investments in India will be influenced not only by global inflation and interest rate dynamics but also by the developments and intensity of the Israel-Hamas conflict, Himanshu Srivastava, associate director - manager research, Morningstar Investment Adviser India, said.
Air-India will sell 376-room Centaur Hotel at Delhi airport and two Chefair flight kitchens of its subsidiary Hotel Corporation of India in the second round of divestment.
Sania gave a tough fight before losing 3-6, 6-1, 4-6 against Iveta Benesova at the WTA JP Morgan Chase Open in USA.
A group of three banks has wrested control over the companies controlling Formula One's commercial rights from supremo Bernie Ecclestone.
South Korean auto giant Hyundai Motor Company is considering tax implications of listing its Indian unit before taking a final call, according to sources privy to the development. Hyundai Motor is mulling an initial public offering (IPO) for its Indian arm to raise around $3 billion (at a valuation of up to $30 billion), and talks are in the early stages between the company and bankers, banking sources revealed. Hyundai Motor India Ltd (HMIL), however, declined to comment on the development.
