For the banking system a new cycle starts in FY2024. It's fraught with fresh challenges on asset quality and profitability, warns Tamal Bandyopadhyay.
The ongoing key reforms such as sops for manufacturing, easier labour laws, wooing FDI inflows and privatisation will help improve productivity and support long-term growth at 7.5-8 per cent levels, which if played out well, can help India contribute 15 per cent of global GDP growth by FY2026, says a report. According to a report pencilled by the India economist at UBS Securities, Tanvee Gupta Jain, the country has the lowest manufacturing costs among peers, even though China retains significant ecosystem advantages and despite that India and Vietnam appear most likely to benefit from a shift out of China.
The economy is likely to register a 9.5 per cent growth this fiscal over 7.3 per cent contraction last year, as the ongoing recovery is faster and more credible than earlier foreseen, according to a foreign brokerage report. It will gather more momentum in the second half of the current fiscal, but will slow down to 7.7 per cent next financial year, it added. The government has budgeted for a 10.5 per cent growth this fiscal, but the Reserve Bank has scaled it down to 9.5 per cent.
Sectors such as electronics, pharmaceuticals and automobiles can see supply disruptions in value chain, which may lead to a derailment of the domestic economic growth.
Jio's spectrum trading pact with Airtel has enabled India's largest telco to top-up its holding in three key circles and yielded potential savings of about $400 million, according to a report. It is pertinent to mention here that Reliance Jio has signed an agreement with Bharti Airtel to acquire a portion of spectrum in 800 MHz band for Andhra Pradesh, Delhi and Mumbai circles at an aggregate value of Rs 1,497 crore -- marking the first such deal between the two telecom giants that otherwise compete fiercely in the market. Market analysts have termed the deal "mutually beneficial" and "win-win for both". UBS in a note cited Jio's spectrum buys in the 800 MHz band in Andhra Pradesh, Delhi and Mumbai in the recently-concluded auctions.
This is as definitive as it can get. Dutch global beer major Heineken is understood to have outlined its intent to Vijay Mallya's United Breweries that it does not want to have any conflicting presence in India.
Mallya claims private airlines were discriminated against by the Indian government, which bailed out state-owned Air India but did not assist his own Kingfisher Airlines and now Jet Airways.
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TPG was one of the first global private equity firms to enter Asia, opening a Shanghai office in 1994.
Force India has been re-named Sahara Force India after the Sahara Group bought stake in the Vijay Mallya-owned Formula One team. As per the agreement between the parties, Sahara Group and Mallya's UB Group will have 42.5 percent stake each in the team.
Universe Boss reveals his love for Indian cuisine via his quirky Instaposts.
Bharti Airtel's fund raising is expected to strengthen its competitive positioning in the market and provide the telco with the necessary ammunition for aggressive 5G rollout, analysts said. The capital raising announcement, though unexpected and surprising, would enable Airtel to enhance its market share and provides it wherewithal to make faster investment in a scenario India moves to a two-player market earlier than expected, some analysts felt. Bharti Airtel's board on Sunday approved raising up to Rs 21,000 crore by way of rights issue at a price of Rs 535 per share.
SBI-led consortium expects to make over Rs 13,000 crore from sale of assets
After two months of buying, foreign portfolio investors (FPIs) have turned net sellers in October by pulling out Rs 12,278 crore from Indian markets. As per depositories data, FPIs took out Rs 13,550 crore from equities but invested Rs 1,272 crore in the debt segment during October 1-29. The total net outflow stood at Rs 12,278 crore during the period under review.
Wall Street brokerage Goldman Sachs has lowered its estimate for India's economic growth to 11.1 per cent in fiscal year to March 31, 2022, as a number of cities and states announced lockdowns of varying intensities to check spread of coronavirus infections. India is suffering the world's worst outbreak of COVID-19 cases, with deaths crossing 2.22 lakh and new cases above 3.5 lakh daily. This has led to demand for imposition of nationwide strict lockdowns to stem the spread of the virus - a move that the Modi government has so far avoided after the economic devastation last year from a similar strategy.
Nearly 45 per cent of this value is likely to be delivered by 3 sectors - consumer goods and retail, agriculture and banking and insurance, the Nasscom report said.
Future group promoter Kishore Biyani's stake fell consistently across group companies since December 2019 after American retail major Amazon infused funds in a Future group promoter entity and the group companies started showing signs of financial distress due to closure of stores due to Covid-19 pandemic. As lenders take Future group companies to the bankruptcy courts to recover their dues under the Insolvency and Bankruptcy Code, the shareholders of Future group companies are staring at complete wipeout of their investments as secured lenders get top priority in any potential recovery, say lawyers. "The fate of all Future group shareholders is now sealed with them looking at a complete loss.
In the past few years, MFs have emerged as significant institutional buyers, often offsetting the selling by FPIs.
From UB40 to Punjabi MC to Apache Indian, the musicians gave the spectators an evening to remember as athletes walked out for the closing.
Morgan Stanley removed banking stocks from its model portfolio when it slashed its weighting on the sector by 500 basis points. Several foreign brokerages, such as UBS, JP Morgan, and Credit Suisse, of late, have also become less optimistic about banking stocks.
According to the the wealth-X and UBS billionaire census report 2013, India's billionaire population has decreased by 5.5 per cent to 103 and the total billionaire wealth has fallen by $10 billion to $180 billion.
It came as a surprise to all stakeholders - competing telecom companies (telcos), most analysts and even the government's internal projections on revenues from the 5G auctions. Reliance Jio disrupted all calculations by paying a stiff Rs 40,000 crore to buy 10 MHz of spectrum in the 700-MHz band, globally considered a key band for efficient 5G service coverage, along with the default 3.5 GHz band and the ultra-high speed and low-latency millimetre band of 26 GHz band. So what made Jio pay almost 45 per cent of its total spend in this auction for the 700 MHz band - much more than what it rustled up even for the 3.5 GHz band?
Force India's co-owner Vijay Mallya has rubbished speculation that he is planning to sell his stake in the Formula One team to Sahara India.
The world's richest are getting richer despite the economic crisis.
STAR India, a wholly owned subsidiary of STAR Hong Kong, is exploring the possibilities of getting into the print media business in India. Last week, top STAR executives including STAR Hong Kong CEO Paul Aiello, STAR India CEO Uday Shankar and COO Jagdish Kumar were in Bangalore for meetings with possible joint venture partners for the print foray. The company is said to be in talks with Vijay Mallya's UB Group.
India, best-performing among emerging markets in the first four months of 2017, has since ceded this position to South Korea.
The highest number of requests are in Karnataka (39.18 million) and Tamil Nadu (35.56 million).
At 53 years, China's billionaires are the youngest in the world, while the average age of India's super rich people is 63 years, a year older than the global average of 62.
There is much more that the government can do to track money hidden abroad.
With India remaining a potential growth market, global banks are hiring young turks in order to ensure that no stone is left unturned in their bid to reach the top.
'Our discussions with investors and the market's multiples suggest that Prime Minister Narendra Modi winning 2019 is being priced in,' says a UBS report.
Kingfisher Airlines owed Indian banks Rs 7,000 crore as of January.
Officials of 17 banks which gave loan to Kingfisher Airlines and UB Group are also under the agency's scanner
As COVID-19 infections spike in the country resulting in restrictions in various states and impacting the fragile recovery, many economists are expecting RBI to delay the policy normalisation move, which is expected in the February review. The country has reported a single-day rise of 58,097 new Covid-19 cases as of Wednesday morning--the highest in around 199 days -- of which 2,135 are Omicron cases and later in the day, the first confirmed Omicron-related death has also been reported. Maharashtra recorded the maximum number of 653 Omicron cases followed by Delhi at 464, Kerala 185, Rajasthan 174, Gujarat 154 and Tamil Nadu 121 cases, taking the total tally of cases to 3,50,18,358.
The agreement says UB Group and Adventz will have the right of first refusal over each other's shares.
The luxury retail market, which is currently in its nascent stage was roughly estimated to be around Rs 1,500 crore (Rs 15 billion) and expected to grow at 20 per cent in next five years. The booming stock market and the recent news that India's leading industrialist, Mukesh Ambani, had even overtaken Bill Gates, to become the richest person in the world, is an indication that the country was ready for that ultimate 'haute couture' experience.
The board of directors will review the position of Vijay Mallya, under self-exile in Britain, at its next meeting on August 12.
Australia's Trade Commissioner to India Elizabeth Sullivan has said that several food and beverages company in her country are keen to enter the Indian market.
Despite rosy projections the fact remains that wine in India is not seen as an approachable beverage.
Will 2022 be a year of contrasting narratives -- one filled with caution and the other with continued optimism?
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