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Tag: India finance

India: bank money-laundering claims spread to more than 20 institutions

May 7, 2013 10:41am by Avantika Chilkoti
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In March, the online magazine Cobrapost claimed it had evidence that officials at India’s three leading non-state banks were facilitating money laundering. Probes were initiated, staff were suspended and the local press was abuzz.

Now, in the second part of the sting operation, Cobrapost levelled similar allegations against 23 more financial services companies, including public sector banks and insurance companies. Many say the news is less exciting this time. But are they missing something? Continue reading »

Tags: , , , , Posted in Asia, India |

ICICI: profits up, shares down

Apr 26, 2013 12:01pm by Avantika Chilkoti
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ICICI Bank’s earnings report, out on Friday, met expectations. Yet the stock fell after the announcement – down 3 per cent to Rs1,142.2 by 3.45pm in Mumbai.

That bucked the trend in the sector which has seen a rally in recent weeks. Why? Continue reading »

Tags: , , Posted in Asia, India |

India: foreign M&A deals often go sour as buyers fail to manage takeovers

Apr 9, 2013 5:53am by Avantika Chilkoti
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M&A activity is picking up pace in India. Last year 152 outbound deals were completed, together valued at $15.1bn, according to Dealogic. That’s up from $10.3bn from 193 deals in 2011 – and further growth is expected this coming year.

But a study by KPMG has found that 75 per cent of Indian companies doing foreign deals fail to create value in the first year after completion and 59 per cent of M&A deals actually destroy value. Will Indian groups learn how to implement their deals more effectively – and get a grip on the key challenge – post-deal business integration? Continue reading »

Tags: , Posted in Asia, India |

Indian IPOs: lacking momentum

Apr 2, 2013 1:26pm by Avantika Chilkoti
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What’s going on with Indian IPOs? Poor demand, increased competition for retail investment or bad news from companies that went before?

Whatever the reason, fundraising via initial public offerings in the 2012-13 year has been rather flat in India. Companies raised just over Rs60bn ($1.1bn) via IPO in the fiscal year just ended – that’s an increase of only 4 per cent year-on-year, according to stock exchange data seen by the Press Trust of India. Continue reading »

Tags: , , , , , Posted in Asia, India |

India’s Exim Bank in AUD debut

Mar 28, 2013 8:52am by Avantika Chilkoti
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The Export-Import Bank of India has become the first Indian institution to issue bonds in Australian dollars, opening up a new market.

The bank raised $200m on Tuesday, double the amount planned, with a 5-year bond paying 5.76 per cent a year. Continue reading »

Tags: , , , Posted in Asia, India |

India offers new banking licences in bid to spread financial services

Feb 25, 2013 11:35am by Avantika Chilkoti
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Photo: Bloomberg

Some 40 per cent of India’s 1.2bn people have no access to banking services so you might expect newcomers to be crowding into an untapped market. But in the past twenty years, barely a dozen private-sector banks have been licensed in the country. And with stringent capital requirements, existing players aren’t finding it easy to expand their loan books, either.

In an attempt to improve financial inclusion, the Reserve Bank of India has issued guidelines for a fresh round of banks to be licensed – and the path is clear for India’s big corporate houses to apply. Continue reading »

Tags: , , Posted in Asia, India |

India’s MCX-SX: what’s it got?

Feb 11, 2013 12:31pm by Avantika Chilkoti
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The MCX-SX. Is it a dangerous chemical compound? A state of the art camera? Or a new type of heavy artillery? No, it’s India’s new stock exchange.

Beyond its slight tongue-twister of a name, though, will the MCX-SX offer anything of value? Continue reading »

Tags: , , , , Posted in India |

India: corporate bond market held back by bureaucratic red tape

Feb 5, 2013 1:39am by Avantika Chilkoti
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Last week, Reliance became the first Indian company to issue a perpetual bond. The oversubscribed $800m issue, rated BAA2 by Moody’s, was a landmark in a national corporate bond market that has long struggled to develop and expand.

With bullish foreign investors hungry for emerging market bonds, they might be interested in putting more money into India’s corporate bonds. But there’s really not a lot to buy. Continue reading »

Tags: , , Posted in Asia, India |
From FT.com January 30, 2013

Reliance Industries has raised $800m via a perpetual bond with no penalty clause, the first Indian company to issue a “for life” perpetual as it seeks to exploit record low interest rates and strong demand for Asian credit. Continue reading »

Tags: , Posted in India |

Indian brokers pay $1.8m to settle with SEC over alleged registration violations

Nov 27, 2012 6:52pm by Pan Kwan Yuk
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Whoops, looks like some Indian brokerages got a bit ahead of themselves in trying to attract US investors.

On Tuesday, the US Securities and Exchange Commission charged four financial services firms in India for providing brokerage services to US institutional investors without being registered. Continue reading »

Tags: , , , , Posted in Asia, India |

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Global equities macromap

Number of the day

-0.2% Fall in Polish retail sales in April, rather worse than 1.1 per cent growth expected.

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