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☆ India's ICICI Bank beats estimates with record April-June net profit
▼ + stars: | 2023-07-22 | by ( Siddhi Nayak | ) www.reuters.com time to read: +2 min

MUMBAI, July 22 (Reuters) - ICICI Bank (ICBK.NS), India's second-largest private lender, beat expectations to deliver a record first-quarter net profit on Saturday, helped by higher interest income and loan growth. The Mumbai-based lender reported a near-40% rise year-on-year in net profit to 96.48 billion rupees ($1.18 billion) for the April-June quarter, beating analysts' forecast of 91.8 billion rupees, Refinitiv IBES data showed. Net interest income - the difference between interest earned and paid - rose 38% to 182.27 billion rupees. Net interest margin (NIM) expanded to 4.78% from 4.01% a year earlier, but was lower than 4.90% reported in the January-March quarter. The bank booked provisions and contingencies of 12.92 billion rupees, up from 11.44 billion a year earlier.

Persons: Sandeep Batra, NIM, Batra, Banks, Siddhi Nayak, William Mallard, Jason Neely, Clelia Organizations: ICICI Bank, HDFC Bank, ICICI, Siddhi, Thomson Locations: MUMBAI, Mumbai, India

☆ India is said to be an 'oasis' in the desert. Here are some sectors to watch for
▼ + stars: | 2023-07-21 | by ( Charmaine Jacob | ) www.cnbc.com time to read: +8 min

Major economies were hit by higher inflation during the Covid-19 pandemic, but India's inflation was already elevated. In June, India's inflation rate was 4.81%, which remains within the Reserve Bank of India's tolerance band of 2% to 6%. There is a paradigm shift and flight of capital from Indian households savings to equity to contribute to the India growth story," Azeez told CNBC's "Squawk Box Asia" last week. "So whichever way one looks at the economic numbers, India appears as an oasis in the global desert," he added. watch nowHowever, Matthew Asia's Mittal said that instead of buying into pharmaceutical companies, upstream companies such as Syngene will be a good investment opportunity.

Persons: Goldman Sachs, Darren Robb, Feroze Azeez, Anand, Azeez, CNBC's, Nifty, it'll, Soumya Rajan, Peeyush Mittal, Nilesh Shah, Shah, Financials, Rajan, Waterfield's Rajan, We've, we've, Hindenburg, Matthews, Mittal, India's, Nestle, Kotak's Shah, Punit Paranjpe, Matthew Asia's Mittal Organizations: Bank, Getty, Wealth, Reserve Bank, Monetary Fund, Waterfield, Matthews Asia, CNBC, Mahindra Asset Management, IDFC, IDFC Ltd, HDFC Bank, Housing Development Finance Corporation, India's HDFC Bank, ICICI Bank, Bajaj Finance, Mahindra Finance, Nestle, World Bank, Nurphoto, Hindustan Unilever, Britannia Industries, Manufacturing Global, Godrej Aerospace, Afp Locations: India, United Kingdom, Japan, Mumbai, China, Nestle India, LuLu, Lulu, Kerala

☆ Ambani’s finance unit gets credit before it’s due
▼ + stars: | 2023-07-20 | by ( ) www.reuters.com time to read: +2 min

MUMBAI, July 20 (Reuters Breakingviews) - Mukesh Ambani’s capacity to disrupt India’s $2 trillion small loans market is fully priced in. It’s a big endorsement, considering the lending company starts with a tiny $244 million loan portfolio as of March 2022. Ambani will have his task cut out to deliver on expectations, despite a reputation for upending industries from telecoms to retail. The $155 billion HDFC Bank (HDBK.NS), freshly merged with its mortgage financier parent, will chase the latter’s customers with renewed vigour. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Mukesh, Ambani, It’s, Jio, Shritama Bose, whir, Xavier Niel’s, Una Galani, Thomas Shum Organizations: Reuters, Reliance Industries, Bajaj Finance, HDFC Bank, Twitter, Xavier Niel’s GAM, Thomson Locations: MUMBAI

☆ India's HDFC Bank posts bigger-than-expected jump in Q1 profit
▼ + stars: | 2023-07-17 | by ( ) www.reuters.com time to read: +2 min

MUMBAI, July 17 (Reuters) - HDFC Bank (HDBK.NS), India's largest private lender, on Monday reported a bigger-than-expected 30% jump in first-quarter profit, helped by higher net interest income (NII) and strong loan growth. The lender's standalone net profit was at 119.52 billion rupees ($1.46 billion), up from 91.96 billion rupees a year ago. HDFC's deposits have been transitioned into those of HDFC Bank beginning July 1, he said. HDFC had retail liabilities worth 1.3 trillion rupees and non-retail liabilities worth 390 billion rupees as on June 30, he added. Provisions and contingencies, or the funds set aside to cover loan losses, slipped 10.3% to 28.6 billion rupees.

Persons: HDFC, Srinivasan Vaidyanathan, Vaidyanathan, Bank's Organizations: HDFC Bank, Housing Development Finance Corp, Thomson Locations: MUMBAI

☆ HDFC Bank signs up over 100,000 customers in digital rupee pilots
▼ + stars: | 2023-07-13 | by ( ) www.reuters.com time to read: +1 min

MUMBAI, July 13 (Reuters) - India's largest private lender HDFC Bank (HDBK.NS) on Thursday said it has signed up over 100,000 customers and 170,000 merchants in pilot programmes using the central bank digital currency (CBDC). The lender also linked the CBDC, termed e-rupee, and United Payments Interface (UPI) for merchants and customers, which would enable payments through both CBDC and UPI using a single Quick Response (QR) code, HDFC Bank said in a statement. The Reserve Bank of India (RBI) has devised the e-rupee as a digital alternative to physical cash, using blockchain distributed-ledger technology. The central bank aims to reach a target of one million CBDC transactions per day by the end of this year from 5000-10,000 currently, Deputy Governor T Rabi Sankar said on Tuesday. Reporting by Siddhi Nayak; Editing by Sonia CheemaOur Standards: The Thomson Reuters Trust Principles.

Persons: T Rabi Sankar, Siddhi Nayak, Sonia Cheema Organizations: HDFC Bank, United, UPI, Reserve Bank of India, Siddhi, Thomson Locations: MUMBAI

☆ India's HDFC Bank signs up over 100,000 customers in digital rupee pilots
▼ + stars: | 2023-07-13 | by ( ) www.cnbc.com time to read: 1 min

India's largest private lender HDFC Bank on Thursday said it has signed up over 100,000 customers and 170,000 merchants in pilot programs using the central bank digital currency, or CBDC. The lender also linked the CBDC, termed e-rupee, and United Payments Interface, or UPI, for merchants and customers, which would enable payments through both CBDC and UPI using a single Quick Response code, HDFC Bank said in a statement. The Reserve Bank of India has devised the e-rupee as a digital alternative to physical cash, using blockchain distributed-ledger technology. The central bank aims to reach a target of one million CBDC transactions per day by the end of this year from 5000 to 10,000 currently, Deputy Governor T Rabi Sankar said on Tuesday.

Persons: T Rabi Sankar Organizations: HDFC Bank, United, UPI, Reserve Bank of India

☆ India cenbank calls on more lenders to offer digital rupee - sources
▼ + stars: | 2023-07-12 | by ( Siddhi Nayak | ) www.reuters.com time to read: +2 min

Nearly two dozen central banks across emerging and advanced economies are expected to have digital currencies in circulation by the end of the decade, the Bank for International Settlements (BIS) found in a survey, published on Monday. The RBI aims to reach a target of one million CBDC transactions per day by the end of this year, RBI deputy governor T Rabi Sankar said on Tuesday. There were 1.3 million customers and 0.3 million merchants, who used CBDC as of June 2023, he said. "We are in the advanced stage of submitting a CBDC pilot request to the RBI. The central bank has also asked smaller banks to seek feedback from those currently conducting the pilots, the bankers said.

Persons: T Rabi Sankar, Siddhi Nayak, Sohini Goswami Organizations: Reserve Bank of India, Reuters, Bank for International Settlements, State Bank of India, Bank of Baroda, ICICI Bank, HDFC Bank, Kotak Mahindra Bank, Yes Bank, Siddhi, Thomson Locations: MUMBAI, Bank, BOB.NS

☆ India's IDFC First Bank says merger will boost credit growth
▼ + stars: | 2023-07-11 | by ( Sumathi Bala | ) www.cnbc.com time to read: +1 min

155 shares of IDFC First Bank will be alloted for 100 shares of IDFC according to an Indian media report. India's IDFC First Bank expects to see robust credit growth following its recent merger, according to managing director and CEO V. Vaidyanathan. Last week, IDFC First Bank said its board had approved its merger with IDFC Ltd. , the latest in a wave of consolidation in India's financial sector. "For India's credit market, let me say about a 15% credit growth would be a fair expectation in the near future. And for our bank, a 25% credit growth would be a fair expectation with stable asset quality."

Persons: India's, Vaidyanathan, CNBC's Organizations: IDFC, Bank, IDFC Ltd, HDFC Bank, Housing Development Finance Corporation Locations: Mumbai, India

☆ HDFC Bank to sell 2% stake in NSDL IPO
▼ + stars: | 2023-07-09 | by ( ) www.reuters.com time to read: +1 min

NEW DELHI, July 9 (Reuters) - HDFC Bank (HDBK.NS) will sell a 2% stake in the initial public offering (IPO) of National Securities Depository (NSDL), the lender informed exchanges on Sunday. The lender holds a 8.95% stake in NSDL, which handles most of the securities held and settled in dematerialised form in the Indian capital market. In its draft red herring prospectus (DRHP) dated July 7, the depository said the IPO will see sales of 57.3 million shares by its six shareholders. IDBI Bank (IDBI.NS) will sell up to 22.2 million shares, while National Stock Exchange will sell 18 million shares it owns in the depository. Union Bank of India (UNBK.NS) will sell 5.62 million shares, and State Bank of India(SBI.NS), and Administrator of the Specified Undertaking of the Unit Trust of India (SUUTI) will sell 4 million and 3.4 million shares, respectively.

Persons: Nikunj Ohri, Kim Coghill Organizations: HDFC Bank, National Securities Depository, IDBI Bank, National Stock Exchange, Union Bank of India, State Bank of India, Unit Trust of India, Thomson Locations: DELHI, NSDL, dematerialised

☆ HDFC Bank director says Indian mega merger won't face 'insurmountable challenges'
▼ + stars: | 2023-07-04 | by ( Charmaine Jacob | ) www.cnbc.com time to read: +3 min

In this article HDFC-INHDFCBANK-IN Follow your favorite stocks CREATE FREE ACCOUNTThe merger between HDFC Bank and HDFC now makes the entity the world's fourth largest bank. Nurphoto | Nurphoto | Getty ImagesThe merger between India's HDFC Bank and the Housing Development Finance Corporation (HDFC) will increase the entity's customer base and provide more opportunities for cross-selling, the non-executive director of HDFC Bank told CNBC. HDFC, India's largest mortgage lender, merged with HDFC Bank, the country's biggest private lender, in a $40 billion deal which took effect on July 1. HDFC Bank has around 83 million customers but only 2% have a housing loan with HDFC. HDFC Bank is currently India's second most valued company by market cap after Reliance Industries .

Persons: HDFC, Keki Mistry, Mistry Organizations: HDFC Bank, Nurphoto, India's HDFC Bank, Housing Development Finance Corporation, CNBC, HDFC, Mortgage, JPMorgan Chase, Industrial, Commercial Bank of China, Bank of America, Reliance Industries Locations: India, China, South East Asia

☆ Goldman strategist says one country offers the 'most fertile ground for picking stocks' and shares his favorites
▼ + stars: | 2023-07-03 | by ( Weizhen Tan | ) www.cnbc.com time to read: +3 min

That's despite Indian stocks already soaring, with the country's benchmark indexes BSE Sensex and Nifty 50 soaring to new record highs on Friday, according to Refinitiv data. He said that Indian stocks have a 16% compound annual return over the last 20 years in local currency terms, and 13% in dollar terms. It also has a high proportion of what Goldman analysts dub "multibagger" stocks, according to Koul. Goldman Sach screened 25 large-cap Indian stocks for those with an attractive growth and valuation profile. Four banks meet its criteria: HDFC Bank , ICICI Bank , State Bank of India and Kotak Mahindra Bank.

Persons: Goldman Sachs, Sunil Koul, CNBC's, Koul, That's, Goldman, Banks, Goldman Sach, Larsen, Toubro, — CNBC's Michael Bloom Organizations: Asia Pacific, CNBC, HDFC Bank, ICICI Bank, State Bank of India, Kotak Mahindra Bank, U.S . Global, SBI, UltraTech, Growers Locations: India, U.S

☆ HDFC Bank is 'absolutely' a buy, says wealth management firm
▼ + stars: | 2023-07-03 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHDFC Bank is 'absolutely' a buy, says wealth management firmGurmeet Chadha of Complete Circle discusses the merger between HDFC and HDFC Bank, and says HDFC Bank is clocking in 15% to 16% of credit growth.

Persons: Gurmeet Organizations: HDFC, HDFC Bank Locations: HDFC

In this article HDFCBANK-IN Follow your favorite stocks CREATE FREE ACCOUNTA HDFC Bank branch in Mumbai, India, on Friday, April 14, 2023. Bloomberg | Bloomberg | Getty ImagesIndia's largest private lender HDFC Bank has completed its merger with Housing Development Finance Corporation , the country's biggest mortgage lender, in a deal that pits the new entity against the world's largest banks. HDFC shareholders will receive 42 shares of HDFC Bank for every 25 shares they own, and HDFC will cease operations on the Indian stock market on 13 July. In a presentation to HDFC investors, the mortgage lender outlined synergies including access to lower funding costs, operational efficiencies and a wider distribution network for HDFC. There will also be cross-selling opportunities as 70% of HDFC's customers do not have a banking account with HDFC Bank, according to the presentation.

Persons: Soumya Rajan, Nilesh Shah, HDFC, Rajan, Shah Organizations: Bloomberg, Getty, HDFC Bank, Housing Development Finance Corporation, JPMorgan Chase, Industrial, Commercial Bank of China, Bank of America, Waterfield Advisors, Mahindra Asset Management, Reliance Industries, CNBC Locations: Mumbai, India, HDFC

☆ IT, auto stocks help Indian shares hit new highs
▼ + stars: | 2023-06-30 | by ( Bharath Rajeswaran | ) www.reuters.com time to read: +2 min

BENGALURU, June 30 (Reuters) - Information technology (IT) and auto stocks helped India's benchmark indexes hit fresh record highs on Friday, after robust economic data from the United States eased fears of a slowdown and improved broader sentiment. Reuters GraphicsThe Nifty 50 (.NSEI) rose as much as 1.21% to hit an all-time high of 19,201.70, before closing at 19,189.05. The S&P BSE Sensex (.BSESN) also gained 1.26% to settle at a fresh record of 64,718.56. The Nifty 50 (.NSEI) has risen over 10.5% in the three months ended June 30, its best performance since the September quarter of 2021. Midcaps (.NIFMDCP100) also hit a fresh record while smallcaps (.NIFSMCP100) hovered around their 52-week high.

Persons: Deepak Jasani, MotoCorp, Maruti Suzuki, Bharath Rajeswaran, Dhanya Ann Thoppil Organizations: Reuters, BSE, HDFC Securities, Auto, Mahindra, Maruti, Infosys, Thomson Locations: BENGALURU, United States, Bengaluru

☆ India’s push to democratise credit tests limits
▼ + stars: | 2023-06-30 | by ( Shritama Bose | ) www.reuters.com time to read: +4 min

Yet barely half of them have active loans and only up to 10% have a credit card. That’s why the regulator is allowing the use of RuPay credit cards, the country’s low-cost answer to Mastercard (MA.N) and Visa (V.N), for UPI payments. Earlier, in June 2022, the central bank had allowed lenders to link RuPay credit cards to UPI accounts. HDFC Bank became the first private bank to go live on UPI with RuPay credit cards in February. Paytm tied up with SBI Cards and Payment Services in May to issue RuPay credit cards to its consumers via UPI, offering cashbacks on small-value payments.

Persons: It’s, Paytm, –, Bernstein, Una Galani, Pranav Kiran, Thomas Shum Organizations: Reuters, UPI, Google, Reuters Graphics Reuters, Mastercard, Visa, Merchants, HDFC Bank, Axis Bank, Kotak Mahindra Bank, Punjab National Bank, One97 Communications, Reserve Bank, Tiger, Uni, “, Reserve Bank of India, SBI Cards, Services, Thomson Locations: MUMBAI, India, Punjab

☆ HDFC to merge into HDFC Bank on July 1, create India’s financial behemoth
▼ + stars: | 2023-06-30 | by ( Siddhi Nayak | ) www.reuters.com time to read: +2 min

Both the companies have set July 13 as the "record date" to swap HDFC's shares with HDFC Bank's stock for its shareholders, HDFC and HDFC Bank said in separate exchange filings on Friday. With the share swap, HDFC Bank will become one of the world's top 10 banks in terms of market capitalisation, as per Refinitiv data. After the merger, HDFC Bank has no identified promoter. With the merger, HDFC Bank's total loan book will be over 22 trillion rupees, behind only that of State Bank of India (SBI.NS), the country’s largest lender. Both the entities have set July 12 as a record date for transfer of non-convertible debentures of HDFC in the name of HDFC Bank.

Persons: Sashidhar Jagdishan, HDFC's Keki Mistry, Siddhi Nayak, Jose Joseph, Shilpi Majumdar, Maju Samuel Organizations: Housing Development Finance Corp, HDFC Bank, HDFC, State Bank of India, Reuters, Siddhi, Thomson Locations: Renu, India, HDFC

☆ Indian shares set for muted start to week after Russia turmoil
▼ + stars: | 2023-06-26 | by ( ) www.reuters.com time to read: +2 min

BENGALURU, June 26 (Reuters) - Indian shares were set for a muted open on Monday, on the heels of their first weekly loss in over a month, as crude prices rose on supply concerns after a short-lived mutiny by mercenaries in Russia. Foreign institutional investors sold a net 3.45 billion rupees ($42.1 million) worth of Indian equities on Friday, while domestic investors sold 6.84 billion rupees of shares, as per provisional NSE data. STOCKS TO WATCH:** ICICI Bank (ICBK.NS), ICICI Securities (ICCI.NS): Boards of the companies to consider delisting of ICICI Securities shares on June 29. ** HDFC Life Insurance Company: India's insurance regulator granted approval for transfer of its shares from HDFC Ltd (HDFC.NS) to HDFC Bank (HDBK.NS). ** Shree Cement (SHCM.NS): NDTV reported that tax evasion to the tune of 230 billion rupees ($2.80 billion) has been found in tax searches at multiple locations of Shree Cement in Rajasthan.

Persons: Wagner, Brent, Chris Thomas, Biplob Kumar Das, Eileen Soreng Organizations: Singapore Exchange, BSE, ICICI Bank, ICICI Securities, Life Insurance, HDFC Ltd, HDFC Bank, Ipca, U.S, FDA, of Maharashtra, Axis Bank, Kashmir Bank, NDTV, Shree, Thomson Locations: BENGALURU, Russia, Russian, Moscow, Asia, India, Pithampur, Jammu, Kashmir, Shree Cement, Rajasthan, Bengaluru

In the fiscal year 2022 through 2023, HDFC raised 784.15 billion from the debt market, higher than the 500 billion rupees a year before. It has raised 460.62 billion rupees since April this year. Mutual funds hold around 270 billion rupees of HDFC's bonds as of May 31, data from information service provider Prime Database showed. Rival LIC Housing Finance may be the biggest beneficiary of HDFC exiting the market, fund managers said. Other competitors such as ICICI Home Finance, Bajaj Housing Finance, Tata Capital Housing Finance and Shriram Housing Finance could also see an increase in demand for their debt issuances, they said.

Persons: HDFC, Raju Sharma, HFCs, Ajay Manglunia, Laukik Bagwe, Bagwe, IDBI Mutual Fund's Sharma, Dharamraj Dhutia, Dhanya Ann Thoppil Organizations: Housing Development Finance Corp, HDFC Bank, Reuters, IDBI Mutual Fund, Securities and Exchange Board of India, JM Financial, AAA, Mutual, LIC, Finance, ICICI Home Finance, Bajaj Housing Finance, Tata Capital Housing Finance, Shriram Housing Finance, Mutual Fund, IDBI Mutual, Thomson Locations: MUMBAI, India, HDFC

☆ India’s $1 bln education buyout is a studied bet
▼ + stars: | 2023-06-21 | by ( ) www.reuters.com time to read: +2 min

MUMBAI, June 21 (Reuters Breakingviews) - The biggest merger in Indian corporate history has opened the door for private equity giant EQT (EQTAB.ST) to enter the country’s education finance market. The deal is touted as the largest ever PE buyout in the country’s financial sector and values Credila at roughly 101 billion rupees ($1.2 billion), or roughly 37 times earnings in the last financial year. The target specalises in education financing for those looking to universities in the United States, the UK and Canada for higher education. The buyers will also inject 20 billion rupees into Credila, which should help give the company, already a market major, an edge over rivals including state-controlled banks and the Warburg Pincus-backed Avanse Financial Services. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: HDFC, Credila, BPEA EQT, Warburg Pincus, Shritama Bose, Robyn Mak, Thomas Shum Organizations: Reuters, Chrys Capital, Bajaj Finance, Financial, Twitter, Virgin, Thomson Locations: MUMBAI, Swedish, United States, Canada, India, Credila, Cava

☆ Mega-merger gives Indian lender new lease on life
▼ + stars: | 2023-06-20 | by ( Shritama Bose | ) www.reuters.com time to read: +4 min

HDFC Bank (HDBK.NS), the country’s largest private lender, is set in July to complete its merger with its parent, partner and 26% shareholder Housing Development Finance Corporation (HDFC) (HDFC.NS). That’s a great opportunity for the larger, streamlined HDFC Bank – until now it sold most home loans it originated to its parent. However, the share of mortgages in HDFC Bank’s portfolio will rise close to 30%, compared to SBI’s 20%. HDFC Bank remains a fixer-upper in a couple of important respects, though. Housing Development Finance Corporation created HDFC Bank in 1994 and remains a 26% shareholder.

Persons: Sashidhar Jagdishan, That’s, HDFC, Jagdishan, Breakingviews, Srinivasan Vaidyanathan, Antony Currie, Thomas Shum Organizations: Reuters, HDFC Bank, Housing Development Finance Corporation, –, Bank of India, Mahindra Bank, Reserve Bank of India, Thomson Locations: MUMBAI, Asia, China, United States, watchdogs, Credila

☆ Exclusive: Mutual funds may not get holdings waiver post HDFC Bank - HDFC merger - sources
▼ + stars: | 2023-06-14 | by ( Jayshree P Upadhyay | ) www.reuters.com time to read: +3 min

HDFC Bank and HDFC - both heavily owned by mutual funds - are set to conclude a merger in the next few weeks to create India's second-largest financial institution by assets after the State Bank of India. At least 60 equity mutual fund schemes will see their combined exposure to HDFC Bank and HDFC overshoot the 10% cap as of Wednesday. The matter has been referred to the Association of Mutual Funds in India (AMFI), according to two mutual fund executives. "HDFC Bank and HDFC are fairly liquid stocks and have a lot of demand. Shares of HDFC Bank have risen 6.5% since April 1, 2022, but have still underperormed the broader BSE Bankex, which is up 17%.

Persons: SEBI, Deven Choksey, Jayshree, Varun, Dhanya Ann Thoppil Organizations: HDFC Bank, Reuters, HDFC, State Bank of India, Securities and Exchange Board of India, Association of Mutual Funds, KRChoksey Holdings, Thomson Locations: MUMBAI, India

[1/2] Uday Kotak, Managing Director of Kotak Mahindra Bank poses for a picture at the company's corporate office in Mumbai January 15, 2015. Kotak General Insurance, which is fully-owned by Indian banking giant Kotak Mahindra Bank (KTKM.NS), did not respond to Reuters queries. While the Kotak insurance unit's interest in selling a stake has been reported earlier, its talks with Zurich, the potential deal size and valuation are being reported for the first time. More than 30 companies operate in India's general insurance market, where annual premium collections grew 11% to reach $26.7 billion in 2021-22, helped by rising financial literacy and income levels, CareEdge Ratings said in a report. Already, foreign companies such as Germany's Allianz and South Africa's Lombard have general insurance partnerships with Indian banking or financial groups.

Persons: Uday Kotak, Kotak, South Africa's Lombard, Ergo, Sriram, Tom Sims, Victoria Farr, Aditya Kalra, Jacqueline Wong Organizations: Mahindra Bank, REUTERS, Danish, Zurich Insurance, Kotak, Zurich eyeing, Insurance, Asia's, Germany's Allianz, South, Thomson Locations: Mumbai, India, Zurich, MUMBAI, South Africa's, Europe, China, Frankfurt

☆ India's outsourcing giants cut hiring; disheartening for economy, students
▼ + stars: | 2023-06-12 | by ( Navamya Ganesh Acharya | ) www.reuters.com time to read: +7 min

There are pockets of optimism elsewhere in the services sector - especially in accounting, where there is a surge in hiring. NLB sees a 20-25% drop in IT employee additions in the first half of the current financial year, while TeamLease Digital expects a 40% decrease for the entire year. Nasscom declined comment on the hiring slowdown. That has "surely left applicants concerned about future prospects", said staffing firm Xpheno's co-founder Kamal Karanth, who highlighted how current hiring activity was "under a third of what was recorded in the buoyant peak". Pai highlighted sectors such as financial services, consumer goods, specialised manufacturing, medicine, law, chartered accounting and other services as more viable options.

Persons: Rohit Azad, Azad, Rishad Premji, Sakshi Gupta, Sachin Alug, NLB, Nilanjan Roy, Nasscom, Gautam, Xpheno's, Kamal Karanth, LTIMindtree, Karanth, Siana, Siddharth Pai, Pai, Dhanya Skariachan, Raju Gopalakrishnan Organizations: New, Jawaharlal Nehru University, Wipro, HDFC, Apple, Citigroup, American Express, Europe's Credit Suisse, UBS, NLB Services, TeamLease, IT, Tata Consultancy Services, Infosys, Reuters Graphics, Sethuraman, Thomson Locations: BENGALURU, India, Punjab

☆ Indian rupee posts biggest single-day gain in two months on strong growth data
▼ + stars: | 2023-06-01 | by ( Sethuraman N R | ) www.reuters.com time to read: +1 min

MUMBAI, June 1 (Reuters) - The Indian rupee saw its best single-day gain in two months on Thursday, and also rose to a two-week high during the session, following strong domestic growth data, which prompted traders to square off long dollar positions. On Thursday, the rupee rose 0.38%, to mark its best day since April 5. Consistent flows into equities coupled with strong economic data is supporting the rupee, said Dilip Parmar, a research analyst at HDFC Securities. Adding to strong growth numbers, India's factory output expanded at the quickest pace since October 2020 in May, thanks to strong demand and output, a private survey showed. The string of positives for the rupee has prompted USD/INR long positions to lose patience, a sales person at a private bank said.

Persons: Dilip Parmar, Parmar, Sonia Cheema Organizations: U.S ., HDFC Securities, . Federal Reserve, Fed, Sethuraman NR, Thomson Locations: MUMBAI, Mumbai

The government expects growth could remain around 6.5% in the current fiscal year, despite risks emerging from a global slowdown. Asia's third-largest economy expanded faster than the forecast of 5.0% by economists in a Reuters poll in the last quarter of the 2022/23 fiscal year through March, up from a revised 4.5% in the previous quarter. She added growth numbers, however, reflected optimism for the Indian economy despite global headwinds. Reuters GraphicsFederal government spending, constituting about 10% of GDP, rose 2.3% year-on-year in the latest quarter, compared with a revised 0.6% contraction in the previous quarter. Currently, 45% of India's workforce is employed in the farm sector, which contributes just 15% to the economy.

Persons: Anantha Nageswaran, Sakshi Gupta, Narendra Modi, Economists, Sarita Chaganti Singh, Shivangi Acharya, Nishit Navin, Emelia Sithole, David Holmes Organizations: Reserve Bank of India, Reuters, Reuters Graphics Federal, Monitoring, Thomson Locations: DELHI, India, HDFC, Mumbai, New Delhi, Bengaluru

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