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☆ CNBC's Inside India newsletter: A poorly timed IPO?
▼ + stars: | 2024-10-24 | by ( Ganesh Rao | ) www.cnbc.com time to read: +6 min

Shares of carmaker Hyundai 's Indian subsidiary started trading this week with much anticipation, only to drop by some 7% on its debut. Despite such success, it appears as if the stock market has given Hyundai the cold shoulder this week. First, the money raised by the stock market listing is being fed back to Hyundai's Korean parent. With the listing, the Indian subsidiary now commands nearly half the market capitalization of its Korean parent. However, the Indian subsidiary must now pay a flat 3.5% of total revenue going forward.

Persons: Ashish Vaishnav, Hyundai, it's, Gaurav Narain, Maruti Suzuki, China's, Narain, Kapil Singh, Singh, Ashish Jain, Pratik Organizations: Hyundai, Getty, Investors, Growth Fund, London Stock Exchange, ICG, Federated Hermes Global Emerging Markets Equity Fund, Maruti, Equity, Macquarie Locations: MUMBAI, MAHARASHTRA, INDIA, Mumbai, India, Korea, Hyundai India

☆ What’s next for Zee shares? Here’s what Wall Street analysts are saying after Sony merger was called off
▼ + stars: | 2024-01-23 | by ( Ganesh Rao | ) www.cnbc.com time to read: +4 min

Shares of the Indian media house fell 34% on Tuesday, while investors shrugged off the impact on the $124 billion Japanese media and technology giant Sony. ZEEL-IN 1Y mountain What are analysts saying about Zee shares, moving forward? Citi sharply slashed its price target on Zee's stock from 340 Indian rupees to 180 Indian rupees. Zee has not stated whether it will pursue the merger while the litigation with Sony could hinder improvements in operations or explore a merger with other players," the analysts added. Similarly, Elara analysts added, "Possibility of any other strategic/financial partner buying majority stake in Zee could provide respite to valuation multiples."

Persons: Motilal Oswal, Zee, Motilal, Aliasgar Shakir, Karan Taurani, Pulkit Chawla, Emkay, Zee's, Punit Goenka, Chawla Organizations: Zee Entertainment, Sony, Zee, Citi, Wall, Reliance, Disney Star India, Motilal Oswal, Star, Disney, Netflix, Amazon Prime, Reliance Industries, Media, Elara, RIL, Zee Management, Quintillion Business Media, Bloomberg News, NDTV Locations: India, Zee

☆ India's Nifty 50 hits all-time high after upbeat growth data
▼ + stars: | 2023-12-01 | by ( Bharath Rajeswaran | ) www.reuters.com time to read: +2 min

The NSE Nifty 50 index (.NSEI) rose as much as 0.52% to 20,238.45, a new record high, while the S&P BSE Sensex (.BSESN) was up 0.44% at 67,286.16, as of 9:35 a.m. IST. "India's growth outlook remains positive, with various capex initiatives of the government likely to trigger consumption at the bottom of the pyramid," Pramod Gubbi, founder of Marcellus Investment Management, said. India's Nifty and Sensex posted their best month in 2023 in November, aided by the return on foreign portfolio investor (FPI) inflows. India's general elections are due early next year. Reporting by Bharath Rajeswaran in Bengaluru; Editing by Sonia Cheema and Mrigank DhaniwalaOur Standards: The Thomson Reuters Trust Principles.

Persons: Francis Mascarenhas, Gubbi, India's, Sensex, Madhavi Arora, Bharath Rajeswaran, Sonia Cheema Organizations: National Stock Exchange, REUTERS, Rights, NSE, BSE, Reuters, Reserve Bank, Marcellus Investment Management, Wall, Dow Jones, Bharatiya Janata Party, BJP, Indian National Congress, Emkay Global Financial Services, Thomson Locations: Mumbai, India, U.S, Rajasthan, Madhya Pradesh, Chhattisgarh, Telangana, Bengaluru

☆ India's Bharti Group to buy out French partner AXA's stake in JV
▼ + stars: | 2023-10-11 | by ( Hritam Mukherjee | ) www.reuters.com time to read: +2 min

Logos of France's biggest insurer Axa are seen on a building in Nanterre, near Paris, March 8, 2016. REUTERS/Christian Hartmann/File Photo Acquire Licensing RightsBENGALURU, Oct 11 (Reuters) - Bharti Group will acquire French insurer AXA's (AXAF.PA) 49% stake in Bharti AXA Life Insurance Co, the Indian conglomerate said on Wednesday, taking full control of a venture that was jointly run for nearly two decades. "There is ample scope for life insurance to grow in India. Bharti's JV deal, made through its Bharti Life Ventures arm, is expected to close by December this year, subject to regulatory approvals. The company competes with HDFC Life Insurance (HDFL.NS), ICICI Prudential Life Insurance (ICIR.NS), SBI Life Insurance (SBIL.NS) and LIC in a market ranked ninth in the world, according to the insurance regulatory body's latest annual report.

Persons: Christian Hartmann, Bharti, Burman, Avinash Singh, Hritam Mukherjee, Nivedita Bhattacharjee, Anil D'Silva Organizations: Axa, REUTERS, Rights, Bharti Group, Bharti AXA Life Insurance, Bharti, AXA, Life Insurance Corporation of India, United Provident Association, Insurance, JV, Religare Enterprises, Emkay Global Financial Services, Bharti's JV, Ventures, Life Insurance, ICICI Prudential Life Insurance, SBI Life Insurance, Bharti Airtel, Bharti Realty, Del Monte Foods, Del, Del Monte Pacific, Thomson Locations: Nanterre, Paris, India, Del Monte, Bengaluru

☆ Billionaire banker Uday Kotak steps down as CEO of Kotak Mahindra Bank
▼ + stars: | 2023-09-02 | by ( Jayshree P Upadhyay | ) www.reuters.com time to read: +2 min

FILE PHOTO-Uday Kotak, Managing Director of Kotak Mahindra Bank poses for a picture at the company's corporate office in Mumbai January 15, 2015. Kotak Mahindra Bank is India's fourth largest private sector bank by assets. Dipak Gupta, currently the joint managing director, will carry out the chief executive duties until Dec. 31, the bank added. "I thought it appropriate to hand over the baton and stagger the transition," Kotak wrote. The bank has already made an application for the new managing director to India's central bank, the bank said in its exchange notification.

Persons: Uday Kotak, Danish Siddiqui, Dipak Gupta, Kotak, Amit Tandon, Tandon, Anand Dama, Jayshree, Chris Thomas, Miral Fahmy, Tomasz Janowski Organizations: Mahindra Bank, REUTERS, Danish, Kotak Mahindra Bank, Reserve Bank of India, Investor Advisory Services, Global Financial Services, Thomson Locations: Mumbai, India

REUTERS/Adnan Abidi/File PhotoNEW DELHI, Aug 3 (Reuters) - India has restricted imports of laptops, tablets and personal computers with immediate effect, according to a government notice on Thursday, in a bid to push local manufacturing. In April-June, electronics imports, which include laptops, tablets and personal computers, was $19.7 billion, up 6.25% year-on-year. Electronics imports range between 7% to 10% of the country's total merchandise imports. "The move's spirit is to push manufacturing to India. India has been trying to push local manufacturing by giving production-linked incentives in over two dozen sectors, including electronics.

Persons: Adnan Abidi, It's, Ali Akhtar Jafri, Madhavi Arora, Shivam Patel, Shivangi Singh, Sudipto Ganguly, Raju Gopalakrishnan Organizations: REUTERS, Electronics, Dell, Samsung, LG Electronics, Apple Inc, Lenovo, HK, HP Inc, Dixon Technologies, Emkay, India Cellular and Electronics Association, Thomson Locations: New Delhi, India, China, Mumbai

[1/5] A Domino's staff member stands next to a sign for a 49-rupee pizza at a restaurant in Noida, India, July 4, 2023. A: With the world's cheapest Domino's pizza. "You are coming to the store or open the app, because there is a 49-rupee callout," he said, adding that Domino's global team supported the plans. Domino's global HQ referred queries about India to its local franchisee. When Khetarpal visited Domino's stores in Chennai and other cities, he said he saw customers emptying out their pockets and only being able to scrape together 49 rupees.

Persons: Adnan Abidi, Sameer Khetarpal, Khetarpal, Merrill Pereyra, They'll, Akshay Jatia, Westlife, It's, Devanshu Bansal, Kiran Raj, Praveen Paramasivam, Aditya Kalra, Saurabh Sharma, Jatindra, Brenda Goh, Hilary Russ, Abhirup Roy, Miyoung Kim, Pravin Organizations: REUTERS, U.S, India, Sapphire Foods, Domino's, Burger King's, Restaurant Brands, Euromonitor, Yum Brands, Global Financial Services, Pravin Char, Thomson Locations: Noida, India, CHENNAI, DELHI, America, Shanghai, San Francisco, Burger, zeroing, Pizza, New Delhi, Chennai, Burger King's India, United States, U.S, Lucknow, Bhubaneswar, New York, Singapore

☆ Explainer: What India's decision to scrap its 2000-rupee note means for its economy
▼ + stars: | 2023-05-20 | by ( Ira Dugal | ) www.reuters.com time to read: +3 min

MUMBAI, May 20 (Reuters) - India will withdraw its highest denomination currency note from circulation, the central bank said on Friday. WHY DID THE GOVERNMENT WITHDRAW 2000-RUPEE NOTES? When 2000-rupee notes were introduced in 2016 they were intended to replenish the Indian economy's currency in circulation quickly after demonetisation. However, the central bank has frequently said that it wants to reduce high value notes in circulation and had stopped printing 2000-rupee notes over the past four years. The value of 2000-rupee notes in circulation is 3.62 trillion Indian rupees ($44.27 billion).

☆ Instant View: Here’s what experts think of India's surprise rate decision
▼ + stars: | 2023-04-06 | by ( ) www.reuters.com time to read: +16 min

The monetary policy committee (MPC) retained the key lending rate or the repo rate (INREPO=ECI) at 6.50% in a unanimous decision. With the likely softening of CPI to the low- to mid-5% levels in the coming month, the current repo rate of 6.5% implies that India’s real policy rate will hover around 1% during 2023-24, while maintaining a policy rate differential of about 1.5% with the US. Room for additional rate hikes has been retained with MPC’s policy stance continuing to remain unchanged at ‘withdrawal of accommodation’. We believe the bar for future rate hikes has increased, especially since near-term prints of CPI will be sub 6%. Scope for further hikes is limited given our growth-inflation outlook and impact of the past rate hikes on the same.

☆ India Budget 2023: Here's what the experts say
▼ + stars: | 2023-02-01 | by ( ) www.reuters.com time to read: +13 min

"This budget, therefore, has rewritten the rules for financilisation of savings in India, which will induce expenditures rather incentivise savings. LAKSHMI IYER, CEO-INVESTMENT ADVISORY, KOTAK INVESTMENT ADVISORS LTD"India budget 2023 has offered a multi-dimensional view. The 3 Cs which stand out are - Capex increase - consumption boost - capital gains tax status quo. Additionally, the budget has provided significant direct tax benefits to individuals which will help increase disposable income and support spending. The budget keeps in mind the needs of future India while focusing on Artificial Intelligence and machine learning.

☆ India's 2023/24 budget likely to be cautious, cutting deficit
▼ + stars: | 2023-01-25 | by ( Aftab Ahmed | ) www.reuters.com time to read: +4 min

The federal government is likely to cut its fiscal deficit to between 5.8% and 5.9% of GDP in 2023/24 from the 6.4% of 2022/23, other officials have said. The deficit will remain much larger than the 4% to 4.5% of GDP that was usual for decades. Reuters GraphicsThe international slowdown will hold down growth in nominal GDP - real growth plus inflation - to about 11% for 2023/24 from an estimated 15.4% for 2022/23. NUMBERS VS SPEECHModi's government in the past has used the budget document to lay out a broad economic vision and social agenda. The government is expected to borrow a record 16 trillion rupees in 2023/24, according to a Reuters poll.

☆ India's FY24 gross borrowing could be less than expected -economists
▼ + stars: | 2023-01-25 | by ( Reuters Staff | ) www.reuters.com time to read: +3 min

MUMBAI (Reuters) - India’s central government’s gross market borrowings for 2023/24 could come in below market expectations as a pool of securities raised to compensate states for a shortfall in goods and services tax may not be rolled over, a few economists said. The government’s gross borrowing is expected to be a record 16 trillion rupees (about $196 billion) for the fiscal year through March 2024, according to a Reuters poll of economists. Once we knock these off, the ‘true’ gross borrowing comes to 15.8 trillion rupees,” the economists estimated. India borrowed 1.1 trillion rupees and 1.59 trillion rupees in 2020-21 and 2021-22, respectively, to lend to states and compensate for a revenue shortfall from tax collections. After adjusting for the redemption of such bonds in 2022-23, IDFC First Bank expects gross borrowing of 15.50 trillion rupees.

☆ India cenbank's new proposal on loan loss provisions to raise bank capital needs - analysts
▼ + stars: | 2023-01-17 | by ( ) www.reuters.com time to read: +2 min

MUMBAI, Jan 17 (Reuters) - The Indian central bank's discussion paper suggesting banks make provisions on bad loans using an expected credit loss (ECL) method could raise capital requirements for lenders, analysts said. The potential impact of a shift to the ECL mechanism on bank capital could be significant, said the RBI, which is yet to give a timeline for implementing the new rules. The new mechanism will recognise problems ahead of time and make the banking system more resilient in the long run but could raise capital requirements significantly particularly for government owned banks, analysts at Macquarie Research said. "The problem here is that over the last 5-10 years, the probability of default would have been very high for the banking sector and that's why eventual ECL provisions could be higher,” Macquarie said. While the impact on individual banks is difficult to assess at this stage, it could be felt in 2025/26 and banks would have to start preparing in 2024/25 to raise capital, the research house added.

☆ India's current account gap widens to 9-year high
▼ + stars: | 2022-12-29 | by ( Swati Bhat | ) www.reuters.com time to read: +2 min

MUMBAI, Dec 29 (Reuters) - India's current account deficit widened in the July-September quarter as high commodity prices and a weak rupee increased the country's trade gap, data from the Reserve Bank of India (RBI) showed on Thursday. In absolute terms, the current account deficit (CAD) (INCURA=ECI) was $36.40 billion in the second quarter of fiscal year 2022/23, its highest in more than a decade. The median forecast of 18 economists in a Dec. 5-14 Reuters poll was for a $35.5 billion CAD in the July-September quarter. The RBI said services exports reported growth of 30.2% on a year-on-year (y-o-y) basis, driven by exports of software, business and travel services, while net services receipts increased sequentially and y-o-y. "Slowing global growth entails both merchandise as well as services exports will remain muted," she said.

☆ India's c.bank set to raise rates; outlook on growth, inflation in focus
▼ + stars: | 2022-12-07 | by ( Swati Bhat | ) www.reuters.com time to read: +3 min

Reuters Graphics Reuters GraphicsThe central bank's outlook, which will accompany the rates decision, will be an important pointer to future policy moves, economists said. Global crude oil prices have been falling in recent months but has yet to be reflected in domestic prices. Sabnavis, who does not see the RBI reducing its inflation forecast, pointed out that though global oil prices have come down, the government has not relaxed duties or taxes. "Hence, the consumer is still paying the same price and has not derived any benefit from declining oil prices." Lower oil prices may also be countered by higher than expected food prices.

☆ India cenbank hikes key policy rate by 35 basis points
▼ + stars: | 2022-12-07 | by ( ) www.reuters.com time to read: +7 min

However, the pace of rate hikes is reducing from 50 bps to 35 bps, in line with expected global hikes." The market needs to keep a close watch on global rate hikes and sticky core inflation." "We expect RBI to go for another 25 bps hike in its next policy, with the terminal rate at 6.5%. ANUJ PURI, CHAIRMAN, ANAROCK GROUP, MUMBAI"The 35 bps rate hike by the RBI - the fifth consecutive rate hike this year - comes as no surprise. We see a possibility of another 25 bps rate hike before a prolonged pause."

☆ Tata Motors falls as core earnings fail to impress
▼ + stars: | 2022-11-10 | by ( ) www.reuters.com time to read: +2 min

Tata Motors posted a narrowed net loss for the July-September quarter and said its earnings before interest, taxes, depreciation, and amortisation (EBITDA) rose 53% year-over-year. However, brokerage Jefferies said the company's EBITDA came in 14% below its estimate, while Emkay Research and Motilal Oswal also said the number missed their estimates. "Tata Motors' performance was an all-around miss," Motilal Oswal analyst Jinesh Gandhi wrote in a note. Tata Motors stock was last down 4.4% at 414.25 rupees and was the biggest loser on India's benchmark Nifty 50 index (.NSEI), which is down 0.7%. Through the last close, Tata Motors shares had shed a tenth of their value, while the Nifty 50 index had gained around 4%.

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