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☆ Exclusive: Blackstone in talks with Bain to sell $480 million stake in top Indian REIT
▼ + stars: | 2023-01-24 | by ( M. Sriram | ) www.reuters.com time to read: +4 min

For Blackstone, it would mean a further selldown of its Embassy stake as it adjusts its portfolio. A spokesperson for Blackstone declined to comment while Bain Capital and Embassy did not respond to requests for comment. It owns and operates more than 43.2 million square feet of office parks and office buildings in cities such as Bengaluru and Mumbai and is also the largest office REIT in Asia by area. Blackstone currently owns 24% of the Embassy REIT, which has a market capitalisation of nearly $4 billion. That will be worth $400 million-$480 million based on Monday's closing price of the Embassy REIT on the stock exchange in Mumbai.

☆ Here's why it's time to bet against a key sector of the market ahead of the coming recession
▼ + stars: | 2023-01-23 | by ( Phil Rosen | ) www.businessinsider.com time to read: +6 min

Today, I'm sharing a research note from one analyst who's eyeing a new bet to place against a corner of the stock market that offered refuge last year. He's talking about the S&P 500 Consumer Staples Sector SPDR Fund. In his view, the consumer staples sector, which served as a haven last year, presents a bubble about to burst. How much credence do you give to chart analysis for stock market outlooks? The stock market is about to be flipped upside down, according to Bank of America.

☆ 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.

☆ Indian shares slip on COVID-19, inflation worries
▼ + stars: | 2022-12-22 | by ( ) www.reuters.com time to read: +2 min

BENGALURU, Dec 22 (Reuters) - Indian shares slipped on Thursday, with declines seen across most sectors after monetary policy minutes revealed strong concerns about elevated inflation, while fears about rising COVID-19 cases in China weighed on sentiment. India's health minister on Wednesday said the pandemic was "not over yet" given "the rising cases of COVID-19 in some countries". Asian markets also advanced after the bounce in U.S. shares, with the MSCI Asia ex Japan (.MIAPJ0000PUS) rising 1.49%. India's retail inflation eased below the RBI's upper tolerance limit of 6% for the first time in 2022 in November, but core inflation stayed above 6%. Khemka also said the remarks from the RBI minutes were "consistent with the central bank's adherence to tackling inflation".

☆ Indian shares set to fall for third day on Fed rate-hike worries
▼ + stars: | 2022-12-08 | by ( ) www.reuters.com time to read: +2 min

BENGALURU, Dec 8 (Reuters) - Indian shares were set to dip for a third straight session on Thursday, as concerns over a possible U.S. recession and the pace of the Federal Reserve's rate hikes dampened sentiment. India's NSE stock futures listed on the Singapore exchange were down 0.07% at 18,658.50 as of 8:05 a.m. IST. U.S. worker productivity data for the third quarter beat forecasts on Wednesday, muddying a debate on the trajectory of Fed's rate hikes. Foreign institutional investors sold a net 12.42 billion rupees ($151.09 million) worth of equities on Wednesday, while domestic investors bought net 3.89 billion rupees ($47.32 million) worth of shares, as per provisional NSE data. read more** Axis Bank : Lender to raise up to 120 billion Indian rupees through sale of Basel III compliant Tier-II bonds.

☆ Mukesh Ambani will take credit where it’s due
▼ + stars: | 2022-12-06 | by ( Shritama Bose | ) www.reuters.com time to read: +5 min

Boss Mukesh Ambani might do precisely that to fund a push by his $220 billion Reliance Industries (RELI.NS) conglomerate into consumer lending. The company is spinning off and listing its little-noticed non-bank financial company. More than rivals, Ambani is sitting on a treasure trove of data to assess the credit worthiness of borrowers. As a home-grown tycoon, Ambani has a better chance of success than other late entrants to financial services. On Oct. 21, Reliance revealed plans to spin off Reliance Strategic and rename it Jio Financial Services.

☆ INDIA STOCKS Indian shares fall as autos drag, awaits U.S. inflation data
▼ + stars: | 2022-11-10 | by ( Sethuraman N R | ) www.reuters.com time to read: +2 min

BENGALURU, Nov 10 (Reuters) - Indian shares fell on Thursday, weighed by auto and metal companies, as investors braced for crucial U.S. inflation data that will provide clues about the severity of the Federal Reserve's future interest rate hikes. The NSE Nifty 50 index (.NSEI) dropped 0.7% to 18,037 as of 0522 GMT, while the S&P BSE Sensex (.BSESN) fell 0.70% to 60,609. Indian benchmark indexes hit an over-9-1/2 month peak on Wednesday, driven by the bank Nifty index (.NSEBANK) touching a record high on the back of improved asset quality and credit growth for lenders. The bank index has gained about 17% so far this year, beating the benchmark Nifty index's 4% gain. Shares of Axis Bank (AXBK.NS) fell 2.7% after the Indian government proposed to sell a 1.55% stake in the private lender.

☆ INDIA STOCKS Indian shares set to open lower ahead of US inflation data
▼ + stars: | 2022-11-10 | by ( ) www.reuters.com time to read: +2 min

BENGALURU, Nov 10 (Reuters) - Indian shares are expected to open a tad lower on Thursday, with investors bracing for crucial U.S. inflation data that will provide clues about the severity of Federal Reserve's future interest rate hikes. Foreign institutional investors bought net of 3.87 billion Indian rupees ($47.51 million) equities on Wednesday, while domestic investors sold 10.60 billion rupees of shares, as per provisional data available with the National Stock Exchange. ** Indian port operator Adani Ports (APSE.NS) acquired a 49.38% stake in petroleum logistics service provider Oiltanking for 10.5 billion rupees. ** Indian sugar mills are aggressively signing export deals, contracting for about 1 million tonnes just four days after New Delhi approved exports. read more($1 = 81.4650 Indian rupees)Reporting by Nallur Sethuraman in Bengaluru; Editing by Dhanya Ann ThoppilOur Standards: The Thomson Reuters Trust Principles.

☆ Indian bank stocks' record rally to continue as balance sheets strengthen
▼ + stars: | 2022-11-10 | by ( Nupur Anand | ) www.reuters.com time to read: +3 min

[1/2] A man checks his mobile phones in front of State Bank of India (SBI) branch in Kolkata, India, February 9, 2018. This comes at a time when credit growth is at a multi-year high and bad loans across lenders have reduced significantly. The brokerage said private and state-owned lenders that remained better placed to grow include ICICI Bank Ltd (ICBK.NS), HDFC Bank Ltd (HDBK.NS), Axis Bank Ltd (AXBK.NS), IndusInd Bank Ltd (INBK.NS), Bank of Baroda Ltd (BOB.NS) and State Bank of India (SBI) (SBI.NS). Credit growth is at a multi-year high, with an uptick both in retail and corporate loans. "One key concern going ahead remains how the rising interest rate scenario will impact credit growth."

☆ Bain gives India’s banking ball a time check
▼ + stars: | 2022-11-02 | by ( ) www.reuters.com time to read: +2 min

Bain Capital on Tuesday pocketed some $400 million from selling just under a third of the more than 4% stake it bought in Axis Bank (AXBK.NS) in 2017. Back then, the private equity firm and Life Insurance Corporation of India (LIFI.NS) injected cash as the country’s third-largest non-state-controlled lender was grappling with a slew of bad loans. Axis now oozes confidence under ex-HDFC Life Insurance executive Amitabh Chaudhry, who joined as boss in 2019. Gross bad loans account for 2.5% of total assets, less than half the level when Bain bought in. With Bain currently sitting on 1.6 times its money, excluding dividends, it’s a good time to send some in its party home.

☆ INDIA STOCKS Indian shares seen opening lower, tracking global cues
▼ + stars: | 2022-10-21 | by ( ) www.reuters.com time to read: +2 min

BENGALURU, Oct 21 (Reuters) - Indian shares are poised to edge lower at open on Friday, tracking weakness in global markets over persistent fears of the impact of aggressive interest rate hikes from major central banks on economic growth and corporate earnings. India's NSE stock futures listed on the Singapore exchange were 0.15% lower, as of 0212 GMT. Yet, the two main Indian bourses have rallied for five straight sessions, despite the weak investor sentiment globally for risk assets. ** Shadow lender Bajaj Finance Ltd (BJFN.NS)reported a record quarterly profit on Thursday, beating estimates on improved demand for loans and better asset quality. ($1 = 82.8220 Indian rupees)Register now for FREE unlimited access to Reuters.com RegisterReporting by Rama Venkat in Bengaluru;Our Standards: The Thomson Reuters Trust Principles.

☆ Samsung to lure 175 mln existing India customers with cashback card
▼ + stars: | 2022-09-26 | by ( Munsif Vengattil | ) www.reuters.com time to read: +2 min

NEW DELHI, Sept 26 (Reuters) - Samsung Electronics (005930.KS) is targeting repeat purchases from its 175 million customers in India through a new cashback credit card, a senior executive said, a move to boost sales in the critical market where it was once the top smartphone seller. With India's festive season underway, the South Korean electronics giant on Monday launched a new credit card with India's Axis Bank (AXBK.NS) to offer 10% cashback all year round to customers buying Samsung products. Register now for FREE unlimited access to Reuters.com Register"We are talking about 175 million existing consumers, which is our current installed base for Samsung in India. Samsung, which says it is India's largest consumer electronics firm, sells everything from smartphones to washing machines in the country. In the second quarter of 2020, Samsung had a 26% share of India's smartphone market, which is currently at 19%, data from Counterpoint Research shows.

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