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☆ “Angry Birds” may finally have found right nest
▼ + stars: | 2023-04-17 | by ( ) www.reuters.com time to read: +2 min

LONDON, April 17 (Reuters Breakingviews) - The winning trick of “Angry Birds” is to fire your slingshot at just the right angle to knock out the squadrons of enemy green pigs attempting to steal the birds’ eggs. Japanese gaming company Sega Sammy (6460.T) may have found that position. On Monday, Sega agreed to pay about 700 million euros in cash for Rovio Entertainment (ROVIO.HE), the maker of the “Angry Birds” franchise. The 9.25 offer price is a 63% premium to the closing price of Jan. 19, when rival suitor Playtika (8II.F)made a previous approach. Half the investors have preliminarily accepted the deal, and Rovio shares are near the offer price.

☆ India's HDFC is in fine shape for its big deal
▼ + stars: | 2023-04-17 | by ( ) www.reuters.com time to read: +2 min

HDFC Bank’s (HDBK.NS) net interest income rose 20% year-on-year in the three months to March. The $116 billion financier’s mix of deposits points to some niggles. As interest rates rise, savers tend to move idle funds from low-yielding checking accounts to fixed deposits, where money is locked up for a specific period against juicier interest rates. For now, the hotly watched net interest margin, unchanged at 4.3% for the last nine months, is holding up. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ India HDFC Bank's net profit jumps 19.8% in January-March
▼ + stars: | 2023-04-15 | by ( ) www.reuters.com time to read: +2 min

MUMBAI, April 15(Reuters) - HDFC Bank Ltd (HDBK.NS), India's largest private lender, on Saturday reported a 19.8% jump in net profit for the January-March quarter, aided by healthy net interest income and robust loan growth. The net profit however missed street estimates. Core net interest margin - a key indicator of bank's profitability - stood at 4.1% on total assets in the reporting quarter. Net NPA ratio was at 0.27% from 0.33% in October-December. Provisions and contingencies fell to 26.85 billion rupees from 33.12 billion rupees last year.

☆ HDFC Bank vs. SBI? This strategist names his favorite stock pick among Indian banks
▼ + stars: | 2023-04-13 | by ( Ganesh Rao | ) www.cnbc.com time to read: +3 min

Despite the benefits of heavy deposit flows and strong deposit growth in a slow growth environment, State Bank of India (SBI) has seen its stock price fall year-to-date due to its controversial exposure to Adani. The consensus price target of all analysts compiled by FactSet also points toward 717 rupees a share, which represents a 36% upside. SBIN-IN HDFCBANK-IN 1Y line SBI shares are also traded over the counter in the U.S. and the London and Frankfurt stock exchanges. HDFC over SBI If taking a more constructive long-term view on Indian banks as a whole, Chadha prefers HDFC Bank over SBI because it is merging with HDFC — which he describes as having "huge implications" — creating an almost $300 billion financial behemoth. HDFC Bank shares are up 4% this year and analysts' price target points to a further 13% upside over the next 12 months.

☆ HDFC and HDFC Bank merger will have 'huge implications,' says wealth management firm
▼ + stars: | 2023-04-12 | 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 and HDFC Bank merger will have 'huge implications,' says wealth management firmGurmeet Chadha of Complete Circle discusses whether he prefers HDFC Bank or State Bank of India.

☆ 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.

☆ Indian rupee set to weaken further in coming months: Reuters poll
▼ + stars: | 2023-04-05 | by ( Madhumita Gokhale | ) www.reuters.com time to read: +3 min

BENGALURU, April 5 (Reuters) - The Indian rupee, one of the worst-performing Asian currencies last year, will fall further in the coming months and is expected to drift back to trade around where it is now in 12 months, according to a Reuters poll of FX strategists. Median forecasts from 40 respondents to a March 31-April 4 Reuters poll showed the rupee trading at 82.40/dollar by the end of the month and 82.55/dollar by the end of June. However, a fifth of respondents forecast the currency will change hands at 82.90/dollar or weaker as early as next month. A strong majority of poll respondents who answered an additional question, 13 of 16, said risks to their forecast were skewed towards the rupee being even weaker over the next month. "A key driver of the Indian rupee will continue to be the RBI's FX intervention strategy," noted Lin Li, head of global markets research Asia at MUFG.

☆ India's HDB Financial Services flags data breach at service provider
▼ + stars: | 2023-03-07 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, March 7 (Reuters) - HDB Financial Services, the non-bank lending unit of India's top private lender HDFC Bank (HDBK.NS), said on Tuesday there was a data breach at one of its service providers which processes customer information. "We have taken immediate steps to secure the service provider's system to prevent any further unauthorized access," HDB said in an emailed statement. The company did not immediately respond to a Reuters request for comment on the nature of the data breach and how many customers were affected. HDFC Bank said it was not affected by the incident. "We wish to state that there is no data leak at HDFC Bank and our systems have not been breached or accessed in any unauthorised manner.

☆ INDIA RUPEE Rupee down on Fed policy bets, falls less than peers on likely RBI help
▼ + stars: | 2023-02-27 | by ( Anushka Trivedi | ) www.reuters.com time to read: +2 min

The rupee finished at 82.8350 per dollar, against its previous close of 82.75. The currency weakened up to 82.9475 during the session, its lowest level since Oct. 20, 2022 when the rupee hit a record low. Further declines on Monday were capped by a likely Reserve Bank of India (RBI) intervention via state-run banks, traders said. The Fed tracks the PCE price indexes for monetary policy. "Heading into the week, the rupee could come under pressure if the dollar index continues to gain," wrote HDFC Bank economists in a note.

☆ India's HDFC raises $3 bln in largest-ever local bond issue-bankers
▼ + stars: | 2023-02-16 | by ( Dharamraj Lalit Dhutia | ) www.reuters.com time to read: +3 min

MUMBAI, Feb 16 (Reuters) - India's Housing Development Finance Corp (HDFC.NS) raised its target of 250 billion rupees ($3.03 billion) in the country's largest privately placed corporate bond issue on Thursday, merchant bankers said. The country's largest housing financier, soon to be merged with private lender HDFC Bank, sold 10-year bonds at a coupon of 7.97% coupon. The issue received 92 bids worth 278.63 billion rupees, of which the company retained 55 bids worth 250 billion rupees, HDFC said in an exchange notice. The NBFC has now raised an aggregate of 784.14 billion rupees through bond issuance in this financial year, the highest by any company. Axis Bank, ICICI Bank, HDFC Bank and ICICI Securities Primary Dealership are the arrangers.

☆ Indian lender HDFC's biggest-ever bond issue to see strong demand - bankers
▼ + stars: | 2023-02-15 | by ( Dharamraj Lalit Dhutia | ) www.reuters.com time to read: +2 min

HDFC aims to raise at least 50 billion rupees ($603.4 million) through the sale of 10-year bonds on Thursday, with an option to retain an additional 200 billion rupees. If the company garners full the quantum, this would also be the biggest-ever privately placed debt issue by an Indian company. Axis Bank, ICICI Bank, HDFC Bank and ICICI Securities Primary Dealership are the arrangers for the bond issue. The company's fundraising via private placement stood below 250 billion rupees in 2013-14. HDFC is raising funds as it would help them meet capital requirements after the upcoming merger with HDFC Bank, bankers said.

MUMBAI, Feb 15 (Reuters) - The anticipation of Housing Development Finance Corp (HDFC.NS), India's largest mortgage lender, executing an interest-rate hedge once it completes its mega bond sale this week, is driving longer-duration bond yields lower, traders said on Wednesday. "HDFC is likely to do the trade on or post Friday, once it receives the money from its bond issuance," one of the bankers said. Under the trade, the banks will pay HDFC the yield on a government bond and in return receive the benchmark overnight rate plus a markup. The price risk on the bond is borne by HDFC and hence the name total return swap (TRS). And when the banks execute these swaps, there will likely be bunched-up demand for these bonds, which will pressure yields, traders said.

India's annual retail inflation rate (INCPIY=ECI) rose to 6.52% in January from 5.72% in December, government data showed on Monday. January's retail inflation was above the Reserve Bank of India's upper targeted limit of 6% for the first time since October and much higher than the 5.9% estimate, according to a Reuters poll of 44 analysts. Food price inflation, which accounts for nearly 40% of the consumer price index (CPI) basket, rose to 5.94% in January from 4.19% in December. STICKY CORE INFLATIONIndia's core inflation in January was nearly flat at 6.09% to 6.10% from last month, according to two economists. "We expect core inflation to remain elevated in Feb-March given the ongoing pass-through of higher input costs by producers," said Aditi Nayar, chief economist at ICRA.

☆ Adani Group reels after report from U.S. short-seller Hindenburg
▼ + stars: | 2023-02-10 | by ( ) www.reuters.com time to read: +4 min

It says it holds short positions in Adani Group companies through U.S.-traded bonds and non-Indian-traded derivative instruments. JAN. 26* Adani Group says it is evaluating "remedial and punitive action" against Hindenburg under U.S. and Indian laws. JAN 28* Index provider MSCI says it is seeking feedback on Adani Group and associated securities and is aware of the Hindenburg report. JAN 30* Adani Group issues a detailed riposte to the Hindenburg report, saying it complies with all local laws and had made the necessary regulatory disclosures. * Index provider MSCI says it will cut weightings of four Adani Group companies, including Adani Enterprises, in its indexes after reassessing the number of freely traded shares.

BENGALURU, Feb 7 (Reuters) - The Indian rupee, one of the worst-performing Asian currencies last year, is forecast to strengthen very little in coming months and still trade above the 80 per dollar mark a year from now, a Reuters poll of foreign exchange strategists found. The risk, however, is if U.S. inflation does not fall as much as markets are hoping it does in coming months. Even if it's marginally higher than what the market is currently expecting ... that could lead to a brief dollar rally and pressure the rupee." The latest Reuters poll of 43 foreign exchange analysts, taken after the Feb. 1 budget, showed the rupee strengthening just over 1% to 81.75 per dollar in the next six months. (For other stories from the February Reuters foreign exchange poll:)Reporting by Devayani Sathyan and Anant Chandak; Polling by Madhumita Gokhale and Veronica Khongwir; Editing by Hari Kishan, Ross FinleyOur Standards: The Thomson Reuters Trust Principles.

☆ Indian shares set to rise on easing inflation concerns; Adani stocks in focus
▼ + stars: | 2023-02-03 | by ( ) www.reuters.com time to read: +2 min

BENGALURU, Feb 3 (Reuters) - Indian shares are set to open higher on Friday, as global central banks hinted at inflation easing, spurring optimism that the rate hike cycle may be near an end, while the ongoing rout in Adani group stock could cap gains. After the U.S. Federal Reserve acknowledged in its monetary policy decision on Wednesday that the disinflationary process may have begun, the European Central Bank and the Bank of England followed suit on Thursday. Analysts said that the selloff in Adani stocks has created panic in Indian markets. Foreign institutional investors sold 30.64 bln rupees ($373.23 million) worth of shares on a net basis on Thursday while domestic institutional investors purchased 23.71 bln rupees worth of shares, official data showed. ($1 = 82.0940 Indian rupees)Reporting by Bharath Rajeswaran in Bengaluru; Editing by Janane VenkatramanOur Standards: The Thomson Reuters Trust Principles.

☆ India's largest mortgage lender HDFC misses Q3 profit view on higher funding costs
▼ + stars: | 2023-02-02 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, Feb 2 (Reuters) - Housing Development Finance Corp (HDFC.NS) (HDFC), India's largest mortgage lender, reported a 13.2% rise in third-quarter profit on Thursday, missing estimates, as higher funding costs took the shine off strong housing loan growth. Increased funding costs, however, have compressed net interest margins and net interest income. Profit rose to 36.91 billion rupees ($450.67 million) for the three months ended Dec. 31, compared to 32.61 billion rupees a year earlier, the company said in an exchange filing. Analysts, on average, had expected a profit of 37.81 billion rupees, according to Refinitiv IBES data. Total expenses rose 37.3% to 106.35 billion rupees, mainly driven by higher finance costs that surged 41%.

BENGALURU, Feb 1 (Reuters) - Indian shares reversed earlier gains to close lower on Wednesday, led by a fall in insurance companies after the country's Union budget proposed to limit tax exemptions for insurance proceeds, while Adani Group shares tumbled. The bluechip Nifty 50 index (.NSEI) closed down 0.26% at 17,616.30, its biggest slide on budget day since a 2.51% fall in 2020. HDFC Life (HDFL.NS), SBI Life Insurance (SBIL.NS), ICICI Prudential Life Insurance Co (ICIR.NS), Life Insurance of India (LIFI.NS), General Insurance Corp (GENA.NS) and Max Financial (MAXI.NS) tumbled between 8.5% to 12.5%. Metal stocks (.NIFTYMET) closed down 4.5%, mostly dragged by the slump in Adani Enterprises. ($1 = 81.8680 Indian rupees)Reporting by Bharath Rajeswaran and Nallur Sethuraman in BengaluruOur Standards: The Thomson Reuters Trust Principles.

☆ India's Adani ditches $2.5 bln share sale after $86 bln rout
▼ + stars: | 2023-02-01 | by ( ) www.reuters.com time to read: +3 min

NEW DELHI, Feb 1 (Reuters) - India's Adani Enterprises Ltd (ADEL.NS) on Wednesday withdrew its $2.5 billion secondary share sale after Adani Group shares plummeted on concerns raised by a U.S. short-seller. * Anchor investors Maybank Securities and Abu Dhabi Investment Authority pick up stake in Adani Enterprises' share sale, India's largest follow-on public offering (FPO). * Indian shares fell to their lowest level in more than a week, dragged lower by Adani Group stocks. * Adani Enterprises, the flagship company of the group founded by billionaire Gautam Adani, begins its $2.5 billion FPO for retail investors. JAN 31* Adani Enterprises' FPO fully subscribed as investors pumped funds into the share sale, despite the rout in the group's stocks.

☆ 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.

BENGALURU, Feb 1 (Reuters) - Indian shares reversed earlier gains to close lower on Wednesday, led by a fall in insurance companies after the country's Union budget proposed to limit tax exemptions for insurance proceeds, while Adani Group shares tumbled. This was the worst budget day performance by Nifty 50 (.NSEI) in three years, since the 2.51% fall in 2020. Reuters Graphics Reuters GraphicsMeanwhile, Indian bond yields dropped after the government announced gross borrowing at 15.43 trillion rupees ($188.75 billion) for the next financial year. A Reuters poll had pegged gross borrowing at 16 trillion rupees. Indian insurance companies were top losers post budget, with HDFC Life (HDFL.NS), SBI Life Insurance (SBIL.NS), ICICI Prudential Life Insurance Co (ICIR.NS), Life Insurance of India (LIFI.NS), General Insurance Corp (GENA.NS) and Max Financial (MAXI.NS) tumbling between 8.5% to 12.5%.

☆ Indian shares fall as insurance companies drag; Adani Group stocks tumble
▼ + stars: | 2023-02-01 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, Feb 1 (Reuters) - Indian shares reversed earlier gains to trade lower on Wednesday, led by a fall in insurance companies after the country's Union budget proposed to limit tax exemptions for insurance proceeds, while Adani Group shares tumbled. The indexes rose as much as 2% after Finance Minister Nirmala Sitharaman raised the rebate limit for personal income tax to 700,000 rupees from 500,000 rupees. Indian insurance companies were top losers post budget, with HDFC Life (HDFL.NS), SBI Life Insurance (SBIL.NS), ICICI Prudential Life Insurance Co (ICIR.NS), Life Insurance of India (LIFI.NS), General Insurance Corp (GENA.NS) and Max Financial (MAXI.NS) tumbling between 4.5% to 11%. Shares of Nifty 50-listed Adani Enterprises (ADEL.NS) plunged 15% while Adani Ports and Special Economic Zone (APSE.NS) tumbled 10% on a broader selloff in Adani Group firms, which has now swelled to $82 billion since the Hindenburg report. Reporting by Bharath Rajeswaran and Nallur Sethuraman in Bengaluru; editing by Eileen Soreng, Savio D'Souza and Janane VenkatramanOur Standards: The Thomson Reuters Trust Principles.

India's largest ever secondary share sale attracted participation from anchor investors including Maybank Securities and Abu Dhabi Investment Authority, as well as India's HDFC Life Insurance and state-backed Life Insurance Corporation (LIFI.NS). By Tuesday the overall share sale was fully subscribed as foreign institutional investors and corporate funds flooded in, although participation by retail investors and Adani Enterprises (ADEL.NS) employees remained low. Support for Adani's share sale came even as the flagship's shares closed at 2,973.9 rupees, up nearly 3% but below the lower end of the sale price band of 3,112 rupees. So, what happens to one particular corporate group, is a matter between the market and the corporate group." Reuters GraphicsHindenburg said in its report it had shorted U.S.-bonds and non-India traded derivatives of the Adani Group.

[1/5] Indian billionaire Gautam Adani speaks during an inauguration ceremony after the Adani Group completed the purchase of Haifa Port earlier in January 2023, in Haifa port, Israel January 31, 2023. REUTERS/Amir CohenSummarySummary Companies Adani scripts comeback by completing share saleKey $2.5 billion share sale fully subscribed-dataShort-seller's report led to fall in Adani sharesMUMBAI, Jan 31 (Reuters) - Gautam Adani's crucial $2.5 billion share sale was fully subscribed on Tuesday as investors pumped funds into his flagship firm, despite a $65 billion rout in the Indian billionaire's stocks sparked by a short-seller's report. Support for Adani's share sale came even as the flagship's shares closed at 2,973.9 rupees, up nearly 3% but below the lower end of the sale price band of 3,112 rupees. So, what happens to one particular corporate group, is a matter between the market and the corporate group." Hindenburg said in its report it had shorted U.S.-bonds and non-India traded derivatives of the Adani Group.

☆ Instant View: Adani's $2.5 billion offer rides out share storm with investor backing
▼ + stars: | 2023-01-31 | by ( ) www.reuters.com time to read: +5 min

COMMENTARYAMBAREESH BALIGA, INDEPENDENT MARKET ANALYST, MUMBAI"The FPO did get subscribed, thanks to a few institutional as well as large family offices. DEEPAK JASANI, HEAD OF RETAIL RESEARCH, HDFC SECURITIES, MUMBAI"For Indian markets, one of the concern areas is out of the way for the time being as this was weighing on investor sentiment. Since the current market price is below the offer price, the retail subscription was low as investors can rather buy it from the market." That was their focus area considering the fact that there was a difference between the market price and the floor price of the FPO. It seems that retail investors did not consider the fact that there is more to rates than just the price."

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