India’s buzzing economic activity belies fears of a slowdown
The needle indicating so-called animal spirits moved right after holding steady for five straight months — indicating stronger overall economic activity as 2022 drew to a close. Consumer spending boosted tax collection and manufacturers signaled optimism about the future, while services sector saw expansion of new businesses.
US stock market: Wall Street sinks after weak data, hawkish Fed comments
The Fed commentary also highlighted the disparity between the U.S. central bank’s estimate of its terminal rate and market expectations, which were of the rate peaking at 4.88% by June. Traders are now betting on a 25-basis point rate hike in February.
Merged HDFC Bank could get fresh FPI flows of up to $3 billion
At the end of the December quarter, the combined foreign ownership of HDFC-HDFC Bank stood at roughly 61%, according to Nuvama Alternative & Quantitative Research. This translates into an additional investible room available to foreign funds at 17.5%, it said.
Sterling & Wilson arm OFS oversubscribed 1.5 times
The total OFS size (base size + green shoe) stood at 1 crore shares, representing 5.27% of outstanding equity shares of the company. The floor price was fixed at ₹270 per share.
IndusInd Bank posts 58% growth in Q3 profits
The bank has reported a net interest income, or core income, growth of 18% to ₹4,495 crore versus ₹3,793 crore a year ago. The net interest margin for the December quarter stood at 4.27%.
Pricey Dalal Street begins to shed some froth
India’s P/E contracted by around 5% from the peak of 19.9 times at the beginning of the year as stock prices remained subdued across some of the key sectors, reflecting an uncertain demand environment though the 12-month forward earnings per share (EPS) showed improvement. The P/E contraction was higher in steel, energy, pharma and IT […]
Japanese banks get go-ahead to settle all trades via CCIL
This could put pressure on European Securities and Markets Authority (ESMA) which has derecognised CCIL. The standoff between RBI and European financial regulators stems from the latter’s demands which the Indian central bank believes is extra-territorial.