India Morning Report September 05, 2012: And this morning is just the same

Though Priyanka chopra is releasing her single on the NFL Opener stage on Thursday and Reliance Infra has suffered from another mishap on the Metro, llife in the Financial Markets is finally undisturbed and without any undue pressures north or south. Markets wll last another couple of days in the range and if still there are no extraneous pulls and pushes, move in a defined direction

Coalgate, Automation at Maruti, the ysterious honesty of the NDA constituents now in the opposition and the incessant tweaking of retail FDI norms and yet not having a couple of billion from that table has no thurt the markets either, India’s new normal predicated on the good old..

All infrastructure groups from JP to Anil Ambani’s Reliance and others like Jindal and Bharti  ith overseas acquisition will like to use this opportunity to cut ont he almost INR 1 T in debt each holds, esp with overseas acquisitions not paying for promoters like Adani. Banks till now have not suffered from Coalgate either and Orchid and Opto among others have recovered from the continuing FCCB pressures. Another update on the BOP is due and likely will show the situation statistically to be right up there with the Fiscal end report which means more than $360 B in eternal borrowings and that ratio is definitely not near the infamous 90% mark people keep adding to using perhaps all state and municipal debt and that is unlikely to be India’s problem not interested as it is in adopting any new ways. Bank expansion though has likely been affected in pace this year but Credit Growth will likely remain in double digits at its worst where I assume all retail consumers fall off the loan and credit card habit for good too, esp in the new rural / Tier II town growth in the sector. 


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