Update: Some brokerages have already updated sharp shorts in Mid Cap IT but Hexaware could follow Geometric into positive
A downgrade from Morgan Stanley (RIL), an India on call report from Credit Suisse asking for reform implementation and eGOM’s easy billing answer to the fiscal deficit ( from Telecom spectrum) alongwith the age old Cauvery issue complicating mining ban and drought hit Karnataka’s problems contributed to the background against wich the inevitable happened yesterday. The Emkay event is not yet forgotten and DLF has paid for an ‘unraveling’ of a very public Vadra connection but the indices are still above 5670 and going back north today from the looks of it as the welcome corrections piques the watchers of the Indian markets from foreign shores.
A 2013 story train from us
A title “Contemporary Banking in India” edited by Naina Kidwai of HSBC forms the bedrock of my missing gaps in the knowledge of all things local and as the author of “100 small steps..” takes the inevitable podium on thought waves, the growth of Tier 2 towns and NBFC based financial inclusion alongwith ECB avenues for NBFCs are likely to be ‘revived’ as and growth truly coems back to India after the bottoming in Q2 or Q3. However, the important thing remains to be that results in our deficit numbers CAD and Fisc show up as soon as possible and we move on to not just a buoyant Services PMI but take the Consumption story forward from the undeniable stamp of nondescript plateauing at $1 B for alomost every consumer brand in every sector int his country
The rest of them and reform
The final nails in the coffin for Kingfisher have arrived and the key issue likely to make the media strongly in the next few days is their wage bill which pays 13 managers 67% of their INR6.7B compensation costs. Foreign banks have made a comeback in assets from Citi and DBS while HSBC still has the strongest branch network and SCB inexplicably stuc k in telecom assets syndications despite having won with extensive outgoing FDI support cases including Bharti.
The reform, what exactly does one expect int he next few months to come back from implementation. Perhaps the real FDI reforms only and no GST , Direct Tax code or Companies Bill yet as it might need to be introduced in Parl again.
- India 3.0 – A question of balance (A Calendar of Economic Events) (awardz.wordpress.com)
- Retrospective tax issues could be resolved before budget: FM (thehindu.com)
- Reforms for Foreign Direct Investment (FDI) in India with legacy License/Quota Raj for citizens and native industries? (sandeepbhalla.com)
- Chidambaram signals more reforms (Roundup) (news.in.msn.com)
- ‘Obstructionism’ not legitimate: Chidambaram (thehindu.com)
- Geithner and Bernanke visit India (bbc.co.uk)
- Will scrap FDI if voted to power: BJP (thehindu.com)