India Morning Report: The Diwali holidays finally get the overworked markets a reprieve

Two days of holidays ( with a small muhurat session yesterday) lend hope to markets coming back after a good holiday when they open tomorrow though the rest of the short week is unlikely to be very productive and the bounce back mark is again written back to 5650

Brady Dougan’s Credit Suisse sees the clouds of worry darken India Inc’s first few months after the festival though as they focus on StanChart’s troubles in the india portfolio at 10% restructured assets. While the report admits Citi is having a better time it fails to notice the interlinkages of the INR 3.65 T closing in restructured debt for March 2013 with India’s Welfare GDP / Public spending GDP as the portfolio of Power NBFCs is apparently included in thehigh scores and also those of FCCB and PSU bank vintage that can be separated from Indi Inc performance rather easily ares ought to be presented as a single part and parcel of India Inc which remains far from possible and has entirely different risk levels and assessment. The StanChart portfolio does include however all our outward FDI barons such as Adani and infracos like Reliance (Anil Ambani)

The eye catching report however just capitalises on the recent trend in snapping up restructuring opportunities by banks as the central bank tightens up provisioning requirements and systemisation wreaks havoc pon public sector bank balance sheets , phenomenon separate from high value restructuring on offer for HCC, Kingfisher and even FCCB defaulters like Suzlon

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