Malhotra to head Investment Banking of HSBC

15 : The Hongkong and Shanghai Banking Corporation Limited (HSBC) has appointed Amitabh Malhotra as the Head of Investment Banking for HSBC India. Amitabh will lead the Investment Banking and Equity Capital Markets business. Prior to HSBC, Amitabh worked at Rothschild India, where he was the co-head and managing director of the Global Investment Bank, based in Mumbai.

PAN verification during FPI share allotment

Markets regulator SEBI has said that allotment of shares to foreign portfolio investors (FPIs) in initial public offers would need to be verified with PANs. This step is taken as a check against any breach of investment limit through multiple entities. Under the rules, purchase of equity shares of each firm by a single FPI would have to be below 10% of the firm’s total issued capital.

Australia releases India economic strategy

The Australian govt has released an India Economic strategy report recommending to lift India into its top three export markets. The strategy prioritizes economic and trade opportunities in India covering 10 sectors such as health, energy, infrastructure etc. This would also boost Australia’s investment in India to $100 billion. The Author of this report is Australia’s PM Malcolm Turnbull

SEBI to come out with consultation paper

The Securities and Exchange Board of India (SEBI) will soon come out with a consultation paper on making it mandatory for large corporates to meet one-fourth of their financing needs through bond market. SEBI will discuss with stakeholders before finalising the framework for corporates. SEBI is the regulator for the securities market in India and its chairman is Ajay Tyagi.

HDFC Group’s market cap crosses ? 10 trillion

Market capitalisation of Deepak Parekh-led financial services conglomerate – HDFC Group has crossed the ?10 trillion mark. HDFC group is the 2nd Indian business house after the Tata group to achieve this feat. The group has 4 listed companies – Housing Finance Development Corp, HDFC Bank, HDFC Standard Life & Gruh Finance. HDFC Bank is India’s 3rd most valued firm in terms of market cap.

PSU banks plan to raise over 50,000 cr

Public sector banks are planning to tap the markets to raise more than Rs 50,000 crore this fiscal. Out of 21 public sector banks, 13 have already taken the approval of their boards or shareholders for raising capital through the equity market. Capital is very much required for these banks as they are saddled with non-performing assets (NPAs) of about ` 10 lakh crore.

Most valuable bank in the emerging market

HDFC Bank has gone past Russia’s Sberbank to become the most valuable bank in the emerging market outside China. HDFC Bank was one of the top performing major banks globally in 2017. The Bank’s current market capitalization is $78.4 billion. Globally, America’s JPMorgan Chase is the most valuable with a market cap of $353 billion, followed by Bank of America at $282 billion.

Rupee among top 10 EM currencies

The rupee has been ranked as one of the 10 best-performing currencies, beating rivals like Real and Rand ever since the NDA government came into power in May 2014. Although all emerging market currencies have lost value to the dollar, rupee’s slide is relatively controlled compared with peers. In the 4 year period, the dollar index gained 17% compared with 14.2% loss in the rupee’s value.

FPI outflow hits 10-year high at Rs 48,000 cr

Overseas investors have pulled out nearly Rs 48,000 crore from Indian capital markets in the first 6 months of 2018, making it the steepest outflow in a decade. They withdrew Rs 41,433 crore from the debt markets & Rs 6,430 crore from equities during Jan-June period. This is only the second time, when FPIs had taken bearish stance on the capital markets in the first 6 months of the year.

Govt to link 22,000 rural markets to e-NAM

Centre has announced that 22,000 rural markets would be linked to Electronic National Agriculture Market (e-NAM) by 2020 as part of its drive to double the income of farmers. These rural markets will be upgraded to Gramin Agricultural Markets & linked with e-NAM to enable farmers to sell directly to potential buyers. e-NAM is an electronic unified national market for agricultural commodities