July 21, 2019

Strong rupee, lower GDP likely to tame inflation in India to 4.1% in this fiscal: ADB

NEW DELHI: Asian Development Bank (ADB) has lowered the inflation forecast for India during the current financial year to 4.1 per cent, on the back of gain in rupee and cut in the country's GDP projection. India will be the main driver to lower the inflation for the South Asian region, ADB said in a supplement to Asian Development Outlook (ADO) 2019. South Asia's inflation forecast for 2019, was revised down from 4.7 per cent to 4.5 per cent, mainly reflecting lowered forecasts for India, the ADO supplement said. The ADO supplement has lowered India's GDP growth forecast by 0.2 percentage points from April outlook to 7 per cent in 2019-20. "In light of a smaller-than-expected uptick in food inflation, a strengthening Indian rupee since October 2018, and a lower GDP growth forecast, this Supplement revises down inflation forecasts for India by 0.2 percentage points to 4.1 per cent in FY2019 (fiscal ending in March 2020) and 4.4 per cent in FY2020 (ending March 2021),"..
July 21, 2019

IL&FS case: Sebi widens probe into role of rating agencies

New Delhi: Market regulator Sebi has expanded its probe into the role of five credit rating agencies after a forensic audit mandated by the new board of crisis-ridden IL&FS flagged serious lapses and their possible complicity with the former top brass of the group in giving top ratings despite weak financials. While CEOs of two rating agencies have already been forced to go on leave pending completion of the probe on the advice of Sebi, officials said the regulator is now looking into possible systemic lapses at all five rating agencies and also into the role of multiple people suspected to have intentionally manipulated the rating procedures. The special audit conducted by Grant Thornton found that its review of emails exchanged by the former key executives of Infrastructure Leasing and Financial Services (IL&FS) group and the top officials of rating agencies showed that they were aware of the serious liquidity concerns and weakening financials of the group. "However, various strat..
July 20, 2019

Axis Bank to raise Rs 18,000 crore

Private sector lender Axis Bank said Saturday its board has approved raising up to Rs 18,000 crore through an issue of equity shares, depository receipts or convertible securities. The Board of Directors of the bank approved the proposal in this regard in the meeting held Saturday, the bank said in a regulatory filing. "The Board... has approved raising of funds aggregating up to Rs 18,000 crore," Axis Bank said in a regulatory filing. The bank is one of the worst-affected private lenders after the Reserve Bank's asset quality review, which led to a huge increase in bad loans over past three years. The bank's provisioning for bad loans reduced to Rs 2,711 crore in the fourth quarter of 2018-19, from Rs 7,179 crore in the corresponding period last fiscal, according to regulatory filings. The bank said that the fund will be raised through issue of equity shares/depository receipts and/or any other instruments or securities representing either equity shares and/or convertibl..
July 20, 2019

23% jump in NII & 60% surge in provisions: What do HDFC Bank’s numbers say?

MUMBAI: HDFC Bank on Saturday posted a 21 per cent year-on-year (YoY) rise in standalone net profit at Rs 5,568.16 crore for the quarter ended June 2019. The bank's profit figure stood at Rs 4,601.44 crore in the same quarter last year. Here are the top takeaways from the private sector lender's June quarter results: Strong NII: The net interest income (interest earned less interest expended) for the June quarter grew by 22.9 per cent to Rs 13,294.30 crore on YoY basis, driven by asset growth and a rise of 4.3 per cent in core net interest margin for the quarter. Other income rises too: Other income (non-interest revenue) at Rs 4,970.3 crore was 27.2 per cent of the net revenues for the quarter ended June 30. It grew by 30.2 per cent over Rs 3,818.1 crore reported in the corresponding quarter a year ago. The four components of other income were -- fees & commissions of Rs 3,551.6 crore, foreign exchange and derivatives revenue of Rs 576.7 crore, gain on-revaluation/sale ..
July 20, 2019

HDFC Bank Q1 net jumps 21% YoY to Rs 5,568 crore; provisions surge 60% YoY

HDFC Bank on Saturday posted a 21 per cent year-on-year (YoY) rise in standalone net profit at Rs 5,568.16 crore for the quarter ended June 2019. The private sector lender had posted a net profit of Rs 4,601.44 crore in the corresponding quarter last year. Net interest income advanced 22.94 per cent YoY to Rs 13,294.25 crore in Q1FY20 over Rs 10,813.57 crore in Q1FY19. Provisions and contingencies increased 60 per cent YoY. They rose 38.35 per cent QoQ to Rs 2,613.66 crore during the quarter under review. Standalone operating profit before provision and contingencies increased 28.90 per cent YoY to Rs 11,147.24 crore for the quarter ended June 2019 against Rs 86,47.75 crore in the same period last year. Asset quality of the lender deteriorated marginally with percentage of gross non-performing assets (NPA) increasing to 1.40 per cent for the quarter ended June 2019 against 1.36 per cent in the preceding quarter ended March 2019. Percentage of net NPA inched higher to 0.43 per cen..
July 20, 2019

The gold rush heats up as sub-zero yields spread

By Eddie van der Walt and Ranjeetha Pakiam Gold, once mocked for its lack of yield and practical use, offers something the growing pile of negative-yielding bonds doesn’t-- inflation protection. Plus, it makes a great doorstop. As holders of promissory notes issued by sovereigns and companies watch the real value of their savings drain away amid central bankers’ efforts to kick-start growth, the allure of one of the oldest investment assets has become ever stronger. These five charts show just how popular gold has become -- and how closely it’s linked to the downward spiral in yields. The Breakthrough For five years, resistance above $1,350 an ounce was too much for bullion to overcome. That changed in June, as it became clear the Federal Reserve was heading for a round of interest-rate cuts. Spot prices touched $1,453.09 on Friday, the highest level since May 2013 as global factory output slows and the market debates whether Chairman Jerome Powell will cut rates by as much as 50 b..
July 20, 2019

Desperately need good news to stop the rot in market: Sudip Bandyopadhyay

What is surprising is even at lower levels we are not finding buyers and that is probably dragging the market further, says Sudip Bandyopadhyay, Inditrade Capital in an interview with ET NOW. The market clearly seems to be surprising everyone with the selloff so accentuated at a time like this. With prospects not picking up anytime soon in terms of the consumption trends, do you think that we could continue to see this volatility? Unfortunately, it looks like the perfect storm for the markets. It probably started yesterday with the finance minister confirming that there will be no relief for the FPIs coming through the trust structure. That was a bit of a setback as far as these FPIs are concerned. Remember that about 40 per cent of the FPI money comes through the trust structure. The second reason is the corporate results. Barring IT companies and a few other exceptions, corporate results generally have been weak. The commentary of the management also has not been anything for the m..
July 20, 2019

Canceled flights, higher fares, older jets — air travel takes a hit from Boeing 737 Max grounding

A group of Southwest Airlines Boeing 737 Max 8 aircraft sit on the tarmac at Phoenix Sky Harbor International Airport in Phoenix, Arizona.Ralph Freso | Getty ImagesThe worldwide grounding of Boeing 737 Max planes is now in its fifth month and disruptions to air travel are set to continue for several months more. Aviation regulators haven't said when they might allow the 737 Max to fly again. They grounded the planes across the globe in mid-March after two fatal crashes — one in Indonesia in October and another in March in Ethiopia— killed a total of 346 people. With the planes out of service, airlines that have the jets in their fleets have cancelled thousands of flights during peak travel periods. More cancellations are ahead in the coming months with no guarantee the planes will be airborne again by the end of the year. Only in service for a little over two years, the Boeing 737 Max is more fuel-efficient version of the workhorse single-aisle plane that has been in service since..
July 20, 2019

Trump says he assured Swedish prime minister that A$AP Rocky is not a flight risk

Rapper A$AP Rocky performs onstage during Breakout Festival 2019 at PNE Amphitheatre on June 15, 2019 in Vancouver, Canada.Andrew Chin | Getty ImagesPresident Donald Trump says he spoke Saturday with Swedish Prime Minister Stefan Löfven about the detention of rapper A$AP Rocky, who is being held in jail on a preliminary assault charge in Stockholm. Trump said he told the prime minister Rocky is not a flight risk and the two sides agreed to speak again in the 48 hours. ....Our teams will be talking further, and we agreed to speak again in the next 48 hours! — Donald J. Trump (@realDonaldTrump) July 20, 2019 The president also said he "offered to personally vouch" for Rocky's bail. Sweden, however, does not have a bail system. A$AP Rocky, whose real name is Rakim Mayers, was ordered detained by a Swedish court on July 5 because he was considered a flight risk. He will remain in jail until at least July 25, the deadline for the prosecutor to bring charges. On Friday, Trump said..

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