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Explore Now We are looking at an overpriced market which is struggling to find new highs but being pushed by a wall of money and that is why that is now spreading to the smaller and midcap parts of the market., says independent analyst On Bajaj Finance’s performance It has been a business which has performed way better than expected, given the environment it is operating in. Unsecured lending at this stage is probably the most risky business and despite that, the numbers have been kind of okay. So you have to give it to the management that they have managed to achieve whatever they have. ....
Synopsis “While examining the matter of re-appointment of such MD&CEOs or WTDs within the 12-15 years period, the level of progress and adherence to the milestones for dilution of promoters’ shareholding in the bank shall also be factored in by the Reserve Bank,” the regulator said. Reuters The RBI also capped tenure of promoter shareholder bank chiefs to 12 years, with a provision to extend it by three years at the regulator’s discretion. The Reserve Bank of India has capped the tenure of a bank CEO at 15 years in what could be a blow to Kotak Mahindra Bank where founder CEO Uday Kotak may not be eligible for another term. The central bank in its latest corporate governance norms also said that no one can be a non-executive director either beyond 75. The norms wont be applicable to state-run banks and foreign bank that operate as branches. ....
Macquarie estimates upto $8 bln value for Citi s APac consumer business SECTIONS Share Synopsis The Australian brokerage has pencilled in DBS Bank Ltd, Oriental and Commercial Bank of China (OCBC) and Standard Chartered (StanC) as the most likely cross-border buyers for a bouquet of assets across Asia Citibank s share of consumer loans is only 1-3% in most markets. Macquarie has estimated an aggregate value of $6.3 to $8 billion for Citibank s consumer business across ten of the 13 markets that the US base lender has put on sale in the Asia-Pacific region. The Indian business which is also part of the ten markets could fetch between $1.91 billion $2.15 billion, the brokerage said. ....
More FPIs showing interest in IPOs, says Kotak’s Ramesh The average IPO size is set to rise in the near future, said Ramesh. Synopsis Historically, Asian and Indian funds have been the biggest participants in the country’s new offerings, but in the past few months investors from newer geographies have dipped their toes in the domestic IPO waters, said S Ramesh, CEO, Kotak Investment Banking. Mumbai: Record fundraising through initial public offerings (IPOs) by Indian companies has sparked the interest of first-time foreign investors in the space, said a top investment banker. Historically, Asian and Indian funds have been the biggest participants in the country’s new offerings, but in the past few months investors from newer geographies have dipped their toes in the domestic IPO waters, said S Ramesh, CEO, Kotak Investment ....
Brokerages have a mixed view on Wipro even as the company posted a strong fourth quarter results. The stock ended up 9% at Rs 469.25 after posting a fresh 52-week high during the day on Friday. CLSA has maintained an ‘underperform’ rating on with a target price of Rs 450, revised up from Rs 440. Jefferies has maintained ‘underperform’ as well with a Rs 380 target while Investec has maintained a ‘hold’ rating. Increasing target price to Rs 465 from Rs 440 and retaining a ‘hold’ rating, HSBC said a few more quarters of sustainable growth is needed to drive valuation upwards. Kotak Institutional has retained an ‘add’. Wipro is checking the right boxes in its turnaround quest, save for a questionable Capco acquisition, said Kotak. Nomura upgraded the stock to neutral on improving execution. ....