Adani's go-to bankers at Barclays turn cautious after Hindenburg report
For more than a decade, Barclays Plc has been the go-to bank for Indian billionaire Gautam Adani, leveraging a relationship forged when only a few global firms were working with the emerging conglomerate. An explosive report by short-seller Hindenburg Research in January has changed all that, prompting the bank to pare its exposure, leaving a hole in an Indian business that’s been a key driver of the firm’s Asian growth for years. Read more...
Temasek Holdings looking to invest $10 billion in India in 3 years
Singapore’s state-owned investor Temasek Holdings plans to invest $9-10 billion in India over the next three years to cash in on the rising opportunities in consumer retail, health care, and environment-friendly businesses, Ravi Lambah (pictured), the firm’s head, investment group, and head, India, has said. Temasek, which has invested 6 per cent of its $287 billion net portfolio value in India, feels opportunities in India are well aligned with its investment themes. “With the highest GDP (gross domestic product) growth globally, combined with a conducive fiscal and monetary policy framework, we are looking to invest $9-10 billion over the next three years in India, subject to finding the right opportunities,” Lambah, along with two of his colleagues, told Business Standard in an interview in Mumbai. Read more...
G20: US talks higher private investment to spur India's energy shift
The US will work closely with India on an investment platform to lower the cost of capital and increase private investment to speed up India’s energy transition, Janet Yellen, US secretary of treasury, said on Monday. India and the US held bilateral discussions on the sidelines of the third meeting of the G20 Finance Ministers and Central Bank Governors (FMCBG). “By leveraging each other’s expertise and resources, we actively promote economic growth, foster innovation, and drive sustainable development,” Union Finance Minister Nirmala Sitharaman said. Read more..
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Unseasonal rains to impact performance of consumer durables in Apr-Jun qtr
Unseasonal rains watered down the performance of consumer durables companies as temperatures cooled, impacting the sales of refrigerators and air conditioners (ACs) in the 2023-24 (FY24) April-June quarter. Centrum says in its report on the sector that the trade channel indicates a 25-30 per cent year-on-year (YoY) decline in sales of refrigerators and ACs in April and May due to restricted buying. “While some green shoots in demand were visible in June, overall growth for the quarter is likely to remain at a negative 10–12 per cent,” observes the brokerage. Read more...
Former Kerala CM Oommen Chandy passes away at 79 after battling cancer
Former Kerala Chief Minister and senior Congress leader Oommen Chandy passed away at Chinmaya Hospital in Bengaluru at 4.25 am on Tuesday. He was aged 79 and had been undergoing treatment for cancer. Oommen Chandy represented the Puthupally constituency in Kottayam district for more than 50 years. He was the MLA from Puthupally. Chandy first represented Puthupally in 1970 when he was the Youth Congress president. He became a minister for the first time in the K Karunakaran cabinet in 1977. He was appointed Chief Minister twice. He had handled the finance portfolio in the state. He had also been the Leader of Opposition. Read more...