Private Equity Investment Declines In India For First Time In 6 Years
Venture Capital (VC) deals fell 15.53 per cent in 2008 from a year earlier according to data compiled by Venture Intelligence a company which tracks VC and PE deals. Private Equity transactions fell by 23.8 per cent in 2008 compared to a year earlier largely because entrepreneurs were unwilling to accept lower valuations.
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More Concealed Losses Yet To Be Revealed By Indian Companies Says Credit Suisse
Some investment banks have come to the conclusion that the fraud at Satyam is part of a larger issue in corporate India and that the event may serve as a catalyst for a lot of one of losses which will be reported in the upcoming earnings seasons.
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SBI Postpones Merger Plan with Associate Banks
India’s Largest Lender, state owned State Bank of India has adopted a wait and see attitude towards the proposed merger with six associate banks. SBI chairman OP Bhatt said there were no further merger plans for the time being after having completed the merger with State Bank of Saurashtra (SBS).
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RBI Directs Banks To Quantify Satyam Exposure Whilst Citi Freezes Satyam Bank Accounts
India’s central bank the Reserve Bank of India (RBI) has asked for information from Indian banks and the Indian subsidiaries of international banks regarding their direct or indirect loan and equity exposure to financially tainted Satyam Computer Services, its related companies or subsidiaries.
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State Owned Banks Fear Rising NPA’s
The Finance Ministry expressed dissatisfaction with public sector banks yesterday and the level of credit delivery towards small and medium enterprises. The Ministry asked state owned banks on Monday to increase their lending to these types of firms as well as increase lending for automobile and housing. Banks are reluctant to comply however fearing deterioration in credit quality if they cede to the governments wishes.
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Banks In Denial Over Satyam Exposure
Currently the Indian banking sector seems to be in denial mode about potential exposure to Satyam Computer Services, with most lenders rushing to deny any exposure or to state that whatever exposure they do have is not material.
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Largest Retail Bond Issue in Recent History Coming to Market
The Indian Infrastructure Finance Company (IIFCL) tax free bond issue which is coming to market shortly is set to become one of the largest ever bond issues open to retail participation in recent history.
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HDFC And HDFC Bank Hit Up Debt Markets
HDFC, India’s largest non banking mortgage lender plans to raise Rs 1000 Crore or US$ 208 million through the issuance of non-convertible debentures. HDFC plans to issue NCD’s worth Rs 200 crore or US$ 41 million, whilst keeping the option open to raise another Rs 800 crore or US$ 150 million through a green shoe.
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Sebi To Ease Regulations on FII’s
The Securities and Exchange Board of Indi (Sebi) the Indian stock market regulator is considering reforms and deregulating the norms governing the participation of foreign institutional investors in the Indian equity markets.
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The Ambani Brothers Fortunes Take A Pounding
Anybody who held a significant part of their wealth in Indian equities has had a bad year this year. To be fair anybody who has had a significant proportion of their wealth in any equities has not had a terribly encouraging year and a lot of wealth has been shed.
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