Saturday, August 15
BENGALURU: India's central bank has granted an "in-principle" approval to Japan's Sumitomo Mitsui Banking Corp (SMBC) for setting up a wholly-owned subsidiary in the country, the regulator said in a statement on Wednesday.SMBC, which last year picked up a 24% stake in Indian lender Yes Bank, was so far operating in India through a branch. A Indian subsidiary will give the bank greater flexibility in its operations.A wholly-owned subsidiary is a separate legal entity in India that allows a bank treatment similar to local peers, including freedom to open branches without restriction.Such a subsidiary's capital is ring-fenced from the parent bank's.
Mumbai: Technical momentum indicators after the recent stock market selloff are pointing to a weakening undertone in the country's top 500 shares. The majority of the stocks on the Nifty 500 index are trading below their short- and long-term moving averages, according to ICICI Securities, signalling broad-based weakness. Out of the 500 shares, 70% are trading below the 50 day moving average (DMA) while 60% are below their 200 DMA, the data said. When an index or a stock is below 50 DMA, it reflects a loss of short- to medium-term momentum and vice versa. It represents the average closing price of a stock over the past 50 trading days. Similarly, a stock or index below the 200 SMA signals a weakening long-term trend. The decline in the majority of the stocks is below both the 50- and 200-D
MUMBAI: The Reserve Bank of India (RBI) is expected to keep its repo rate unchanged in its February policy meeting as the central bank would likely wait for parameters that would determine inflation and growth prints in the new base-year series, economists said. This new series, which rolls out from next month, is expected to shift the growth-inflation dynamics as weights that constitute the consumption basket are expected to change to reflect the latest wallet shares of today's needs.The monetary policy committee (MPC) is set to meet February 4-6, in the same week after the finance minister presents the Union budget.With the December consumer inflation print of 1.33%, Q3 inflation averaged 0.8%. That was 20 bps higher than the RBI's Q3 forecast of 0.6%. Economists believe the RBI will see
