Tuesday, September 01
India’s public-sector banks may be facing a sharp bout of selling, but the investment case remains intact, says Rajiv Batra, Head of Asia & Co-Head of Global Emerging Markets Equity Strategy at JPMorgan. In a conversation with ET Now, Batra said the sudden slide in PSU bank stocks reflects the market “digesting” the government’s signal that FDI limits may not be raised—an event many investors had priced in.PSU banks at inflection point despite correctionBatra argued that even without the FDI catalyst, PSU lenders stand to benefit from three structural drivers:A turning point in India’s loan-growth cycleNIM expansion potentialAttractive valuations versus 5- and 10-year averagesHe noted that major PSU banks continue to gain deposit share, maintain low cost of capital, and wil
China reported on Thursday a magnitude 6.0 earthquake in Xinjiang, a region in the country's northwest that shares a border with Kyrgyzstan, the China Earthquake Networks Center (CENC) said. The earthquake struck near the county of Akqi near the Kyrgyzstan-Xinjiang border at 3:44 pm local time (0744 GMT), with the epicentre at a depth of 10 km (6.2 miles), according to CENC. No reports of casualties or collapsed buildings have been received by local authorities as of 4:34 pm local time, state media reported. Transportation, power and telecommunication in the county are operating as normal, state media said.
India will pay about $2 billion to lease a nuclear-powered submarine from Russia, according to people familiar with the matter, finalizing delivery of the vessel after roughly a decade of talks just as President Vladimir Putin makes a visit to New Delhi this week. Talks for leasing the attack submarine from Russia had stalled over the years because of price negotiations, the people said, asking not to be identified because the discussions are private. The two sides have now agreed on the deal, with Indian officials visiting a Russian shipyard in November, they said. India expects to take delivery of the vessel within two years, although the complexity of the project means it could be later, they said.Putin is set to arrive in India on Thursday for his first visit to the country since Russi
