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Nov 20, 2014

Kotak bank buys ING Vysya in record $2.4 billion share deal

MUMBAI (Reuters) – Kotak Mahindra Bank (KTKM.NS: Quote, Profile, Research) has agreed to buy ING Vysya (VYSA.NS: Quote, Profile, Research) in an all-share deal valuing its smaller rival at $2.4 billion, bulking up as analysts predict the start of long-awaited consolidation in a crowded banking sector.

Dutch lender ING Groep NV (ING.AS: Quote, Profile, Research) owns roughly a 43 percent stake in ING Vysya. It will be the second-largest shareholder in Kotak Mahindra after the deal — the largest in the Indian banking sector to date — with a holding of about 7 percent.

Nov 20, 2014

India’s Kotak bank buys ING Vysya in record $2.4 bln share deal

MUMBAI, Nov 20 (Reuters) – Indian lender Kotak Mahindra Bank
has agreed to buy ING Vysya in an all-share
deal valuing its smaller rival at $2.4 billion, bulking up as
analysts predict the start of long-awaited consolidation in a
crowded banking sector.

Dutch lender ING Groep NV owns roughly a 43 percent
stake in ING Vysya. It will be the second-largest shareholder in
Kotak Mahindra after the deal — the largest in the Indian
banking sector to date — with a holding of about 7 percent.

Nov 10, 2014

India’s slowing profits growth offers wake-up call for record-high shares

MUMBAI/BANGALORE (Reuters) – Indian corporate earnings are growing at the weakest pace in nearly six years, in a more sober reflection of the economy than a stock market hovering near record highs since the May election of pro-business Prime Minister, Narendra Modi.

The new premier, previously known for economy-stimulating infrastructure projects on a state level, has been widely touted as the man to revive an economy lumbering through the longest spell of below-5 percent growth in a quarter of a century.

Nov 5, 2014

Piramal plans $2 billion bet on property sector revival

MUMBAI/NEW DELHI (Reuters) – Piramal Enterprises Ltd plans to invest $2 billion in real estate projects over the next two years, betting that a revival in the economy under a new government will boost demand for property, its billionaire chief said.

Its planned investment could help developers complete commercial and residential projects left unfinished when they ran out of money and banks cut back on credit to a sector badly mauled by a slowdown in Asia’s third-biggest economy.

Nov 5, 2014

India’s Piramal plans $2 bln bet on property sector revival

MUMBAI/NEW DELHI, Nov 5 (Reuters) – India’s Piramal
Enterprises Ltd plans to invest $2 billion in real
estate projects over the next two years, betting that a revival
in the economy under a new government will boost demand for
property, its billionaire chief said.

Its planned investment could help developers complete
commercial and residential projects left unfinished when they
ran out of money and banks cut back on credit to a sector badly
mauled by a slowdown in Asia’s third-biggest economy.

Oct 29, 2014

India’s delivery men offer prize investment as billions pour into e-commerce

MUMBAI/BANGALORE, Oct 30 (Reuters) – From Japan’s richest
man to Jeff Bezos, everyone wants a piece of India’s booming
online retail sector. For those without billions to pump into
the tightly held firms who dominate e-commerce, the best bet may
be the delivery men.

On Tuesday, SoftBank Corp Chief Executive Masayoshi
Son joined Bezos’s Amazon.com Inc in pledging heavy
investment in an e-commerce industry worth $10 billion and seen
quadrupling in five years. Son’s gambit: a stake in Snapdeal,
India’s third-biggest online marketplace.

Oct 21, 2014

HDFC Bank eyes pickup in corporate credit

MUMBAI, Oct 21 (Reuters) – India’s HDFC Bank sees
borrowings by corporates for expansion purposes picking up from
second quarter of next year, a senior executive said, a move
that will boost the outlook for banks hit by tepid loan demand
in Asia’s third-largest economy.
HDFC Bank, India’s second-biggest private sector lender by
assets, on Tuesday posted a 20 percent rise in quarterly net
profit, missing street estimates, due to higher tax expenses and
provisioning for loan losses.

Loan growth at Indian banks slowed to 9.7 percent last month
compared to about 17 percent in the same period last year, as
companies put off big investments in an economy growing at its
slowest rate since the 1980s.

Oct 17, 2014

TCS slumps over 8 percent, earnings miss estimates

MUMBAI (Reuters) – Tata Consultancy Services Ltd(TCS.NS: Quote, Profile, Research), India’s biggest software services exporter, posted a 13.6 percent rise in quarterly net profit, but missed analyst estimates on weakness in outsourcing demand in Latin America and in some industrial sectors.

TCS shares fell as much as 8.5 percent on Friday, setting it on course to log its worst single-day fall in nearly five-and-a-half years, in a positive Mumbai market. The stock was up 25 percent this year as of Thursday, more than the main market.

Oct 17, 2014

Tata Consultancy second-quarter earnings misses estimates; shares fall

MUMBAI (Reuters) – Tata Consultancy Services Ltd, India’s biggest software services exporter, posted a 13.6 percent rise in quarterly net profit, but missed analyst estimates on weakness in outsourcing demand in Latin America and in some industrial sectors.

TCS shares fell as much as 8.5 percent on Friday, setting it on course to log its worst single-day fall in nearly five-and-a-half years, in a positive Mumbai market. The stock was up 25 percent this year as of Thursday, more than the main market.

Oct 17, 2014

Tata Consultancy Q2 earnings misses estimates; shares fall

MUMBAI, Oct 17 (Reuters) – Tata Consultancy Services Ltd
, India’s biggest software services exporter, posted a
13.6 percent rise in quarterly net profit, but missed analyst
estimates on weakness in outsourcing demand in Latin America and
in some industrial sectors.

TCS shares fell as much as 8.5 percent on Friday, setting it
on course to log its worst single-day fall in nearly
five-and-a-half years, in a positive Mumbai market. The stock
was up 25 percent this year as of Thursday, more than the main
market.