HDFC to Raise $1.75 billion from Investors including GIC, KKR

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India’s Housing Development Finance Corp Ltd plans to raise about 111 billion Rupees ($1.75 billion) from a preferential share sale to investors including affiliates of Singapore state investor GIC and private equity KKR & Co. LP.

A committee of directors of the mortgage lender on Saturday approved selling 64.3 million shares at 1726.05 Rupees a piece to the investors, according to a stock exchange filing.

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HDFC shares closed at 1760.95 Rupees on Friday.

Separately, HDFC will also sell shares to institutional investors through a so-called Qualified Institutions Placement to raise up 18.96 billion Rupees, it said.

HDFC’s fund-raising is mainly aimed at investing in a preferential share issue by HDFC Bank, which will help the mortgage lender maintain its about 21 percent stake in the bank.

Last month, the mortgage lender secured board approval to raise as much as 130 billion rupees. It said it may need capital for health insurance and acquisition of stressed assets in the real estate sector.

The preferential share sale announced on Saturday comprises 3.9 percent of the company’s enhanced share capital after the issue, HDFC said.

A GIC affiliate will buy about 30.1 million shares, while the administrator of the pension plan for Canada’s Ontario municipal employees is buying 10 million shares. The KKR affiliate will buy about 9.3 million shares, HDFC said.

($1 = 63.6000 Indian Rupees)


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Indian ADRs: ICICI Bank gains 2.2%; Dr. Reddy’s Lab, HDFC Bank up

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Indian ADRs ended mostly higher on Friday. HDFC Bank added 1.07 percent and Tata Motors was up 0.09 percent.

Indian ADRs ended mostly higher on Friday. In the banking space, ICICI Bank gained 2.25 percent at USD 9.98 and HDFC Bank added 1.07 percent at USD 102.43.

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In the IT space, Infosys shed 2.66 percent at USD 16.81 and Wipro was down 0.70 percent at USD 5.68.

In the other sectors, Tata Motors was up 0.09 percent at USD 34.32 and Dr. Reddy’s Laboratories rose 0.34 percent at USD 38.20.


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Wall Street Hits new Highs on Earnings Optimism, Data

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The Dow Jones Industrial Average rose 228.46 points, or 0.89 percent, to 25,803.19, the S&P 500 gained 18.68 points, or 0.67 percent, to 2,786.24 and the Nasdaq Composite added 49.29 points, or 0.68 percent, to 7,261.06.


Wall Street continued its rally on Friday with record closing highs as the fourth-quarter earnings season kicked off with solid results from banks and robust retail sales drove investor optimism about economic growth.

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The S&P 500 and Nasdaq both registered their eight record closing highs out of the first nine trading days of 2018, while the Dow boasted its sixth closing high of the year.

JPMorgan, the biggest U.S. lender by assets, said a U.S. tax overhaul would help future profits by reducing its tax bill and stimulating more business. The bank’s shares rose 1.7 percent.

“The fact all the big money center banks beat on the bottom line is a good omen for the rest of the earnings season,” said William Lynch, director of investments at Hinsdale Associates, in Hinsdale, Illinois.

Investors were also hopeful 2018 financial forecasts from U.S. companies would beat Wall Street estimates as many analysts may not have tax savings fully reflected in their models as the tax bill was signed into law so late in December.

“I don’t know how much of that is priced in right now,” said Stephen Massocca, senior vice president at Wedbush Securities in San Francisco. “It seems like the economy is going OK, inflation is kind of nonexistent right now, wage growth is not an issue for most income statements, so what’s not to like here.”

Earnings for S&P 500 companies are expected to increase by an average of 12.1 percent in the quarter, with profit for financial services companies likely to increase 13.2 percent.

BlackRock rose 3.3 percent. The world’s largest asset manager reported profit that beat estimates as investors flooded into the relatively low-cost funds.

While Wells Fargo earnings beat expectations, its shares slipped 0.7 percent after it set aside $3.25 billion in the fourth quarter to cover legal expenses related to probes into its mortgage and sales practices.

The Dow Jones Industrial Average rose 228.46 points, or 0.89 percent, to 25,803.19, the S&P 500 gained 18.68 points, or 0.67 percent, to 2,786.24 and the Nasdaq Composite added 49.29 points, or 0.68 percent, to 7,261.06.

For the week, the S&P rose 1.6 percent, compared with the Dow’s 2-percent rise and a 1.8-percent advance in the Nasdaq.

The S&P consumer discretionary index jumped 1.3 percent after retail sales data showed households bought more goods, suggesting the economy exited 2017 with strong momentum.

Amazon rose 2.2 percent to reach $1,300 for the first time. It closed at $1,305.20.

The sector was also helped by a late-afternoon that activist D.E. Shaw built a position in Lowe’sCompanies, sending its shares up 5.3 percent.

Bank stocks were helped by a rise in Treasury yields after underlying U.S. consumer prices for December posted the biggest gain in 11 months, signaling a pickup in inflation.

The Treasury move helped push the utility sector down 0.6 percent, making it the weakest performer of the S&P 500’s 11 sectors.

Advancing issues outnumbered declining ones on the NYSE by a 1.17-to-1 ratio; on Nasdaq, a 1.54-to-1 ratio favored advancers.

The S&P 500 posted 164 new 52-week highs and 12 new lows; the Nasdaq Composite recorded 222 new highs and 14 new lows.

Volume so far on U.S. exchanges was 6.88 billion shares, above the 6.39 billion average for the full session over the last 20 trading days.


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Sensex, Nifty cautious ahead of Infosys Q3 nos, macro data

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Vedanta, IOC, and Indiabulls Housing Finance were other gainers.

The government is likely to increase the budget allocation for farm education, research and extension by up to 15 percent to around Rs 8,000 crore in 2018-19 fiscal as the focus will on making rapid strides in doubling farmers’ income, sources said.

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The Union Budget for 2018-19 will be presented on February 1.

“There has been a minimum 10 percent annual increase in the budget allocation for agri-education, research and extension purpose in last few years. We hope 15 percent higher budget allocation would be made available for the DARE (Department of Agricultural Research and Education) for the next financial year,” the sources said.

The funds will be used on priority areas with an aim to address the country’s key farm sector problem and make rapid strides in the direction of doubling farmers’ income through the use of technology and innovation, the sources added.


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Royal Enfield launches Himalayan Sleet priced Rs 2.13 lakh

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Royal Enfield today launched a new version of its adventure touring model Himalayan, at an introductory price of Rs 2,12,666 (on-road Chennai). The first 500 units of the new product, Himalayan Sleet will come pre-fitted with Explorer Kit, an assortment of Royal Enfield genuine motorcycle accessories, the company said in a statement. These fully-kitted motorcycles will be exclusively available online for a limited period from January 12-30, it added.

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Interested buyers will have to register through the company’s website and sales will go live on January 30 on a first-come-first-serve basis, Royal Enfield said. “The new Himalayan Sleet is inspired by the terrain of Royal Enfield’s spiritual home – the Himalayas, its craggy land, the gorges, edgy peaks all brought together in the colors of the sleet,” Royal Enfield President Rudratej Singh said.


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SEBI CURB: Price Waterhouse set to lose 75 listed Firms to Rivals

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PW was the statutory auditor for 85 listed firms in 2016-17, and these firms spent Rs 1 billion on audit expenses during the year.

The hit on Price Waterhouse (PW) has opened up new business opportunities worth over Rs 1 billion for other auditing firms in the country. The Securities and Exchange Board of India (Sebi) had on Wednesday banned PW from auditing listed companies for two years.

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PW was the statutory auditor for 85 listed companies in 2016-17, and these companies spent Rs 1 billion on audit expenses during the year.

This financial year, PW has around 75 listed firms on its roster.

Experts say auditing assignments with large companies also open opportunities for big accounting firms in the areas of tax advisory, management, and business consultancy services, which can generate much higher revenue than the audit business.

Once the ban period is over, many of these firms may go back to PW, as the law requires listed companies to rotate their auditors every 10 years.

“But some may decide not to go back to PW for the reputational risk that the name now carries with auditors. Loss of auditing clients may also impact PW’s supplementary businesses in India,” said a senior corporate executive on condition of anonymity.

PW added marquee clients such as Tata Steel, Hindalco, and Ashok Leyland this financial year.

Last year, it audited the accounts of leading listed firms such as IndusInd Bank, Bajaj group firms such as Bajaj Auto and Bajaj Finance, Glaxo, Motherson Sumi, and Marico.

After the Sebi order, these companies will have to look out for new auditors. Experts, however, say they should wait for the outcome of likely appeals by PW against the Sebi order at the Securities Appellate Tribunal.

In all, PW clients during FY17 accounted for nearly 8 percent of the combined market capitalization of all listed companies and 6 percent and 4.5 percent of the universe combined net profits and net sales in FY17.

Auditors are also a worried lot as they would have to increase the scrutiny of accounts, leading to an increase in their efforts.


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5 Key Things to watch out Why Infosys to announce Q3 Earnings on Friday

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The key things to watch out for would be its full-year guidance and management commentary. Overall it is expected to be soft quarter due to seasonality.


Infosys, the country’s second-largest software services provider, will announce its third-quarter earnings on Friday. The key things to watch out for would be its full-year guidance and management commentary. Overall it is expected to be soft quarter due to seasonality.

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The stock rallied 15.6 percent in the quarter ended December 2017, trading at 14.3 times its FY19 EPS.

As it is seasonally a weak quarter for IT companies due to holidays and furloughs in western markets, here are five key factors that investors will focus on:-

Profit

Infosys is expected to report a profit for the quarter at Rs 3,609 crore, down 3.14 percent compared to Rs 3,726 crore in previous quarter, according to an average of estimates of analysts.

Weak earnings before interest & tax (EBIT) and low other income may pull profit lower during the quarter.

Revenue

Analysts expect company’s revenue to grow 1.5 percent sequentially to Rs 17,823 crore from Rs 17,567 crore.

Dollar revenue may grow 1 percent to USD 2,754 million from USD 2,728 million QoQ and constant currency growth is expected to be at 1 percent.

Retail was soft in Q2 and that is expected to be weak in Q3 also.

Operational Performance

Operational efficiency levers have been squeezed materially over the last few quarters so margin expansion might be limited during the quarter.

EBIT margin is likely to contract at 24.1 percent in Q3FY18, compared to 24.2 percent in Q2FY18.

Analysts see negligible cross currency impact on earnings.

Guidance

Full-year guidance is the most important factor to watch out for in earnings.

All analysts expect Infosys to maintain its full-year constant currency revenue growth guidance at 5.5-6.5 percent and EBIT margin at 23-25 percent.

After Q2FY18 earnings, the company had revised its FY18 guidance lower to 5.5-6.5 percent YoY, implying an asking rate of 0.4-1.6 percent for second half of FY18.

With 0.9 percent QoQ growth expectations for Q3 (1 percent in CC), and 1.5 percent in the following quarter, CNBC-TV18 poll expects Infosys to achieve the mid-point of its CC guidance for FY18.

Investor focus will be on:

Strategy of the new CEO Salil Parekh who took charge as MD & CEO of Infosys on January 2, 2018

US H1B norms

CY2018 demand outlook. Infosys had indicated account-specific weakness and also talked about likely budget squeeze at the year-end (instead of budget flush) in its Q2FY18 results conference call

M&A strategy; total contract value of deal wins, focus and strategy for revival of consulting practice, pricing outlook and progress on automation.


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SBI to raise Rs 20,000 crore via Bonds for affordable Housing

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Country’s largest lender State Bank of India (SBI) plans to raise Rs 20,000 crore through long-term bonds to fund affordable housing. SBI had earlier proposed to raise Rs 5,000 crore for the purpose. “A proposal will be submitted to Executive Committee of Central Board (ECCB) for approval for issuance of long-term bonds of Rs 20,000 crore for the financing of infrastructure and affordable housing in the domestic and overseas market instead of Rs 5,000 crore intimated earlier,” SBI said in a filing to the stock exchanges.

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The bank did not specify whether the borrowing would be in Rupee denomination or Dollar. The executive committee of the central board is scheduled to have a meeting on January 17, it added. Earlier this week, SBI announced plans to raise up to USD 2 billion (over Rs 12,600 crore) by issuing bonds in US Dollar or other convertible currency over two fiscals to fund overseas expansion.

It said the fund-raising will take place through a public offer and/or private placement of senior unsecured notes in US Dollar or any other convertible currency during 2017-18 and 2018-19. Last month, the bank’s board had approved raising Rs 8,000 crore through various sources, including masala bonds, to meet Basel III capital norms.

Masala bonds are rupee denominated specialized debt instruments that can be floated in overseas markets only to raise capital. The bank said it has time until March 2018 to raise the funds. Banks in India have to comply with the global capital norms under Basel III by March 2019. Internationally agreed time frame for the same is January 2019.


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India December vegoil Imports drop 10 percent on lower soyoil Purchases

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India’s vegetable oil imports in December fell 10 percent from a year ago to 1.1 million tonnes as refiners slashed overseas soyoil purchases after supplies rose from the local crop, a trade body said on Friday.

The country’s imports of soyoil stood at 79,250 tonnes for the month, well down on the 232,132 tonnes bought last year, the Solvent Extractors’ Association, a Mumbai-based trade group for oilseed processors, said in a statement.

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“Indian import duty has gone up so people were waiting to see the impact of duty on prices. Supply from local soybean crop was also good,” said Sandeep Bajoria, chief executive of vegetable oil importer Sunvin group.

India, the world’s biggest edible oil buyer, in November doubled the import tax on crude palm oil to 30 percent, while the duty on refined palm oil was raised to 40 percent from 25 percent.

Soybean crushing has picked up after the duty hike, dealers said.

The country’s palm oil imports in December were 722,857 tonnes, slightly down from 723,158 tonnes a year ago, the SEA data showed.

India’s palm oil and soyoil imports in January could rise to 775,000 tonnes and 190,000 tonnes respectively, Bajoria said.

India primarily imports palm oil from Indonesia and Malaysia and soyoil from Argentina and Brazil. It also buys small volumes of sunflower oil from Ukraine and canola oil from Canada.


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Indian ADRs: Infosys, Tata Motors, ICICI Bank gain

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Indian ADRs ended higher on Thursday. Infosys rose 1.65 percent and HDFC Bank rose 0.33 percent.

Indian ADRs ended higher on Thursday. In the banking space, ICICI Bank added 0.51 percent at USD 9.76 and HDFC Bank rose 0.33 percent at USD 101.35.

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In the IT space, Infosys rose 1.65 percent at USD 17.27 and Wipro declined 1.55 percent at USD 5.72.

In the other sectors, Tata Motors was up 1.60 percent at USD 34.29 and Dr. Reddy’s Laboratories gained 0.32 percent at USD 38.07.


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