CITIGROUP INDIA
ZF Commercial Vehicle shares tumble over 8% after Wabco Asia sells stake via block deal
Shares of ZF Commercial Vehicle Control Systems fell by 8.2% on BSE after Wabco Asia sold a 7.6% stake worth Rs 2,287 crore via a block deal, with Citigroup as the banker.
IndiGo promoter Bhatia family may sell 2% for $394 million
Bhatia Family selling 2% stake in IndiGo for ₹3,292.3 crore through a block deal. First stake sale post IPO. InterGlobe Enterprises selling shares. Lock-up period of 365 days post deal. IGE to invest in hospitality, launching Miiro hotels in Europe.
Citi's new banking head Viswas Raghavan begins as CEO hails his 'intensity'
Raghavan previously served as JPMorgan's CEO in the Europe, Middle East and Africa (EMEA) region, while also leading its investment and corporate banking and treasury services in the region. After joining JPMorgan in 2000, he held senior roles in debt and equity capital markets.
European shares slip as energy counters weigh
European shares slipped on Tuesday as weakness in crude prices dragged energy stocks, while investors refrained from placing huge bets before the European Central Bank's interest rate decision later this week.
India bankers brace for IPO surge as election uncertainty lifts
About $3.9 billion has been raised in India via IPOs so far this year, more than double the same period in 2023, and a tally that’s higher than the combined amount raised in South Korea and Hong Kong, according to data compiled by Bloomberg.
Traders are bracing for a record-smashing summer that will shake up commodities
Prices for some of the world’s most vital commodities — natural gas, power and staple crops like wheat and soy — are climbing.
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Citi sees rupee a favorite in Asia as India joins key bond index
Citigroup Inc. remains positive on the Indian rupee's outperformance, citing strong fundamentals, a narrowing current account deficit, and growing expectations on inflows around India's inclusion in a global bond index.
Hyundai adds more banks for possible record D-Street IPO
Hyundai Motor India Ltd. plans to file for an IPO in June, International Financing Review reported earlier Monday, when it also said Kotak and Morgan Stanley were joining the syndicate, citing unnamed people with knowledge of the situation. IFR said the listing could raise as much as $3 billion.
Hot Stocks: Brokerage view on Phoenix Mills, Anupam Rasayan; CLSA downgrades Delhivery
CLSA downgraded Delhivery to underperform, Jefferies raised Zydus Life target, and Anupam Rasayan had balance sheet concerns. Citigroup recommended buying Phonix Mills.
Big IPOs seen making a comeback as stock boom continues
A flurry of small deals has made India one of Asia’s busiest IPO markets this year. Bigger share sales brighten the nation’s chances of attracting global funds as investors rotate money amid a patchy recovery in China.
India stocks set for biggest monthly FII outflows in a year on election risks, China appeal
Global investors have pulled a net $3.5 billion from India’s stock markets so far in May, on course for the biggest withdrawal since June 2023, according to data compiled by Bloomberg.
Japan's Mizuho hires Sanjay Nayar as advisor for Mizuho Bank India
An active player in the Indian financial services space, Mizuho has already infused about $500 million (₹4,100 crore) into its India bank branches. Mizuho made an investment of $145 million for a 15% equity stake in credit card issuer Credit Saison’s Indian subsidiary, Kisetsu Saison Finance (India) recently.
Aadhar Housing Finance shares see a tepid debut. Should you exit?
Contrary to the debut of TBO Tek, the listing of Aadhar Housing Finance was flat, falling short of expectations. The grey market trends signalled a gain of around 15-20% for investors.
Aadhar Housing Finance stock makes D-Street debut on flat note
Aadhar Housing Finance debuts on BSE at Rs 314.3 post a successful IPO. Leading in low-income housing finance, it has highest AUM, faces market volatility challenges, and raised funds for future lending needs through fresh equity issue and OFS post DHFL Vysya merger.
Aadhar Housing Finance stock to list on Wednesday. Here's what GMP suggests
Aadhar Housing Finance IPO consisted of fresh equity issue worth up to Rs 1,000 crore and OFS of up to Rs 2,000 crore. It was booked nearly 26 times at close. Its GMP indicates a listing gain of around 15%.
RBI Monetary Policy: India’s sticky inflation gives RBI reason to stay on hold
RBI MPC Meeting: India's steady inflation and the threat of rising food prices are likely to delay any interest rate cuts by the central bank. Consumer prices rose 4.83% in April, close to economists' expectations. The Reserve Bank of India has maintained its 6.5% benchmark interest rate for over a year, with no cuts expected until the final quarter of the year. Citigroup economists predict a shift to a neutral stance in August due to favorable inflation data. Food prices, a significant component of consumer prices, continue to rise, impacting the overall inflation rate. Erratic weather and the upcoming elections are additional factors complicating the central bank's decision-making process.
Hot Stocks: Brokerage view on Tata Motors, Eicher Motors, Bank of Baroda and Polycab
Brokerage firm Jefferies upgraded Bank of Baroda to a buy, Citigroup has a buy rating on Polycab, Jefferies maintained a buy rating on Eicher Motors and Morgan Stanley downgraded Tata Motors to Equal Weight.
Aadhar Housing Finance IPO allotment to be finalised on Monday: Here's how you can check status
In the unlisted market, Aadhar Housing Finance's shares are trading with a premium of Rs 70 against the issue price of Rs 315, translating to a listing gain of 22%. The company raised nearly Rs 899 crore from anchor investors ahead of the IPO.
Nifty bulls get fresh backing from Citi which upgrades India and downgrades China
The recent rebound in the Chinese stock market has come despite worsening fundamentals, while India is delivering solid profits, Citigroup strategists wrote in a report while downgrading China and upgrading India in emerging market allocation.
Indegene IPO allotment likely today: Check status, listing date, GMP and other details
Indegene IPO Allotment Status: Following a strong response to the IPO, Indegene has completed the share allotment process. The issue was oversubscribed nearly 70 times, indicating substantial interest from both institutional and non-institutional investors. Investors can verify the status of their share allotment on the BSE or by logging in to the registrar's website.
Hot Stocks: Brokerage view on Voltas, Bharat Forge, Hero MotoCorp and TVS Motor
After the fourth-quarter results, Jefferies upheld a buy rating for TVS Motor and Hero MotoCorp. Meanwhile, Citigroup suggested selling Bharat Forge but buying Voltas.
Aadhar Housing Finance IPO opens Wednesday. 10 things to know before subscribing to the issue
Aadhar Housing Finance IPO is set to open on May 8, with the subscription period closing on May 10. The company aims to raise approximately Rs 3,000 crore through the public offer.
ATC Telecom Infra sells 2.8% stake in Voda Idea for ₹1,840 crore
ATC Telecom Infrastructure sold a 2.8% stake to Vodafone Idea, worth ₹1,840 crore, in an open market transaction. Citigroup Global bought shares worth ₹611 crore, with other buyers remaining unknown. Last month, ATC converted debentures allotted by Vodafone Idea into equity, and in January 2024, Canada's Brookfield acquired ATC's India unit in a $2.5 billion deal. Vi recently raised ₹18,000 crore through a follow-on public offer, priced at ₹10-11 per share.
Vivek Wadhera joins Orix India as CEO & MD
Vivek Wadhera appointed Orix India's managing director and chief executive from April 2, with prior experience as group CFO. His expertise in money markets and strategic planning will enhance service offerings and customer experiences.
India is probably the third largest market for Citigroup's corporate banking business
In the Indian corporate banking scene, Citigroup's global head of corporate banking Jason Rekate highlighted the prominence of companies in infrastructure, pharmaceuticals, and automobiles. Rekate mentioned that these companies are set to make intriguing investments as they focus on shedding non-core but high-quality assets, as reported in an interview with Bhaskar Dutta.
JPMorgan’s India ECM head Abhinav Bharti said to leave bank
JPMorgan Chase & Co.’s India head of equity capital markets, Abhinav Bharti, is leaving after 13 years. Arvind Vashistha will replace him. India is a hot market for deals, with Hyundai Motor Co. considering a $2.5 billion IPO for its India unit.
Smart policy and execution are big positives for India: Jane Fraser, CEO of Citigroup
According to Jane Fraser, CEO of Citigroup, Indian global capability centers (GCC) established by multinational corporations are now focused not only on cost reduction but also on creating crucial innovation hubs. In an interview with ET, Fraser highlighted India's unparalleled investment appeal, citing its well-crafted policy frameworks, adherence to execution timelines, and unmatched capacity for large-scale development.
What India's doing domestically is huge... global piece is icing on cake: Citigroup CEO Jane Fraser
Geopolitics dominates. It is the year of elections and that is going to have quite a big impact on the medium-term macroeconomic and other forces. Then you've also got transformative technologies where there are some countries which are on the front-foot in some sectors and others that may be a little bit sleepier on that front.
Citigroup's new big hire is a no nonsense, hard-charging dealmaker
Viswas Raghavan, a competitive and ambitious dealmaker, has been hired by Citigroup CEO Jane Fraser to lead the struggling Wall Street operation. Raghavan will oversee the advisory, capital markets, corporate, and commercial banking businesses amid a decline in revenues and dealmaking.
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