CORPORATE AMERICA
Economic cracks are getting exposed in the 2024 market bounty
Dispiriting trends that have been visible for months now alongside the frenzy for megacap tech stocks and private credit – are on display yet again. Companies with dicey balance sheets have underperformed anew in June. Equal-weighted stock benchmarks where disruptive AI market leaders have the same weighting as industrial bellwethers have lagged yet again.
KKR seeks $20 billion for new North America buyout fund
KKR is seeking about $20 billion from investors for its latest flagship North America private equity fund, according to people familiar with the matter, three years after it launched its predecessor fund of similar size.
All roads lead to Nvidia as tech sees record inflows, Says BofA
Nvidia Corp became the world's most valuable company, driving record inflows into tech funds. Bank of America Corp strategists noted $8.7 billion inflow in tech funds via EPFR Global data, with strategist Michael Hartnett commenting on the impact of Nvidia's success.
With Odisha and Andhra being governed by NDA 3.0, will Aquaculture, a sector dominated by small caps and troubles, see a turnaround?
When looking at any sector, it is good to know the history of that sector, it helps in bringing the context to the possible investing time frame and also the risks which come with that particular investment. Aquaculture as a sector came into limelight in 1992-93. Best of the names of India Inc of that time entered the sector as the Indian economy was opening up and exports were expected to pick up. It was assumed that given the long coastline the production of shrimps would be an easy business to grow. But reality turned out to be very different and the story is full of troubles. There were multiple reasons, right from the nature of business itself and lack of coordinated and sustained support by the government. But now with NDA 3.0 in power in two states which dominated this sector, will there be a more coordinated effort to bring this industry back on track and turnaround is sustained?
Indian corporates are likely to go slow on overseas dollar loans: BofA
Indian corporates are likely to reduce overseas dollar loans due to expensive current rates. There is a 'huge pent-up demand' for investing in local firms' equity. Borrowing costs in the US have increased sharply, leading to a preference for IPOs and follow-ons in India.
Weekly Top Picks: These stocks scored 10 on 10 on Stock Reports Plus
Stock Reports Plus, powered by Refinitiv, undertakes detailed company analysis for 4,000+ listed stocks. In addition to detailed company analysis, the report also collates analysts’ forecasts and trend analysis for each component. An average score in Stock Reports Plus is calculated by undertaking quantitative analysis of five key investment tools - earnings, fundamentals, relative valuation, risk and price momentum.
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KEC International shares jump 8% on winning order worth Rs 1,061 crore
KEC International's share price rose by 8% to Rs 829 after securing new orders worth Rs 1,061 crore. The company's YTD order intake is over Rs 3,000 crores, with a growth of 30% compared to last year.
Investor flows into corporate bonds on longest streak since 2019, says BofA
Global investors poured $3.6 billion into investment grade corporate bond funds in the week to Wednesday, Bank of America said on Friday, in the 31st straight week of inflows, the longest streak since 2019.
JPMorgan to grow India headcount by 5%-7% for next few years, senior exec says
According to a senior executive, JPMorgan Chase intends to increase its workforce in India by 5%-7% annually over the coming years. This move comes as the Wall Street giant intensifies its focus on one of the most competitive talent markets worldwide to bolster its support for international operations. Currently, the New York-based bank employs approximately 55,000 individuals across five Indian cities, constituting about a fifth of its global workforce.
Dr Reddy's, Cipla, Sun Pharma & others to see FY25 revenue boost in key US market, says India Ratings and Research
Indian drugmakers, such as Dr Reddy's, Cipla, and Sun Pharma, are projected to maintain revenue growth in fiscal 2025, driven by drug shortages in the U.S. market. With 233 drugs in short supply, Indian companies are poised to benefit from the challenges faced by U.S.-based generic pharma manufacturers, leading to improved financial performance and increased market share in therapeutic categories.
Global bond play: With depth will come volatility, too
Vikas Jain, head of India trading, fixed-income, currencies and commodities at Bank of America, said as foreign investment in Indian bonds heads toward the 10% weight on the JP Morgan bond index next year, the process of discretionary weighting changes would start to play out, creating a more complex trading environment.
Big Funds bet the ‘anything but bonds’ trade is poised to end
US bond investors increase positions in long-dated high-grade corporate bonds, expecting gains from future interest rate cuts. Market attention is on upcoming bond sales and key economic data releases globally. The “anything but bonds trade” may now have run its course and long-duration debt is set for a comeback in the second half.
Mission impossible? Next Boeing CEO faces pile of problems
On Tuesday night, the Department of Justice said Boeing had breached a 2021 criminal settlement over the 737 MAX crashes, opening the company up to possible prosecution. Faced with these challenges, Boeing's next chief will need to be a kind of corporate magician capable of turning around troubled operations, resetting bruised relations with airline clients and redefining the company's public identity following scandal and missteps.
South side story: Can attractive sops turn Chennai into a hub for GCCs?
Can a slew of attractive sops from the state government and a competitive workforce turn Chennai into a hub for GCCs, positioning the state as a healthy alternative to Bengaluru and Hyderabad? In addition to banks and automotive firms, manufacturing, pharma, tech and product companies in the fintech space are considering setting up GCCs in Chennai.
Tata Motors looks to spin off its NBFC arms, merge with IPO-bound Tata Capital
Group holding company Tata Sons will offer shares of Tata Capital to Tata Motors. This will give India's third-largest carmaker by volume a minority stake in Tata Capital.
Asian junk bond sales are hottest in five years on India boom
Regional sales of such corporate notes, outside of Japan, touched $5.9 billion so far this year, already surpassing $4.4 billion in all of 2023, according to Bloomberg-compiled data. Indian borrowers have topped the share of sales so far this year, with nearly 44% share.
Indian-American philanthropist donates $1 million to Hindu American Foundation
Ramesh Bhutada donates to HAF and Hindu University. Sundar Iyer highlights caste discrimination concerns. Community urged to be vigilant against false allegations. Important funds raised at HAF gala in Houston.
Nearly 75% of Indians believe that global corporations are a threat to democracy: Report
India is also ranked top among countries fearing that big tech companies like Google, Amazon and Meta threaten democracy.
America's interests are protected and strengthened with a strong India, says Indian- American community leader
America's interests in Asia are protected and strengthened with a strong India which has become a responsible player in the region as a counter-check to China's growing influence, an eminent Indian-American community leader has said.
America's tech industry cannot survive without Indians: SVC Chamber of Commerce CEO
Located in Santa Clara, the hub of Silicon Valley, the Chamber of Commerce is made up of a group of visionary business leaders from multiple cities that help grow and shape the future of Silicon Valley.
America's tech industry cannot survive without Indians: SVC Chamber of Commerce CEO
"India(ans) are one of the largest leaders of innovation in Silicon Valley. At one point, ... the data was collected (according to which) 40 per cent of Silicon Valley CEOs or founders were from South Asia or India. That is so huge," Harbir K Bhatia said.
New growth markets for IT firms; Stride Ventures closes third fund
Indian IT firms are seeing rapid growth in new geographies amid a slowdown in their established North American market. More on this in today’s ETtech Top 5.
Canarys expands global presence with strategic acquisition in North America
Canarys Automation Limited expands globally by acquiring a North American software services company, enhancing its digital innovation and service delivery standards. The company's strategic moves reflect a commitment to growth and excellence in digital transformation.
Goldman Sachs, BofA shareholders reject proposals for CEO-chair split
Goldman Sachs has hired Sunil Khaitan and Kamna Sahni as head of financing and M&A respectively in India. Both have previously worked at Bank of America, with Khaitan as the bank's Southeast Asia head of Equity Capital Markets and Sahni as a director in India focusing on healthcare and industrials. India is the world's second busiest IPO market this year, with bankers expecting more activity amid a paucity of deals elsewhere in Asia.
US disabled Chinese hacking network targeting critical infrastructure, sources say
The Biden administration has increasingly focused on hacking, not only for fear nation states may try to disrupt the U.S. election in November, but because ransomware wreaked havoc on Corporate America in 2023.
Bank of America Q4 Results: Profit falls on $3.7 billion in charges
Its net interest income (NII) - the difference between what banks earn from loans and pay to depositors - fell 5% to $13.9 billion as the company spent more to keep customer deposits and demand for loans stayed subdued amid high interest rates.
BofA leases 1.1 m sq ft office space in Chennai
In the first phase, the company will occupy around 710,000 sq ft, while the remaining 390,000 sq ft in part of the second phase expansion option by the multinational bank, as per the registered document. As per the industry estimates, the property can seat 7,000-8,000 employees.
Corporate America is testing the limits of its pricing power
Retailers increasingly use digital price displays, which they can change with the touch of a button. Across the economy, executives trying to maximize profits are effectively running tests to see what prices consumers will bear before they stop buying.
Stock pickers sidelined with world events overshadowing earnings
The current earnings season is being overshadowed by macroeconomic forces such as conflict in the Middle East and surging Treasury yields. As a result, S&P 500 Index constituents are moving in unison as global events sway the markets. This is making it difficult for stock pickers to outperform their benchmarks, with only 37% of large-cap active managers outperforming their benchmarks as of September. Investors are now looking to Big Tech giants' earnings next week for signs of whether Wall Street projections are too optimistic.
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