EXECUTIVE SUMMARY. On November 29, 2019, Yes Bank finally revealed the names of the prospective investors for their US$ 2 bn equity issue. Unfortunately, 90% of the issue consisted of family offices and the 3 family offices which accounted for 85% of the issue were relatively unknown names. It...
EXECUTIVE SUMMARY. For the second time, State Bank of India (SBI), the government’s premier bank, and India’s largest by assets, has been publicly shamed by the banking regulator for fraudulent accounts. Stakeholders are now aware that the bank’s standalone meagre profit of Rs 8.62 bn for the year ended...
Hemindra Hazari
The media has gone overboard on the government of India’s decision not to give Raghuram Rajan, the Reserve Bank of India (RBI) governor, a second term, and focused on how the government is unable to retain an internationally acclaimed economist. However, now that Rajan is going, we need...
EXECUTIVE SUMMARY. ICICI Bank reported strong profits for 2QFY2022, with standalone net profits increasing by 30% YoY to Rs 55 bn., enthusing the market. The bank has been focusing on retail loans to drive its assets and profits, after heavily haemorrhaging on corporate loans prior to FY2020. The retail...
A Kotak family entity, Infina Finance Private Ltd. (Infina), purchased electoral bonds totalling Rs 1.3 billion – which is more than twice the amount disclosed by the State Bank of India (SBI) to the Election Commission of India (ECI) during FY2019 to FY2022.
In FY2020, the company purchased Rs 760...
EXECUTIVE SUMMARY. Yet another instance has come to light of the practice of disguising transactions by routing them through shell companies. As revealed by ET Prime, the Securities and Exchange Board of India (SEBI) issued show cause notice to Aditya Birla Finance (ABF) on the latter’s alleged role in...
EXECUTIVE SUMMARY. ICICI Bank posted strong results for 4QFY2021 with standalone net profits up 260% yoy, but 11% down qoq to Rs 44 bn. While the analyst consensus and the capital market may view the results as a positive, investors need to monitor the bank’s focus on mortgages, which...
In response to the Reserve Bank of India’s (RBI) directive to Yes Bank to replace the present CEO-promoter Rana Kapoor by January 31, 2019, the bank’s share price fell a stunning 29% on September 21, and Rs 20,937 crores of market capitalisation went up in smoke.
The RBI’s directive is...
EXECUTIVE SUMMARY. On June 14, 2019, Tech Mahindra joined the ranks of Tata Global Beverages, Ambuja Cement and Dr Reddy’s in appointing Shikha Sharma as an independent director. Private equity firm KKR had also appointed Sharma as an adviser for their alternative investments. The irony of publicly-owned and listed...
EXECUTIVE SUMMARY. It is the season for long serving business head verticals to exit HDFC Bank. Following the abrupt departures of Abhay Aima (former Group Head – private banking) and Ashok Khanna (ex-Group Head - automobile loans) comes news of Munish Mittal (Group Head – Information Technology and Chief...
