JPMorgan Financial News

JP Morgan has projected FY24 as a "washout year" for India's $245 billion IT industry, which represents over 7.5% of the country's GDP. This isn't merely a reflection of earlier industry apprehensions, but a dire alert for the sector to address systemic challenges before it is too late. “We remain negative on the sector as we haven't seen a meaningful uptick in demand in our recent checks.

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Also Read: India's bond yield posts biggest single-day jump in 17 months; What's fuelling the rise? “Pursuant to Regulation 29(1)(b) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, this is to inform you that the Board of Directors will consider a proposal for buyback of equity shares of the Company, at its meeting to be held on October 11, 2023," TCS said in its BSE filing on Friday. Also Read: Sunita Tools IPO allotment finalised; here’s how to check IPO allotment status The buyback comes at a time Indian IT services companies are grappling with an uncertain demand environment, especially in the U.S., a key market for the sector.

Three advisors who were overseeing $800 million in client assets have affiliated with Arkadios Capital, the firm announced Thursday.

Violent moves in the bond market this week have hammered investors and renewed fears of a recession, as well as concerns about housing, banks and even the fiscal sustainability of the U.S. government.

India expects to see equity capital market deals worth $20-22.5 billion in 2023, amid strong local markets and a stable economy, the Wall Street bank's India chief executive said in an interview with Reuters. Last year, $19.4 billion was raised on India's equity capital markets, according to data from LSEG. «Initial public offerings have come back and you have seen a flurry of block deal activity given where markets are. Now we are starting to see institutional share sales as well,» said Ashu Khullar. Foreign portfolio investors have bought a net $11 billion in equity so far this year, according to India's National Securities Depository, helping to lift India's benchmark equity indexes to record highs.

J.P.Morgan analysts expect investors to parse upcoming second-quarter results and commentary from Indian IT companies for signs of recovery in deal signings in fiscal 2025 following a «washout» year. «We remain negative on the sector as we haven't seen a meaningful uptick in demand in our recent checks.

₹1,000 with a 10 per cent coupon rate, you receive ₹100 in annual interest. However, if the bond's price declines to ₹800, the effective yield on the bond increases to 12.5 per cent. Conversely, if the bond price rises to ₹1,200, the bond yield decreases to 8.33 per cent.

By Sabrina Valle

Saudi Arabia and Russia reaffirmed that they will stick with oil supply curbs of more than 1 million barrels a day until the end of the year as a rally in prices falters.

Also Read: Inclusion of Indian bonds in JPMorgan bond index to have limited impact on Indian bonds, rupee, says ASK Wealth Strong economic data in the US and hawkish comments from the US Federal Reserve officials have raised bets that the interest rates will remain higher for longer, leading to a spike in bond yields. US job openings unexpectedly rose in August, pointing to tight labor market conditions that could compel the Federal Reserve to raise interest rates next month, with the odds rising above 30%, Reuters reported.

Reuters late on Tuesday. India's retail inflation remained above the upper end of the central bank's 2%-6% tolerance band for a second consecutive month in August, though it eased from a 15-month high of 7.44% in July.

ASK Wealth Advisors Private Limited. "The inclusion into bond indices is good to have, feeds incrementally into the “Bharat shining" narrative. It’s also a good sandbox regulatory experiment for RBI, to manage monetary policy while losing some policy-making flexibility.

₹59,192 crore as of 30 June, doubling in the past year from ₹26,799 crore, according to regulatory filings. Vedanta Resources’ Indian units, Hindustan Zinc Ltd and Vedanta Ltd, paid out a total dividend of $4 billion and $1.2 billion, respectively, to their shareholders in FY23. Of these, the parent received $2.5 billion.

With only three months of deals left in the year, it’s time to review the scoreboard. A trio of top-tier investment banks – Barrenjoey, UBS and Macquarie – are angling for a top spot on the equity capital markets league table, Dealogic data reveals.

New Delhi: Ensuring women comprise 50% of the labour force could be the best way for India to increase its its GDP growth rate by 1% and touch the 8% growth it needs to become a $5 trillion economy by 2030, World Bank India director Auguste Tano Kouame said in an exclusive interview with Mint, adding however that the global environment is not conducive to its ambitions. Kouame said investments worth about $7 billion could come to India even before Indian securities are included in the JPMorgan emerging markets bond index in 2024. After the inclusion, investments worth more than $25 billion are expected.

More and more Wall Street equity strategists are sounding the alarm on the impact of higher interest rates.

Exciting news! Mint is now on WhatsApp Channels. Subscribe today by clicking the link and stay updated with the latest financial insights! Click here! Despite its merits, the threat to jobs that AI poses is real, Dimon noted.

Strategists at JPMorgan Chase & Co., believe there are some similarities in investor sentiment today to the period leading up to the global financial crisis (GFC) of 2007-2008.

The slide in Treasuries has been excessive given recent economic data and Federal Reserve policy, suggesting it’s instead being driven by fears over the swelling US deficit, some of Wall Street’s biggest names say. 

Global investment bank JPMorgan’s decision to include Indian government bonds into its emerging market bond index is expected to be a game changer for the bond market, and a spillover effect will be seen in debt mutual funds as well. The inclusion in the bond index will channel global passive debt flows in India, as passive funds, by nature, are longer term, says Avnish Jain, head-fixed income, Canara Robeco Mutual Fund. Expectations of large FII inflows due to the bond inclusion and rate hike cycle peaking in both local and global markets should start attracting inflows into debt funds, Jain said. In an interview with ETMarkets, Jain highlighted the significance of the bond inclusion, the inflows outlook, and the asset allocation strategy for debt fund investors. Edited excerpts: Let’s begin with the hot topic today. What changes for India’s bond market with the JPMorgan bond index inclusion? The inclusion in the JPMorgan bond index is a game changer for the Indian government bond (IGBs) markets. While FII investments have been allowed in IGBs for a long time, they were more active and selective in nature, depending on the overall macroeconomic situation as well as relative attractiveness of the Indian debt market within the EM space. The inclusion in the bond index will channel global passive debt flows in India. Passive funds, by nature, are longer term and generally fluctuate only in case of change in weightage in the index.