The most important problem India is facing now is Rampant Corruption from Taluka Panchyat Office to the Offices of Union Government. We expressed our concern as FIIs are unlikely to invest in Economies run by Corrupt Governments [Read here & here] After that most FIIs published report on “Scams & Corruption” in India which has led to the stalemate in our parliament hindering Major Policy Decisions and Blocking the most sought after GST – Goods & Service Tax Bill which was supposed to be implemented from April-1st-2011. This has led to the overall change in Macro sentiment reducing the Market Premium which Indian commanded in the past.
License Raj was the form of Corruption until (more…)
HDFC reported F3Q11 PAT of Rs 8.9 bn (+33% YoY / +10% QoQ) This was higher than estimate of Rs. 8.2 bn though it included capital gains (pre-tax) of Rs 1.67 bn [Sale of IL&FS Investment]. Headline loan growth accelerated to 20.6% YoY from 18.7% in the previous quarter and adjusted loan growth (i.e. including sell-downs) picked up to 27% from 24%.
With Inflation refusing to calm down, the meek RBI Governor is expected to take some bold steps in the forthcoming Policy Review on the 25th. In expectations of some hard monetary measures, the Auto Index has fallen by 10% since the beginning of Jan-2011.