In today’s briefing:
- Ohayo Japan | Yen Flirts with 161
- What Is Cooking in Indian Textile Sector?
- Japan Banks – Trading Gains and Cross-Shareholding Vary Widely Among Megabanks and Regionals
- India Banks – Divergent Trends at Canara and Bandhan Fundamentally Support NIFTY Bank Rebalancing
- #19 India Insight: Telcos Bid for 5G Spectrum, UltraTech Acquisition, Bajaj Auto Expands Capacity
Ohayo Japan | Yen Flirts with 161
- The Nasdaq Composite rose 0.49%, driven by a 3.9% surge in Amazon, which hit a $2 trillion market cap milestone.
- Japan wants companies to disclose the percentage of women in management roles, aiming to address gender disparities
- Tourists in Japan spent an annualized 7.2 trillion yen ($45.1 billion) in early 2024, making it Japan’s second-largest export category
What Is Cooking in Indian Textile Sector?
- Cotton consumption in the 2023-24 season is estimated at 307 lakh bales, making it one of the highest in the past decade.
- Government is considering extending the PLI scheme to all garments, including cotton ones.
- Minister Singh also emphasized the need for a comprehensive roadmap to elevate India’s textile market from $165 billion to $350 billion.
Japan Banks – Trading Gains and Cross-Shareholding Vary Widely Among Megabanks and Regionals
- We derive which of Japan’s banks may be most or least exposed to trading gains from divestment of cross-shareholdings.
- Mizuho looks best of the megabanks and SMFG looks least good of the megabanks.
- Japan Post Bank and SBI Shinsei may appear to have a high potential for selling domestic stocks, but we believe other drivers make them appear this way.
India Banks – Divergent Trends at Canara and Bandhan Fundamentally Support NIFTY Bank Rebalancing
- Canara Bank (CBK IN) has seen its NPL ratio decline dramatically over the past several years, which is at complete odds with Bandhan Bank Ltd (BANDHAN IN)
- Net profit is nearly 50% lower for Bandhan Bank Ltd (BANDHAN IN) while Canara Bank (CBK IN) moved from a loss to the best profit on record
- The loan-to-deposit ratio (LDR) of Bandhan Bank Ltd (BANDHAN IN) has come down from over 200% to 100%, but remains high; Canara Bank (CBK IN) is gently widening to 77%
#19 India Insight: Telcos Bid for 5G Spectrum, UltraTech Acquisition, Bajaj Auto Expands Capacity
- Telcos Bid INR 11,000 Crore in First Day of 5G Spectrum Auction
- UltraTech Cement Revises RAKWCT Acquisition from 31.6% to 25% Stake
- Bajaj Auto Achieves Over 7 Million Unit Production Capacity in FY24
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