Indices at previous closing
Nifty50: 17,498 ▲172 (+1.0%)
Sensex: 58,683 ▲ 740 (+1.2%)
Nifty Bank: 36,334 ▲ 486 (+1.3%)
SGX Nifty: 17,525 ▲ 28 (+0.1%)
For more updates on F&O, click here.
Axis Bank buys Citi's India consumer biz
Private lender Axis Bank has acquired the India consumer banking businesses of Citibank India for $1.6 billion. The transaction will include Citibank's credit card, retail banking, wealth management and consumer loans verticals. Meanwhile, Citi's institutional client businesses won't be included in the deal.
Axis Bank reportedly emerged the top bidder for the deal above other competitors like Kotak Mahindra Bank. Following the deal, Axis Bank's credit card customer base will rise by about 31%, as it gains an additional 2.5 million cards. The transaction comes around a year after Citi first announced its decision to exit its consumer business in 13 markets including India. Citigroup expects to close the deal in the first half of calendar year 2023.
Godrej Properties buys key land parcel in Pune
The US economy grew by 6.9% in the December quarter, according to an estimate by the Commerce Department. This is a slight downward revision to the previous estimate of 7%. The government attributed this downward revision to a smaller increase in consumer spending and fewer exports.
Real estate developer Godrej Properties said it has purchased a 9 acres land parcel in Pune for the development of a housing project with a revenue potential of ₹1,400 crore. The company had also purchased an about 50 acre land parcel earlier this month at Sonipat in Haryana.
In February, the company had announced its plans to invest around ₹7,500 crore over the next 12-18 months on land acquisitions and development of new real estate projects.
US economic growth losing steam
The corporate profit growth also reportedly slowed down in the fourth quarter of 2022. This comes at a time when the US central bank is looking to further hike rates to tame inflation.
Fact of the day
Ukraine has raised $270 million by issuing military bonds with a yield of 11% to fund its armed forces.
Source: CNBC
We'd love your thoughts on this morning update.
If you haven't already, open your Upstox account to get IPO-ready today! Click here to sign up.
To catch our latest educational videos, join our Telegram channel here.
Disclosures and Disclaimer
Investment in securities markets is subject to market risks; please read all the related documents carefully before investing. The securities quoted are exemplary and are not recommendatory. Past performance is not indicative of future results. Details provided in the above newsletter are for educational purposes and should not be construed as investment advice by RKSV group. Investors should consult their investment advisor before making any investment decision.