After studying law I vectored towards journalism by accident and it's the only job I've done since. It's a job that has taken me on a private jet to Jaisalmer - where I wrote India's first feature on fractional ownership of business jets - to the badlands of west UP where India's sugar economy is inextricably now tied to politics. I'm a big fan of new business models and crafty entrepreneurs. Fortunately for me, there are plenty of those in Asia at the moment.
India’s services sector PMI saw a decline to 56.9 in November from 58.4 in October.
Services PMI moves to 12-month low
India’s services sector PMI saw a decline to 56.9 in November from 58.4 in October. While the expansion was weak, it was nevertheless above the long-term average. The survey asked questions to 400 companies in transport, information, communication and finance. Between April and September the services PMI averaged 60. (Business Standard, Economic Times, Financial Express)
4-5 bankers decline offer for the top job at NE Small Finance Bank
Bankers approached the top job at North East Small Finance Bank have declined the offer. It is not clear how Slice’s ownership will impact the bank. Rajan Bajaj will be the largest shareholder in the bank where Slice plans to infuse Rs 600 crore. Candidates also fear that even two months after the merger was announced there is no clear business plan in place. (BusinessLine)
Byju’s CEO says crisis will be over in 45-60 days
Byju Raveendran has told a group of senior executives that the crisis would be over in 45-60 days. He said that, despite everything that is going on, investors like Ranjan Pai have infused capital into the company. Raveendran has also infused his own capital into the company, which delayed employee salaries citing a technical glitch. (Economic Times)
India Inc borrowings from abroad rise
Indian companies are set to borrow $25 billion this year compared to $19 billion in 2022. HSBC has become the number one arranger of these loans. Reliance Industries borrowed $4 billion through bonds and raised $5.7 billion through loans. State Bank of India raised $1 billion through an offshore bond issue. It remains to be seen how the global rise in interest rates will affect the pricing of these loans going forward. (Economic Times)