Warren Buffett prescribes a three-point check list to understand the quality of a business: competence of management, its passion to take the business forward, and integrity. A Dalal Street veteran says in India one needs to reverse that order and go and check integrity first. That reflects collective frustration over the way skeletons are tumbling out of cupboards of reputed businesses. The whistleblower case at Infosys in a way shows a strong in-built process that exists to check bad behaviour. But the fact that the IT major hid the complaint for one whole month does not suggest the system is fool-proof
STREET PULSE: Where we stand Asian shares and US stock futures dipped after British lawmakers rejected the government's timetable to fast-track legislation for its deal to take Britain out of the EU.
Here's what to watch  | SGX Nifty traded flat at 7 am (IST), signalling indecisiveness ahead on Dalal Street. MSCI index for Asia-Pacific shares outside Japan fell 0.17%, while Japan's Nikkei dipped 0.3%. |
| US stocks ended lower in overnight trade. Dow fell 39.54 points, S&P500 lost 10.73 points, and the Nasdaq dropped 58.69 points |
Crude oil prices fell after industry group data showed US crude stocks rose more than expected last week. Brent crude futures fell 0.49% to $59.41 a barrel while WTI crude lost 0.64% to $54.13.
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DHFL Offer… Dewan Housing Finance may offer to buy back bonds held by mutual funds at a discount to ensure near unanimity among lenders and allow an exit to those unwilling to be a part of the banks-led resolution process. Big banks, who are driving the resolution process as part of the RBI circular dated June 7, are keen to have MFs on board to ensure smooth passage for the plan proposed by the DHFL management.
Read More | Shardul Amarchand Mangaldas to probe Infy case >>> |
| TCS to gain from Infy's loss of trust among investors >>> |
Stocks in Good Books... Morgan Stanley says ICICI Prudential Life, SBI Life Insurance and Siemens are likely to be added to the MSCI India Index. Also, ICICI Bank is likely to see an increase in weightage and could potentially get nearly $1 billion in inflows as a result.
Read More Single FDI Window... The Department for Promotion of Industry and Internal Trade is planning to set up a single window system to handhold foreign investors keen to invest in India. The single-window system is likely to have representatives from both the Centre and state governments. The system will help in getting all relevant approvals and clearances required by foreign investors.
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Bad Omen… Two top Indian private-sector lenders on Tuesday signalled stress in their loan books as the banks grapple with the worst economic slowdown in years that has increased bad loans across the sector. Kotak Mahindra Bank, the nation's third-largest lender by market value, trimmed its full-year loan growth forecast, while the sixth-biggest bank Axis Bank said its small business and small and medium enterprises categories have come under pressure due to delayed payments.
Read More Signs of Times... Corporate India's merger and acquisition activity witnessed a downtrend in September quarter with total deal value falling by more than half to $6,025 million through 97 deals against 134 transactions worth $13,185 million in the same period last year, largely owing to a slump in economic activity and lack of big ticket deals, shows Grant Thornton's quarterly M&A Dealtracker.
Read More Meanwhile...British lawmakers on Tuesday rejected the government's proposed timetable for passing legislation to ratify its deal to exit the European Union. The defeat in Parliament made it unlikely that Britain would finalise its exit by Prime Minister Boris Johnson's Oct. 31 target. Johnson said it was up to the EU to decide whether it wanted to delay Brexit and for how long.
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