IFR India CM Roundtable 2010: Participants

Sunandan Chaudhuri, SBICAP Securities Sunandan Chaudhuri is the economist at SBICAP Securities. Prior to his current position, he worked in the financial services group of Tata Consultancy Services, followed by a stint at Fair Isaac Corporation, the analytics company. Chaudhuri is a contributor to financial dailies on issues spanning the Indian economy and macroeconomic policymaking. Raman Uberoi, CRISIL Raman Uberoi is senior director, ratings at CRISIL, India’s leading ratings, research, risk and policy advisory company and a subsidiary of...

IFR India CM Roundtable 2010: Part 1

IFR: I’d like to start off the conversation on the topic of the Indian economy, which generally seems to be in very good shape. Sunandan, as the economist on our panel, could I ask you to comment on the RBI’s latest rate decision, then talk more broadly about what’s driving the Indian economy and outline any potential red flags? Sunandan Chaudhuri, SBICAP Securities: Thanks, Keith. The RBI decision was broadly along expected lines. We were looking at 25bp on the repo and the reverse repo. It has come at 25bp on the repo and 50bp on the...

IFR India CM Roundtable 2010: Part 2

IFR: Raman, ratings have come up in a couple of answers so far. We’ve talked about the strong economy. How does that square against the credit quality of Indian corporates from a rating perspective? Raman Uberoi, CRISIL: Well credit quality for corporate India over the last three years has adapted pretty well. In the 2008-2009 period, rating downgrades outstripped upgrades, which put huge pressure on credit quality. There were three broad reasons for this. One, clearly, was the drying up of money. Whether it was foreign debt or equity capital...

IFR India CM Roundtable 2010: Part 3

IFR: One of the issues that always comes up when discussing M&A in India is the fact that a lot of companies are family owned. This has acted as a drag on M&A activity. Are things changing on this front? Are family-owned companies willing to sell out or dilute? Kishore Kumar, HDFC Bank: Yes. I think just as the make or buy decision for a corporate I think Indian entrepreneurs are also now increasingly at a crossroads and are facing decisions as to whether they continue to run their companies or cash in and take the money while the going is good...

IFR India CM Roundtable 2010: Tables