Mumbai: Morgan Stanley said on Monday it has signed an agreement to sell its Indian wealth management unit to Standard Chartered. Financial terms of the deal were not disclosed.
"Morgan Stanley will work closely with Standard Chartered over the coming months to ensure a smooth transfer of our wealth management clients currently serviced in India," the US bank said in a statement.
This process is expected to be completed by the end of 2013, it said. Morgan Stanley launched the sale of its Indian private wealth management unit in November 2012, after entering the highly fragmented and competitive market about four years earlier.
The sale of the unit underscores a growing trend of consolidation in Asia's wealth management industry as private banks struggle to earn profits in the face of rising regulatory costs and wafer-thin advisory fees....
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02:44 PM, May 20, 2013
Mumbai: Morgan Stanley upgrades Reliance Communications Ltd to "overweight" from "equal-weight" on the back of the company's Rs 12 billion fiber optic network sharing deal with the telecom unit of Reliance Industries Ltd. The investment bank raises its fiscal 2014 earnings estimates for Reliance Comm by 125 per cent as a result of the deal and says additional deals could cut net debt by Rs 77 billion. "We see attractive...
09:42 AM, Apr 09, 2013
Morgan Stanley upgrades Reliance Communications Ltd to "equal-weight" from "underweight," citing improving outlook for the telecoms sector due to higher tariffs, falling capex, and "more attractive" valuations. ...
11:00 AM, Mar 26, 2013
Bank of America Corp said director Mukesh Ambani will step down at the bank's annual shareholder meeting in May in the latest reshaping of the No 2 US bank's board. ...
02:59 AM, Mar 16, 2013
Global financial institutions HSBC and Morgan Stanley lowered India's economic growth forecast for the next financial year to 6 per cent from 6.2 per cent earlier due to challenging domestic and external environments and lower-than-expected expansion in the current fiscal. According to an HSBC report, despite signs of growth stabilisation in Asia's third largest economy, the recovery is likely to prove a bit more protracted. ...
08:39 PM, Mar 13, 2013
Morgan Stanley and HSBC each cut their India's economic growth forecasts for 2013/14 to 6.0 per cent from 6.2 per cent to reflect lower-than-expected growth in the October-December quarter. ...
10:49 AM, Mar 13, 2013
Morgan Stanley raised its rating on Bharti Airtel Ltd to "overweight" from "equalweight," citing positive factors for the sector such as rising tariffs and data volumes, falling capital spending and eased competitive intensity. ...
11:12 AM, Feb 27, 2013
Morgan Stanley intends to allow its banking licence in India to lapse as part of its changed business strategy, the Economic Times newspaper reported on Saturday. However, the Wall Street bank will continue to run its investment banking business and stay registered as a non-banking finance company with the central Reserve Bank of India, the newspaper reported, citing an unnamed senior banker. ...
06:27 PM, Jan 26, 2013
India's no.3 software services provider Wipro Ltd's less-than-perfect score on its quarterly earnings report card threw a measure of doubt over the sector's near-term outlook, with new projects and contracts still elusive. Since a week ago, better-than-expected results from Infosys Ltd, Tata Consultancy Services Ltd and HCL Technologies Ltd sparked a 13 per cent rally in the sector subindex that grinded to a halt on January 18. ...
02:58 PM, Jan 19, 2013
Shares in Sterlite Industries (India) Ltd rose 2 per cent to 117.90 rupees after Morgan Stanley upgraded the stock to "overweight" from "neutral" and raised its target price to 142 rupees from 110.20 rupees. The investment bank said Sterlite shares have been "cheap for a while," and added group restructuring and minority consolidation, improving sentiment in power and aluminum, and a bottoming in China's economic outlook as the key reasons...
12:30 PM, Jan 11, 2013
Morgan Stanley plans to cut 1,600 employees starting this week, two people familiar with the matter said on January 9, in the latest sign of a pullback on Wall Street as revenue from trading and deal-making remains in the doldrums. The staff reduction pertains to Morgan Stanley's institutional securities unit - which includes sales, trading and investment banking, and whose staff will be reduced 6 per cent - as well...
11:49 AM, Jan 10, 2013
New Delhi: Shares in Tata Consultancy Services gain 1.9 Per cent after Morgan Stanley upgraded the stock to 'overweight' from 'equal-weight' and raised its target price on the stock to Rs 1,415 from Rs 1,225. Morgan Stanley says, IT spending could be stable in 2013 and that it does not expect deal flow and volumes to be disrupted despite uncertainty in Europe. The investment bank says fiscal 2014 revenue can...
01:43 PM, Dec 19, 2012
Boston: Morgan Stanley, the lead underwriter for Facebook's troubled public stock offering, has agreed to pay $5 million to Massachusetts' securities regulators after they accused it of disclosing a revenue shortfall only to certain analysts and not the general public. According to state regulators, a Morgan Stanley banker organised phone calls between Facebook's treasurer and the analysts of major underwriters to relay revenue figures that weren't included in revised documents...
12:05 PM, Dec 18, 2012
New Delhi: Notwithstanding the slight decline in Wholesale Price Index (WPI) inflation in October, inflationary pressures are likely to continue in the months ahead and may touch 8.2 per cent by the year end, says a report. According to a research note by Morgan Stanley, WPI inflation is likely to accelerate to around 8-8.2 per cent by December 2012 before moderating to the 7-7.5 per cent level by the quarter...
10:42 AM, Nov 18, 2012
Mumbai: Morgan Stanley cut India's economic growth forecast to 5.1 per cent on Monday, the lowest among most private forecasters for the 2012/13 fiscal year, citing a combination of weak external demand, low private investment and poor government finances. The US investment house had previously projected Asia's third largest economy to grow 5.8 per cent in the year ending March. It also reduced its estimate of GDP growth for 2013/14...
10:29 AM, Sep 03, 2012
Washington: Amid growing political opposition in India for easing of foreign investment norms in retail and other sectors, US-based companies like Wal-Mart and Prudential Financial are lobbying hard with their own lawmakers in Washington to garner support for their Indian business expansion plans. As per their latest lobbying disclosure reports filed with the House of Representatives and the Senate, the US-based companies and industry groups spent millions of dollars since...
03:46 PM, Jul 29, 2012
Morgan Stanley has lowered its target price on Tata Motors to Rs 240 from Rs 291 and maintains its "equal-weight" rating on the stock. The investment bank said that Tata's Jaguar Land Rover's product cycle was entering a "slow phase," while India's medium and heavy commercial vehicle cycle was "weak", and the environment for luxury cars was becoming "more competitive." Morgan Stanley added that although volumes were "holding up well"...
11:55 AM, Jul 06, 2012
Mumbai: Leading American investment bank Morgan Stanley on Wednesday said it maintains the "underweight" rating on State Bank of India, with a target price of Rs 1,425 a share, as it sees asset quality issues at the nation's largest lender. The report comes after the i-banker had a meeting with the SBI management earlier in June and shortly after the state-run lender wrote to rating agency Moody's to revise upwards...
04:51 PM, Jun 27, 2012
Manoj Pradhan Age: 42 Profile: Global Emerging Markets Economist at Morgan Stanley Career: He has served on the faculty of the economics departments at the State University of New York (Stony Brook) and the George Washington University in Washington DC from 1998 to 2004 Education: PhD in Macroeconomics from the George Washington University and a Masters in Finance from the London Business School Interests: Music, photography Q. What is worrying...
02:46 PM, Jun 26, 2012
London/Charlotte: Ratings agency Moody's downgraded many of the world's biggest banks on Thursday, lowering credit ratings of 15 companies by one to three notches. Morgan Stanley, one of the most closely watched firms, had its long-term debt rating lowered by just two notches, one level less than had been expected, and its stock rose in after-hours trading. The downgrade left Morgan Stanley more highly rated than Bank of America Corp...
08:19 AM, Jun 22, 2012
