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Schroder sees bond rally as foreign investment cap hiked
Aberdeen Asset Management and Schroder Investment Management said monetary easing and a plan to let foreigners buy more Indian debt will spur gains in the highest-yielding bonds among major Asian economies. The limit on holdings of sovereign and corporate debt was increased by $5 billion each last week as the government plans record borrowings to fund its budget deficit amid the slowest economic growth since 2009. The benchmark 10-year debt yields 286 basis points more than Indonesian similar-maturity debt, an eight-month high. "Raising the foreign investment cap is probably sensible given in all likelihood they'll be seeing some fairly notable fiscal slippage," Kenneth Akintewe, a Singapore-based fund manager at Aberdeen, said. "There's demand for government debt, which the government has typically restricted access to. They should be encouraging and allowing far more foreign investor participation in the market." Overseas holdings of rupee debt have risen $6.1 billion this year to $32.2 billion as the Reserve Bank of India loosened policy and the government unveiled a slew of policy changes to avert a debt rating downgrade. Central bank governor Duvvuri Subbarao said there's a "reasonable likelihood" of an interest-rate reduction next quarter as inflation is expected to slow.
Mobile website from Royal Sundaram
Royal Sundaram Alliance Insurance Company, a joint venture between Sundaram Finance and Royal & Sun Alliance Insurance plc, UK, have announced the launch of their mobile website, m.royalsundaram.in. The mobile wesbite is developed on HTML5 platform that offers users a better and faster web experience on their phones. To make the website accessible even to places where internet connectivity is poor, the site does not display 'heavy' content such as photographs and videos on the homepage.
Polaris India, HDFC tie up for financing
Polaris India, a leader in off-road sport vehicles, has announced a tie-up with HDFC Bank to provide easy financing solutions to its customers. Through this tie-up, customers of Polaris will be able to avail special rates on financing from the bank. The tie-up is extended to cover financing options by all the branches of HDFC in India. Pankaj Dubey, managing director, Polaris India said, "This alliance allows us to strengthen our presence as HDFC Bank has a wide network across the country and complements in serving our prospective customers. Our All Terrain Vehicles- Sportsman (ATV) and Side x Side (RZR & Ranger) series of vehicles haves attracted many customer and this tie-up will help us further increase our business. HFDC Bank will provide easy finance schemes across all Polaris Dealerships." Polaris, with an annual 2011 sales of $2.7 billion, designs, engineers, manufactures and markets innovative, high quality off-road vehicles.