IDBI Bank profits beat expectations by 20% which were itself 35% y-o-y to score $120million in quarterly profits even as India struggles with a near double digit inflation and statistics that continue to study almost an entirely different nation. In other industries also start ups continue to face slow growth bnegatiove retention problems as the Infy rerating has engulfed even public markets. However that the same is just a smoke cloud we drive through is amply obvious by such results as IDBI and PFC today and YES Bank tomorrow. Continue buying the India story and whiel you are at it, do not let go of china either as the stories of growth pains and rising rates/bank reserves seem to make undue impression on "flexible" investment monies. The bull stroy is intact and those who survive this phase will get super dividends fromthese global super performers led by ICICI BAnk, HDFC Bank and even SBI. 

 

Don't forget the revolution

An NII of $275 million for the "slow jan March quarter" means happier tidings ahead as India hangs on to a minimum 30% uptick in Non IT , good corp governance businesses..q-o-q growth will likely be led by the banks which will grownearly 10% every quarter even with the base effect and all things political. Also the EM rotation giving more cash to India is unlikely to flip so soon till Q3 2011-12Also the Corporate law confusions and other half reforms ensure individual attention to all large deals by investors regulators and fund managers alike, showing a particular streength in investing thru the PE / Private Fund managers route

 

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