22 Apr 2013

M-Pesa now in India too, FT reports

M-Pesa, the mobile money transfer tool set up in Kenya back in 2007, has now launched in large areas of India. Vodafone India, which has some 150m customers around the country, has teamed up with ICICI Bank to roll out M-Pesa in India via its subsidiary Mobile Commerce Solutions . The scheme has been piloted in Rajasthan since 2011 but with a national launch this week, service begins in eastern parts of the country. Read more here.

Monetary ease to be expected

Equities advanced in global markets as oil and gold prices fell and Indian markets gained strongly in a holiday-shortened week. The Nifty added 254 points to close 4.6% up at 5783 after trading in a range of 5.4%. Average daily trading volumes stayed around the recent level of $2bn but FIIs returned as net buyers, investing a net $120mil in equities while domestic investors sold approximately the same. Unlike other markets where volatility spiked this week, the India VIX opened at 16 and traded mostly to the downside before closing a point down at 15. Market breadth was good, with the advance decline ratio at about three to one. The futures, on the other hand, closed weaker, with the near contract at a discount and three month Nifty futures at a premium of only 16 points; the market evidently taking a cautious view of the next wave of quarterly results.
Read more on the website of Himalayan Fund here.