India homecoming: The Hyderabad-born man behind Fairfax, the Canadian powerhouse that has bought IDBI
IDBI Bank set out an expansion.
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Prem Watsa, who moved from Hyderabad to Canada at 22 with $8, built Fairfax Financial into a global insurance and investment group. Now valued at around $100 billion in assets, Fairfax is expanding its India presence through the acquisition of IDBI Bank.
The analysis
Against that, the stock is +9.0% on the day at ₹90.39, and has returned +4.5% over three months. It sits 22% below its 52-week high. The banks sector has moved -2.2% over the same period, so IDBI Bank is running 6.7 points ahead of its peers.
For IDBI Bank, the question is how much of this is already reflected in the price and how much re-rates the banks peer set alongside it.
Market context
- The company directly in focus is IDBI.
- Sector exposure: Banks, Financial Services, Insurance.
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