treasury exposure: Large companies wake up to corporate treasury realities as Covid pandemic impact wanes

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Mumbai: Many Indian companies would be required to take a relook at their treasury exposure as the effect of Covid pandemic reduces, say industry trackers.

Experts say that this is combined with the macroeconomic and other geopolitical changes that lie ahead such as the policies adopted by the incoming US president, Joe Biden. Insiders say that in May and June many companies had to square off their treasury and equity investments and book losses, which cannot be set off against other gains.

The Indian currency has been under pressure for the last few months. In the last few weeks the Rupee has weakened against the US dollar. Many companies had been using the hedging instruments when the Indian currency kept falling. Some of the companies had also tried to improve the transaction costs through netting and improving processes for margins and charge optimisation, say experts.

Most large central banks across the world have been infusing liquidity resulting in a massive rally in the yields. This however could come to an end in the coming months. Companies will however have to see the impact on their precise sector.

Industry trackers say that companies need to also look out for some key macroeconomic indicators such as the crude prices, as that could have a major impact on how the currencies move. There could also be additional impact on President Joe Biden’s policies and the impact it could have on Indian companies and multinationals operating in India. Biden making announcements to increase corporate tax during the run up to the election, companies are exploring what options they have, in case these changes are made, say insiders.

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