1) India Budget Puzzle: Can Modi Please Farmers and Bond Investors?
(Bloomberg) -- The main question surrounding Indian Prime Minister Narendra Modi's budget on Monday boils down this: Can he please both farmers and bond investors? Discontent is rising in rural India after the first back- to-back droughts in about 30 years, adding pressure on Modi to spend more on welfare programs as he faces a series of key state elections. That's in addition to a once-in-a-decade pay rise for government employees that may partially come into effect in ...
2) World's Second-Biggest Gold Market India Seeing 'Huge' Discounts
(Bloomberg) -- Gold dealersin India, the world's largest bullion market after China, have deepened discounts to jewelers by as much as seven-fold after a surge in global prices cooled demand and amid speculation the government will cut import taxes in the budget on Monday. Reductions have widened to $30 an ounce below London cash prices from as little as $4 at the time of the Hindu festival of Diwali in November, said Bachhraj Bamalwa, a director at ...
3) India's Stock Futures Advance as Sensex Set for Weekly Decline
(Bloomberg) -- Indian equity-index futures advanced, with the benchmark stock gauge heading for its third weekly loss in four weeks before the federal budget on Monday. SGX Nifty Index futures for March delivery climbed 0.8 percent at 10 a.m. in Singapore, after February derivative contracts expired on Thursday. The underlying Nifty 50 Index lost 0.7 percent Thursday, capping a third day of losses, while the S&P BSE Sensex slid 0.5 percent to a two-week low. The Bank of ...
4) India Best-of-Weakest Status Makes Loan Bankers Tata's Big Hope
(Bloomberg) -- India's biggest conglomerate is asking loan bankers for almost as much money as global fund managers have pulled from the nation's stock and bond markets this year. Tata Communications Ltd., Tata Motors Ltd., Tata Power Co. and Tata Steel Ltd. are seeking to borrow a combined total of about $2.5 billion in syndicated loans. That compares with the $2.7 billion that foreigners have pulled from the nation's equity and bond markets this ...
5) INDIA DAYBOOK: Economic Survey, Vijay Mallya, Term Repo, FX
(Bloomberg) -- Today: Economic survey; RBI to hold variable rate repo, term repo auctions; Merck India earnings. WHAT TO WATCH: * Asian stocks jump amid G-20 w/ oil ~$33; Kiwi, gold rise * Jaitley could apply budget balm to record export slide * Budget puzzle: can Modi please farmers and bond investors? * Budget stocks: modest expectations, growth impetus * Budget optimism raises cost of extending Nifty futures * India said to near inducting its ...
6) India Said to Near Inducting its First Nuclear-Armed Submarine
(Bloomberg) -- India is close to becoming the world's sixth country to put a nuclear-armed attack submarine into operation, a move that would give it a leg up on neighboring Pakistan and intensify a race for more underwater weapons in Asia. The 6,000-ton Arihant, developed over the past three decades under a secret government program, is completing its final trials in the Bay of Bengal, according to a senior navy officer who declined to be identified because he's not ...
7) PREVIEW INDIA BUDGET STOCKS: Modest Expectations, Growth Impetus
(Bloomberg) -- Moderate stock market reaction expected when India's Finance Minister Arun Jaitley presents budget on Feb. 29, analysts said. * Investors to focus on parameters such as fiscal deficit target, allocation for infrastructure spending, state lenders' recapitalization plan WHAT TO WATCH * Autos: * Lower car taxes in line with goods, services tax expected and increase in incentives for electric cars: Nomura * Commercial vehicle sales ...
8) Global Funds Add to Korean, Thai Bonds; Cut Indian Debt Holdings
(Bloomberg) -- International investors were net buyers of 597.4b won ($483.9m) in South Korea-listed bonds on Feb. 24, according to Financial Supervisory Service data; they were net buyers of $8.3m in local equities yesterday: exchange data. * Global funds reduced holdings of Indian rupee-denominated debt by $190.2m on Feb. 24, according to Sebi data; they were net sellers of $75.9m in Indian equities on Feb. 24: exchange data * Foreign funds were net buyers of ...
9) India's Jaitley Could Apply Budget Balm to Record Export Slide
(Bloomberg) -- Indian officials are seeking to help companies in export zones to sell domestically, as a choppy global economy contributes to the longest drop in overseas shipments on record. The trade ministry has asked for lower duties on goods from export zones that are sold at home rather than abroad, said one of its joint secretaries Guruprasad Mohapatra. Another proposal is to let Indian companies outside the zones strike manufacturing deals with those inside, he ...
10) INDIA OPTIONS WRAP: VIX Drops for Second Day as Nifty Declines
(Bloomberg) -- India's VIX index -0.9% to 22.7 yday, lowest since Feb. 22, vs 3-mo. avg 18.15. * Nifty put/call open interest ratio 0.6 vs 3-mo. avg 0.81 * Bank Nifty ATM implied volatility -100% vs 3-mo. avg 21.5% * Foreigners net sell $355.2m of index futures * Foreigners sell $189.5m of index options * Foreigners buy $68.3m of stk futures * Foreigners buy $7.6m of stk options * Foreigners sell $75.9m of stks on Feb. 24; YTD net sell $2.38b * CNX ...
11) Asian Stocks Jump With Metals as Zhou Sees Easing Room; Kiwi Up
(Bloomberg) -- Asian stocks rallied, on track for their second straight weekly gain, with China's central bank saying it sees room for monetary easing as a meeting of the Group of 20 finance chiefs discusses coordination of stimulus efforts. While oil fell, it is still headed for the biggest weekly advance since August. The regional benchmark is on track for a weekly climb of 0.5 percent, after the Standard & Poor's 500 Index reached levels last seen at the start of 2016 ...
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