{LONGTERMINVESTORS} DAYBOOK: Jaitley, State Polls, Subramanian, Pension Tax

 

 

Finance Minister Arun Jaitley speaks at South Asian regional conclave on financial inclusion through microfinance in New Delhi. WHAT TO WATCH:

• Japan leads Asian stk retreat as yen jumps before China trade
• Goldman-backed 'nimble gorilla' targets distressed Indian assets
• Mothers-in-law at the office: India's plan to keep women working
• Flipkart's mark-down augurs lean times for India's tech startups
• Beer Baron slams 'hysterical' media focus on Kingfisher dues
• India's jewelers extend strike until 'further notice'
• Wall Street bankers' average bonus falls by most since 2011
• Assembly elections in five states to start April 4
• Govt issues clarifications on levy imposed on jewelry
• India to issue third tranche of sovereign gold bonds
• Oilmeals exports in Feb. fall 74% Y/Y to 53,866 tons
• CBI conducts raids in New Delhi in BOB forex violations case
• Incentives proposed in policy for some wind power projects

MEDIA REPORTS:

• Amazon India said to plan launch of digital wallet: ET
• Banks Board Bureau, new panel may explore bank mergers: HT
• Coal India may miss output target by up to 15m tons: PTI
• Feb. coal imports gain for first time in 8 months: Reuters
• Godrej Consumer looks to spend 30b rupees on acquisitions: ET
• India exempts renewable power from environment clearance: Mint
• India tribunal halts Diageo's $75m payment to Mallya: Reuters
• Kia Motors considering building plant in India: Daily
• Mahindra in talks to build Ssangyong vehicles in China: Reuters
• Modi asks FM to reconsider pension tax proposal: ET Now
• Nalco to invest 9b rupees in Kakrapar atomic power plant: PTI
• Oyo cuts $400m fund-raising plan on lower investor interest: ET
• P&G to halt sales of Oral-B toothpaste in India on mkt share: ET
• SEBI to consider revamp of commodity market rules: Mint
• Tech Mahindra leads race to acquire Mphasis from HP: Times

GOVERNMENT:

• 10am: Finance Minister speaks South Asian regional conclave on financial inclusion through microfinance in New Delhi
• 12:30pm: Steel Minister Narendra Singh Tomar press conference on budget in New Delhi
• 12:30pm: Heavy Industry Minister Anant Geeta press conference on budget in New Delhi
• 3pm: Chief Economic Adviser Arvind Subramanian speaks on Economic Survey at University of Mumbai
• 3pm: Farm Minister Radha Mohan Singh press conference in New Delhi

CONFERENCES/CORPORATE EVENTS:

• 9:30am: CARE India MD/CEO Rajan Bahadur speaks at Women's Day event in New Delhi
• 3:30pm: Maruti Suzuki launches Vitara Brezza in Mumbai

ANALYST RATINGS/RESEARCH:

• Just Dial cut to sell vs neutral at Goldman Sachs
• Lupin raised to buy vs neutral at Nomura
• Maruti raised to buy from neutral at Citi

MARKETS:

• S&P 500 +0.1% to 2,001.76
• Stoxx Europe 600 -0.3% to 340.93
• MSCI Asia Pacific Index -1.2% to 124.83
• Global Commodity Prices Overview

• Gold spot +0.3% to $1,271.75/oz
• Brent futures -1.4% to $40.26/bbl

• SGX CNX Nifty Index futures for March delivery -0.3% to 7,491.50

• Sensex 0.2% to 24,646.48
• Nifty 0.1% to 7,485.35

• Yield on 7.59% bonds maturing Jan. 2026 at 7.63% on March 4
• Rupee +0.4% at 67.0950/dollar

ADRs (traded value):

• Tata Motors +1.7% ($32.5m), Dr Reddy's -1.1% ($10.7m), ICICI +1.1% ($51.1m), HDFC Bank -0.7% ($13.4m), WNS Holdings -0.5% ($3.8m), Wipro +0.3% ($3.2m), Infosys -0.2% ($37.4m)

EQUITY PREVIEW:

• Ajanta Pharma (AJP): Gets U.S. FDA final approval for Almotriptan Malate tablets
• Alkem Laboratories (ALKEM): Mandva plant gets establishment inspection report from U.S. FDA
• Apollo Tyres (APTY): Enters two-wheeler tyre segment for replacement market
• Cadila Healthcare (CDH): Board meeting today to consider interim dividend
• DB Corp. (DBCL): To consider one-time special dividend on March 10
• Elecon Engineering (ELCN): Gets order valued at 2.25b rupees
• Godrej Industries (GDSP): Board meeting today to consider interim dividend
• JB Chemicals (JBCP): Order on closure of bulk drugs plant stayed on co.'s review petition w/ National Green Tribunal
• Strides Shasun (STR): Agrees to acquire 3 brands from Moberg Pharma for $10m
• Tata Motors (TTMT): Leads consortium to bid for India combat vehicle

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