{LONGTERMINVESTORS} INDIA DAYBOOK

 

 

 

Today: Container Corp. offer-for-sale; repo auctions; bills sale; Bajaj Auto, Indiabulls Housing Finance, ONGC, Torrent among cos. considering mid-yr dividend. WHAT TO WATCH:

• Asian stock retreat deepens as commodity drop spurs haven demand
• State-owned banks must recover every lent rupee: Jaitley
• Hong Kong plans to uncloak investors w/ new see-through system
• India steel prices may rise, limited upside to stocks: Jefferies
• Buy-India decision deferred as bond funds wait for budget proof
• Aramco mulls Indian refinery in drive to increase Asia footprint
• India said to sell 46.8b rupees of govt debt quota to FIIs
• In Pakistan, cigarettes may be hazardous to your fiscal health
• RBI seeks feedback on concept paper on card acceptance infra
• Modi shares views w/ Saudi Arabia on strengthening ties
• India late-sown wheat crops benefit from unseasonal rain
• Global funds +7.75b rupees of local stocks; domestic funds -13.4b rupees yday: Provisional data

MEDIA REPORTS:

• Aion said to join race for LafargeHolcim cement assets: Mint
• Century Textiles may issue 10m warrants to large holders: ET
• HDFC starts talks to buy Larsen's general insurance business: ET
• Idea offers 40b rupees to buy Providence's 16% stake in unit: ET
• ITC to invest 4.5b rupees in Telangana pulp unit: BTVI
• Reliance Industries plans to invest $2b in India cable TV: Mint
• Some Jindal Steel lenders exploring recall of $550m loans: ET

ECONOMY:

• 03/09-03/31: 4Q BoP current account balance (prior -$8.21b)

CENTRAL BANK:

• RBI to hold INR300b 28-day variable rate repo auction
• Govt to sell 80b-rupee 91-day, 60b-rupee 182-day T-bills

GOVERNMENT:

• 10am: Junior Skill Development Minister at Nasscom conference in New Delhi
• Noon. Shipping Minister to announce Maritime India Summit in New Delhi
• 1pm: Science Minister to speak on federal budget in New Delhi

MID-YEAR DIV.:

• Ajanta Pharma, Alkem Laboratories, Bajaj Auto, Bajaj Finserv, Bajaj Finance, Bajaj Holdings, Dewan Housing Finance, FDC, Edelweiss Financial, Gujarat Fluorochemicals, Indiabulls Housing Finance, IRB Infra, Kirloskar Oil Engines, KPR Mills, ONGC, Persistent Systems, Phoenix Mills, Piramal Enterprises, Sundaram Fasteners, Sonata Software, Torrent Pharmaceuticals, Unichem Laboratories, V-Guard, Wonderla Holidays

BOND SALES:

• Gangavaram Port signs INR12.8b loan w/ 6 banks
• HDB Financial plans to sell INR1b March 2019 bonds
• LIC Housing sells INR2b April 2019 bonds at 8.73%

• Co. also sells INR6b 5-yr bonds at 8.75%

CONFERENCES/CORPORATE EVENTS:

• 11am: Money View, ICICI Prudential MF new initiative in Mumbai
• Noon. Healthcare Global Enterprises to brief on IPO in Mumbai
• Noon. Investors Clinic to announce new product in New Delhi
• 4pm: India Ratings & Research webinar on steel, cement
• 4:30pm: Hyundai Motor India to partner BCCI in New Delhi
• 6:30pm: IBG, IIFL and UTI MFs briefing on budget in Mumbai

OFFERINGS:

• 9:15am: Govt. offer-for-sale for 5%, or ~9.75m shrs, in Container Corp. at minimum price of 1,195 rupees/shr for non-retail investors; retail investors' offer opens Thursday
• Healthcare Global Enterprises offers 29.8m shrs at 205-218 rupees in IPO; offer open March 16-18
• Nabard public offer of tax-free bond opens today, closes March 14; co. plans to raise INR35b

ANALYST RATINGS/RESEARCH:

• Dish TV India rated new buy at Ambit Capital
• Hathway Cable rated new sell at Ambit Capital
• Zee Entertainment rated new sell at Ambit Capital

MARKETS:

• S&P 500 -1.1% to 1,979.26
• Stoxx Europe 600 -1% to 337.48
• MSCI Asia Pacific Index -1% to 124.35
• Global Commodity Prices Overview

• Gold spot -0.5% to $1,254.57/oz
• Brent futures -0.3% to $39.54/bbl

• SGX CNX Nifty Index futures for March delivery -0.3% to 7,431.50

• Sensex 0.1% to 24,659.23
• Nifty little changed at 7,485.30

• Yield on 7.59% bonds maturing Jan. 2026 at 7.64% on March 8
• Rupee -0.4% at 67.3463/dollar

ADRs (traded value): * ICICI -5.3% ($111m), Tata Motors -3.9% ($26.2m), Infosys -2.7% ($59.7m), Dr Reddy's -2% ($17.7m), Wipro -1.5% ($5m), WNS Holdings -1.4% ($3.2m), HDFC Bank -1.4% ($28.8m) EQUITY PREVIEW:

• Ashoka Buildcon (ASBL): JV wins Arunachal road project
• Jain Irrigation (JI): To consider 2.9b-rupee sale of bonds on March 11
• Maruti Suzuki (MSIL): Expects industry growth same as FY16; prices Vitara Brezza SUV starting at 699,000 rupees
• Tata Motors (TTMT): JLR Feb. sales +31% y/y to 37,494 units
• Vedanta (VEDL): Sees metals demand potential in China even w/ slowdown 

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