Business
1) Modi Rebuts Analysts Who Doubt India's World-Beating Growth
(Bloomberg) -- Indian Prime Minister Narendra Modi offered a wide-ranging rebuttal to critics who say he's gotten lucky with low oil prices. Loan growth has picked up, corporate rating upgrades are now outpacing downgrades, foreign direct investment hit a record last year and some key manufacturing sectors such as carmakers are growing rapidly, Modi said at an event organized by Bloomberg LP in New Delhi on Monday. The focus is now on clean energy, farm ...
2) Oil at $45-$50 Is a Fair Price for World's Fourth-Biggest Buyer
(Bloomberg) -- Crude at $45 to $50 a barrel is enough to encourage India's own exploration without squeezing fuel consumers, according to the oil minister of the world's fourth- largest user. While the collapse in prices has created a buyers' market and boosted India's bargaining power amid an oversupply, low crude is "challenging" for the nation's own oil fields, Dharmendra Pradhan said in an interview in New Delhi on Monday. The ...
3) World's Best Economy Betraying Investors as India Earnings Decay
(Bloomberg) -- Talk to a skeptic about this month's global stock rebound and the first thing he mentions is likely to be earnings, or the lack thereof. Why should the nation with the brightest economic outlook be any different? India's S&P BSE Sensex is up 9 percent from its February low and set for its best month in more than two years. Company profits are on the opposite trajectory, falling in four of the last five quarters in the worst run since the financial ...
4) India Startups Counting on Rural Reach to Boost E-Commerce
(Bloomberg) -- Indian entrepreneurs must do a better job reaching small towns and villages at home before setting their sights on international expansion, speakers on a panel at Bloomberg's India Economic Forum said. "We haven't even scratched the surface yet" in India, said Radhika Aggarwal, co-founder and chief business officer of online retail platform Shopclues, citing a very small proportion of Web purchases compared with traditional retail. "We're ...
5) WhatsApp-Wielding Vigilantes Want Garbage Off India's Streets
(Bloomberg) -- If you were a pile of garbage on the street in India, here's what might happen to you now: A concerned citizen takes your picture, then sends it by WhatsApp to the smartphone of the garbage police. Khaki-clad cops jump in their vehicles, rush over and order your cleanup. City officials fine the offender and maybe reward the whistle-blower, too. Okay, that's an ideal scenario. But what's happening on the ground is real. Some of ...
6) IN FOCUS: Fed Speakers, Bank of Korea Minutes; Treasuries Climb
(Bloomberg) -- What you need to know from overnight and in the Asian day ahead: * Fed is likely on hold next month after core PCE lagged est. in Feb. and Jan. personal spending was revised lower, economists say * Dollar Index fell 0.3% as markets weighed the path of rate hikes and awaited Yellen's speech tonight at 12:20am HKT * Atlanta Fed researchers slashed 1Q GDP est. to 0.6% vs 1.4%; DoubleLine's Gundlach tells Reuters it means April is off ...
7) To Today's Emerging-Market Investor, It's All About the Politics
(Bloomberg) -- During the boom years, when China's demand seemed insatiable and commodity prices dependable, the emerging- markets team at Stone Harbor Investment Partners in New York visited its countries once or twice a year. In the past six months, it has made four trips to Brazil and, since January, toured Colombia, Mexico, Venezuela, Poland and Malaysia. "We are in the part of the cycle when the economies slow down and administrations have to take tough ...
8) Easter Slaughter Tests Sharif's Push for a More Liberal Pakistan
(Bloomberg) -- The suicide bomber who slaughtered dozens of Pakistanis enjoying a day in the park to celebrate Easter Sunday probably had another target: Prime Minister Nawaz Sharif's vision of a more liberal, inclusive democracy in the Muslim- majority nation. As of mid-Monday, 72 people were dead, including many women and children. Scores more were fighting for their lives in hospitals throughout Lahore, the biggest city in Punjab and Sharif's hometown. The ...
9) India's Stock Futures Swing After Sensex Retreats Before Expiry
(Bloomberg) -- Indian equity-index futures fluctuated after the benchmark gauge retreated from the highest level in almost three months. SGX Nifty Index futures for March delivery dropped less than 0.1 percent to 7,655.50 at 9:23 a.m. in Singapore, after earlier rising 0.1 percent. The underlying Nifty 50 Index fell 1.3 percent to 7,615.10 on Monday, while the S&P BSE Sensex lost 1.5 percent. The Bank of New York Mellon India ADR Index of U.S.-traded shares slid 0.8 ...
10) India Stocks Drop Most in Month Before Monetary Policy, Expiry
(Bloomberg) -- Indian stocks dropped the most in a month as some investors pared bets on interest-rate sensitives like lenders and engineering companies before before the monetary policy next week and the end of the monthly derivatives series on Thursday. State Bank of India slid the most in six weeks, while ICICI Bank Ltd., the largest private lender by assets, dropped the most in three weeks. Sun Pharmaceutical Industries Ltd., the nation's most valuable drugmaker, ...
11) INSIDE INDIA: Bonds Gain Ahead of $756m Govt Debt Quota Cutoffs
(Bloomberg) -- Bonds rise; govt's auction of 50.35b rupees ($756m) debt quota to foreigners, with bidding between 3:30pm-5:30pm local time today. * NOTE: Cutoff was 4.41 bps at last auction on March 8; bids worth 64.63b rupees received for 46.81b rupees debt quota sale * PM Modi to speak on economy at Bloomberg event in New Delhi at 6pm local time * Bank of America Merrill Lynch expects money-market deficit to widen to a relatively high 1.1t rupees by ...
12) Hottest Emerging Market for Algo Trades Wants to Cool Down
(Bloomberg) -- India's flash boys are discovering that even the biggest emerging market for computerized trades has its limits. In just five years, high-speed and algorithmic traders have gone from bit players to a dominant force on Indian exchanges, enabled by a technological arms race between the nation's top exchanges that cut transaction times to tiny fractions of a second. Now, as some of the country's largest brokerages call for tighter regulation, those ...
13) Natco Pharma Tumbles Most in 2 Months on U.S. FDA Observations
(Bloomberg) -- Shares plunge as much as 11%, most since Jan. 18. * Stock declines most on S&P BSE 200, S&P BSE 500, S&P BSE Healthcare indexes; volume 1.9x 3-mo. full- day avg * NOTE: Co. said U.S. FDA inspected 2 facilities, has responded to observations
14) Top Rupee Bond Funds Stay Bullish During Best March in 13 Years
(Bloomberg) -- India's best-performing debt-fund managers are predicting more gains for sovereign bonds as benchmark notes head for their best March in 13 years. The 10-year yield will drop at least 25 basis points in six months from 7.50 percent on Monday, according to ICICI Prudential Asset Management Co. and Kotak Mahindra Asset Management Co., which delivered the first- and second-best returns over the three months to March 22. That would add to the ...
15) Fairfax to Buy Bangalore Airport Stake for $322 Million From GVK
(Bloomberg) -- Indian airport operator GVK Power & Infrastructure Ltd.said it sold a stake in its Bengaluru aerodrome to Fairfax Financial Holdings Ltd., helping cut debt. The shares rose. Fairfax will buy 33 percent of Bangalore International Airport Ltd. for 21.49 billion rupees ($322 million), GVK said in a statement to the Mumbai stock exchange Monday. GVK, which also operates power plants, said the deal will help it reduce debt by 20 billion rupees, apart from ...
16) China Car Fever Lifting Gasoline Seen as Root of Diesel Glut
(Bloomberg) -- China's love of cars and the gasoline that runs them is exacerbating an oversupply in another fuel decried by refiners across Asia, according to Bank of China International. While refineries in the world's biggest auto market process more oil to feed demand for motor fuel, they also end up producing diesel, which is being used less because of shrinking Chinese industrial activity, Xiao Fu, head of commodity markets strategy at the bank, said ...
17) Treasuries Rise as Spending Data Dim Outlook for Economic Growth
(Bloomberg) -- Treasuries advanced, with 30-year bond yields falling to the lowest in three weeks, as tepid readings on personal spending prompted the Federal Reserve Bank of Atlanta to cut its forecast for U.S. economic growth. Bond-market inflation expectations slipped from the highest this year as a report showed the U.S. central bank's preferred gauge of price increases slowed in February. A measure of real personal spending rose after a January gain was revised ...
18) INSIDE SRI LANKA: Rupee Gains; Rates Pressure to Ease: Ceylinco
(Bloomberg) -- Rupee rises 0.07% to 147.15 per dollar, after declining for a seventh consecutive week; markets were shut March 25 for a religious holiday. * "Pressure on the rupee and interest rates to ease somewhat if the IMF loan is approved," Chulaka Kumarasinghe, Colombo-based portfolio manager at Ceylinco Life, writes in e-mail dated March 23; expects to see a further increase in interest rates in shorter end of curve as foreign outflows could ...
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