1) Buy-India Decision Deferred as Bond Funds Wait for Budget Proof
(Bloomberg) -- Global bond investors seem to be taking the Indian government's promise of fiscal consolidation with a pinch of salt. Foreign holdings of rupee-denominated debt slumped to an 11-month low last week even after Prime Minister Narendra Modi's Feb. 29 budget sparked a rally in bonds and the rupee. While the administration retained a goal to narrow the deficit to a nine- year low and announced lower-than-estimated market borrowings, fund ...
2) Indian Stock Futures Drop With Asian Equities on Growth Concerns
(Bloomberg) -- Indian stock-index futures declined, tracking losses in Asian equities, as renewed concerns over over the health of the global economy sapped demand for riskier assets. SGX Nifty Index futures for March delivery fell 0.5 percent to 7,421 at 9:36 a.m. in Singapore. The underlying Nifty 50 Index was little changed at 7,485.30 on Tuesday, while the S&P BSE Sensex rose less than 0.1 percent. The Bank of New York Mellon India ADR Index of U.S.-traded shares ...
3) Aramco Mulls Indian Refinery in Drive to Increase Asia Footprint
(Bloomberg) -- The world's largest crude exporter plans to invest in Asian refineries to ensure it has plenty of buyers in the fastest-growing region for fuel demand. Saudi Arabian Oil Co. is adding India to the list of Asian countries where it plans to build new refineries as part of a plan to almost double its global refining capacity, Chief Executive Officer Amin al-Nasser said in an interview yesterday in Jubail, Saudi Arabia. Saudi Aramco, as the company is known, is also ...
4) INDIA DAYBOOK: Container Corp, Nabard, Repo Auction, Bills, ONGC
(Bloomberg) -- 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: ...
5) Asian Stock Retreat Deepens as Commodity Drop Spurs Haven Demand
(Bloomberg) -- Asian stocks extended their decline, with Japanese shares driving losses as renewed concern over the state of the global economy underpinned demand for haven assets, weighing on commodity prices. Mining companies led the regional benchmark down for a second day as Japan's Topix index fell more than 1 percent. Copper futures extended their drop in the wake of an industrial- metals selloff, while U.S. crude held below $37 a barrel. High- yielding ...
6) Oil Holds Losses as U.S. Crude Supplies Expand Amid Global Glut
(Bloomberg) -- Oil held losses near $36 a barrel as U.S. industry data showed crude stockpiles expanded amid a global glut. Futures were little changed in New York after falling 3.7 percent Tuesday, the first decline in three days. Inventories climbed by 4.4 million barrels last week, the industry-funded American Petroleum Institute was said to report. Government data Wednesday is forecast to also show supplies increased, keeping stockpiles at the highest level in more than ...
7) India Steel Prices May Rise, Limited Upside to Stocks: Jefferies
(Bloomberg) -- Domestic steel prices may see gradual increase with upcoming new supply, MIP-based price hikes may support stock prices in near term though upside seems to be capped after recent rally, Jefferies analyst Bhaskar Basu said in note. * Steel price hikes in long term may not be sustainable, domestic prices may fall post-MIP unless other protectionist measures are imposed or regional steel prices rise by 39%, which is seen an unlikely * Maintains hold on ...
8) Gold's Best Start Since 1974 Shows It's Not Just Inflation Hedge
(Bloomberg) -- For an asset touted as a hedge against inflation, gold's doing pretty well right now. The metal is off to its best start to the year since 1974 even as expectations for gains in consumer prices are near their weakest since the global financial crisis seven years ago. That's odd. Gold has soared during times of high inflation in the past. In the late 1970s when annual U.S. consumer-price gains were on their way to a peak of almost 15 percent, it ...
9) Some Jindal Steel Lenders Exploring Recall of $550m Loans: ET
(Bloomberg) -- Consortium incl. StanChart, BofA, Deutsche, ANZ, NAB, BNP Paribas, Barclays, Bank of Tokyo-Mitsubishi UFJ, First Gulf formally began process to seek lenders consent for accelerating the loan payment, ET reports, citing unidentified people familiar. * Some banks have already given the go-ahead; ~18 banks part of consortium * Spokesperson at Jindal Steel tells ET co. has been working with some banks towards various options; taking all necessary steps to ...
10) In Pakistan, Cigarettes May Be Hazardous to Your Fiscal Health
(Bloomberg) -- To see why Pakistan's revenues are in such bad shape, take a look at which cigarettes are flying off the shelves. Local brands are starting to take away market share from rivals marketed by British American Tobacco Plc and Phillip Morris International Inc. The reason is simple: They cost less than the 36-rupee ($0.34) tax imposed on a legitimate pack of cigarettes. "There is massive tax evasion," said Haroon Akhtar Khan, a special ...
11) Aion Said to Join Race for LafargeHolcim Cement Assets: Mint
(Bloomberg) -- Aion Capital interested in LafargeHolcim's cement assets in India, LiveMint reports, citing 2 unidentified people directly involved in deal. * Assets may fetch $1.3b-$1.8b: Mint cites 3rd person familiar * LafargeHolcim declined to comment to Mint; Aion Capital didn't respond to request for comment * NOTE: In Feb. LafargeHolcim Getting Strong Interest for India Plants * JSW in Talks to Buy Lafarge, Jaypee Cement Assets: Hindu
12) India's State-Owned Banks Must Recover Every Lent Rupee: Jaitley
(Bloomberg) -- India's state-owned lenders have "not only a legal but a moral obligation" to recover each penny lent to corporates, Finance Minister Arun Jaitley says in interview with ET Now. * Crackdown on Kingfisher will act as a deterrent for other wilful defaulters * Retro tax ball clearly in Vodafone's court * Strongly support the idea of privatization * Some part of SUUTI holdings can be easily monetized * Expert committee to ...
13) CLOSED: Gangavaram Port Signs INR12.8b Loan With 6 Banks
(Bloomberg) -- Proceeds for loan maturing March 2024 are for project finance and refinancing, according to Bloomberg data. * Allocations: * MLAB, agent: SBI (INR5b) * Lenders: Oriental Bank of Commerce (INR2b), State Bank of Hyderabad (INR2b), State Bank of Patiala (INR2b), State Bank of Mysore (INR1b), Andhra Bank (INR800m) * Margin: INBB +45bps * Signed Feb. 23
14) IN INDIAN MEDIA: Reliance Industries, Idea, Century Textiles
(Bloomberg) -- * Reliance Industries Plans to Invest $2b in Cable TV: Mint * Idea Offers 40b Rupees to Buy Providence's 16% Stake in Unit: ET * Century Textiles May Issue 10m Warrants to Large Holders: ET * HDFC Starts Talks to Buy Larsen's General Insurance Business: ET * Some Jindal Steel Lenders Exploring Recall of $550m Loans: ET * Aion Said to Join Race for LafargeHolcim Cement Assets: Mint
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