1) High-Speed Trading Backlash Ramps Up Pressure on India Regulator
(Bloomberg) -- India's markets regulator is coming under increased pressure to improve its oversight of high-speed trading after allegations of unfair access at the nation's biggest equity bourse. The country's top brokerage associations are among a growing chorus of voices calling for the Securities and Exchange Board of India to take action after an investigation by one of its own advisory panels claimed that there may have been collusion ...
2) Vedanta Reports Loss as Cairn Writedown Eclipses Metal Rebound
(Bloomberg) -- Vedanta Ltd., India's biggest producer of aluminum and copper, posted a quarterly loss as a writedown by it's oil-producing unit to account for the slump in crude offset gains from a rebound in metal prices. Net loss totaled 111.8 billion rupees ($1.68 billion) in the three months ended March 31, compared with 192.3 billion rupees a year earlier, the unit of London-listed Vedanta Resources Plc said in a statement on Thursday. Net income before exceptional ...
3) Indian Stock Futures Drop After Sensex Falls Most in Three Weeks
(Bloomberg) -- Indian equity-index futures fell after the benchmark gauge posted its steepest decline in three weeks and the country's biggest producer of aluminum and copper reported a quarterly loss. SGX Nifty Index futures for May delivery fell 0.6 percent to 7,862.50 at 10 a.m. in Singapore. The underlying Nifty 50 Index tumbled 1.7 percent to 7,847.25 on Thursday, while the S&P BSE Sensex sank 1.8 percent. The Bank of New York Mellon India ADR Index of U.S.-traded ...
4) India Potash Imports to Surge as Monsoon Boosts Crop Outlook
(Bloomberg) -- India may boost potash imports as forecasts for a return of normal monsoon rain this year bolsters demand prospects for the soil nutrient, the country's biggest buyer said. Purchases may jump as much as 29 percent to 4.2 million metric tons in the year that began on April 1 from a year earlier, P.S. Gahlaut, managing director of Indian Potash Ltd., said in an interview in New Delhi on Thursday. Indian buyers will seek a cut in prices as strengthening dollar ...
5) Sri Lanka Secures $1.5 Billion IMF Loan Pledging Fiscal Curbs
(Bloomberg) -- Sri Lanka reached an agreement with the International Monetary Fund for $1.5 billion in loans to help lower its borrowing costs and bolster finances. The South Asian nation has pledged to narrow its fiscal deficit to 3.5 percent of gross domestic product by 2020 through "a comprehensive set of reforms to Sri Lanka's tax system," the Washington-based lender said in a statement. The loan program will need approval by the IMF's executive board, which is ...
6) Tata Says No Deadline for U.K. Steel Sale as Losses Continue
(Bloomberg) -- Tata Steel Ltd. said that while it has no fixed deadline to sell its ailing U.K. steel operations, it must act quickly to stem losses. "Urgency is important," Bimlendra Jha, chief executive officer of the company's U.K. business, told a committee of U.K. lawmakers Thursday. "We cannot continue to bleed." Tata Steel said last month that it plans to sell its U.K. operations after years of losses, putting 15,000 jobs at risk and raising the ...
7) India Writes to U.K. High Commissioner, Seeks Mallya Deportation
(Bloomberg) -- India's foreign ministry has written to U.K. high commissioner in New Delhi seeking deportation of Vijay Mallya, ministry spokesman Vikas Swarup says during briefing. * Indian high commissioner in U.K. to also submit similar request to U.K. govt * Says "nothing definite" on India NIA's visit to Pakistan for probe of Pathankot attack * NOTE: Mallya Faces Expulsion From India Parliament by Ethics Panel Link * NOTE: Indebted Mallya's ...
8) INSIDE INDIA: Bonds Gain; RBI Buys INR150B of Bonds Via OMO
(Bloomberg) -- Govt bonds gain; RBI buys 150b rupees of debt via open market operations. * RBI will likely need to do another 2.02t rupees of bond purchases in fiscal 2017 as base case, Bank of America Merrill Lynch says in note today * 10-year yield will ease to 7.25% by Sept; assumption includes repo rate cut of 25 bps in Aug. * Four of five external members recommended a rate cut at April policy meeting, minutes of RBI's technical advisory ...
9) SunEdison Bankruptcy Floods India Market for Green Projects
(Bloomberg) -- SunEdison Inc.'s bankruptcy filing is reverberating halfway around the world in India, where developers say the U.S. company's troubles are adding to a surplus of green capacity up for sale. SunEdison has said it's searching for equity partnerships for its 2.4 gigawatts of capacity in India following its petition to a New York federal court. That means about 4 gigawatts of clean-energy projects are up for sale, more than 10 percentof the nation's ...
10) MORE: CLOSED: Tata Realty Sells INR6b in Debut Bond Sale
(Bloomberg) -- (Recasts headline, adds 2nd bullet point.) * Private placement completed today * Issuance is co.'s 1st bond: Bloomberg compiled data * Issuer: Tata Realty & Infrastructure * Maturities: May 23, 2019; July 23, 2019 * Coupon: 9.25% on both * Issuance is partly paid * Co. will raise a total of INR3.5b via May 2019 notes * 25% today; remaining 75% on May 6 * Co. will borrow INR2.5b via July 2019 bonds * 5% today; remainder 95% on May 18 * ...
11) Realty Stks Gain After Report of Mumbai Floor Space Index Hike
(Bloomberg) -- Godrej Properties gain as much as 3.3% intraday, snapping 3-day fall. * Indiabulls Real Estate +4.1%, Oberoi Realty +3.6% to highest intraday level since Nov. 2015 * DB Realty +6.1%; HDIL +4% * S&P BSE India Realty index +2% * NOTE: Municipal Corporation of Greater Mumbai's revised draft development plan recommends increasing Floor Space Index to 2 from present 1.33 and in some cases even up to 5, PTI reports Link Link to Company ...
12) IN FOCUS: RBA's Debelle, Korean Factory Output; U.S. GDP Misses
(Bloomberg) -- What you need to know from overnight and in the Asian day ahead: * U.S. 1Q GDP grew 0.5% q/q vs forecast 0.7%, slowed by weak business investment and consumer spending * Fed will need a big rebound in data to justify a June rate hike, say economists; Renaissance Capital says look to Sept. * With BOJ holding off, hopes for stimulus turn to Japanese govt spending and debate over whether to delay sales-tax hike * S&P 500 fell 0.9% in last 2 hrs ...
13) ACC Ltd. 1Q Net Falls 3.73% to 2.32b Rupees; Est. 1.9b
(Bloomberg) -- Net falls from 2.41b rupees. * Net sales 29.3b rupees; est. 30b * Total costs 27b rupees vs 26.4b
14) India Cut, Polished Diamond Exports Seen Rising to $23b in FY17
(Bloomberg) -- Cut and polished diamond exports seen rising from $19.9b last fiscal, Gem & Jewellery Export Promotion Council Chairman Praveenshankar Pandya says in Mumbai. * Demand in U.S., Europe, some countries in Asia picking up; China still slow * NOTE: India 2015-16 Gem, Jewelry Exports $38.6b Vs $39.98b Yr Ago Link
15) Akzo Nobel, Atul Plan Indian JV for Monochloroacetic Acid Plant
(Bloomberg) -- Cos. plan to install monochloroacetic acid plant at Atul's facility in Gujarat, according to e-mailed statement. * Says monochloroacetic acid is key raw material for crop protection chemicals
16) Thyrocare IPO Fully Subscribed on Second Day of Offer
(Bloomberg) -- IPO gets 112% demand for shrs offered on 2nd day of sale today at 1pm, according to data on National Stock Exchange website. * Offer to close tomorrow * Gets bids for 8.45m shrs vs 7.52m offered in sale * NOTE: IPO managers allots 3.22m shrs to 15 anchor investors at INR446 each to raise INR1.44b on April 26
17) Billionaire Mittal's Airtel Gains After Profit Beats Estimates
(Bloomberg) -- Bharti Airtel Ltd. advanced in Mumbai trading after India's biggest wireless operator reported earnings that beat analysts' estimates. Shares of the company controlled by billionaire Sunil Mittal rose as much as 3.2 percent to 385 rupees at 9:16 a.m. in Mumbai. Net income increased 2.8 percent to 12.9 billion rupees ($194 million) in the quarter ended March 31, the company said in a statement, exceeding the 11.5 billion-rupee average estimate compiled by ...
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