1) Rajan's Bank Headache to Linger as ICICI Sparks Debt Angst (1)
Investors who anticipated that India central bank Governor Raghuram Rajan would bring order to a bad debt- plagued banking system by now are being forced to ratchet back those expectations. Results from ICICI Bank Ltd.and Axis Bank Ltd. two weeks ago and comments from their top managers fueled concerns that dud loans will continue to pile up, even after pressure from a Reserve Bank of India audit had made them accelerate recognition of nonperforming debt. Some ...
2) World's Second-Largest Wheat Crop to Top Estimate on Weather
India will harvest more wheat than estimated three months ago after favorable weather boosted yields, potentially helping the world's second-largest producer avert large scale imports. The crop is seen at 86.7 million metric tons in the year through June, according to the median of nine estimates compiled by Bloomberg from analysts, traders and flour millers. That compares with 84.5 million tons predicted in a February survey and the government estimate of ...
3) India Acts to Stop Investors Using Mauritius as Tax Shelter
India redrew its tax agreement with Mauritiusto prevent investors using the island nation as a shelter to avoid taxes. The government will tax capital gains arising in Mauritius on shares of an Indian company bought after March 31, 2017, the Finance Ministry said in a statement. The levy will be at half the prevailing rate, currently at 15 percent, during a two-year transition period. The full rate will kick in from April 1, 2019. ...
4) Indian Dollar Yield Drop Sparks Search for Quarter's First Issue
The drop in Indian companies' dollar borrowing costs to an 11-month low is prompting some investors to call an end to an issuance drought that has seen no bond sales this quarter. Yields have fallen 103 basis points to 4.50 percent from this year's high in January, JPMorgan Chase & Co. indexes show, as an emerging-market rout eased and the Federal Reserve made it clear that U.S. interest rates will only rise gradually. Aquarius Investment ...
5) INSIDE INDIA: Rupee Lower as Shares Drop on Mauritius Tax Pact
Rupee falls along with a stock decline after India reworked a taxation treaty with Mauritius to prevent tax evasion. * "The rupee has been range bound and was looking at a trigger for weakness," Subramanian Sharma, director at Greenback Forex, says in interview; Currency fall will depend on amount of stock weakness in response to the Mauritius tax news * Capital gains on shares of an Indian company bought via Mauritius after March 31, ...
Indian Stock Market
6) India Stocks Halt Two-Day Gain After Mauritius Tax Treaty Rework
Indian stocks declined for the first time in three days on concern a reworked tax agreement with Mauritius may curb inflows from some foreign investors. Bharat Heavy Electricals Ltd., the biggest power-equipment maker, slid to a three-week low. Tata Motors Ltd., owner of Jaguar & Land Rover, fell to a one-week low. Bharti Airtel Ltd. slumped the most in two weeks. ICICI Bank Ltd. slid 1 percent. The S&P BSE Sensex fell 0.3 percent to 25,695.66 at ...
7) Indian Stocks Erase Losses as Drugmakers Climb on Europe Rebound
Indian stocks gained for a second day, with the benchmark gauge erasing an earlier loss, as drugmakers and engineering companies climbed amid advances in global equities. Dr. Reddy's Laboratories Ltd. surged the most in two months, while Lupin Ltd. rose for a second day. Larsen & Toubro Ltd. and Bharat Heavy Electricals Ltd., producers of capital goods, were among the biggest gainers on the S&P BSE Sensex. Jain Irrigation Systems Ltd. and EPC Industrie ...
8) Good Monsoon Boosting Farm Growth a Key for Indian Stocks: Citi
Good monsoon season important for Indian stocks as it will boost farm growth, consumption, analysts Surendra Goyal, Vijit Jain write in investor note dated yesterday. * Rise in govt staff wages to boost automakers, retailers * Stress in banking system easing; capex recovery still a while away with improvement focused on roads, railways, defense * UDAY plan for state-owned power distributors likely a catalyst for Indian utilities * ...
9) India's Stocks to Fall Till More Clarity on Tax: Ambit's Holland
India, Mauritius tax treaty is negative for investor sentiment, Ambit Investment Advisors CEO Andrew Holland tells Bloomberg. * There will be confusion among investors until terms for this tax treaty and General Anti-Avoidance Rule are clear * Investors will seek more clarity on GAAR, message is clear: "you will be taxed" * NOTE: India, Mauritius Sign Pact Related to Double Taxation Avoidance
10) GMR Infrastructure, Alstom India among 7 stocks trending in
The BSE Sensex and NSE Nifty opened flat on Tuesday on weak global cues. At 9.20, Sensex was trading 2.73 points down at 25,686.13, while NSE Nifty was trading 11.90 points down at 7,854.15. Track markets here Below are the stocks that are in focus today Deepak Nitrite: Stocks of the company were trading 2.11 per cent up at Rs 72.55 (9.24 am) after it reported ...
11) Firstbiz: Mauritius tax pact amended: Govt's steps up blackmoney fight, Sensex set for big fall
At long last, the government has bitten the bullet and amended the tax treaty with Mauritius to in its bid to curb tax avoidance. The signing of the Protocol with Mauritius follows decade-long negotiations. Here are the key points to know about the development: What is the treaty all about? India had in 1983 signed a Double Taxation Avoidance Convention (DTAC) with Mauritius. The DTAC provided that capital gains on sale of assets in India by companies registered in Mauritius can only be taxed in ...
12) Times of India: Sensex tanks 337 points on revised tax treaty with Mauritius
The 30-share index was 337.49 points or 1.31% lower at 25,435.04 in early trade with all sectoral indices led by metal, auto, PSU and realty, trading in the negative zone, plunging up to 1.07%. Sensex tanks 337 points on revised tax treaty with Mauritius Wed, 11 May 2016 04:57:52 GMT
13) Mint: Live: Sensex down 40 points; Hindalco Industries rises 2.2%
11:45am: The Sensex is trading lower by 41.24 points, or 0.16%, to 25,731.29, while the Nifty falls 4.15 points, or 0.05%, to 7,883.65. 11:35am: Mawana Sugars Ltd rises 2% to Rs.39.60 after the company said in a notice to BSE that it is planning to disposing its Muzaffarnagar unit to pay dues to farmers and lenders. 11:25am: Kotak Mahindra Bank Ltd rises 0.44% to Rs.724.65 ahead of its March quarter earnings. According to 6 Bloomberg estimates, the bank may post consolidated net profit of Rs.1,081.80 ...
14) Indian stocks open lower
Indian stocks slipped at the opening on Wednesday after Indian government amended a long- standing tax treaty with Mauritius that plugs loopholes in the system and aims to check tax evasion. The benchmark S&P BSE Sensex opened at 25,548.97, 223.56 points or 0.87 percent down from previous close of 25,772.53. Copyright 2016 XINHUA NEWS AGENCY -0- May/11/2016 04:34 GMT
15) TheFinExpress: LIVE: Sensex recovers over 250 points from day's low; Nifty below 7,880; Telecom stocks in focus
11.21 am: Sterlite Technologies shares climbed nearly 3 per cent intraday after the company informed bourses that it has won the Jaipur Smart City Phase – II Project. Jaipur, the Pink City, was selected under the Smart City Mission of Ministry of Urban Development launched in 2015. This is Sterlite's second smart city project win. The scrip was trading 1.61 per cent up at Rs 88.35. Sensex was down 54.25 points down at 25,718. 10.46 am: Telecom stocks pared their losses after they got relief on ...
Indian Stock Market
16) Reuters India: Sensex, Nifty fall on Mauritius tax treaty changes reut.rs/1qcQLNR
Sensex, Nifty fall on Mauritius tax treaty changes reut.rs/1qcQLNR Reuters India @ReutersIndia Sent With: SocialFlow Original tweet on Twitter.com found here. Twitter profile information as of May 11, 2016 Description: Reuters India brings you the latest news from India and around the world. Tweets: 66,703 Following: 110 Followers: 274,026 Tweeting Since: 8/23/2008 Twitter Verified -0- May/11/2016 ...
17) Economic Times: Expect 5-7% rise in indices with riders: Dipan Mehta, Member, BSE & NSE
In a chat with ET Now, Dipan Mehta, Member, BSE & NSE, says Zee Entertainment remains best bet in media space. Edited excerpts ET Now: Will we make it pass 8000 on Nifty? More importantly, would that be perhaps the new range for the market? Dipan Mehta: Certainly the build up is fantastic and the way the foreign flows are remaining positive. I think if global stability remains the way it is, then there is a good chance that we will scale 8000 and trade way beyond that. Our own assessment is that over ...
18) Moneycontrol: Nifty opens below 7800, Sensex down on Mauritius treaty
The market slipped at the opening on Wednesday, the Sensex is down 339.95 points at 25432.58, and the Nifty is down 99.75 points at 7788.05. About 142 shares have advanced, 649 shares declined, and 24 shares are unchanged. Indian government amended a long-standing tax treaty with Mauritius that plugs loopholes in the system and aims to check tax evasion. Asia markets gave up much of their early gains on Wednesday to trade lower as the yen nudged higher against the dollar and oil prices retreated. US ...
19) India Infoline: Opening Bell - Sensex falls over 300 points
At 9:15 AM, the S&P BSE Sensex is trading at 25,413 down 348 points, while NSE Nifty is trading at 7,783 down 101 points. US stock indices advanced on Tuesday, with the Dow and the S&P 500 logging their best one-day percentage gains in two months. Kotak Mahindra Bank, Apollo Tyres, Asian Paints, Havells India, Oriental Bank Of Commerce and Indian Bank are among the results scheduled for the day. Reserve Bank of India (RBI) Governor Raghuram Rajan said on Tuesday that he had doubts that "helicopter ...
Commodities
20) Friendly's Is an Ice Cream Deal Worth Screaming for: Gadfly
A small scoop of ice cream is packing a big punch for Dean Foods. The largest U.S. dairy processor announced Tuesday it's paying $155 million to add Friendly's Ice Cream products like Vanilla Krunch sundae cones, Dutch Fudge Rolls and good ole half gallons of ice cream to its lineup of milk products. (The purchase doesn't include the Friendly's restaurant chain, which will continue to be owned and operated by an affiliate of private-equity firm Sun ...
21) SolarCity Feels Existential Angst as Growth Slows: Gadfly
If you're involved in the running of a company called SolarCity, one question you really don't want to hear on your earnings call is: "What is SolarCity?" The existential dread raised by that particular inquiry from an analyst on Monday evening was no doubt heightened by the fact that SolarCity's stock was plummeting 20 percent in after- hours trading. This call was never going to be a "great quarter guys!" love-fest. SolarCity missed the consensus ...
Europe
22) Draghi Cast as Cash Conspirator Foreshadows German Clash on Exit
Mario Draghi can't fail to hear the complaints from Germany over European Central Bank policy, but he's just shown he doesn't always have to listen. Conservatives in Europe's largest economy are vowing to push the ECB president to reverse last week's decision to phase out the 500-euro ($569) note -- and will amplify that call at a demonstration in the institution's hometown of Frankfurt this weekend. While Draghi's relationship with his host country ...
23) Erdogan Adviser to Europe: Make a Mistake, We Will Send Refugees
European Parliament to debate proposal to allow visa-free travel to Europe for Turks, "if they make a wrong decision, we would send refugees!," Burhan Kuzu, an adviser to Turkey President Recep Tayyip Erdogan and board member of ruling AK Party says on Twitter. * NOTE: EU Says Will Continue Working With Turkish Government
U.S. Stock Market
24) U.S. Stocks Cap Biggest Rally in 2 Months as Commodities Rebound
The bearish sentiment that hit traders in the past two weeks eased amid a bounce in commodities, with U.S. stocks rising the most in two months to join in equity market gains from Japan to Europe. Energy producers, industrial shares, banks and Amazon.com Inc. were among the strongest contributors to a rally that jolted equities out of a recent torpor. The online retail giant climbed 3.4 percent to an all-time high after an analyst boosted their price target on ...
25) U.S. Stocks Jump as Commodities Rebound; Brazil Assets Advance
U.S. stocks rallied the most in two months, joining a surge in global equities as the bearish sentiment that has set the tone in markets the past two weeks eased amid a rebound in commodities from crude to silver. The yen declined a second day and Brazil's real advanced. The Dow Jones Industrial Average jumped 222 points, European shares climbed to a three-week high and emerging-market equities halted a seven-day slide. Nickel led a rebound ...
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