1) Modi's $27 Billion Oil Quest Offers Lifeline to Services Firms
(Bloomberg) -- India is offering global oilfield service providers starved of new contracts a $27 billion lifeline as the government's ambition to cut fuel imports drives fresh investment. Spending plans are ratcheting up and stalled projects restarting after the government in March announced pricing freedom for natural gas from deepsea fields that begin production this year. Coming at a time when the cost of rigs and services has ...
2) Singapore Air's India Unit to Challenge Gulf Carriers' Dominance
(Bloomberg) -- Within weeks of India easing aviation rules, Singapore Airlines Ltd.'s local venture is charting a course to take on carriers from the Middle East. It's counting on a surge in international traffic from the world's fastest growing major air-travel market. Vistara, in which the city-state's flag carrier owns 49 percent, is considering buying or leasing wide bodied aircraft for long-haul routes and will seek funds from its owners to finance the purchase, ...
3) Tata Communications Said Near Sale of Neotel in South Africa
(Bloomberg) -- Tata Communications Ltd. of India is close to an agreement to sell a majority stake in South African Internet-service provider Neotel Pty Ltd. to closely held telecommunications company Econet Wireless Global, according to people familiar with the matter. Econet is discussing buying Tata's 68.5 percent stake at a price valuing Neotel between 6 billion rand and 7 billion rand ($389 million to $454 million), said one of the people, who ...
4) Stimulus Taps Seen Opening Wider in Asia Amid Brexit Risks
(Bloomberg) -- Days after the surprise U.K. vote for Brexit started roiling global markets, prospects for greater monetary and fiscal stimulus are becoming clear in Asia, even as the region's relative growth dynamism offers it resilience. While Nomura Holdings Inc. saw financial contagion and a blow to confidence as the main danger for Asia, Credit Suisse Group AG identified trade flows as the top risk. They ended with the same conclusion: more monetary easing is in store ...
5) Most Indian Stocks Climb as Companies With Domestic Focus Gain
(Bloomberg) -- Most Indian stocks advanced, led by companies tied to the economy, as some investors judged Friday's Brexit-induced selloff was overdone. Drugmaker Dr Reddy's Laboratories Ltd. climbed to a three- month high. State Bank of India surged 2.8 percent. Tata Consultancy Services Ltd. and Infosys Ltd., India's top software exporters that earn about a quarter of their revenue from Europe, were the worst performers on the benchmark S&P BSE Sensex. Three ...
6) Tata to Tie Up With Bell Helicopter for $2b Naval Contract: ET
(Bloomberg) -- Story Link
7) India May Form Rate Setting Monetary Panel Before Aug. 9: ET
(Bloomberg) -- Story Link
8) Carlyle, TPG Join Record Cash Flooding India Health Boom: Chart
(Bloomberg) -- U.S. private-equity giants Carlyle Group LP and TPG Capital Management LP joined the record flood of more than $1 billion of foreign money pouring into India's private healthcare sector last year, according to data compiled by Bloomberg. The foreigners all want a piece of a market that consulting firm KPMG expects to be worth $280 billion by 2020 with increasingly affluent Indians more able to pay to avoid the long waits and crowding of government hospitals. ...
9) INDIA DAYBOOK: State Bonds, Term Repo, Jim Yong Kim, Modi-Rajan
(Bloomberg) -- Today: RBI to hold state-bond, term-repo auctions; World Bank Group President Jim Yong Kim in India on 2- day visit. WHAT TO WATCH: * Prime Minister Narendra Modi said he appreciated the work done by Raghuram Rajan; condemns personal attacks * India govt starts process to constitute monetary policy panel * Sistema agrees to buy back 17% of Indian unit SSTL from Russia * Belarus signs deal with India to sell potash at $227 per ton * ...
10) Modi Backs Rajan After India Central Banker Decides to Exit
(Bloomberg) -- Indian Prime Minister Narendra Modi said he appreciated the work done by Raghuram Rajan and personal attacks by a party member against the central bank chief were unfair, a defense that came more than a week after Rajan said he won't seek a second term. "My experience with him has been pleasant and I appreciate the work done by him," Modi said in his first comments on Rajan's departure during an interview to Times Now TV telecast on Monday. ...
11) Rupee Testing Record Adds to Inflation Risk for Rajan Successor
(Bloomberg) -- The job of Reserve Bank of India Governor Raghuram Rajan's yet-to-be-named successor just got tougher. India's rupee tumbled the most in 10 months on Friday as the U.K. voted to quit the European Union. On Monday, the currency was just 1.3 percent shy of an all-time low of 68.845 per dollar hit in 2013. Standard Chartered Plc and Mizuho Bank Ltd. are predicting more losses as Brexit disrupts the EU economy and spurs a flight to haven ...
12) Stock Pickers See Brexit Hurting India Tech to Mexico Cement
(Bloomberg) -- As investors sized up the shadow cast by Britain's Brexit vote over emerging markets, everything from Turkish carmakers to Indian technology companies and a South African platinum producer came under the spotlight. Top of the at-risk list following Friday's referendum result are companies and industries with the strongest ties to the U.K. and Europe, where demand for consumer products may slow in the aftermath of the trading bloc's fracture. Here are ...
13) Morgan Stanley Says India Among Asia's Least Exposed to Brexit
(Bloomberg) -- India's economy will be among the least impacted in Asia by the U.K.'s vote to exit the European Union given its relatively low exposure to trade, according to Morgan Stanley. The immediate impact of Brexit will likely be felt through the financial channel, that is, volatility in exchange rate and capital-market flows, Morgan Stanley economists including Chetan Ahya in Hong Kong wrote in a report, adding they expect the Reserve Bank of India to intervene to ...
14) National Stock Exchange Plans India, Overseas Listing Next Year
(Bloomberg) -- National Stock Exchange of India Ltd., the nation's biggest stock bourse, plans to get listed in India as well as overseas next year. The NSE will file the draft offer document with the market regulator for domestic listing by January, and by April for listing abroad, the exchange said in a statement Monday. The decisions were taken at its board meeting on Thursday. As many as 10 investors in the exchange, including Tiger Global Five Holding, ...
15) Starbucks Makes India Push With Expansion of Roasting Capacity
(Bloomberg) -- Starbucks Corp.wants to go big in India. The world's largest coffee chain, which has fewer than 100 cafes in the world's second-most populous country, is expanding its roasting capacity in India as it seeks to open a spate of new stores in coming years. Starbucks also will start selling Indian coffee at its Reserve Roastery and Tasting Room in Seattle in a bid to expose U.S. customers to beans grown in the country's Coorg region, said ...
16) Coca-Cola India Aims to Double Maaza Juice Brand Sales by 2023
(Bloomberg) -- Coca-Cola Company, its India bottlers are estimated to procure more than 200,000 tons of mango pulp annually, valued at ~11b rupees, if Maaza sales cross $1b by 2023, co. says in a statement on website. * Co. expects Maaza sales growth to benefit 100,000 farmers in India * NOTE: Coca-Cola system in India currently procures about 100,000 tons mango pulp annually, valued at ~6.5b rupees * Resource infusion for Maaza brand is part of Coca-Cola ...
17) Brexit Rout a Good Buying Opportunity, India's Biggest Fund Says
(Bloomberg) -- Brexit not a material event for Indian stk markets; provides attractive entry point for investors with a medium to long-term horizon, HDFC Mutual Fund says in note. * Improving economy, attractive market cap-to-GDP ratio underpin positive outlook for equities * NOTE: HDFC Mutual has $26b in assets * U.K. a small trading partner, accounting for 3.4% and 1.4% of India's merchandise exports and imports, respectively, as of March 31, 2016; FDI ...
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