1) Oppenheimer Eulogizes India as $217 Billion Fund Pursues Safety
(Bloomberg) -- The pursuit of safety amid an uncertain global outlook is driving OppenheimerFunds Inc. to India. Political stability, credible monetary policy and the fastest growth among the world's major economies make India the 'safest portfolio investment destination' among developing nations, according to Krishna Memani, New York-based chief investment officer at the money manager, which oversees about $217 billion of assets. His comments come as Prime Minister ...
2) Anglo Said to Rebuff India Billionaire Agarwal's Merger Plan
(Bloomberg) -- Anglo American Plc, the London-based miner, rebuffed informal approaches in recent months from Indian billionaire Anil Agarwal, who oversees the country's biggest mining company, according to people familiar with the matter. Agarwal, who has majority control of Hindustan Zinc Ltd.through Vedanta Ltd., contacted Anglo to discuss potential ideas including a combination with the Indian zinc miner, said the people, who asked not to ...
3) India's $3.4 Billion Bank Boost Fails to Soothe Credit Investors
(Bloomberg) -- India's plan to inject more capital into state-owned banks is doing little to alleviate investor concern that lenders' credit profiles are deteriorating. The cost of insuring bonds issued by State Bank of India, IDBI Bank Ltd. and Bank of India have risen this week, credit default swap data compiled by Bloomberg show. The increases come even after the finance ministry said earlier this month that 13 public sector lenders would receive a 229.2 ...
4) Canpotex Taking 'Cautious Approach' on Potash in India, China
(Bloomberg) -- Canpotex Ltd., the Canadian joint venture that represents potash export sales from Potash Corp., Mosaic Co. and Agrium Inc., will only sign contracts to supply China and India with the crop nutrient for the remainder of 2016 as it expects prices to rise next year. Canpotex is taking a cautious approach, Potash Corp. Chief Executive Officer Jochen Tilk said on an earnings conference call on Thursday. Stronger demand in 2017 is expected to lift spot prices and ...
5) Why India Should Rethink Its New Inflation Target: Mihir Sharma
(Bloomberg View) -- Any day now, India's government is set to announce an official inflation target for the first time -- a major step in the modernization of its economic institutions, particularly the central bank. The idea has been proposed and debated for years, including in a much-discussed 2008 report written for a previous Indian administration by Raghuram Rajan, now governor of the Reserve Bank of India. Rajan's proposals have now been formalized, after much back-and-forth ...
6) India Lifts Veil on Army as Modi Prepares to Spend $150 Billion
(Bloomberg) -- For private-sector executives in India who normally get only snippets of information to design components of complex military hardware, climbing into tanks and talking to combat soldiers is an eye-opener. Earlier this month, more than 200 representatives of defense companies -- big and small, local and foreign -- got unprecedented access to India's secretive military. At two events in the western city of Ahmednagar, they crawled inside tanks, ...
7) Rupee Rallies With Bonds as Modi Inches Closer to Tax Reform
(Bloomberg) -- The rupee climbed to a two-week high on optimism Indian lawmakers will be able to implement a national sales tax, with inflows into local assets picking up as global central banks boost stimulus. Sovereign bonds rose the most since Feb. 29 as Prime Minister Narendra Modi's cabinet met a key opposition demand on proposed legislation that would clear the way for the goods-and- services tax, or GST, the nation's most ambitious economic reform since the ...
8) India Said Planning to Block Tata Arbitration Payment to Docomo
(Bloomberg) -- India plans to block Tata Sons Ltd.'s payment of a $1.17 billion arbitration award to NTT Docomo Inc., which is seeking compensation for its stake in the Indian conglomerate's wireless business, people familiar with the matter said. The finance ministry won't grant an exemption to the Indian foreign exchange act that Tata Sons would need to pay the money to its Japanese partner, according to the people. The ...
9) Fosun Pharma To Buy Gland Pharma for Up to $1.26 Billion
(Bloomberg) -- Shanghai Fosun Pharmaceutical Group Co. plans to buy Indian drugmaker Gland Pharma Ltd. for no more than $1.26 billion. Fosun Pharma will acquire 86.08 percent of Gland Pharma, according to a statement filed to the Shanghai Stock Exchange on Thursday. Fosun Pharma plans to borrow up to $800 million from financial institutions to help fund the purchase, the company said. The transaction, the largest purchase of an Indian asset by a Chinese company, would ...
10) Global Investors Say Lower Prices on Indian Stressed Debt Needed
(Bloomberg) -- Global investors in distressed debt are calling for Indian lenders to sell loans at lower prices, indicating that more pain lies ahead for the nation's embattled institutions. SSG Capital Management (HK) Ltd. said that there is a pricing gap that needs to narrow before more transactions can take place. SC Lowy, an independent fixed-income firm, sees bigger opportunities buying stressed Indian loans from foreign lenders as they are willing to accept deeper ...
11) Fewer India Nifty Bets Rolled Over as Inflows Stretch Valuations
(Bloomberg) -- The cost of extending futures contracts tied to an index of India's top 50 companies fell on derivatives expiry amid concern a rally that drove valuations to a five-year high will falter. The roll cost, or the price traders are paying to replace current month futures with August securities, dropped to 55 basis points at 4 p.m. in Mumbai from 68 basis points Tuesday. That compares with a three-month mean of 58 basis points, data compiled by Bloomberg ...
12) Modi Compromise Puts India Closer to Simplifying Tax Regime
(Bloomberg) -- Prime Minister Narendra Modi's cabinet met a key opposition demand on proposed legislation that would clear the way for a national sales tax, putting India closer to passing its most ambitious economic reform since the 1990s. The cabinet decided late Wednesday to eliminate an additional 1 percent charge on inter-state sales that was included in a constitutional amendment bill to create a goods- and-services tax, known as GST. The ...
13) Maruti Climbs to 8-Month High on JPM Upgrade, New-Car Sales View
(Bloomberg) -- Maruti Suzuki gains as much as 4.7% to highest since Nov. 2015. * Stock rallies most on S&P BSE Auto Index, volume 1.9x 3- month full-day average * Stock raised to overweight from neutral at JPMorgan, PT +27% to 5,150 rupees * Profit margins factor impact from adverse currency, commodity, JPM says in investor note * Sees car sales to accelerate as part supplier to MSIL's newer models "debottlenecks capacity" * NOTE: MSIL lost ...
14) CORRECT: Jet Airways Said to Seek Loan of as Much as $185m
(Bloomberg) -- (Corrects to say Jet Airways spokesman didn't immediately respond to request for comment in the last bullet) * Mashreqbank leading the syndicated amortizing term loan with participation from Abu Dhabi Commercial Bank, First Gulf Bank among others, according to 2 people with knowledge of the deal, who asked not to be identified because the information is private. * 5-yr loan deal likely to be signed in August * Spokesman for Jet Airways ...
15) Easy Cash, Dovish RBI Expectations Driving India Bonds: Kotak
(Bloomberg) -- Comfortable liquidity and expectations of a more accommodative central bank regime have driven Indian govt bond yields to three-year lows, says Madhavi Arora, economist at Kotak Mahindra Bank. * Inflows into debt have crossed $1b in July, most since Oct. as global liquidity remains comfortable; more easing expected from global central banks like BOE and BOJ * Banking system cash also comfortable with liquidity likely to be in surplus in Aug.; ...
16) Opportunities in Indian Power Market Draw Global Utilities: BNEF
(Bloomberg) -- With ambitious targets of 100 gigawatts of solar and 60 gigawatts of wind power capacity by 2022, India's growing renewables market is attracting attention from international utilities including CLP Holdings Ltd. and Sembcorp Industries Ltd. Many utilities in Europe and Asia that are facing slower demand growth and falling margins in their home countries, see India as a haven of growing demand, rising power prices and a favorable regulatory environment. (This ...
17) INSIDE INDIA: Bonds Cap Best Day Since Budget on Record Turnover
(Bloomberg) -- Indian govt bond yields at 3-year lows as global yields drop after Fed signaled it's in no rush to raise interest rates; yields drop most since Feb. 29 budget day. * "Easy liquidity and expected outcome from the FOMC last night are the key drivers of the bond rally today," says R.K. Gurumurthy, Mumbai-based treasurer at Lakshmi Vilas Bank * Some consolidation in yields can be seen around current levels, but a test of 7.10% cannot be ...
18) Afghan Firm Offers $31 Million to Buy Defrauded New Kabul Bank
(Bloomberg) -- Afghanistan's Joint-Stock Company has offered $31 million to purchase New Kabul Bank, which was once the country's largest lender before it was defrauded six years ago. "The financial offer received from the JSC is the best we received compared to the previous offers," Mohammad Aqa Kohistani, treasury director at the Finance Ministry, said by phone on Thursday. JSC, a company with operations in Dubai, has also placed a $20 million financial guarantee ...
19) Punjab National Reports Profit Versus Est. Loss; NPA Ratio Wider
(Bloomberg) -- First quarter net income 3.06b rupees; est. 420m rupee loss (range 28.5b rupees loss-10.9b rupees profit; 25 analysts). * Gross bad loans 13.75% of total end-June vs 12.9% end-March * 1Q provisions 27.4b rupees vs 18.1b year earlier, 104.9b rupees in 4Q * Interest income 115.7b rupees vs 120.3b, expense 78.8b vs 79.3b; net interest income est. 35.8b (11 analysts) Statement
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