1) Indian Stocks Rise to Eight-Month High as Energy Companies Gain
(Bloomberg) -- Indian stocks rose for a sixth day, taking the benchmark index closer to a bull market, as energy companies and industrials climbed on optimism an improving economy will bolster corporate earnings. Oil & Natural Gas Corp., the largest state-run explorer, rallied to a six-month high, while Adani Ports & Special Economic Zone Ltd. was the best performer on the S&P BSE Sensex. Tata Motors Ltd., owner of Jaguar Land Rover, climbed to more than a one-week high. ...
2) Soap and Toothpaste Help Biggest Fund Bypass India's Growth Math
(Bloomberg) -- For India's biggest fund manager, S. Naren, there are better ways to gauge economic growth than the nation's much-reviled official estimate of gross domestic product. Naren says he relies on data for spending on soap and toothpaste, travel and electricity usage when deciding where to invest ICICI Prudential Asset Management Co.'s $29 billion assets. Double-digit demand growth for everything from fuel to air ...
3) India's Missing Billions From Tax-Break Millionaire Farmers Reap
(Bloomberg) -- Stuffed animal heads adorn the walls of Kunwar Vikram Jeet Singh's mansion on the outskirts of Delhi, and he also owns a three-bedroom apartment in a gated condominium in the city. His children go to one of India's most exclusive private schools. Yet Singh doesn't pay income tax because he's a farmer. Singh is one of thousands of rich landowners who don't need to pay taxes thanks to laws designed to help the hundreds of millions of poor farmers who ...
4) Modi Says Cabinet Expansion to Reflect Budget Priorities: BS
(Bloomberg) -- The reshuffle will be aimed at expanding the council of ministers and reflect the priorities of the budget, Business Standard says citing an interview with Prime Minister Narendra Modi. * Modi says his government eschewed populism, stuck to a path of fiscal prudence * Modi says believe in the goal of minimum government and maximum governance * Banks Board Bureau would create the distance between bank management and its owners, this would help ...
5) India Fertilizer Stocks May Fall as Govt Cuts Retail Prices
(Bloomberg) -- Coromandel International, Rashtriya Chemicals, Gujarat State Fertilizers, National Fertilizers may fall after India reduces retail prices of complex fertilizers. * Maximum retail prices of DAP and MOP fertilizers to come down with immediate effect, govt said in a notification post-market on Monday * Coromandel fell 6.3%, RCF -1.7% on Monday prior to the notification * Fertilizer companies say this is a backward step under nutrient-based ...
6) INDIA DAYBOOK: Modi Cabinet Expansion, PMI, T-Bills, Debt Quota
(Bloomberg) -- Today: India to expand cabinet; Nikkei India services PMI; T-bills sale; Govt FII debt quota auction. WHAT TO WATCH: * Mines ministry releases National Mineral Exploration policy * India to announce cabinet expansion plan * RBI will intervene to tackle volatility from FCNR outflows: Khan * Dewan Housing Finance to consider raising funds via NCDs * Global funds +INR1.82b of local stocks; domestic funds +INR3.77b yesterday: ...
7) Rupee Advances as India Inflows Resume With Brexit Brushed Off
(Bloomberg) -- India's rupee climbed to a two-week high as a pickup in foreign inflows lent credence to the view that Britain's vote to exit the European Union won't have a lasting effect on demand for local assets. Overseas holdings of rupee debt increased by a net 10.5 billion rupees ($156 million) last week, the biggest jump since April, National Securities Depository Ltd. data show. They fell in the previous two weeks as investor anxiety around Brexit sapped ...
8) RBI Will Intervene to Tackle Volatility From FCNR Outflows: Khan
(Bloomberg) -- The Reserve Bank of India is prepared to deal with any volatility stemming from expected outflows on account of maturing foreign-currency deposits, H.R. Khan, the central bank's deputy governor for markets, whose term ends Monday, says in interview. * "We have a good war chest in the form of FX reserves," Khan says. "So, we don't have to be unduly worried, but certainly we have to be vigilant and monitoring and wherever we need and whatever ...
9) India Shouldn't Look Upon the RBI as a Piggy Bank: Mihir Sharma
(Bloomberg View) -- The first repercussions of the impending departure of Raghuram Rajan from the Reserve Bank of India could now be visible -- and it looks like those who argued the independence of India's central bank was under threat may have been right. QuickTakeIndia's Aspirations Rajan declared last month that he would not be seeking the expected extension of his term -- a move widely seen as being forced on him by the Narendra Modi-led government in New Delhi, ...
10) India to Issue Rules on Mining of Atomic Mineral Blocks Today
(Bloomberg) -- Blocks containing atomic minerals less than the threshold limit will be available for grant to private players, Mines Secretary Balvinder Kumar says at an industry conference in Raipur. * Govt has identified 1.000 sq. km for exploration of atomic minerals * States to auction minimum 50 blocks by end of 2016 under new exploration policy approved by cabinet last week * To carry out aero geophysical survey of 800,000 sq. km of obvious geological ...
11) Afghanistan to Seek $25 Billion Security Funding at NATO Talks
(Bloomberg) -- Afghanistan's government will seek an annual $5 billion of funding over the next five years from the U.S. and its allies at a North Atlantic Treaty Organization Summit this week to help finance its security forces. Afghanistan will present a plan at the July 8 to 9 conference in Warsaw, which will also raise issues related to governance, security and terrorism, the country's National Security Adviser Mohammad Haneef Atmar told reporters in the capital, ...
12) India Set to Have First Power Surplus in at Least Eight Years
(Bloomberg) -- India forecast an electricity surplusfor the first time in at least eight years because of transmission improvements and more generation. The country may have 1.1 percent excess electricity supplies in the year ending March 2017, according to the power ministry's Central Electricity Authority. A 2.6 percent surplus for the period is forecast for peak periods, when daily demand is highest. India's power deficit shrank to below 1 percent in May. ...
13) Indian State Banks Rally on Bad Steel Loan Restructuring Report
(Bloomberg) -- Allahabad Bank jumps as much as 8.7% to highest since Dec. 3. after Financial Express reported steel lenders may recast stressed assets for select companies. * Dena Bank gains as much as 8.3%, Syndicate Bank +7.4%, Oriental Bank of Commerce +6.9%, Corporation Bank +6.7%, Punjab National Bank +6.3%, Vijaya Bank +6.6% * Bhushan Steel climbs as much as 5.6%, Visa Steel +16%, Electrosteel Steels +9.8% after named in Financial ...
14) INSIDE INDIA: Rupee Gains for a Fourth Day as Stocks Rise
(Bloomberg) -- Rupee gains for a fourth successive day, its longest winning streak since June 8, as Sensex extends last wk's winning streak * RBI will intervene in FX market to tackle volatility from FCNR outflow, RBI's outgoing deputy governor Khan says * RBI rejigs portfolios of deputy governors and R. Gandhi takes over financial markets portfolio * "I do not see the rupee gaining much from here as the currency and stocks have already rallied quite a ...
15) Top Indian Refiner Plans $6 Billion Expansion as Demand Climbs
(Bloomberg) -- Indian Oil Corp. will spend about 400 billion rupees ($6 billion) to boost capacity by almost 30 percent in the next six years to feed the booming fuel demand in the world's second-most populous nation. "Fuel demand is rising and India's excess capacity is very small," Sanjiv Singh, director of refineries at India's biggest processor, said in an interview Friday. "We all need to expand if demand sustains." The expansion comes as Indian ...
16) Sri Lanka Names Economist Coomaraswamy as Central Bank Chief
(Bloomberg) -- Sri Lanka named economist Indrajit Coomaraswamy central bank governor, days after Arjuna Mahendran'sterm ended on June 30 following allegations of nepotism. Coomaraswamy, a former central banker and economic affairs director at the Commonwealth Secretariat, was picked after "consulting all parties relevant", President Maithripala Sirisenasaid on Twitter. The new governor will probably be in office for a year, following which the government will ...
17) Bangladesh Leader Pays Her Respects to Victims of Attack
(AP) -- Bangladesh's prime minister on Monday visited a stadium where the bodies of the victims from the weekend attack in Bangladesh's capital were taken, as security officials search for evidence and the possible masterminds behind the attack. The incident that began as a hostage-taking on an upscale restaurant left 28 dead, including six attackers and 20 of the hostages. The government has denied the Islamic State group's claim of responsibility for the attack. ...
18) KPIT Says Major Manufacturing Client Cut IT Budget Substantially
(Bloomberg) -- Seeing overall strain in IT spending in manufacturing industry, KPIT Technologies Chairman Ravi Pandit says on a conference call. * Seeing "lower traction" for rest of the year; co. hasn't lost any business this year: Pandit * NOTE: On June 30: KPIT Tech Expects About 4% Drop in 1Q Revenue, Profitability Link * NOTE: On July 1: KPIT Tumbles 14% as It Expects Drop in 1Q Revenue, Profitability Link
19) India Banking Liquidity Moving to Neutral on OMOs: India Ratings
(Bloomberg) -- RBI is moving toward neutral to surplus liquidity much faster than anticipated helped by open market operations carried out since start of year, Soumyajit Niyogi, associate director at India Ratings, says in interview. * Drop in cash in circulation also contributed to liquidity of banking system * "We expect the liquidity to stay around the neutral zone in the short term as cash in circulation is unlikely to pick up in the ...
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