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India's stock market has been topsy-turvy in the past week. WealthMills Securities' equity market strategist Kranthi Bathini says "India's stock markets need stable policy continuity going forward." "The Union Budget has consistently increased allocations for infrastructure development. Strong digital economy and startup ecosystem Another longer-term theme on Sengupta's radar is the digital economy and startup ecosystem. Riding the consumer wave Aside from sectors poised for growth, WealthMills Securities' Bathini suggests looking out for names set to benefit from the strong consumer.

Persons: turvy, Narendra Modi's, Modi, Dhruba Jyoti Sengupta, Kranthi Bathini, Sengupta —, Sengupta, Bathini Organizations: Narendra Modi's Bharatiya Janata Party, BJP, Lok Sabha, Wrise, CNBC Pro, BSE, Bombay Stock Exchange, WealthMills Securities, Budget, Hindustan, Indian Railway Catering, Tourism Corporation, Indian, Construction, Titagarh, Systems, India, Canara Bank, Bajaj Finance, Securities, Hindustan Aeronautics, Tata Motors, Reliance Industries Locations: Lok, Asia, East, Europe, India, uptrend

☆ Opinion: For Indian Muslims like me, the hope of a weakened Modi
▼ + stars: | 2024-06-05 | by ( Opinion Ziya Us Salam | ) edition.cnn.com time to read: +8 min

Tuesday’s election results, in which Prime Minister Modi sealed a rare third term, only enhance the sense of gloom and doom for Indian Muslims like me. With the BJP back in power – albeit without the supermajority it had vowed – my only hope lies in a politically weakened Modi now. A weakened Modi shall, hopefully, translate into a more robust India and more secure minorities. In the days and months to come, things could get seriously tough for Indian Muslims. It could be the norm for the rest of India soon as the BJP tries to deny Indian Muslims the right to follow Islamic laws in civil matters, a right granted by the Indian Constitution.

Persons: Salam, Read, Modi, Modi’s, Mukhtar Khan, ”, –, Narendra Modi, Elke Scholiers, Rahul Gandhi, Jawaharlal, Taj Mahal, Qutb, We’ve Organizations: “, New, New Delhi CNN, Bharatiya Janata Party, BJP, India’s Independence, Indian National Congress, INC, Union Budget, SC, ”, OBC, Twitter, Telugu Desam, Janata Dal, Congress Locations: Hindu India, New Delhi, Narendra Modi’s India, India, –, Srinagar, Rajasthan, Muslim, Pakistan, Lok, Gujarat, Ghaziabad, Uttar Pradesh, Lower, Independence, Kerala, Mumbai, Gandhi’s, BJP, Qutb Minar, Delhi, Babri, Assam, Uttarakhand, Indian

☆ France Will Cut Spending as It Sees a Weaker Economy Ahead
▼ + stars: | 2024-02-23 | by ( Liz Alderman | ) www.nytimes.com time to read: +1 min

The finance minister, Bruno Le Maire, on Monday revised the forecast for economic growth this year to 1 percent, down from 1.4 percent at the end of last year. “Lower growth means lower tax receipts, so the government must spend less,” Mr. Le Maire said at a news briefing. After spending lavishly during the pandemic to support the economy and shield consumers from high energy prices, France is now at risk of breaching European Union budget rules that restrict government borrowing. To avoid that, the government must cut costs to lower the deficit to 4.4 percent of gross domestic product this year, from 4.8 percent

Persons: Bruno Le Maire, Mr, Le Maire Organizations: European Union Locations: France, Ukraine, Gaza, Germany, China

Vipin Kumar | Hindustan Times | Getty ImagesIndia is set to release its interim budget for 2024 on Thursday, ahead of the country's highly anticipated general elections. The interim budget is seen as a stop-gap financial plan during an election year, aimed at meeting immediate financial needs before a new government is formed. Typically, the interim budget won't include big and sweeping policy announcements. Fiscal deficit targetIndia's fiscal deficit stands at 6.4% of gross domestic product for the 2023-2024 financial year. TaxesDon't expect significant shifts in taxation as this is only an interim budget, analysts say.

Persons: Vipin Kumar, Nirmala Sitharaman, Nomura, Goldman Sachs, Goldman, Nilesh Shah, Shah, it's, Bathini, Modi, India's Organizations: Hindustan Times, Getty, India, Bharatiya Janata Party, Goldman, Mahindra Asset Management, CNBC, Capital, WealthMills Securities, India's Finance, BJP Locations: New Delhi, India, China, Japan, Germany

☆ Billions in frozen funds for Hungary on table as EU seeks Ukraine support
▼ + stars: | 2023-10-03 | by ( Gabriela Baczynska | ) www.reuters.com time to read: +4 min

"I can't imagine Hungary agreeing without there first being a solution to the blocked funds," said the official. A second EU official confirmed there was a link between releasing funds to Hungary and EU plans requiring unanimity, including in the enlargement and budget talks. The Commission needs Hungary to lift its vetoes on a number of issues in return," said an EU diplomat. For Ukraine, which applied to join the EU just days after Russia's invasion in February 2022, the West's support is existential and EU membership is a major national goal. Speaking to the Hungarian parliament last week, he drew a line between supporting Ukraine and unlocking EU funds.

Persons: Viktor Orban, Orban, Gabriela Baczynska, Jan Strupczewski, Andrew Gray, Gareth Jones Organizations: Budapest, Ukraine, Hungary BRUSSELS, European, Kyiv, EU, Reuters, Financial, European Union, Thomson Locations: Hungary, Ukraine, Brussels, EU, European Union, Russia, Budapest, Krisztina

In its issuance programme for the fourth quarter released late on Friday the Treasury raised its estimate for gross debt issuance this year to 333 billion euros ($351.95 billion). That compared with its forecast of 310-320 billion euros made at the start of the year. Germany reduced its needs in the fourth quarter by 31 billion euros ($32.59 billion). The Treasury has so far covered around 80% of its 2023 gross funding needs, it estimated on Friday. For the fourth quarter, the Treasury estimated gross issuance of medium and long-term bonds at around 60 billion euros, with issuance net of redemptions seen at a negative 12 billion euros over the same period.

Persons: JP Morgan, Analysts, Italy –, Giorgia Meloni, Giuseppe Fonte, Gavin Jones Organizations: European Union, Treasury, European Commission, Thomson Locations: Italy, Rome, MILAN, ROME, Germany, Portugal, France, London

Italian Economy Minister Giancarlo Giorgetti gestures during a confidence vote over the 2023 budget at the lower house of the parliament, in Rome, Italy December 23, 2022. "The government plans to maintain the forecasts of 1% in 2023, but inevitable external variables are radically changing the picture," Giorgetti said, speaking at The European House-Ambrosetti economic forum. The total cost of the so-called Superbonus originally introduced in 2020 is approaching 100 billion euros ($107.73 billion), the source added. With interest rate hikes by the European Central Bank to curb inflation dampening economic activity, Rome's growth target of 1.5% next year is increasingly at risk, economists say. As Italy is preparing a difficult 2024 budget, Giorgetti reiterated the commitment to keeping the deficit on a downward trend, leaving little leeway for stimulus.

Persons: Giancarlo Giorgetti, Remo Casilli, Giorgetti, Giuseppe Fonte, Giancarlo Navach, Giselda Vagnoni, Susan Fenton Organizations: REUTERS, European Central Bank, European Union, Thomson Locations: Rome, Italy, CERNOBBIO, Cernobbio, Ukraine

☆ India's economy to hold top spot for GDP but not so much for jobs growth: Reuters poll
▼ + stars: | 2023-07-24 | by ( Milounee Purohit | ) www.reuters.com time to read: +3 min

The world's most populous country aspires to leapfrog to the status of a developed nation, riding on the unprecedented demographic dividend, which demands an annual gross domestic product (GDP) growth rate of around 8% for the next 25 years. It was forecast to grow 6.5% next fiscal year, with expectations of 6.2% growth this quarter, followed by 6.0% and 5.5%. "I think 6.0% to 6.5% is a very achievable and a very conservative forecast for India's growth trajectory," Nim added. The remaining six said the PLI scheme, which allocated billions of rupees as incentives from the Union budget in 2023-24, will have no impact. While India has a lot more ground to cover to replace China as the world's manufacturing hub, some economists acknowledged the PLI scheme was a step in the right direction.

Persons: Dhiraj Nim, Nim, Ajay Banga, Radhika Piplani, PLI, Piplani, Suman Chowdhury, Milounee Purohit, Susobhan Sarkar, Veronica Khongwir, Hari Kishan, David Holmes Organizations: ANZ Research, World, Capital Advisors, Union, Thomson Locations: BENGALURU, China, People's Republic, India

☆ Indian shares set to fall after Adani group calls off $2.5 bln share sale
▼ + stars: | 2023-02-02 | by ( ) www.reuters.com time to read: +2 min

BENGALURU, Feb 2 (Reuters) - Indian shares are set to open lower on Thursday after a sustained selloff in Adani group stocks as the group cancelled the secondary share sale of its flagship company Adani Enterprises. India's market regulator is said to be examining the crash in the Adani group company shares and looking into possible irregularities in Adani Enterprises' secondary share sale. Indian markets closed lower on Wednesday, hit by Adani group stocks and a fall in insurance companies after the union budget proposed to limit tax exemptions for insurance proceeds. STOCKS TO WATCHBritannia Industries (BRIT.NS): Co posts rise in consolidated net profit in the third quarter on price hikes, sustained demand. Alembic Pharma (ALEM.NS): Co reports consolidated net profit that beat estimates in Q3, on higher domestic sales.

☆ India Budget 2023: Here's what the experts say
▼ + stars: | 2023-02-01 | by ( ) www.reuters.com time to read: +13 min

"This budget, therefore, has rewritten the rules for financilisation of savings in India, which will induce expenditures rather incentivise savings. LAKSHMI IYER, CEO-INVESTMENT ADVISORY, KOTAK INVESTMENT ADVISORS LTD"India budget 2023 has offered a multi-dimensional view. The 3 Cs which stand out are - Capex increase - consumption boost - capital gains tax status quo. Additionally, the budget has provided significant direct tax benefits to individuals which will help increase disposable income and support spending. The budget keeps in mind the needs of future India while focusing on Artificial Intelligence and machine learning.

BENGALURU, Feb 1 (Reuters) - Indian shares reversed earlier gains to close lower on Wednesday, led by a fall in insurance companies after the country's Union budget proposed to limit tax exemptions for insurance proceeds, while Adani Group shares tumbled. The bluechip Nifty 50 index (.NSEI) closed down 0.26% at 17,616.30, its biggest slide on budget day since a 2.51% fall in 2020. HDFC Life (HDFL.NS), SBI Life Insurance (SBIL.NS), ICICI Prudential Life Insurance Co (ICIR.NS), Life Insurance of India (LIFI.NS), General Insurance Corp (GENA.NS) and Max Financial (MAXI.NS) tumbled between 8.5% to 12.5%. Metal stocks (.NIFTYMET) closed down 4.5%, mostly dragged by the slump in Adani Enterprises. ($1 = 81.8680 Indian rupees)Reporting by Bharath Rajeswaran and Nallur Sethuraman in BengaluruOur Standards: The Thomson Reuters Trust Principles.

☆ Indian shares fall as insurance companies drag; Adani Group stocks tumble
▼ + stars: | 2023-02-01 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, Feb 1 (Reuters) - Indian shares reversed earlier gains to trade lower on Wednesday, led by a fall in insurance companies after the country's Union budget proposed to limit tax exemptions for insurance proceeds, while Adani Group shares tumbled. The indexes rose as much as 2% after Finance Minister Nirmala Sitharaman raised the rebate limit for personal income tax to 700,000 rupees from 500,000 rupees. Indian insurance companies were top losers post budget, with HDFC Life (HDFL.NS), SBI Life Insurance (SBIL.NS), ICICI Prudential Life Insurance Co (ICIR.NS), Life Insurance of India (LIFI.NS), General Insurance Corp (GENA.NS) and Max Financial (MAXI.NS) tumbling between 4.5% to 11%. Shares of Nifty 50-listed Adani Enterprises (ADEL.NS) plunged 15% while Adani Ports and Special Economic Zone (APSE.NS) tumbled 10% on a broader selloff in Adani Group firms, which has now swelled to $82 billion since the Hindenburg report. Reporting by Bharath Rajeswaran and Nallur Sethuraman in Bengaluru; editing by Eileen Soreng, Savio D'Souza and Janane VenkatramanOur Standards: The Thomson Reuters Trust Principles.

BENGALURU, Feb 1 (Reuters) - Indian shares reversed earlier gains to close lower on Wednesday, led by a fall in insurance companies after the country's Union budget proposed to limit tax exemptions for insurance proceeds, while Adani Group shares tumbled. This was the worst budget day performance by Nifty 50 (.NSEI) in three years, since the 2.51% fall in 2020. Reuters Graphics Reuters GraphicsMeanwhile, Indian bond yields dropped after the government announced gross borrowing at 15.43 trillion rupees ($188.75 billion) for the next financial year. A Reuters poll had pegged gross borrowing at 16 trillion rupees. Indian insurance companies were top losers post budget, with HDFC Life (HDFL.NS), SBI Life Insurance (SBIL.NS), ICICI Prudential Life Insurance Co (ICIR.NS), Life Insurance of India (LIFI.NS), General Insurance Corp (GENA.NS) and Max Financial (MAXI.NS) tumbling between 8.5% to 12.5%.

☆ Indian shares set to rise, with Adani Group, budget, Fed on watch
▼ + stars: | 2023-01-31 | by ( ) www.reuters.com time to read: +3 min

Indian snapped a losing streak on Monday as key Adani Group stocks arrested their two-session tumble since U.S-based short-seller Hindenburg Research, last week, flagged concerns about the groups' debt levels and the use of tax havens, charges the conglomerate has denied. Traders will also watch the budget for any incentives to entice foreign investors, who have piled out of the market, especially since the report on Adani Group. Foreign institutional investors have sold 151.65 billion rupees ($1.86 billion) worth of shares on a net basis in the past three sessions. STOCKS TO WATCH** Larsen & Toubro (LART.NS): The company reported a lower-than-expected rise in consolidated net profit in third quarter on moderate order growth. ** Bharat Petroleum (BPCL.NS): The company posted a slide in quarterly net profit on stagnant retail prices.

☆ Indian shares volatile as key Adani stocks arrest slide
▼ + stars: | 2023-01-30 | by ( ) www.reuters.com time to read: +2 min

BENGALURU, Jan 30 (Reuters) - Indian shares were volatile in morning trading on Monday, mirroring financials, ahead of the Union budget, while select Adani Group stocks arrested the recent slide after a short-seller attack on group companies triggered a sell-off over the previous two sessions. The Nifty 50 index (.NSEI) was down 0.36% at 17,540.65 as of 11:03 a.m. IST, while the S&P BSE Sensex (.BSESN) fell 0.29% to 59,156.62. Indian equities had tumbled to a three-month low on Friday, dragged by a short-seller attack on Adani group companies, which triggered a selloff in banks. Investors will also shift focus to India's Union budget on Feb. 1, with the government's fiscal consolidation path and borrowing calendar for fiscal 2024 as triggers. Besides the Union budget, analysts also said rate decisions by global central banks and January automobile sales data would determine the mood in the market.

☆ Indian shares set to rise after a rout set off by Adani stocks
▼ + stars: | 2023-01-30 | by ( ) www.reuters.com time to read: +2 min

Besides the Fed's policy meeting, investors await rate decisions from other global central banks such as the European Central Bank and the Bank of England, later this week. STOCKS TO WATCH** Bajaj Finance (BJFN.NS): Co posts bigger-than-expected rise in consolidated net profit in third quarter, aided by a fall in provisions for bad loans. read more** Vedanta (VDAN.NS): Co reports slide in consolidated net profit in Q3, dragged by soft metal prices. read more** Tata Elxsi : Co reports arise in consolidated net profit in third quarter. ($1 = 81.5100 Indian rupees)Reporting by Bharath Rajeswaran in Bengaluru; Editing by Dhanya Ann ThoppilOur Standards: The Thomson Reuters Trust Principles.

New Delhi, Jan 27 (Reuters) - India's federal government is likely to keep its gross market borrowing below 16 trillion rupees ($196 billion) for 2023/24 as it does not want to destabilise the bond market with any negative surprises, two sources close to the deliberations said. "Feedback from the market participants is that a borrowing of 15.5-16 trillion rupees can be absorbed well in the next financial year," one of the officials told Reuters. The government has so far raised 12.93 trln rupees up to Jan. 27, which is 91% of the overall gross borrowing target of 14.21 trillion rupees in the 2022/23 fiscal year which ends on March 31. Traders are waiting for the Union budget on Feb. 1, with the government's fiscal consolidation path and its borrowing calendar for fiscal year 2024 set to be the next market-moving trigger. In a Reuters poll, economists forecast the government will borrow a record 16 trillion Indian rupees in the fiscal year to March 2024 on higher infrastructure spending.

☆ Indian shares hit over 1-wk low; Adani group stocks fall
▼ + stars: | 2023-01-25 | by ( Rama Venkat | ) www.reuters.com time to read: +2 min

BENGALURU, Jan 25 (Reuters) - Indian stocks hit an over-one-week low in volatile trading on Wednesday, ahead of the monthly expiry of derivatives and the federal budget. The Nifty 50 index (.NSEI) was down 1% at 17,936.25 as of 11:17 a.m. IST, while the S&P BSE Sensex (.BSESN) fell 0.96% to 60,394.36. Nifty's volatility index (.NIFVIX) climbed as much as 8.5% to 14.815 after hovering around the 14 mark for over a month. Auto stocks (.NIFTYAUTO) shed early gains to trade 0.2% lower, with Maruti Suzuki (MRTI.NS) and Bajaj Auto (BAJA.NS) the only gainers on the index. Maruti was up 0.8% on strong third-quarter earnings, while Bajaj Auto rose 0.3%.

MUMBAI, Jan 23 (Reuters) - The Indian rupee is expected to extend its gains this week, while government bond yields may move marginally higher due to worries about yet another year of elevated borrowing. The local unit is likely to add to its momentum and trade in a broad 80.50-81.50 range this week, analysts said. Despite the corporate flows in the market, steady foreign investment into equities is more important, so it seems appropriate for the rupee to trade around those levels, Biswas added. Market participants expect the benchmark bond yield to trade in the 7.30%-7.40% band this week. The Reserve Bank of India will auction 40 billion rupees each of five- and 10-year green bonds on Wednesday.

☆ INDIA RUPEE Rupee to open flat; volatility tipped to rise later in Jan
▼ + stars: | 2023-01-02 | by ( Nimesh Vora | ) www.reuters.com time to read: +2 min

MUMBAI, Jan 2 (Reuters) - The Indian rupee is tipped to open little changed against the U.S. dollar on Monday, with traders assessing the outlook for the local currency after a difficult year. The rupee is expected at around 82.70-82.75 per dollar at the open, compared to 82.72 in the previous session. We anticipate an increase in volatility later this month on new positions and flows and before India's budget, the trader said. At the open, the rupee will have to contend with the 3% jump in Brent crude futures on Friday. The dollar index was little changed, at around 103.5, to begin the week.

☆ Indian markets may see FPI revival after worst-ever selloff in 2022- analysts
▼ + stars: | 2022-12-30 | by ( Bharath Rajeswaran | ) www.reuters.com time to read: +2 min

BENGALURU, Dec 29 (Reuters) - Foreign investors' selloff in Indian equities was the biggest on record in 2022, dragging the benchmark indexes to their smallest annual gain in four years, but analysts expect purchases by cross-border investors to rebound next year. Foreign portfolio investors (FPIs) sold 1,219.08 billion rupees ($14.73 billion) worth of Indian equities in 2022, till Dec. 29, the biggest selloff in Indian shares in a year since 1993, when data became available. Reuters Graphics Reuters GraphicsThe second-worst FPI selloff was in 2008 at 529.87 billion rupees ($6.40 billion), which triggered a 51.79% fall on the Nifty 50 (.NSEI). Foreign funds purchased around 958.78 billion rupees worth of stocks in the second half of 2022, after being net sellers of shares worth 2,173.58 billion rupees in the first half. Reuters GraphicsDOMESTIC INVESTORS WEIGH INMeanwhile, domestic institutional investors net bought equities worth 2,734.60 billion rupees in 2022, their best year since data became available in 2008, according to National Stock Exchange.

☆ Indian tycoon Adani says Adani Group is financially strong- India Today
▼ + stars: | 2022-12-28 | by ( ) www.reuters.com time to read: +1 min

Dec 29 (Reuters) - Indian billionaire Gautam Adani said his conglomerate Adani Group is "financially very strong and secure," while addressing concerns about the company's debt, in an interview to news channel India Today on Wednesday. Adani said that people raising "noises" about Adani Group's debt have not done a deep dive into its financials and also have a "vested interest" to tarnish the reputation of the group. The tycoon recently took a major shareholding control in New Delhi Television Ltd (NDTV.NS) through his media entity AMG Media Network, raising fears that the media company might lose its editorial independence. Adani said, "NDTV will be a credible, independent, global network" with clear boundaries between management and editorial. Reporting by Rahat Sandhu and Akanksha Khushi in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

☆ ECB policymakers see no need to aid Italy with new scheme: sources
▼ + stars: | 2022-09-29 | by ( ) www.reuters.com time to read: +3 min

But four sources close to ECB decision makers said they saw no need to activate TPI because the market reactions did not appear "disorderly" or "unwarranted" - two key conditions for activating the scheme. The spread, or risk premium, over German debt edged above 250 basis points, the level at which the ECB stepped in last summer. More specifically, countries must respect the European Union's economic prescriptions, have a sustainable public debt and not show any macroeconomic imbalances. Asked about Italy earlier this week, ECB President Christine Lagarde said the scheme would not be used to buy the bonds of countries that make "policy errors" - without singling any out. The ECB can also use proceeds from its Pandemic Emergency Purchase Programme to buy bonds from indebted countries like Italy above their designated quotas if needed.

☆ Asked about Italy, ECB's Lagarde says she won't fix 'policy errors'
▼ + stars: | 2022-09-26 | by ( ) www.reuters.com time to read: +2 min

FRANKFURT, Sept 26 (Reuters) - The European Central Bank won't use its latest emergency scheme to buy the bonds of countries that make "policy errors", its President Christine Lagarde said on Monday in response to a question about Italy's likely next government. A right-wing alliance led by Giorgia Meloni triumphed in Italy's general elections on Sunday, inheriting one of the euro zone's heaviest debt burdens at a time of rising borrowing costs and looming recession. "It's (used in) a situation where ... there are disorderly market dynamics that are not justified by fundamentals or by economic policy errors that will have been made," Lagarde said. "This limits the risk of fuelling inflationary pressures, thereby also facilitating the task of monetary policy." Lagarde also repeated the ECB's most recent message that interest rates will need to rise over the next several policy meetings even as growth slows substantially.

☆ Euro zone yields at multi-year highs, Italian bonds underperform
▼ + stars: | 2022-09-26 | by ( Stefano Rebaudo | ) www.reuters.com time to read: +4 min

Register now for FREE unlimited access to Reuters.com RegisterSept 26 (Reuters) - Euro zone government bond yields jumped to multi-year highs amid expectations that central banks will keep tightening their monetary policy despite recession risks and a new sell-off in British gilts. Meanwhile, the spread between Italian and German yields widened after the rightist coalition won a clear majority in Sunday's elections. Italian bond (BTP) prices are also more susceptible to shifts in interest rate expectations, given the country's vast debt burden. Giorgia Meloni looks set to become Italy's first woman prime minister at the head of its most right-wing government since World War Two. "Bond yields across Europe are correlated, and today's jump in Britain yields is again affecting the euro area," he added.

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