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☆ India's largest winemaker Sula Vineyards drops 5% in market debut
▼ + stars: | 2022-12-22 | by ( Nandan Mandayam | ) www.reuters.com time to read: +2 min

It was last trading down 4.2% at 341.8 rupees in a broader market (.NSEI) that was down 0.58%. "We like Sula, given (its) market leadership in India’s grape wine industry, especially in premium brands," said Motilal Oswal equity strategist Hemang Jani. It raised a total of 9.6 billion rupees in the IPO, including 2.88 billion rupees from anchor investors like Abu Dhabi Investment Authority and Goldman Sachs. Sula, India's largest winemaker, has a portfolio of 56 labels from 13 of its own brands and 20 international ones. Its net revenue rose 8% year-over-year to 4.57 billion rupees in fiscal year 2022.

☆ Indian shares slip on COVID-19, inflation worries
▼ + stars: | 2022-12-22 | by ( ) www.reuters.com time to read: +2 min

BENGALURU, Dec 22 (Reuters) - Indian shares slipped on Thursday, with declines seen across most sectors after monetary policy minutes revealed strong concerns about elevated inflation, while fears about rising COVID-19 cases in China weighed on sentiment. India's health minister on Wednesday said the pandemic was "not over yet" given "the rising cases of COVID-19 in some countries". Asian markets also advanced after the bounce in U.S. shares, with the MSCI Asia ex Japan (.MIAPJ0000PUS) rising 1.49%. India's retail inflation eased below the RBI's upper tolerance limit of 6% for the first time in 2022 in November, but core inflation stayed above 6%. Khemka also said the remarks from the RBI minutes were "consistent with the central bank's adherence to tackling inflation".

☆ INDIA RUPEE Rupee may open slightly lower, risks falling below key support
▼ + stars: | 2022-12-22 | by ( Nimesh Vora | ) www.reuters.com time to read: +2 min

MUMBAI, Dec 22 (Reuters) - The Indian rupee is likely to open marginally lower against the U.S. currency on Thursday, weighed by persistent dollar demand from importers and rise in oil prices. The rupee is expected to be around 82.85-82.88 at open, compared with 82.81 in the previous session. It looks like it will be another session where help will be needed to prevent the rupee from falling below 83, a trader at a Mumbai-based private bank said. Public sector banks have been regularly selling dollars lately, when rupee falls near to 82.85-82.90 levels. Asian currencies were mostly higher, while the dollar index was down to 103.98 on the back of the positive.

☆ Indian shares dip on weak global cues; autos, FMCG stocks slide
▼ + stars: | 2022-12-20 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, Dec 20 (Reuters) - Indian shares opened lower on Tuesday on fears of a recession in the U.S. and a surge in COVID-19 cases in China, which has offset optimism over loosening strict pandemic restrictions. Barring Adani Enterprises (ADEL.NS) and State Bank of India (SBI.NS), all the other 48 constituents in Nifty 50 logged losses. All the major sectoral indices declined with auto (.NIFTYAUTO), FMCG (.NIFTYFMCG), information technology (.NIFTYIT) and metal (.NIFTYMET) stocks shedding over 0.5%. Asian markets declined on weak cues, such as a surge in new COVID-19 infections in China and weak macroeconomic indicators, with MSCI Asia ex Japan (.MIAPJ0000PUS) falling 0.54%. ($1 = 82.7200 Indian rupees)Reporting by Bharath Rajeswaran in Bengaluru; Editing by Janane VenkatramanOur Standards: The Thomson Reuters Trust Principles.

Exports, which constitute about 22% of the industry, have fallen for five months in a row - declining over 15% year-on-year in November to $3.1 billion. Domestic sales are sluggish despite strong growth in the overall economy because of high costs and cheap imported garments, manufacturers say. Reuters GraphicsIn the textile industry, manufacturers say higher domestic cotton prices and other costs have hit profit margins, while overseas orders for next summer are down by about one-third and domestic demand remains weak. "The government needs to scrap the 11% import duty on cotton so local textile mills can have a level playing field," Ganatra said. Reuters GraphicsFEAR OF JOB CUTSMany textile manufacturers, who have frozen hiring of workers, have warned of jobs cuts if the government fails to provide relief soon.

☆ INDIA RUPEE Rupee likely to slip as U.S. data stokes higher rates worry
▼ + stars: | 2022-12-12 | by ( Anushka Trivedi | ) www.reuters.com time to read: +2 min

MUMBAI, Dec 12 (Reuters) - The Indian rupee was expected to weaken at the open on Monday as the U.S. dollar and Treasury yields ticked higher as U.S. data late last week affirmed the need for higher interest rates. "Equity outflows are a visible headwind (to the rupee), likely given optimism on China," Barclays wrote in a note. The dollar index was back above the 105-level, while the benchmark Treasury yields were at 3.5820%, having jumped 9 basis points on Friday. Data, on that day, showed U.S. monthly producer prices rose 0.3% in November, higher than expected, with October figures revised upwards, suggesting interest rates would remain higher for longer. In India, November CPI data is due after market hours, which likely cooled to a nine-month low of 6.40%, a Reuters poll showed.

BENGALURU, Dec 9 (Reuters) - Indian shares reversed early gains on Friday, dragged by information technology stocks, after HCL Technologies warned of a potential slowdown in client spending in the industry's key U.S. markets as recession fears weighed. read moreAll the top losers in the Nifty 50 index were information technology stocks, with HCL Tech, Infosys, Tech Mahindra, Wipro and TCS, leading the decline. Most of the other sectors, however, gained as an overnight slide in oil prices and the easing of China's COVID-19 curbs limited losses. The Nifty PSU (.NIFTYPSU) index rose over 1%, on course to advance for the seventh day in a row, if gains hold. Oil prices stabilised, but still hovered around 2022 lows, after slipping for the fifth day in a row on Thursday.

☆ India's Sun Pharma says plant listed under U.S. FDA import alert
▼ + stars: | 2022-12-08 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, Dec 8 (Reuters) - The U.S. Food and Drug Administration (FDA) had listed Indian drugmaker Sun Pharmaceutical Industries Ltd's (SUN.NS) facility in the western Indian state of Gujarat under an import alert, the company said on Thursday, sending its shares down 3.6%. The import alert means all future shipments of products made at the Halol plant can be refused admission to the U.S. market until the facility becomes compliant with the FDA's Current Good Manufacturing Practice standards, Sun Pharma said in a statement. The FDA has excluded 14 products from the import alert, subject to certain conditions. It was not immediately clear what the conditions are and what remedial action the FDA had asked the company to take. Reporting by Navamya Ganesh Acharya in Bengaluru; Editing by Subhranshu Sahu and Savio D'SouzaOur Standards: The Thomson Reuters Trust Principles.

☆ INDIA RUPEE Rupee eyes stronger opening on subdued dollar, oil prices
▼ + stars: | 2022-12-08 | by ( Anushka Trivedi | ) www.reuters.com time to read: +2 min

MUMBAI, Dec 8 (Reuters) - The Indian rupee was expected to open slightly stronger against the U.S. currency on Thursday, amid weaker oil prices and as the dollar dropped overnight on growth concerns in the world's top economy. The partially convertible rupee was seen around 82.30-82.35 per dollar in the opening trades, compared to its previous close of 82.47. Monitoring debt and equity inflows will be key, but the rupee could head towards 82.50-levels, the trader added. Several executives at top U.S. banks this week have warned about this possibility. Meanwhile, the Reserve Bank of India hiked the key repo rate by 35 basis points (bps) to 6.25% on Wednesday but sounded more hawkish than market expectations about fighting inflation.

The monetary policy committee (MPC), comprising three members from the RBI and three external members, raised the key lending rate or the repo rate (INREPO=ECI) to 6.25% in a majority decision. "The MPC was of the view that further calibrated monetary policy action was warranted to keep inflation expectations anchored, break core inflation persistence and contain second round effects,” Das said as he announced the monetary policy committee's decision. We see a possibility of another 25 bps rate hike before a prolonged pause," Upasna Bhardwaj, chief economist at Kotak Mahindra Bank said. A 6.8% growth (rate) is robust," Das said. The Indian rupee dipped against the dollar after the policy decision and comments on inflation, while government bond yields rose.

☆ Indian shares unchanged ahead of RBI policy decision
▼ + stars: | 2022-12-07 | by ( ) www.reuters.com time to read: +2 min

BENGALURU, Dec 7 (Reuters) - Indian shares had a muted open on Wednesday, ahead of a widely expected interest rate hike by the Reserve Bank of India, though investors will focus on the outlook the central bank provides on its fight against domestic inflation. The RBI is widely expected to raise rates by a smaller 35 basis points (bps), after three back-to-back 50-bps moves to tame stubbornly high inflation. The Nifty and Sensex have climbed 9% each since the last RBI rate hike on September 30. The sustainability of the drop in crude prices is also uncertain. "A likely smaller rate hike will signal a mix of cautiousness and comfort while keeping all options open for the February policy depending on the conditions," Suvodeep Rakshit, chief economist at Kotak Instituitonal Equities, wrote in a pre-monetary policy note.

☆ Foreign inflows in Indian equities jump in Nov as stocks hit new highs
▼ + stars: | 2022-12-06 | by ( Bharath Rajeswaran | ) www.reuters.com time to read: +2 min

BENGALURU, Dec 6 (Reuters) - Foreign portfolio investors (FPIs) bought Indian stocks worth 362.38 billion rupees ($4.4 billion) in November, marking the second best month of overseas inflows into equities this year, data from the National Securities Depository Ltd showed. The surge in inflows comes at a time when Indian shares rose to record highs. Last month's foreign inflows into stocks trailed only those in August, when FPIs purchased 512.05 billion rupees. The Nifty Bank index (.NSEBANK) added 4.66%, while the Nifty FMCG (.NIFTYFMCG) index rose 2.8% in November. Nagaonkar added that foreign fund inflows could further rise on hopes of moderation in the Federal Reserve's rate hike cycle.

☆ INDIA RUPEE Rupee likely to fall after robust U.S. data sparks rate hike fears
▼ + stars: | 2022-12-06 | by ( Nimesh Vora | ) www.reuters.com time to read: +2 min

MUMBAI, Dec 6 (Reuters) - The Indian rupee is expected to open lower versus the dollar on Tuesday after better-than-expected U.S. data rekindled worries on how high the Federal Reserve will hike rates. The rupee is projected to open at around 81.90 per U.S. dollar, weaker than the 81.79 closing in the previous session. The rupee has in the last two sessions declined despite a host of positive cues. The rise in Treasury yields and expectations that the Reserve Bank of India will deliver a smaller rate hike on Wednesday may push rupee forward premiums to new multi-year lows. The RBI will raise interest rates by a smaller 35 basis points to 6.25% in December, according to economists polled by Reuters.

☆ Indian shares slip as oil jumps on easing China COVID curbs
▼ + stars: | 2022-12-05 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, Dec 5 (Reuters) - Indian shares dipped at open on Monday, as oil prices jumped following China's unwinding of COVID-19 restrictions, while investors awaited the Reserve Bank of India's monetary policy decision due later in the week. Oil prices rose after OPEC+ held its output targets in its meeting on Sunday and easing China curbs offered hopes of a rebound in fuel demand. Rise in oil prices is a negative for oil-importing countries like India, where crude oil constitutes the most in the country's import bill. Nifty Metal index was the top sectoral gainer, adding 1.11%, led by Hindalco (HALC.NS), National Aluminium (NALU.NS). Indian markets are also focused on the central bank's monetary policy decision, which is due on Wednesday.

☆ Indian shares set to rise after Powell hints at slower hikes
▼ + stars: | 2022-12-01 | by ( ) www.reuters.com time to read: +2 min

BENGALURU, Dec 1 (Reuters) - Indian shares are set to open higher on Thursday, tracking the sharp uptick in global equities after Federal Reserve Chair Jerome Powell hinted at slowing the pace of interest rate hikes "as soon as December." India's NSE stock futures listed on the Singapore exchange were up 0.40% at 18,991.50 as of 07:30 a.m IST. Data on Wednesday showed the Indian economy logged 6.2% annual growth rate in July-September after double-digit expansion in the previous quarter. Foreign institutional investors bought net of 90.10 billion Indian rupees ($1.11 billion) equities on Wednesday, while domestic investors sold 40.56 billion rupees worth of shares, as per provisional NSE data. Stocks To Watch:** Apollo Hospitals (APLH.NS): Company approved issue of non-convertible debentures worth 1.05 billion rupees.

☆ India stocks to rise 9% by end-2023 despite slowing economy - Reuters poll
▼ + stars: | 2022-11-30 | by ( Indradip Ghosh | ) www.reuters.com time to read: +3 min

Summary poll dataBENGALURU, Nov 30 (Reuters) - India's stock market, which rallied to a record high this week, is forecast to rise another 9% by the end of 2023 despite widespread expectations of a gradual slowdown in the economy, according to market experts polled by Reuters. The benchmark BSE Sensex Index (.BSESN) touched an all-time record high of 62,887.40 on Tuesday, surging more than 23% from this year's low of 50,921.22 hit on June 17. The Sensex was then forecast to rise to 68,000 by end-2023, for a total gain of around 9%. The Nifty 50 (.NSEI), which has also hit a record high, was forecast to gain 4.7% from Tuesday's close of 18,618.05 to 19,500 by mid-2023, and reach 20,500 by end-2023. But by most measures, the Indian market looks overbought.

☆ Indian shares set to open lower after Wall Street slide
▼ + stars: | 2022-11-29 | by ( ) www.reuters.com time to read: +2 min

BENGALURU, Nov 29 (Reuters) - Indian stocks were on Tuesday set to ease from all-time highs hit in the previous session, following an overnight slide in Wall Street on worries about China's COVID-19 management and as oil prices pared losses. U.S. crude rose 1.3% to $77.24 per barrel, while Brent crude trimmed losses to close above $83 per barrel. Foreign institutional investors bought net of 9.36 billion rupees ($114.65 million) equities on Monday, while domestic investors purchased 879.3 million rupees ($10.66 million) worth of shares, as per provisional NSE data. Stocks To Watch:** NDTV (NDTV.NS): NDTV said an entity backed by its founders had issued shares to a unit of Adani Group. ($1 = 81.6400 Indian rupees)Reporting by Bharath Rajeswaran in Bengaluru; Editing by Dhanya Ann ThoppilOur Standards: The Thomson Reuters Trust Principles.

☆ Spain's Bankinter will challenge bank tax proposal in court, CEO says
▼ + stars: | 2022-11-28 | by ( ) www.reuters.com time to read: 1 min

India's Nifty 50 hits record high as oil firms jump, article with galleryWorld category · November 28, 2022 · 7:45 AM UTCIndia's blue-chip Nifty 50 stock index hit a record high on Monday, hours after the benchmark Sensex also hit an all-time high, boosted by oil marketing companies as crude prices slid on demand concerns due to protests in China over COVID-19 curbs.

☆ India's Nifty 50 hits record high as oil firms jump
▼ + stars: | 2022-11-28 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Francis MascarenhasBENGALURU, Nov 28 (Reuters) - India's blue-chip Nifty 50 stock index hit a record high on Monday, hours after the benchmark Sensex also hit an all-time high, boosted by oil marketing companies as crude prices slid on demand concerns due to protests in China over COVID-19 curbs. The NSE Nifty 50 index (.NSEI) jumped 0.53% to an all-time high of 18,611.05, breaking a record it held since Oct. 19, 2021. Earlier in the day, the S&P BSE Sensex index (.BSESN) rose 0.61% to an all-time high of 62,674.49. Those concerns also caused a slide in oil prices as China is a top importer. The gains in Indian oil companies were led by Reliance Industries (RELI.NS), India's most valuable company, which surged 3.64%.

☆ INDIA RUPEE Rupee recovers, premiums fall below critical level
▼ + stars: | 2022-11-28 | by ( Nimesh Vora | ) www.reuters.com time to read: +1 min

MUMBAI, Nov 28 (Reuters) - The Indian rupee recovered its opening losses to end largely flat against the dollar, while forward premiums declined more to slip below a key level. Indian equities reaching a record high and a fall in oil prices further helped the rupee. Foreign investors have poured in almost $4 billion into Indian equities so far this month. Rupee forward premiums extended their recent decline with the 1-year implied yield falling below 2% for the first time in over ten years. The fall in the overnight cash USD/INR swap rate was among the main reasons for the fall in forward premiums, according to traders.

☆ Indian shares set to open lower on China COVID woes
▼ + stars: | 2022-11-28 | by ( ) www.reuters.com time to read: +2 min

Foreign institutional investors bought a net 3.69 billion rupees ($45.17 million) worth of equities on Friday, while domestic investors sold a net 2.96 billion rupees ($36.24 million) worth of shares, as per provisional NSE data. ** Larsen & Toubro Financial Holdings (LTFH.NS): Completed divestment of its mutual fund business to HSBC Asset Management (India) and received 34.84 billion rupees. The company also realised surplus cash balance of 7.65 billion rupees in L&T Investment Management. ** VA Tech Wabag (VATE.NS): Signed an agreement with Asian Development Bank towards raising 2 billion rupees through unlisted non-convertible debentures. ($1 = 81.6850 Indian rupees)Reporting by Bharath Rajeswaran in Bengaluru; editing by Uttaresh.VOur Standards: The Thomson Reuters Trust Principles.

☆ Indian shares subdued on divergent rate hike views
▼ + stars: | 2022-11-25 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, Nov 25 (Reuters) - Indian stocks opened marginally lower on Friday, after the benchmarks closed at record highs in the previous session, with investors digesting conflicting signals from global central banks on the interest rate environment. The benchmark S&P BSE Sensex (.BSESN) opened down 0.18% to 62,164.65, while the NSE Nifty 50 index (.NSEI) fell 0.14% to 18,459.00. The European Central Bank's equivalent of Federal Reserve rate-setting committee's minutes that came out on Thursday showed that the room for slowing down the pace of interest rate adjustments remained limited, in contrast to the U.S. central bank's assessment. Nifty IT index (.NIFTYIT) lost 0.4%, with seven of the 10 constituents falling in today's session. The Nifty Midcap 100 (.NIFMDCP100) and Nifty SmallCap 100 (.NIFTYSMCP100) indexes outperformed larger peers, rising 0.33% and 0.47%, respectively.

☆ Adani to raise $2.45 bln in India's biggest follow-on share sale
▼ + stars: | 2022-11-25 | by ( ) www.reuters.com time to read: +2 min

BENGALURU, Nov 25 (Reuters) - Adani Enterprises (ADEL.NS), the flagship company of ports-to-energy conglomerate Adani Group, said it would raise 200 billion Indian rupees ($2.45 billion) in India's largest follow-on public offering of new shares. The share offering would increase the company's public float from the current 27.4% level. "Adani needs capital at the holding company level. read moreThe company plans to file a draft prospectus before Dec. 31 and raise the funds before March 31, but it will depend on market conditions, the person added. The previous largest FPO was a 150 billion-rupee share sale in 2020 by Yes Bank (YESB.NS).

☆ 'Wednesday' review: Jenna Ortega makes Netflix's Addams Family series look like a snap
▼ + stars: | 2022-11-22 | by ( Review Brian Lowry | ) edition.cnn.com time to read: +3 min

CNN —Although the main character’s name was inspired by the poetic line “Wednesday’s child is full of woe,” “Wednesday” is generally a delight, thanks almost entirely to Jenna Ortega. Having outgrown her Disney Channel days, Ortega makes the Addams Family’s now-high-school-age daughter the coolest humorless goth sociopath you’ll ever meet, in a Netflix series that’s more kooky than spooky or ooky. – a “five-fingered discount.” The writers extract a great deal of comedic mileage from that extremity, so give them a hand. Seeking to bring something new a property like the Addams Family, which has been done so many times before, isn’t easy without altering its DNA. To its credit, “Wednesday” rises to the challenge and mostly manages to make it look like a snap.

☆ Indian shares edge up on UltraTech Cement boost
▼ + stars: | 2022-11-22 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, Nov 22 (Reuters) - Indian equity benchmarks edged higher on Tuesday, after declining for three straight sessions, buoyed by gains in top cement producer UltraTech Cement (ULTC.NS). The benchmark S&P BSE Sensex (.BSESN) rose 0.11% to 61,212.36, while the NSE Nifty 50 index (.NSEI) gained 0.08% to 18,175.10. UltraTech Cement (ULTC.NS) led gains on the Nifty, rising as much a 2.4% to a near three-week high, while its parent Grasim Industries (GRAS.NS) advanced 2.1%. Indian markets are likely to be range-bound and not follow global cues ahead of state elections due in December, said AK Prabhakar, Head of Research, IDBI Capital. Foreign institutional investors sold 15.94 billion Indian rupees ($195.11 million) worth of equities on Monday, while domestic investors bought 12.63 billion rupees ($154.59 million) of shares, per provisional NSE data.

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