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☆ India's Nocil expects stronger sales as buyers pursue China Plus One
▼ + stars: | 2022-10-19 | by ( Sethuraman N R | ) www.reuters.com time to read: +2 min

BENGALURU, Oct 19 (Reuters) - India's largest rubber chemicals maker Nocil Ltd (NOCI.NS) is expecting higher sales volumes in the next couple of years, as firms globally push for diversified supplies beyond top producer China that is battling supply constraints. Part of an over 100-year old Arvind Mafatlal Group (AMG), the Mumbai-based Nocil produces antidegradants, antioxidants, accelerators that are used by the tyre industry and other rubber processing companies. Register now for FREE unlimited access to Reuters.com Register"What China Plus has done for us globally is, it has broadened the discussions with customers to increase our volume share," Mafatlal said. "Even pre-pandemic we were reliable suppliers in the export markets of Europe, Americas, Southeast Asia and Japan, which constitutes a major share of tyre makers in the world outside of China," Mafatlal said. Nocil is also eyeing strong demand from the domestic markets, where China has a strong footing, with the government encouraging its 'Make in India' programme that is aimed at boosting local manufacturing.

☆ India's UltraTech Cement misses Q2 profit estimates as expenses rise, demand weakens
▼ + stars: | 2022-10-19 | by ( ) www.reuters.com time to read: +2 min

BENGALURU, Oct 19 (Reuters) - India's top cement maker UltraTech Cement (ULTC.NS) on Wednesday reported a bigger-than-expected drop in September-quarter profit, dented by higher power and fuel costs as well as lower demand. Consolidated net profit for the quarter was at 7.56 billion Indian rupees ($91.77 million), down over 42% on year. Analysts, on average, had expected the company to report a profit of 8.58 billion rupees for the latest quarter, according to IBES data from Refinitiv. Consolidated net sales in the September-quarter rose about 16% to 135.96 billion rupees from a year ago. read moreCompetition in domestic cement industry got heated after UltraTech Cement in June charted out a plan to increase its annual capacity to 159.25 million tonnes per annum to stave off competition from the sector's newest entrant Adani Group.

☆ India cenbank may need to resume bond buying to manage liquidity deficit -BofA
▼ + stars: | 2022-10-19 | by ( ) www.reuters.com time to read: +2 min

India's banking system liquidity was already at a deficit of 100 billion Indian rupees ($1.21 billion) by this week, with more tax payment related outflows likely. The RBI would need to decide how to maintain money market rates close to policy rates, BofA strategists said. Buying bonds in the open market "would help achieve more than one objective" by injecting liquidity and averting a larger sell-off in bond markets, they added. Like most central banks globally, the RBI had conducted open market operations during the COVID-19 pandemic and stopped in October last year. "The decision on appropriate liquidity surplus or deficit in the system would depend on a few factors, including the monetary policy stance, need to support further credit growth, banking system liquidity skew and currency stability," they said.

☆ INDIA RUPEE Rupee jumps as UK fiscal budget turnaround brings cheer
▼ + stars: | 2022-10-18 | by ( Anushka Trivedi | ) www.reuters.com time to read: +2 min

MUMBAI, Oct 18 (Reuters) - The Indian rupee strengthened on Tuesday to hover close to the 82 per dollar mark, as risk sentiment improved after reversal of Britain's controversial fiscal plans pressured the greenback. The rupee jumped 0.35% to 82.05 by 0442 GMT, after having traded in a narrow band near the 82.40 level for the past five sessions. The currency has not traded under 82 per dollar in nearly two-weeks and traders see low chances of it breaching that in this session. Any level below 82 per dollar was good for importers with near-term exposures to buy as USD/INR premiums are currently lower too, he added. Register now for FREE unlimited access to Reuters.com RegisterReporting by Anushka Trivedi in Mumbai; Editing by Neha AroraOur Standards: The Thomson Reuters Trust Principles.

☆ Abu Dhabi leads Gulf markets higher, conglomerate IHC soars
▼ + stars: | 2022-10-18 | by ( ) www.reuters.com time to read: +2 min

Oct 18 (Reuters) - Most stock markets in the Gulf rose in early trade on Tuesday, tracking strength in Asian shares and oil prices, with the Abu Dhabi index outperforming the region led by a surge in International Holding Co (IHC) (IHC.AD). Register now for FREE unlimited access to Reuters.com RegisterInternational Holding will acquire Infinity's shares in Alpha Dhabi Holding, Multiply Group and Al Seer Marine in exchange for issuing capital increase share in the company. Saudi Arabia's benchmark index (.TASI) advanced 1.5%, with Al Rajhi Bank (1120.SE) rising 2% and the kingdom's largest lender Saudi National Bank (1180.SE) climbing 3.4%. read moreDubai's main share index (.DFMGI) was up 0.4%, led by a 1.2% rise in sharia-compliant lender Dubai Islamic Bank (DISB.DU). MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) was up 1.55%, as the dramatic U-turn in British fiscal policy bolstered investor sentiment.

☆ India cenbank's FX intervention via forwards may hamper rupee's defence -analysts
▼ + stars: | 2022-10-17 | by ( Nimesh Vora | ) www.reuters.com time to read: +2 min

MUMBAI, Oct 17 (Reuters) - The Reserve Bank of India's (RBI) forex intervention through forward dollar sales instead of an on-spot basis may undermine its effort to boost the rupee, analysts said. The central bank has been selling dollars in spot and conducting buy/sell swaps to shift the delivery of dollars to a future date. Register now for FREE unlimited access to Reuters.com RegisterA buy/sell swap involves an agreement to buy dollars at the spot date and to sell dollars at a future predetermined rate. The difference between the sell rate and the buy rate is the forward premium. Meanwhile, the fall in premiums also dissuades exporters to sell dollar forward.

☆ INDIA STOCKS Indian shares gain as Infosys, banks stocks climb
▼ + stars: | 2022-10-14 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, Oct 14 (Reuters) - Indian shares were higher in early trades on Friday, led by gains in IT giant Infosys, bank stocks and strength in broader Asia. The NSE Nifty 50 index (.NSEI) was 1.77% higher at 17,315.60 as of 0350 GMT, and the S&P BSE Sensex (.BSESN) climbed 1.86% to 58,297.87. read moreNifty's IT (.NIFTYIT), private sector bank (.NIFPVTBNK) and public sector bank (.NIFTYPSU) indexes were up over 2% each. Two- and three-wheeler maker Bajaj Auto (BAJA.NS), a Nifty- 50 component, was 1% higher ahead of its quarterly earnings results later in the day. Asian shares climbed on Friday following Wall Street, although gains could be shortlived over recession worries after surging U.S. inflation increased likelihood of higher interest rates for longer.

☆ INDIA STOCKS Indian shares fall as rate hike fears surface; Wipro plunges
▼ + stars: | 2022-10-13 | by ( ) www.reuters.com time to read: +2 min

BENGALURU, Oct 13 (Reuters) - Indian shares were lower in early trade on Thursday after data showed the country's retail inflation accelerated to a five-month high in September, stoking fears of further rate hikes by the central bank. The NSE Nifty 50 index (.NSEI) fell 0.19% to 17,090.50 as of 0348 GMT, and the S&P BSE Sensex (.BSESN) declined 0.26% to 57,477.01. The country's annual retail inflation jumped to 7.41% last month, as food prices surged, and it remained above the Reserve Bank of India's target for three quarters. Market participants now await U.S. consumer price data due later in the day. Register now for FREE unlimited access to Reuters.com RegisterReporting by Rama Venkat in Bengaluru; Editing by Dhanya Ann Thoppil and Neha AroraOur Standards: The Thomson Reuters Trust Principles.

☆ India's retail inflation rate likely peaked in September - analysts
▼ + stars: | 2022-10-13 | by ( Tetsushi Kajimoto | ) www.reuters.com time to read: +2 min

MUMBAI, Oct 13 (Reuters) - India's consumer price-led inflation is expected to gradually decelerate after September, helped by a fall in commodity prices and easing food inflation, analysts said. India's annual retail inflation accelerated to a five-month high of 7.41% in September from 7% in the previous month, data released on Wednesday showed. Food inflation, which accounts for nearly 40% of the CPI basket, rose 8.60% in September, compared to 7.62% in August. However, helped partially by easing global commodity prices, India's inflation rate should moderate from here, likely reaching "a tad below" the 6% mark by February or March, Morgan Stanley said in a note. Credit Suisse said that the October inflation rate will likely be 1% lower given a higher base, especially for food prices.

☆ Europe's STOXX 600 falls for seventh day; U.S. CPI data eyed
▼ + stars: | 2022-10-13 | by ( Devik Jain | ) www.reuters.com time to read: +3 min

SummarySummary Companies U.S. CPI data due at 1230 GMTAroundtown slumps after Citi downgradeOct 13 (Reuters) - Europe's STOXX 600 index fell for a seventh day on Thursday, dragged by technology and real estate stocks, with investors focussed solely on U.S. inflation data due later in the day to gauge the Federal Reserve's rate-hike trajectory. The region-wide (.STOXX) index was down 0.5% by 0810 GMT, and on pace for its longest losing streak since early February 2018, if losses hold. All eyes are on U.S. CPI data due at 1230 GMT. "The effects of inflation and expected economic contractions on shoppers caution are expected to continue to weigh on consumer discretionary stocks, particularly retail, travel and hospitality," Streeter said. Norwegian aluminium producer Norsk Hydro (NHY.OL) jumped 5.6% after reports that the United States was weighing restricting imports of Russian aluminium.

☆ INDIA STOCKS Indian shares rise as oil prices decline; inflation data eyed
▼ + stars: | 2022-10-12 | by ( ) www.reuters.com time to read: +2 min

BENGALURU, Oct 12 (Reuters) - Indian shares opened higher on Wednesday, as a fall in global oil prices boosted sentiment, while investors awaited domestic retail inflation data and quarterly earnings results from IT firm Wipro later in the day. India, the world's third-biggest importer and consumer of oil, benefits from a fall in prices as it brings down imported inflation. On Tuesday, both the indexes had closed at a one-week low - marking their third straight session of losses - on the back of risk aversion globally. Markets also awaited U.S. inflation data on Thursday that kept investors on edge. Register now for FREE unlimited access to Reuters.com RegisterReporting by Rama Venkat in Bengaluru; Editing by Neha AroraOur Standards: The Thomson Reuters Trust Principles.

☆ INDIA STOCKS Indian shares extend fall as autos weigh
▼ + stars: | 2022-10-11 | by ( Rama Venkat | ) www.reuters.com time to read: +2 min

BENGALURU, Oct 11 (Reuters) - Indian shares fell for a third session on Tuesday, with automobile stocks leading losses, as risk-averse trades take hold of financial markets globally. The NSE Nifty 50 index (.NSEI) fell 0.55% to 17,146 as of 0510 GMT, and the S&P BSE Sensex (.BSESN) was down 0.51% to 57,692.61. read moreIn domestic trading, the Nifty's automobile index (.NIFTYAUTO) and the energy index (.NIFTYENR) fell 0.98% and 0.69%, respectively. Tata Consultancy Services Ltd (TCS.NS) posted its biggest intraday pct fall in more than three weeks, weighing on the Nifty IT index (.NIFTYIT) which was down 0.75%. "We have seen the worst of inflation getting over so don't see much of a domestic inflation scare as of now."

☆ UK stocks extend losses, BoE measures eyed to stem bond rout
▼ + stars: | 2022-10-11 | by ( Sruthi Shankar | ) www.reuters.com time to read: +3 min

Meanwhile, shares of pension providers such as Legal & General (LGEN.L), Prudential (PRU.L) and Aviva (AV.L) fell between 2.3% and 3.3%. UK's banking index (.FTNMX301010) was down 1.6% at a one-week low despite prospects of a large rate hike by the BoE next month. However, the internationally focussed FTSE 100 has outperformed UK's domestically exposed FTSE 250 (.FTMC) this year, as a weakening pound and strength in commodity prices boosted the former. The FTSE 100 has shed 6.8% so in 2022, while the midcap index has lost about 28% - set for its worst annual performance since 2008. Ukraine-focused miner Ferrexpo Plc (FXPO.L) fell 9.1%, as it temporarily suspended production after Russian missile attacks damaged state-owned electrical infrastructure.

☆ Fast Company shuts website after hack sends 'obscene' Apple News notifications
▼ + stars: | 2022-09-28 | by ( ) www.reuters.com time to read: +2 min

Sept 27 (Reuters) - U.S. business and media publication Fast Company said it shut down its website on Tuesday evening after the site was hacked and sent "obscene and racist" notifications to Apple users via the iPhone maker's Apple News service. News publishers using the Apple News aggregation app can connect their digital publishing tools to Apple News to send push notifications to Apple customers who subscribe to the publisher's channel. Fast Company said hackers broke into those publishing tools. Hackers sent two "obscene and racist push notifications" about a minute apart, Fast Company said in a tweet, adding it had suspended the Apple News feed until the situation was resolved. Fast Company is owned by publishing firm Mansueto Ventures LLC.

☆ INDIA STOCKS Indian shares fall as Fed signals more rate hikes
▼ + stars: | 2022-09-22 | by ( ) www.reuters.com time to read: +1 min

Register now for FREE unlimited access to Reuters.com RegisterBENGALURU, Sept 22 (Reuters) - Indian shares fell on Thursday, in line with Asian peers, while the rupee hit a record low after the U.S. Federal Reserve raised interest rates and indicated more hikes than markets had expected. The NSE Nifty 50 index (.NSEI) fell 0.53% at 17,624, while the S&P BSE Sensex (.BSESN) slipped 0.51% to 59,150 as of 0346 GMT. The Indian rupee hit a record low of 80.45 against the U.S. dollar. Register now for FREE unlimited access to Reuters.com RegisterThe Fed increased rates by 75 basis points on Wednesday – the third such rise in a row – and signalled that it would continue to raise borrowing costs to fight inflation. read moreIndia's central bank is due to meet next week to decide on its own path for monetary policy.

☆ Indian shares rise 1% as global mkts recover; Fed in focus
▼ + stars: | 2022-09-20 | by ( ) www.reuters.com time to read: +1 min

Register now for FREE unlimited access to Reuters.com RegisterA security guard walks past the logo of the National Stock Exchange (NSE) inside its building in Mumbai, India, May 28, 2019. The Nifty IT index (.NIFTYIT), metals index (.NIFTYMET) and auto index (.NIFTYAUTO) were top gainers rising 1.8%, 1.7% and 1.6%, respectively. Register now for FREE unlimited access to Reuters.com RegisterShares of Ircon International (IRCN.NS) gained 4% after winning an order worth 2.56 billion Indian rupees ($32.13 million). Asian shares edged up in early trade on Tuesday following a rebound in the final hour of New York trading. ($1 = 79.6750 Indian rupees)Register now for FREE unlimited access to Reuters.com RegisterReporting by Nallur Sethuraman in Bengaluru; Editing by Neha AroraOur Standards: The Thomson Reuters Trust Principles.

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