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☆ Adani Group fallout drags Indian shares to 3-month low
▼ + stars: | 2023-01-27 | by ( ) www.reuters.com time to read: +2 min

BENGALURU, Jan 27 (Reuters) - Indian shares fell more than 1% to a three-month low on Friday, as banks continued to lead the market lower along with Adani Group companies in the wake of a short-seller attack on the conglomerate. He said the hammering of Adani Group stocks has upset investor sentiment and created a crisis of confidence. Adani Ports (APSE.NS) and Adani Enterprises (ADEL.NS) were the top losers on the Nifty 50 on Friday, ahead of the latter's $2.45 billion follow-on public offering (FPO). The heavyweight financials sector (.NIFTYFIN) again led the slide, falling more than 2% even though brokerages said banks' exposure to the Adani Group was within manageable limits. The drop in Indian stocks was in contrast to their Asian peers, which hit a near nine-month-high after strong U.S. economic growth data eased recession worries.

☆ Instant view: India's Adani slammed by $48 bln stock rout, clouding record share sale
▼ + stars: | 2023-01-27 | by ( ) www.reuters.com time to read: +2 min

COMMENTARYJ.P.MORGAN"While the Hindenburg report focused mainly on equity valuations within the group, we are primarily concerned about the underlying credit profiles of group companies given underlying bank exposures. Clearly given the size of the group and outstanding debt, this has also impacted the banks." So if a report comes and stocks see a sharp fall, lot of margin calls also get triggered. At least 40% of the group's debt is exposed to Indian banks, so that exposure is what people are worried about in banks. Reporting by Rama Venkat and Bharath Rajeswaran in Bengaluru; Editing by Savio D'SouzaOur Standards: The Thomson Reuters Trust Principles.

☆ 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%.

☆ Indian shares set to open higher; key earnings to provide direction
▼ + stars: | 2023-01-23 | by ( ) www.reuters.com time to read: +2 min

BENGALURU, Jan 23 (Reuters) - Indian stocks were poised to open higher on Monday, tracking a Wall Street rally in the previous session, with shares also taking cues from the earnings of heavyweights such as Reliance. Financial stocks (.NIFTYFIN) could gain after robust quarterly earnings results from top banks over the weekend. Wall Street equities rallied to close higher on Friday, as upbeat quarterly earnings helped lift Netflix, while Google parent Alphabet climbed after announcing job cuts. ** India's top cement maker, UltraTech Cement (ULTC.NS), reported a 38% decrease in quarterly profit on Saturday, dented by a surge in expenses. ** Yes Bank (YESB.NS) reported a surprise 80% plunge in quarterly profit on Saturday as provisions for bad loans increased.

☆ Indian shares set to open higher; inflation slows
▼ + stars: | 2023-01-13 | by ( ) www.reuters.com time to read: +2 min

BENGALURU, Jan 13 (Reuters) - Indian shares are set to open higher on Friday after data showed domestic and U.S. inflation eased last month, boosting expectations that central banks could slow the pace of interest rate hikes. In other Asian equities, the MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) was up 0.8% at a seven-month high. STOCKS TO WATCH** Wipro Ltd (WIPR.NS): Co set to report quarterly results later in the day. ** Infosys (INFY.NS): Co raises annual revenue outlook after reporting better-than-expected quarterly profit in third quarter. ($1 = 81.1100 Indian rupees)Reporting by Rama Venkat and Bharath Rajeswaran in Bengaluru;Our Standards: The Thomson Reuters Trust Principles.

☆ Indian shares seen opening flat; Powell's speech, earnings eyed
▼ + stars: | 2023-01-10 | by ( ) www.reuters.com time to read: +2 min

BENGALURU, Jan 10 (Reuters) - Indian shares were set for a muted opening on Tuesday, tracking global moves as investors weighed expectations of less aggressive Fed rate hikes against inflation and corporate earnings performance. India's NSE stock futures listed on the Singapore exchange were down 0.12% at 18,150.50, as of 7:42 a.m. IST on Tuesday. Domestic investors bought 17.24 billion rupees worth of shares, as per provisional NSE data. STOCKS TO WATCH** TCS (TCS.NS): Co's third quarter net profit missed estimates, flags challenges in Europe as clients tighten spending. ($1 = 82.1700 Indian rupees)Reporting by Rama Venkat and Bharath Rajeswaran in Bengaluru; Editing by Nivedita BhattacharjeeOur Standards: The Thomson Reuters Trust Principles.

☆ Indian shares set to open higher to track Asia; Q3 results eyed
▼ + stars: | 2023-01-09 | by ( ) www.reuters.com time to read: +2 min

At home, IT major Tata Consultancy Services (TCS.NS) was set to report third quarter results after market close. Analysts expect weak Q3 revenue growth for IT services firms, on the back of deteriorating macroeconomic conditions and furloughs in the quarter. Domestic investors bought 10.83 billion rupees worth of shares, as per provisional NSE data. ** Titan Company (TITN.NS): Co reported 12% YoY growth in combined sales in third quarter, driven by festive season. ** Tata Steel (TISC.NS): Company's India crude steel production stood at 5 million tonnes in third quarter, up 4% YoY.

☆ 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.

☆ India cenbank hikes key policy rate by 35 basis points
▼ + stars: | 2022-12-07 | by ( ) www.reuters.com time to read: +7 min

However, the pace of rate hikes is reducing from 50 bps to 35 bps, in line with expected global hikes." The market needs to keep a close watch on global rate hikes and sticky core inflation." "We expect RBI to go for another 25 bps hike in its next policy, with the terminal rate at 6.5%. ANUJ PURI, CHAIRMAN, ANAROCK GROUP, MUMBAI"The 35 bps rate hike by the RBI - the fifth consecutive rate hike this year - comes as no surprise. We see a possibility of another 25 bps rate hike before a prolonged pause."

☆ Billionaire Adani becomes NDTV's biggest shareholder after open offer
▼ + stars: | 2022-12-05 | by ( ) www.reuters.com time to read: +2 min

BENGALURU, Dec 5 (Reuters) - Indian billionaire Gautam Adani's conglomerate on Monday raised its stake in New Delhi Television Ltd (NDTV.NS) to more than 37% through an open offer, making it the biggest shareholder of one of the country's most popular news networks. Although Adani's group was looking to take another 26% stake in NDTV, the open offer attracted bids for just 5.3 million shares, translating to an 8.3% interest in the company. Last week, Adani acquired a stake of about 29.2% in NDTV by buying a company backed by the television network's founders, Radhika Roy and Prannoy Roy, who have a 32.3% stake in NDTV. In the open offer that concluded Monday, corporate investors tendered 3.9 million shares, while retail investors offered to sell over 706,000 shares. Adani had offered to buy NDTV shares at 294 rupees in the open offer, which represents a 25% discount to Monday's closing price.

☆ Alibaba to sell Zomato shares worth $200 mln via block deal - report
▼ + stars: | 2022-11-29 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, Nov 29 (Reuters) - Alibaba Group Holding Ltd (9988.HK) plans to sell a stake of about 3% in Indian food delivery firm Zomato Ltd (ZOMT.NS) worth $200 million through a block deal, CNBC Awaaz reported on Tuesday, citing sources. The Chinese e-commerce giant, through its finance affiliate Ant Group (688688.SS), currently owns a 13.3% stake in Zomato, according to Refinitiv data. Alibaba and Zomato did not immediately respond to Reuters requests for comment. The block deal on Wednesday will likely be at a 5% to 6% discount to Zomato's Tuesday close of 63.55 rupees, a CNBC Awaaz reporter said in a tweet. loadingThe development comes months after Uber Technologies (UBER.N) sold its 7.8% stake in Zomato for $392 million via a block trade on local exchanges, Reuters reported in August, citing sources.

☆ Sensex may hit 80,000 if India included in global bond indexes -Morgan Stanley
▼ + stars: | 2022-11-28 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, Nov 28 (Reuters) - India's Sensex stock index may hit 80,000 by the end of next year if the country is included in global bond indexes and prices of commodities such as oil and fertilizers drop sharply, Morgan Stanley analysts said. The inclusion could result in nearly $20 billion of inflows over the subsequent 12 months, the brokerage said, while making a bull case for a 30% chance of the blue-chip index hitting the number. The Wall Street bank said in October that India is on the radar for an inclusion. Indian markets have defied weakness seen in Asian peers this year, with the Sensex (.BSESN) closing at a new peak of 62,504.8 earlier in the day. Reporting by Rama Venkat and Chris Thomas in Bengaluru; Editing by Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

☆ 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).

☆ Tata Motors' JLR says CEO Bollore to resign
▼ + stars: | 2022-11-16 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, Nov 16 (Reuters) - Tata Motors (TAMO.NS)-owned luxury carmaker Jaguar Land Rover said on Wednesday Chief Executive Officer Thierry Bollore would resign due to personal reasons after more than two years in the role. Adrian Mardell will take over as CEO on an interim basis, JLR said. A 32-year JLR veteran, Mardell is currently a member of the company's executive board. JLR said earlier this month its second-quarter loss before tax narrowed to 173 million pounds ($206.06 million), while revenue rose 36% from a year earlier. The division's performance is key to India's Tata Motors as it contributes nearly 60% to the group's revenue from operations.

☆ INDIA STOCKS Indian shares rise as consumer, IT boost
▼ + stars: | 2022-11-09 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, Nov 9 (Reuters) - Indian shares were trading higher on Wednesday, led by consumer and tech stocks and in lockstep with other Asian equities, while investors awaited domestic earnings reports to gauge corporate health. Meanwhile, data showed foreign institutional investors were net buyers in equities for eight straight days. They bought net of 19.49 billion Indian rupees ($239.52 million) equities on Monday, while domestic investors sold 8.44 billion rupees of shares, as per provisional data available with the National Stock Exchange. In domestic trading, Nifty's FMCG (.NIFTYFMCG) and IT (.NIFTYIT) indexes were among the top performing sectors, adding 0.53% and 0.33%, respectively. ($1 = 81.3700 Indian rupees)Reporting by Rama Venkat in Bengaluru; Editing by Dhanya Ann ThoppilOur Standards: The Thomson Reuters Trust Principles.

☆ INDIA STOCKS Indian shares trade higher as metals, Asia boost
▼ + stars: | 2022-11-04 | by ( ) www.reuters.com time to read: +1 min

In broader Asia, equities rose on Friday, helped by Hong Kong and China stocks. U.S. payrolls data is due later in the day, with any robust data likely to reinforce the Federal Reserve's hawkish outlook. Fed Chair Jerome Powell repeatedly mentioned the robust labour market in his speech after the Fed rate hike earlier this week. In domestic trading, Nifty's metal index (.NIFTYMET) was the best performer among other sectors, rising 1.3%. Reporting by Rama Venkat in Bengaluru; Editing by Dhanya Ann Thoppil and Savio D'SouzaOur Standards: The Thomson Reuters Trust Principles.

☆ INDIA STOCKS Indian shares set for lower opening as Fed keeps hawkish stance
▼ + stars: | 2022-11-03 | by ( ) www.reuters.com time to read: +3 min

India's NSE stock futures, listed on the Singapore exchange , were 0.94% lower as of 0211 GMT. The Federal Reserve raised interest rates by 75 basis points on Wednesday as widely expected and said its battle against inflation will require borrowing costs to rise further. Meanwhile, foreign institutional investors bought a net 14.36 billion Indian rupees ($173.61 million) worth of equities on Wednesday, while domestic investors sold 13.78 billion rupees of shares, as per provisional data available with the National Stock Exchange. ** Mahindra and Mahindra Financial Services Ltd (MMFS.NS) reported September-quarter profit of 4.48 billion rupees, a 56.2% year-on-year decline. ($1 = 82.7120 Indian rupees)Reporting by Rama Venkat in Bengaluru;Editing by Dhanya Ann ThoppilOur Standards: The Thomson Reuters Trust Principles.

☆ INDIA STOCKS Indian shares set for muted opening; Fed meet in focus
▼ + stars: | 2022-11-02 | by ( ) www.reuters.com time to read: +3 min

** Adani Ports and Special Economic Zone APSE.NS, India's largest private operator of ports, reported a 69% surge in quarterly profit on Tuesday, driven by strong cargo volumes. ** Sun Pharmaceutical Industries Ltd (SUN.NS) on Tuesday reported a surprise 10.5% rise in second quarter profit led by a surge in sales of specialty drugs. ** IT services provider Tech Mahindra (TEML.NS)reported better-than-expected quarterly profit and revenue on Tuesday, helped by strong demand and the company also declared a special dividend. ** Kansai Nerolac Paints Ltd (KANE.NS)reported a weaker-than-expected rise in second quarter profit on Tuesday, hit by higher input costs and a demand squeeze due to unseasonal rains. ** Voltas Ltd (VOLT.NS)posted a loss for the second quarter on Tuesday, dented by higher expenses and a one-off expense related to a contract termination.

☆ INDIA STOCKS Indian shares seen opening higher, Fed in focus
▼ + stars: | 2022-11-01 | by ( ) www.reuters.com time to read: +3 min

BENGALURU, Nov 1 (Reuters) - Indian shares may kick off November trading on a higher note on Tuesday, after rising for three straight sessions, tracking gains in broader Asia as investors turn focus to the U.S. Federal Reserve policy meeting this week. India's NSE stock futures, listed on the Singapore exchange , were 0.61% higher as of 0203 GMT. Investors this week will be looking for the outcome of the Fed policy meeting and the outlook on future rate hikes path. The Fed is widely expected to raise interest rates by 75 basis points on Wednesday at the conclusion of its two-day policy meeting. ($1 = 82.7910 Indian rupees)Reporting by Rama Venkat in Bengaluru; Editing by Dhanya Ann ThoppilOur Standards: The Thomson Reuters Trust Principles.

☆ INDIA STOCKS Indian shares seen opening higher to track Asia gains
▼ + stars: | 2022-10-31 | by ( ) www.reuters.com time to read: +3 min

BENGALURU, Oct 31 (Reuters) - Indian shares may open higher on Monday, after rising for two consecutive weeks, tracking gains in broader Asia and a fall in oil prices. India's NSE stock futures, listed on the Singapore exchange , were 0.92% higher as of 0242 GMT. The MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) was up 0.8%. Stocks to watch:** Sugar stocks after India, the world's biggest sugar producer, extended restrictions for export by one year through October 2023, the government said in a notification late on Friday. ($1 = 82.2610 Indian rupees)Reporting by Rama Venkat in Bengaluru;Editing by Dhanya Ann ThoppilOur Standards: The Thomson Reuters Trust Principles.

☆ INDIA STOCKS Indian shares may open higher, tracking Asia
▼ + stars: | 2022-10-27 | by ( ) www.reuters.com time to read: +2 min

BENGALURU, Oct 27 (Reuters) - Indian shares are poised to open higher on Thursday, tracking strength in Asian markets in the backdrop of growing expectation the U.S. Federal Reserve may tone down its aggressive stance on rate hikes. India's NSE stock futures, listed on the Singapore exchange , were 0.55% higher as of 0159 GMT, while the MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS), climbed 1.74%. India is the world's third-largest importer and consumer of oil, and a rise in crude prices have a direct impact on inflation. Foreign institutional investors sold a net 2.47 billion Indian rupees ($30.12 million) worth of equities on Tuesday, while domestic investors bought net 8.73 billion rupees worth of shares, as per provisional data available with the National Stock Exchange. ($1 = 82.0040 Indian rupees)Reporting by Rama Venkat in Bengaluru; Editing by Neha AroraOur Standards: The Thomson Reuters Trust Principles.

☆ INDIA STOCKS Indian shares may open lower, tracking Asia
▼ + stars: | 2022-10-25 | by ( ) www.reuters.com time to read: +3 min

BENGALURU, Oct 25 (Reuters) - Indian shares are poised to edge lower at open on Tuesday, tracking weakness in Asian markets, with limited downside seen on the back of expectation the Federal Reserve may slow its pace of rate hikes. However, in the one-hour of trade, shares of Yes Bank Ltd (YESB.NS), ICICI BANK (ICBK.NS) and Hindustan Unilever Ltd (HLL.NS) fell between 2.8% and 3.9%. In addition, foreign institutional investors sold a net 1.54 billion Indian rupees ($18.61 million) worth of equities on Monday, while domestic investors bought net 801.2 million rupees worth of shares, as per provisional data available with the National Stock Exchange. ** Kotak Mahindra Bank (KTKM.NS) on Saturday reported a bigger-than-expected jump in net profit for the June-September quarter, lifted by strong loan growth. ** Yes Bank (YESB.NS)said on Saturday its profit fell in the July-September quarter as it set aside more provisions for bad loans recorded in previous quarters.

☆ INDIA STOCKS Indian shares seen opening lower, tracking global cues
▼ + stars: | 2022-10-21 | by ( ) www.reuters.com time to read: +2 min

BENGALURU, Oct 21 (Reuters) - Indian shares are poised to edge lower at open on Friday, tracking weakness in global markets over persistent fears of the impact of aggressive interest rate hikes from major central banks on economic growth and corporate earnings. India's NSE stock futures listed on the Singapore exchange were 0.15% lower, as of 0212 GMT. Yet, the two main Indian bourses have rallied for five straight sessions, despite the weak investor sentiment globally for risk assets. ** Shadow lender Bajaj Finance Ltd (BJFN.NS)reported a record quarterly profit on Thursday, beating estimates on improved demand for loans and better asset quality. ($1 = 82.8220 Indian rupees)Register now for FREE unlimited access to Reuters.com RegisterReporting by Rama Venkat in Bengaluru;Our Standards: The Thomson Reuters Trust Principles.

☆ INDIA STOCKS Indian shares track Asian peers lower on rate hike fears
▼ + stars: | 2022-10-20 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, Oct 20 (Reuters) - Indian shares opened lower on Thursday, following dour sentiment in other Asian markets for risky assets as U.S. Treasury yields surged on fears that the Federal Reserve will continue on its aggressive rate-hike path. The NSE Nifty 50 index (.NSEI) was down 0.44% at 17,434.75 as of 0347 GMT, while the S&P BSE Sensex (.BSESN) declined 0.38% to 58,884.30. In broader Asia, Asia-Pacific shares, excluding Japan, (.MIAPJ0000PUS) fell to more than two-year low, while the yield on the 10-year U.S. Treasury note touched a fresh 14-year high. Among stocks, cigarettes-to-consumer goods maker ITC Ltd (ITC.NS) was up 0.29%, ahead of its quarterly results. ($1 = 82.9880 Indian rupees)Register now for FREE unlimited access to Reuters.com RegisterReporting by Rama Venkat in Bengaluru; Editing by Janane VenkatramanOur Standards: The Thomson Reuters Trust Principles.

☆ INDIA STOCKS Indian shares seen opening higher as oil slips
▼ + stars: | 2022-10-19 | by ( ) www.reuters.com time to read: +2 min

BENGALURU, Oct 19 (Reuters) - Indian shares are set to open higher on Wednesday, taking cues from overnight gains on Wall Street as corporate earnings helped improve sentiment and oil prices fell on worries of higher U.S. supply. Foreign institutional investors sold a net of 1.53 billion Indian rupees ($18.6 million) worth of equities on Tuesday, while domestic investors bought 20.85 billion rupees worth of shares, as per provisional data available with the National Stock Exchange. ** Adani Enterprises Ltd (ADEL.NS) said its unit, Adani Defence Systems & Technologies, would buy Air Works for an enterprise value of 4 billion rupees. ** Prestige Estates Projects Ltd (PREG.NS) said during second quarter, the group registered sales of 35.11 billion rupees, up by 66% from a year ago. ** ICICI Lombard General Insurance Co Ltd (ICIL.NS) reported a September-quarter profit after tax of 5.91 billion rupees, up 32.3% from last year.

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