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☆ INDIA RUPEE Rupee contends with Fed rate hike possibility, favourable momentum at open
▼ + stars: | 2023-04-10 | by ( ) www.reuters.com time to read: +2 min

Non-deliverable forwards indicate rupee will open at around 81.84-81.88 to the dollar, compared with 81.8850 in previous session. Rupee is on a three-week winning run, helped by foreign equity inflows and speculative positions, according to traders. It was the first time in two months that it has managed a weekly close of above 82. Risk appetite has held up well to the increased chances of another Fed rate hike. 5** NSDL data shows foreign investors sold a net $138.4mln worth of Indian bonds on Apr.

☆ Indian shares set to open lower ahead of RBI policy decision
▼ + stars: | 2023-04-06 | by ( ) www.reuters.com time to read: +2 min

BENGALURU, April 6 (Reuters) - Indian shares are poised to open lower on Thursday, ahead of what many expect to be the Reserve Bank of India's final interest rate hike in the current cycle. India's NSE stock futures listed on the Singapore exchange were down 0.12% at 17,603 as of 7:59 a.m. IST. The MSCI's gauge of the broader index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) was down 0.42%. ** Equitas Small Finance Bank Ltd (EQUI.NS): Co posts 36% YoY growth in gross advances at 280.61 billion rupees in the quarter-ended March. ** Avenue Supermarts Ltd (AVEU.NS): Co posts standalone revenue from operations at 103.37 billion rupees for the quarter-ended March, up 20% YoY; total stores at 324.

☆ INDIA RUPEE Indian rupee to strengthen as weak US data pushes dollar to 2-month low
▼ + stars: | 2023-04-05 | by ( Nimesh Vora | ) www.reuters.com time to read: +2 min

MUMBAI, April 5 (Reuters) - The Indian rupee is expected to rise against the U.S. currency on Wednesday as weak manufacturing and job openings data dented demand for the dollar. The non-deliverable forwards indicate the rupee will open at around 82.08-82.12 to the U.S. dollar, compared with 82.3325 on Monday. The dollar index overnight dropped to its lowest level since Feb. 2. Data overnight showed U.S. job openings dropped to their lowest level in nearly two years in February, indicating that the Fed rate hikes were cooling off the U.S. labour market. The job openings release comes on the back of data that showed that U.S. manufacturing activity slumped in March to the lowest level in nearly three years.

☆ J.P.Morgan puts India's HCL on 'negative catalyst watch' ahead of Q4 results
▼ + stars: | 2023-04-04 | by ( ) www.reuters.com time to read: +2 min

BENGALURU, April 4 (Reuters) - J.P.Morgan on Tuesday placed Indian IT services provider HCL Technologies Ltd (HCLT.NS) on "negative catalyst watch" ahead of the earnings season, citing the highest near-term risks for the company. The brokerage also expected Infosys to give "soft" guidance due to the uncertain macro environment and the departure of Mohit Joshi, its president and head of banking, financial services and insurance. TCS Chief Executive Officer Rajesh Gopinathan resigned last month, while Joshi was named CEO of Tech Mahindra (TEML.NS). Earlier, J.P.Morgan had said TCS and Infosys have the highest exposure to regional banks in the United States that are gripped by a financial turmoil. Reporting by Nallur Sethuraman in Bengaluru; Editing by Pooja DesaiOur Standards: The Thomson Reuters Trust Principles.

☆ INDIA RUPEE Rupee to weaken as oil prices jump on unexpected OPEC+ output cut
▼ + stars: | 2023-04-03 | by ( Nimesh Vora | ) www.reuters.com time to read: +2 min

MUMBAI, April 3 (Reuters) - The Indian rupee is expected to open lower versus the U.S. dollar on Monday after a surprise production cut by OPEC+ fuelled a jump in oil prices. The non-deliverable forwards indicate the rupee will open at around 82.35-82.40 to the U.S. dollar compared with 82.1650 in the previous session. A rise in oil prices directly affects the Indian economy and the rupee as the country imports about 83% of its oil requirements, said Anil Bhansali, head treasury at Finrex Treasury Advisors. According to estimates by some economists, a 10% hike in oil prices leads to an increase in India’s current account deficit by 0.3% to 0.5% of the GDP. Apart from oil prices, the Reserve Bank of India's (RBI) policy decision on Thursday and the U.S. jobs report on Friday will be key for the rupee this week.

☆ Indian shares open higher as SVB acquisition hopes aid sentiment
▼ + stars: | 2023-03-27 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, March 27 (Reuters) - Indian shares opened higher on Monday after reports of advanced talks for the acquisition of collapsed Silicon Valley Bank brought relief to markets, although fears of contagion in the global banking system lingered. Eight of the 13 major sectoral indexes advanced, with the heavyweight financials index (.NIFTYFIN) adding 0.3%. While reports of a potential acquisition of Silicon Valley Bank by First Citizens BancShares Inc calmed nerves, concerns over credit crunch persisted, putting authorities on high alert over the fallout from recent banking turmoil. Among individual Indian stocks, shares of Phoenix Mills (PHOE.NS) jumped nearly 6% after global brokerage firm Morgan Stanley initiated coverage on the stock with an "overweight" recommendation. ($1 = 82.1970 Indian rupees)Reporting by Bharath Rajeswaran in Bengaluru; editing by Eileen SorengOur Standards: The Thomson Reuters Trust Principles.

☆ INDIA RUPEE Rupee to strengthen after Fed hints rate hikes nearing end
▼ + stars: | 2023-03-23 | by ( Anushka Trivedi | ) www.reuters.com time to read: +2 min

The non-deliverable forwards indicate the rupee will open at around 82.45-82.50 to the dollar compared to 82.6550 on Tuesday. Even though the Fed statement was perceived as slightly dovish compared to its stance earlier this month, it's unlikely the rupee will sustain its gains as we're expecting large dollar bids, said a state-run bank trader. Traders may be anticipating a dollar liquidity crunch in the domestic markets, and hence the rupee is expected to fall towards 82.65-levels, he added. Fed funds futures traders imply a nearly even chance of just one more 25 bps rate hike at the May meeting. "Much of the damage seems to have come from Treasury Secretary Yellen's parallel remarks... right when Jerome Powell was insisting that the banking sector was sound," ING analysts said in a note.

☆ Explainer: How resilient are Indian lenders amid a global banking turmoil?
▼ + stars: | 2023-03-20 | by ( Siddhi Nayak | ) www.reuters.com time to read: +5 min

He does not foresee a direct impact of the global banking turmoil on Indian banks. HOW WELL CAPITALISED ARE INDIAN BANKS? Reuters GraphicsHOW ARE INDIAN BANKS' BOND PORTFOLIOS PERFORMING? Indian banks are not facing the same level of pressure on their bond portfolios as U.S banks because Indian interest rates have risen less. If Indian banks mark their held-to-maturity (HTM) investments to market, it would bring down their CET-1 capital by 12-25%, estimates Moody's Investors Service.

☆ Indian shares rise on easing global banking concerns
▼ + stars: | 2023-03-17 | by ( Bharath Rajeswaran | ) www.reuters.com time to read: +2 min

BENGALURU, March 17 (Reuters) - Indian shares advanced on Friday, aided by financials, tracking a rebound in global equities after a slew of measures to support the global banking system eased worries about a crisis in the financial sector. While the developments eased immediate concerns of a crisis in the global banking system, some analysts remained cautious. "The Fed needs to manage a delicate balancing act between price stability (inflation) and financial stability (growth) in next week's meeting." Information technology stocks (.NIFTYIT) rose over 1% with all 10 constituents logging gains. ($1 = 82.5870 Indian rupees)Reporting by Bharath Rajeswaran in Bengaluru; Editing by Dhanya Ann Thoppil and Janane VenkatramanOur Standards: The Thomson Reuters Trust Principles.

☆ Artificial intelligence will replace work jerks. People skills will become more important.
▼ + stars: | 2023-03-16 | by ( Diamond Naga Siu | ) www.businessinsider.com time to read: +4 min

She turned into a hologram to see what the future of work might look like. When dealing with a difficult manager, it's important to identify what they hold true or what speaks to their values. That coworker who's brilliant — but a horrible person — better watch out. Employees will find out within the next 30 days whether they need to return to the office, per a leaked email. A leaked email shows Amazon has been working behind the scenes on AI.

☆ India's Tech Mahindra soars 10% as Infosys veteran to join as CEO
▼ + stars: | 2023-03-13 | by ( ) www.reuters.com time to read: +2 min

BENGALURU, March 13 (Reuters) - Shares of Tech Mahindra Ltd (TEML.NS) surged nearly 10% on Monday after the Indian information technology services firm appointed Infosys Ltd (INFY.NS) veteran Mohit Joshi as its new managing director and chief executive officer. Joshi has been with rival Infosys for 22 years, and is currently the president at the company. Shares of Tech Mahindra (TEML.NS) were up 8.2% at 1,148.80 rupees, Infosys (INFY.NS) fell 1.1% to 1,455.05 rupees. At least three brokerages indicated it is a welcome move for Tech Mahindra. The current average rating of 39 analysts covering Tech Mahindra is "buy" and the median price target is 1,143 rupees, according to data from Refinitiv.

☆ Indian open lower on rate fears after Powell's testimony
▼ + stars: | 2023-03-08 | by ( Bharath Rajeswaran | ) www.reuters.com time to read: +2 min

The Nifty 50 index (.NSEI) fell 0.49% to 17,625.95, while the S&P BSE Sensex (.BSESN) lost 0.48% to 59,931.07 as of 9:31 a.m. IST. The slide comes after Powell's testimony before the U.S. Congress on Tuesday, in which he said strong economic data in the United States raised the possibility of prolonged and higher-than-expected interest rate hikes. Global markets fell after Powell's testimony, with the MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) losing 1.82%. Thirty-seven of the Nifty 50 constituents logged losses with Hindalco (HALC.NS) and IT stocks falling the most. The group's flagship firm Adani Enterprises (ADEL.NS) rose over 1% and was the top Nifty 50 gainer.

The non-deliverable forwards indicate the rupee will open at around 82.05-82.10 to the U.S. dollar compared with 81.91 in the previous session. These were Powell's first comments following the higher-than-expected U.S. January inflation data. He seemed to acknowledge that "disinflationary process" he spoke of repeatedly in a Feb. 1 news conference was not unfolding smoothly. Powell's comments pushed up the probability of a half a percentage point hike at the upcoming March meeting to 72%. 3** NSDL data shows foreign investors sold a net $122.4 mln worth of Indian bonds on Mar.

☆ Indian shares set to open higher on improved risk sentiment
▼ + stars: | 2023-03-06 | by ( Bharath Rajeswaran | ) www.reuters.com time to read: +2 min

BENGALURU, March 6 (Reuters) - Indian shares are set to open higher on Monday after strong economic data from the United States and investment in the Adani group of companies boosted risk appetite. Indian shares logged weekly gains on Friday after U.S. boutique investment firm GQG Partners' $1.87 billion investments in Adani group stocks spurred a broad-based rally and improved risk sentiment. ** Info Edge (INED.NS): Co's unit to invest 52 mln rupees in Sploot, a platform for pet parenting. ** Kansai Nerolac (KANE.NS): Co approves acquisition of 40% of total shareholding of Nerofix from Polygel for 370 mln rupees. ($1 = 81.6800 Indian rupees)Reporting by Bharath Rajeswaran in Bengaluru; Editing by Eileen SorengOur Standards: The Thomson Reuters Trust Principles.

☆ This India ETF is the only one among its peers that's risen this year — and pros see more upside
▼ + stars: | 2023-03-02 | by ( Ganesh Rao | ) www.cnbc.com time to read: +3 min

The VanEck Digital India ETF is the only India-focused stock exchange-traded fund listed on Western exchanges to have posted gains this year. The emerging market fund tracks the MVIS Digital India Index. "We suspect this will remain the dominant theme setting the direction for Indian markets in the near term." However, the short-term turmoil in Indian markets hasn't upset long-term bulls on the Indian economy, according to Dutch bank ING. CNBC Pro did not include the Canada-listed iShares India Index ETF and BMO MSCI India ESG Leaders Index ETF and U.S.-listed VanEck India Growth Leaders ETF owing to a lack of price targets from FactSet.

☆ Axis Bank completes deal to buy Citi's India consumer business
▼ + stars: | 2023-03-01 | by ( ) www.reuters.com time to read: +1 min

The deal value of 116.03 billion rupees ($1.41 billion) is based on the closing position of assets, assets under management and liabilities of Citi's portfolio as of Jan. 31, Axis Bank said. The consideration was subject to changes in the business' position since then, said Axis Bank. "Citi India consumer banking customers are now served by Axis Bank," Citibank said on its website. Shares of Axis Bank rose 2.2% on Wednesday in their biggest intraday advance in four weeks. Axis Bank will hold a press conference on the deal after the market closes on Wednesday.

☆ Indian shares struggle for direction ahead of GDP data
▼ + stars: | 2023-02-28 | by ( Bharath Rajeswaran | ) www.reuters.com time to read: +2 min

BENGALURU, Feb 28 (Reuters) - Indian shares swung between gains and losses on Tuesday, as gains in auto and media stocks were mostly offset by a slide in metals, ahead of the domestic GDP data for the December quarter. Eight of the 13 sectoral indexes advanced with auto stocks (.NIFTYAUTO) adding nearly 1% ahead of the monthly sales numbers, due on Wednesday. Foreign portfolio investors have so far offloaded 325.18 billion rupees ($3.93 billion) worth of Indian equities in 2023, according to official data. Investors now await domestic GDP data for the December quarter, due later in the day, which is expected to show year-on-year growth slowing to 4.6%. ($1 = 82.7150 Indian rupees)Reporting by Bharath Rajeswaran in Bengaluru; Editing by Janane Venkatraman and Dhanya Ann ThoppilOur Standards: The Thomson Reuters Trust Principles.

☆ Fabindia shelves $482 mln IPO due to rough market conditions
▼ + stars: | 2023-02-27 | by ( ) www.reuters.com time to read: +2 min

BENGALURU, Feb 27 (Reuters) - Apparel retailer Fabindia on Monday said it has withdrawn its 40 billion rupee ($482.4 million) initial public offering amid rough market conditions, becoming the latest company to scrap listing plans as interest rate worries pressure stock markets. "The decision to withdraw was taken as the current market conditions were not seen to be conducive for listing," a Fabindia spokesperson said in a statement. Fabindia had planned a fresh issue of shares worth 5 billion rupees and a sale of up to 25.1 million in existing shareholders' stock. The company may reconsider filing an IPO in the future, depending on its need for growth capital and the market conditions," the company said. Jewellery retailer Joyalukkas, e-commerce firm Snapdeal and wearable electronics company boAt have all pulled their IPOs due to uncertain market conditions.

☆ India's Bajaj Auto falls after report on planned production cuts
▼ + stars: | 2023-02-27 | by ( ) www.reuters.com time to read: +2 min

Bajaj Auto did not respond immediately to Reuters' request for comment on the Economic Times (ET) report, which said that the cut would reflect pressure in Nigeria, its largest export market. Bajaj Auto is likely to produce 250,000-270,000 units in March, ET reported, citing multiple people aware of the production plans. That's lower than its average monthly production of 338,000 units in the first nine months of FY 2023, the report added. The report did not specify how many units each of the two- and three-wheelers Bajaj Auto was likely to produce. They had risen 11.3% in 2022, against a 15.31% rise in the Nifty auto index (.NIFTYAUTO).

☆ NHL roundup: William Nylander's OT goal lifts Leafs past Wild
▼ + stars: | 2023-02-25 | by ( ) www.reuters.com time to read: +4 min

Mandatory Credit: Dan Hamilton-USA TODAY SportsFebruary 25 - William Nylander scored at 1:05 of overtime and the Toronto Maple Leafs defeated the visiting Minnesota Wild 2-1 on Friday night. David Kampf also scored for the Maple Leafs, who have won two in a row. Brandon Duhaime scored for the Wild, who had won their fourth straight game 2-0 on Thursday against the Columbus Blue Jackets. Canadiens 5, Flyers 2Jesse Ylonen had one goal and one assist to lift Montreal past host Philadelphia. Compher and Nathan MacKinnon each had a goal and an assist for visiting Colorado in a win over Winnipeg.

☆ Indian shares fall on rate-hike worries ahead of Fed, RBI minutes
▼ + stars: | 2023-02-22 | by ( Bharath Rajeswaran | ) www.reuters.com time to read: +2 min

The Nifty 50 index (.NSEI) was down 0.86% at 17,674.50, while the S&P BSE Sensex (.BSESN) fell 0.85% at 60,150.93 as of 10:34 a.m. IST. Both the Fed and the Reserve Bank of India were due to release minutes of their latest policy meetings, giving investors a glimpse of their thinking on future rate-hike trajectories. "Fear of a hawkish Fed has gripped markets and kept investors on tenterhooks." Global markets fell after an unexpectedly strong reading of S&P Global's composite purchasing managers' index (PMI) showed that the U.S. economy was not cooling. ($1 = 82.8330 Indian rupees)Reporting by Bharath Rajeswaran in Bengaluru; Editing by Janane Venkatraman, Nivedita BhattacharjeeOur Standards: The Thomson Reuters Trust Principles.

☆ Indian shares set for muted start on U.S. rate hike worries, geopolitical concerns
▼ + stars: | 2023-02-20 | by ( ) www.reuters.com time to read: +2 min

BENGALURU, Feb 20 (Reuters) - Indian shares were set for a muted start on Monday, on worries that the U.S. Fed would go higher for longer with interest rates, while rising concerns after North Korea fired more ballistic missiles further dampened investor mood. India's NSE stock futures listed on the Singapore exchange were up 0.14% at 17,961.50 as of 7:58 a.m. IST. Investors await the minutes of the Fed's meeting, due on Wednesday, to gauge the U.S. central bank's future rate hiking path. Talks of Russia ramping-up attacks in Ukraine ahead of the one-year anniversary of its invasion also added to geopolitical concerns. read more($1 = 82.7310 Indian rupees)Reporting by Bharath Rajeswaran in Bengaluru; Editing by Nivedita BhattacharjeeOur Standards: The Thomson Reuters Trust Principles.

☆ INDIA RUPEE Rupee poised to weaken after dollar jump on hawkish Fed
▼ + stars: | 2023-02-17 | by ( Nimesh Vora | ) www.reuters.com time to read: +2 min

MUMBAI, Feb 17 (Reuters) - The Indian rupee is expected to open lower against the U.S. currency on Friday, following a surge on the dollar index after two Federal Reserve officials said they preferred bigger rate increases to tackle inflation. Non-deliverable forwards indicated the rupee will open at 82.80-82.85 to the dollar, compared with 82.7175 in the previous session. The dollar index was up at 104.26, while the Korean won tumbled 1%, dragging Asian currencies lower. Futures are now pricing a Fed terminal rate of near 5.30% and about 30 bps of rate cuts from July to December this year. "Hopes of an early Fed pivot have vanished," DBS Group Research said in a note to clients on Friday.

☆ INDIA RUPEE Dollar pullback ahead of U.S. inflation data to lift rupee at open
▼ + stars: | 2023-02-14 | by ( Nimesh Vora | ) www.reuters.com time to read: +2 min

MUMBAI, Feb 14 (Reuters) - The Indian rupee was poised to open higher against the U.S. dollar, tracking a broad pullback on the currency in the lead-up to key U.S. inflation data due later on Tuesday. The non-deliverable forward market indicated an opening of around 82.60 for the rupee compared with 82.7175 in the previous session. Intraday position takers were not likely to chase the USD/INR pair lower at open, a spot trader at a Mumbai-based bank said. The overnight risk of the U.S. data and India's surprise on inflation would mean little follow-through after the open, he added. Asian currencies were mostly higher ahead of data that is expected to show that U.S. inflation had eased.

☆ Indian shares fall ahead of inflation data; Adani stocks slide
▼ + stars: | 2023-02-13 | by ( ) www.reuters.com time to read: +2 min

BENGALURU, Feb 13 (Reuters) - Indian shares were off to a muted start on Monday, ahead of domestic retail inflation data due later in the day and U.S. inflation data due tomorrow, while the ongoing uncertainty and spillover effects from the Adani Group's market rout continued to create an overhang. Investors await India's retail inflation data for January, due today. A Reuters poll of economists showed that India's annual retail inflation rose from a 12-month low in December, but stayed within the 6% upper limit of RBI's tolerance band in January. India's market regulator is probing the group's links to some of the investors in its scrapped $2.5 billion share sale of the flagship Adani Enterprises. ($1 = 82.5250 Indian rupees)Reporting by Bharath Rajeswaran in Bengaluru; Editing by Janane Venkatraman, Nivedita BhattacharjeeOur Standards: The Thomson Reuters Trust Principles.

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