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☆ Adani Enterprises swings to Q3 profit; makes no "material" adjustments post Hindenburg
▼ + stars: | 2023-02-14 | by ( ) www.reuters.com time to read: +2 min

The group's seven listed stocks have together lost over $120 billion in market value since Jan. 24. The profit came on the back of boosts from its key coal trading division and its new energy businesses. Earnings before interest, taxes, depreciation, and amortization (EBITDA) for its mainstay coal trading business saw a whopping four-fold surge, while that of the Adani New Energy segment more than doubled. The coal trading division benefited from a rise in volumes as well as higher coal prices, while Adani New Energy segment saw a surge in the volumes and prices of solar modules, the company said. Global coal prices remained at elevated levels for most of 2022 as European buyers were willing to pay a premium and make up for the absence of cargo from Russia, their main supplier of LNG and coal.

☆ Indian shares set for muted start ahead of inflation data
▼ + stars: | 2023-02-13 | by ( ) www.reuters.com time to read: +2 min

BENGALURU, Feb 13 (Reuters) - Indian shares are set for a muted start on Monday, as investors await domestic retail inflation data today as well as U.S. inflation data due later in the week, amid uncertainty over the Adani Group. India's NSE stock futures listed on the Singapore exchange were down 0.12% at 17,856 as of 8:05 a.m. IST. 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. ($1 = 82.5250 Indian rupees)Reporting by Bharath Rajeswaran in Bengaluru; Editing by Janane VenkatramanOur Standards: The Thomson Reuters Trust Principles.

☆ 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.

☆ Indian shares fall on rising U.S. recession fears; MSCI's Adani take
▼ + stars: | 2023-02-10 | by ( ) www.reuters.com time to read: +2 min

BENGALURU, Feb 10 (Reuters) - Indian shares fell on Friday, tracking a slide in global equities on fears of a looming U.S. recession, and as sentiment soured after index provider MSCI said it will cut the weightings of four Adani Group companies. Asian markets fell, with the MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) sliding 1.23%. However, Indian equities have a limited downside due to significant correction and markets will likely witness sideways movement in the next few weeks in the absence of any major triggers, two analysts said. Most Adani group stocks extended their decline in Friday's session. If the MSCI cuts weightings on Adani group companies, it would have a bearing on the flows into the respective stocks," Solanki added.

☆ Indian shares set to rise on easing inflation concerns; Adani stocks in focus
▼ + stars: | 2023-02-03 | by ( ) www.reuters.com time to read: +2 min

BENGALURU, Feb 3 (Reuters) - Indian shares are set to open higher on Friday, as global central banks hinted at inflation easing, spurring optimism that the rate hike cycle may be near an end, while the ongoing rout in Adani group stock could cap gains. After the U.S. Federal Reserve acknowledged in its monetary policy decision on Wednesday that the disinflationary process may have begun, the European Central Bank and the Bank of England followed suit on Thursday. Analysts said that the selloff in Adani stocks has created panic in Indian markets. Foreign institutional investors sold 30.64 bln rupees ($373.23 million) worth of shares on a net basis on Thursday while domestic institutional investors purchased 23.71 bln rupees worth of shares, official data showed. ($1 = 82.0940 Indian rupees)Reporting by Bharath Rajeswaran in Bengaluru; Editing by Janane VenkatramanOur Standards: The Thomson Reuters Trust Principles.

☆ India's largest mortgage lender HDFC misses Q3 profit view on higher funding costs
▼ + stars: | 2023-02-02 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, Feb 2 (Reuters) - Housing Development Finance Corp (HDFC.NS) (HDFC), India's largest mortgage lender, reported a 13.2% rise in third-quarter profit on Thursday, missing estimates, as higher funding costs took the shine off strong housing loan growth. Increased funding costs, however, have compressed net interest margins and net interest income. Profit rose to 36.91 billion rupees ($450.67 million) for the three months ended Dec. 31, compared to 32.61 billion rupees a year earlier, the company said in an exchange filing. Analysts, on average, had expected a profit of 37.81 billion rupees, according to Refinitiv IBES data. Total expenses rose 37.3% to 106.35 billion rupees, mainly driven by higher finance costs that surged 41%.

☆ 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's Budget 2023 highlights
▼ + stars: | 2023-02-01 | by ( Manoj Kumar | ) www.reuters.com time to read: +3 min

[1/3] The Indian parliament building is pictured on the opening day of the parliament session in New Delhi, India, June 17, 2019. REUTERS/Adnan AbidiNEW DELHI, Feb 1 (Reuters) - The Indian government on Wednesday unveiled a 45 trillion rupees ($550.7 billion) spending budget for the next fiscal year starting April to boost economic growth, while aiming to lower fiscal deficit before elections due next year. The aim is to have strong public finances and a robust financial sector for the benefit of all sections of society, Finance Minister Nirmala Sitharaman said. * Custom duty exemption extended to EV batteriesFor experts' reaction to the budget, click here. ($1 = 81.7620 Indian rupees)Reporting by Manoj Kumar; Editing by Janane Venkatraman, Nivedita BhattacharjeeOur Standards: The Thomson Reuters Trust Principles.

☆ Apple distributor Redington's Q3 profit falls as costs outpace topline growth
▼ + stars: | 2023-02-01 | by ( ) www.reuters.com time to read: +1 min

CHENNAI, Feb 1 (Reuters) - Redington (India) Ltd (REDI.NS), the country's biggest Apple and IT products distributor, reported a 2% fall in third-quarter profit on Wednesday, as ballooning expenses countered record revenue. For Redington, which distributes electronic products made by Apple (AAPL.O) and Dell (DELL.N) among others, consolidated profit slipped to 3.8 billion rupees ($46.4 million) for the quarter ended Dec. 31. Redington's expenses rose about 32% to 212.2 billion rupees, narrowly outpacing a near-31% jump in revenue from operations to a record 216.74 billion rupees. Chennai-based Redington's topline went up even as the gadget distributor cautioned demand for remote-working equipment likely declined with people gradually returning to offices. Redington shares, which rose 25% in 2022 and 2% last month, closed over 1% lower at 182.65 rupees on Wednesday.

☆ 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.

☆ 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. 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%.

☆ Unilever names Dutch dairy boss Schumacher as new CEO
▼ + stars: | 2023-01-30 | by ( ) www.reuters.com time to read: +1 min

Schumacher, 51, joined Unilever in October last year as non-executive director and is currently the chief of Dutch dairy business FrieslandCampina. The London-based company in September said that CEO Jope planned to retire at the end of 2023. Peltz, through his Trian Fund, holds a nearly 1.5% stake in Unilever, making him the fourth largest shareholder, according to Refinitiv Eikon data. Analysts at Jefferies and RBC Capital welcomed Unilever's appointment of an external CEO, saying investors will support the move. "We think Unilever needs a cultural and organisational shake up," RBC analyst James Edwardes Jones wrote in a note.

☆ India's SRF beats Q3 profit view on strong chemical business
▼ + stars: | 2023-01-30 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, Jan 30 - Indian chemicals and polymers maker SRF Ltd (SRFL.NS) reported a better-than-expected third-quarter profit on Monday, driven by strong demand in its chemical business. The company's consolidated profit rose about 1% to 5.11 billion Indian rupees ($62.70 million) in the three months ended Dec. 31. Revenue for the Gurgaon-based conglomerate's chemicals business grew 23% to 17.57 billion rupees on account of strong demand for certain key products such as fluorochemicals. SRF saw strong demand from overseas markets, higher capacity-utilisation of facilities and significant cost-savings across all product streams, the company said. SRF also approved three projects in the December quarter, including a capex project worth 5.95 billion rupees.

☆ Tech stocks lead losses in Europe on rate jitters
▼ + stars: | 2023-01-30 | by ( ) www.reuters.com time to read: +1 min

SummarySummary Companies STOXX 600 down 0.6%Jan 30 (Reuters) - European shares fell on Monday amid a rout across the board as caution crept in ahead of a slew of central bank policy meetings later this week, with shares of rate-sensitive stocks like technology among the major drags. The pan-European STOXX 600 (.STOXX) was down 0.6% at 0818 GMT. Europe's technology index (.SX8P), led by losses in Prosus NV (PRX.AS) and ASML Holding NV (ASML.AS), was the top decliner among sectors - down 2.1%. German renewable firm PNE AG (PNEGn.DE) slid 15.3% after Morgan Stanley's (MS.N) infrastructure investment arm informed PNE AG's board that it is no longer pursuing talks with potential buyers of Photon's PNE stake. Reporting by Ankika Biswas in Bengaluru; Editing by Janane VenkatramanOur Standards: The Thomson Reuters Trust Principles.

BENGALURU, Jan 25 (Reuters) - Indian carmaker Tata Motors (TAMO.NS) beat analysts' expectations to post a profit for the first time in two years as improving semiconductor chip supplies and rising demand helped its luxury car unit Jaguar Land Rover (JLR) turn profitable. Like others in the sector, Tata Motors and JLR have been struggling to navigate supply chain disruptions and shortages of critical semiconductor components since the onset of the coronavirus pandemic. The total number of orders reached a record 215,000 units with its three most profitable models - the New Range Rover, Range Rover Sport and Defender - accounting for three-quarters of the order book. [1/5] A member of staff works on the production line at Jaguar Land Rover’s factory in Solihull, Britain, December 15, 2022. Analysts, on average, had expected a loss of 185.6 million rupees, according to Refinitiv IBES data.

☆ 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%.

The government plans to raise 160 billion rupees through green bonds for the current fiscal ending March 31, with the first tranche of 80 billion rupees scheduled for auction on Wednesday. "The expectation of a green premium is in line with 'greenium' that issuers have got globally," said one of the two sources. "Green bonds should command a premium because of the mandates to invest in these securities. The RBI will auction 40 billion rupees each of five-year and 10-year green bonds. "It will be advisable to appoint an external auditor with an oversight by CAG (Comptroller and Auditor General) for utilisation of green bond proceeds."

☆ 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.

☆ Google vows to cooperate with India antitrust authority after Android ruling
▼ + stars: | 2023-01-20 | by ( Aditya Kalra | ) www.reuters.com time to read: +3 min

India's highest court has said a lower tribunal - where Google first challenged the Android directives - can continue to hear the company's appeal and must rule by March 31. Hoping to block the implementation of the CCI directives, Google had challenged the CCI order in the Supreme Court by warning it could stall the growth of the Android ecosystem. There it was fined for putting in place what the Commission called unlawful restrictions on Android mobile device makers. In Europe, Google made changes later including letting Android device users pick their default search engine and said device makers will be able to license the Google mobile application suite separately from the Google Search App or the Chrome browser. Some analysts say Google will now need to make similar changes in India to comply with directives.

☆ Saudi Arabia stays top crude supplier to China in 2022, Russian barrels surge
▼ + stars: | 2023-01-20 | by ( ) www.reuters.com time to read: +3 min

China, which refused to condemn the attack, cranked up procurement of Russian barrels and has largely ignored the sanctions imposed by Western nations on seaborne Russian crude from Dec. 5. In December, it brought in 6.47 million tonnes of crude oil from Russia, or 1.52 million bpd, compared to 1.7 million bpd in the same period in 2021. Saudi Arabia shipped a total of 87.49 million tonnes of crude to China in 2022, equivalent to 1.75 million bpd, customs data showed, on par with the level in 2021. No Venezuelan crude imports were recorded by Chinese customs throughout 2022 and a total of 780,392 tonnes of crude oil from Iran arrived in China. (tonne = 7.3 barrels for crude oil conversion)Reporting by Andrew Hayley and Muyu Xu; Editing by Janane VenkatramanOur Standards: The Thomson Reuters Trust Principles.

☆ Apple indefinitely postpones launch of AR glasses - Bloomberg News
▼ + stars: | 2023-01-18 | by ( ) www.reuters.com time to read: +1 min

Jan 17 (Reuters) - Apple Inc (AAPL.O) has postponed the launch of its lightweight augmented-reality glasses indefinitely due to technical challenges, but is still planning to unveil its first mixed-reality headset this year, Bloomberg News reported on Tuesday. The iPhone maker's mixed-reality headset - which combines both augmented and virtual reality - is set to launch in this year's spring event, Bloomberg said, adding that the device will cost around $3,000. Apple's mixed-reality device would compete with the likes of Meta Platforms' (META.O) Quest Pro virtual and mixed-reality headset, which it launched late last year for $1,500, half of the Apple device's reported price. The Cupertino, California-based company now plans to focus on lowering the price of the follow-up version of its mixed-reality device, expected as soon as 2024 or early 2025, instead of working on the AR glasses, according to the report. The Information website first reported Apple's plans to unveil a cheaper mixed-reality headset on Tuesday.

☆ Crypto exchange Coinbase says it will halt Japan operations
▼ + stars: | 2023-01-18 | by ( ) www.reuters.com time to read: +1 min

Jan 18 (Reuters) - Cryptocurrency exchange Coinbase Global Inc (COIN.O) on Wednesday said it will halt operations in Japan due to volatile market conditions. All Coinbase Japan customers will have until Feb. 16 to withdraw their fiat and crypto holdings, the company said in a blog post. Coinbase's decision to exit comes only a few weeks after rival exchange Kraken said it, too, would cease its operations in Japan this month. Several firms have suffered from waning investor appetite for crypto after major exchange FTX blew up in September. The crypto sector's woes have continued this year, marked by plunging deposits, layoffs and multiple legal hurdles.

Government bond yields are expected to tick up as investors shift focus to the upcoming budget. The rupee climbed 1.7% to 81.3250 per dollar last week, tracking a broad decline in the dollar index . There are a lot of positives for the rupee, including the Fed view, the broadly stable oil prices and the fall in Treasury yields, said Anil Bhansali, head of treasury at Finrex Treasury Advisors. Till then, bond yields should not fall much, as most people are expecting a heavy borrowing calendar," said Ajay Manglunia, managing director and head of investment grade group at JM Financial. Meanwhile, as a bulk of the fresh supply for the next financial year would hit the longer end, market participants expect yields to rise, while shorter-tenor yields may see some fall.

The Indian IT services industry, which enjoyed a pandemic-led boom, is now contending with slower spending or at least delays in decision-making due to growing fears of a global recession. Earlier this week, both Tata Consultancy Services (TCS.NS) and HCLTech (HCLT.NS) said European clients were tightening spending. Bengaluru-based Wipro said its fourth-quarter IT services revenue, which accounts for about 98% of overall revenue, could range between a 0.6% sequential drop and a 1% sequential rise, in constant currency terms. Wipro's IT services revenue rose 0.6% sequentially, to $2.80 billion in constant currency terms, in the third quarter, and had jumped 3.1% sequentially in the fourth quarter last year. Still, the company's total order bookings rose 26% year-over-year to $4.3 billion in the quarter ended Dec. 31.

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