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Banks, realty stocks correct after MPC cuts repo rate by 25 bps, lowers inflation

The Reserve Bank of India sees CPI inflation at 2.4 percent for March quarter 2019, which was revised downward from 2.8 percent earlier.

Last Updated : Apr 04, 2019 03:09 PM IST | Source: Moneycontrol.com

Banking stocks witnessed profit booking on April 4 after the Monetary Policy Committee cut repo rate by 25 basis points. Realty stocks also erased gains, but auto stocks retained uptrend.

At noon, the Nifty Bank index fell 182 points to 29,912. Yes Bank, RBL Bank, PNB, IndusInd Bank, IDFC First Bank, Kotak Mahindra Bank, Bank of Baroda and ICICI Bank declined 0.5-2.5 percent.

“The RBI has adopted a very sensible and pragmatic approach by cutting the repo rate by 25 basis points while keeping the policy stance neutral. It takes cognizance of the likelihood or potential for inflationary pressures emerging from food prices and fuel prices, and also fiscal pressures from the large government borrowing program,” Joseph Thomas, Head Research- Emkay Wealth Management told Moneycontrol.

“The liquidity management through OMOs, Repos and also the occasional currency swaps would help a somewhat better propagation of the impact of rate modifications to the lower levels,” he added.

The Reserve Bank of India sees CPI inflation at 2.4 percent for March quarter 2019, which was revised downward from 2.8 percent earlier.

The central bank also lowered its forecast for inflation in first half of FY20 to 2.9-3 percent from 3.2-3.4 percent earlier and for second half of FY20 to 3.5-3.8 percent from 3.9 percent earlier.

“If inflation trend continues then we will see one more rate cut by June even though stance remains neutral,” Ananth Narayan, the Faculty member at SPJIMR told CNBC-TV18.

“As first quarter inflation undershoot, so it was fair to expect inflation expectations to go down,” he added.

However, the RBI reduced its GDP growth forecast for FY20 to 7.2 percent from 7.4 percent earlier. For first half of FY20 also, it revised GDP growth forecast to 6.8-7.1 percent from 7.2-7.4 percent earlier.

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Rupee rises for 3rd day; spurts 33 paise to 68.41 vs USD

At the Interbank Foreign Exchange, the rupee opened at 68.72 per dollar and advanced to a high of 68.37 during the day. It finally settled at 68.41, up 33 paise against its previous close of 68.74.

Last Updated : Apr 03, 2019 06:45 PM IST | Source: PTI

The rupee surged by 33 paise to close at 68.41 against the US dollar Wednesday amid the greenback’s weakness against key rivals overseas, even as oil prices firmed up on supply concerns. This is the third straight session of gain for the domestic currency, during which it has strengthened by 89 paise.

At the Interbank Foreign Exchange, the rupee opened at 68.72 per dollar and advanced to a high of 68.37 during the day. It finally settled at 68.41, up 33 paise against its previous close of 68.74.

Heavy foreign fund outflows, rising crude oil prices and selling in domestic equities capped the gains for the rupee, forex dealers said.

“Oil prices rose for a fourth day, pushing Brent towards a nearly five-month high of USD 70 a barrel as support from OPEC-led supply cuts and US sanctions overshadowed a report showing an unexpected rise in US inventories,” said V K Sharma, Head PCG and Capital Markets Strategy, HDFC Securities.

Foreign institutional investors (FIIs) remained net sellers in the capital markets, pulling out Rs 1,040.48 crore Wednesday, as per the provisional data.

Brent crude futures, the global oil benchmark, rose 0.48 per cent to trade at USD 69.70 per barrel amid OPEC-led supply cuts.

The dollar index, which gauges the greenback’s strength against a basket of six currencies, tripped 0.37 per cent to 97.00.

Forex traders noted that the RBI is likely to adopt a dovish policy stance Thursday, which could restrict significant appreciation for the rupee. Below-normal monsoon forecast by private firm Skymet could also weigh on the domestic unit, they added.

Snapping their four-session rising streak, benchmark indices closed in the red Wednesday as investors took money off the table following forecast of below-normal monsoon this year.

The 30-share Sensex settled 179.53 points, or 0.46 per cent lower at 38,877.12, while, the broader NSE Nifty too pared early gains and ended 69.25 points, or 0.59 per cent, down at 11,643.95.

Meanwhile, Financial Benchmark India Private Ltd (FBIL) set the reference rate for the rupee/dollar at 68.4896 and for rupee/euro at 76.8800. The reference rate for rupee/British pound was fixed at 90.0204 and for rupee/100 Japanese yen at 61.45.

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BSE gets nod to launch interest rates futures on overnight MIBOR

MIBOR rate is based on trade-weighted interbank call money transactions on the Negotiated Dealing System call platform of CCIL between 9 am and 10 am.

PTI | Updated: Mar 27, 2019, 10.21 PM IST

NEW DELHI: Leading stock exchange BSE Wednesday said it has received approvals to launch interest rates futures on overnight MIBOR (Mumbai Inter-Bank Offer Rate).

In this regard, the bourse has got clearance from the Sebi and the RBI, according to a release.

MIBOR is the interest rate at which banks borrow from one another for short term purposes. Financial Benchmarks India Pvt Ltd announces the overnight MIBOR on a daily basis and it is computed by the Clearing Corporation of India (CCIL).

“With the opportunity to introduce interest rates futures on overnight MIBOR, market participants will be able to forecast and manage interest rate risk on the BSE,” the exchange’s MD and CEO Ashishkumar Chauhan said.

MIBOR rate is based on trade-weighted interbank call money transactions on the Negotiated Dealing System call platform of CCIL between 9 am and 10 am.

“The reference rate is based on the actual traded rates as opposed to polled rates thus acting as an important tool that helps institutions manage interest rate risk,” the release said.

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Vodafone Idea, Tata Metaliks among top gainers on BSE

Among the 50 components in the Nifty index, 35 shares were trading in the green, while 15 were in the red.

ETMarkets.com | Updated: Mar 29, 2019, 09.37 AM IST

NEW DELHI: The domestic equity benchmark BSE Sensex was trading 141.95 points up at 38,687.67 on account of buying in frontline bluechip counters.

Shares of Ishaan Infrastructures & Shelters (up 18.61 per cent) , Blue Chip Texiles (up 18.25 per cent), Arihant Institute (up 14.62 per cent), Vodafone Idea (up 14.22 per cent), Nagarjuna Fertilizers and Chemicals (up 11.66 per cent) , Gujarat Hy-Spin (up 11.61 per cent) , Genus Paper & Boards (up 9.35 per cent) , CL Educate (up 9.23 per cent) and Zim Laboratories (up 9.09 per cent) were among the top performers.

Wabco India (up 7.17 per cent) and Tata Metaliks (up 5.60 per cent) too were trading 56 per cent higher at around the same time.

The Nifty 50 index was trading 41.50 points up at 11,611.50.

Among the 50 components in the Nifty index, 35 shares were trading in the green, while 15 were in the red.

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Asian stocks inch higher on hopes of progress in US-China talks

MSCI’s broadest index of Asia-Pacific shares outside Japan edged up 0.1 percent while Japan’s Nikkei rose 1.0 percent.

Last Updated : Mar 29, 2019 07:49 AM IST | Source: Reuters

Asian shares posted narrow gains on Friday on revived hopes of progress in US-China trade talks, while global bond yields moved higher after a prolonged slide on worries about the economic outlook.

MSCI’s broadest index of Asia-Pacific shares outside Japan edged up 0.1 percent while Japan’s Nikkei rose 1.0 percent.

The S&P 500 on Thursday gained 0.36 percent and the Nasdaq Composite added 0.34 percent.

Despite recent market turbulence, the S&P 500 has gained 12.3 percent so far this quarter, which would mark its best quarterly performance since 2009 if sustained.

The mood was brightened after U.S. officials said China has made proposals in trade talks with the United States on a range of issues that go further than it has before, including on forced technology transfer.

The 10-year US bond yield edged up to 2.391 percent from a 15-month low of 2.352 percent touched on Thursday after an almost relentless fall since the Fed’s dovish tone last week had investors more worried about the economic outlook.

Investors have been on heightened alert since the yield on the 10-year note fell below the three-month U.S. Treasury yield last Friday, an inversion of the yield curve that is widely seen as an indicator of a recession.

Data published on Thursday showed U.S. economic growth was slower than initially thought in the fourth quarter, with GDP growth revised down to 2.2 percent from an earlier reading of 2.6 percent.

“The economy is softening and will soften for now. But whether the U.S. is entering a recession is still debatable,” said Mutsumi Kagawa, chief global strategist at Rakuten Securities.

“Lower bond yields will support the economy while (U.S. President Donald) Trump is likely to take steps to support the economy as he seeks re-election. The economy could pick up later this year,” he said.

In the currency market, the euro stood at $1.1233 after having slid to a three-week low of $1.1214 as speculation grew that the European Central Bank will introduce a tiered deposit rate.

The yen was steadier at 110.64 to the dollar, off Monday’s 1-1/2 month high of 109.70.

In a sign of simmering concerns about political and economic uncertainties, the Swiss franc has been well-bid, hitting a 20-month high of 1.11665 to the euro.

The Turkish lira licked its wounds after a 4 percent plunge on Thursday. President Tayyip Erdogan blamed the currency’s weakness on attacks by the West ahead of nationwide local elections on Sunday.

Another severe move was seen in palladium, which dropped 6.6 percent on Thursday and has lost one-sixth of its value from last week’s peak on concerns that an economic slowdown could dent demand.

The British pound dropped to $1.3050 as the prospect of a swift agreement on Brexit faded with the British parliament yet again failing to agree on a way forward.

Oil futures were quickly recovering from the damage caused by Trump’s call for OPEC to boost crude output in an effort to lower prices.

US crude futures traded at $59.54 per barrel, up 0.4 percent on the day and recovering from Thursday’s low of $58.20.

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Sensex: After Market: Yes Bank, Jet above 200 DMAs; Mindtree down, PNB logs gain

NEW DELHI: Domestic equities lost steam on Wednesday, closing a volatile session in the red.

After opening with strong gains, equity benchmarks Sensex and Nifty fell prey to profit taking in the second half of the session, a day before the expiry of March series of futures & options contracts.

Lacklustre global cues further hit investor mood.

There was selling across sectors, which dragged the market lower. Support came from select banking heavyweights, such as IndusInd Bank, YES Bank and State Bank of India, which capped the losses. Sensex settled 101 points lower at 38,132 and Nifty 38 points down at 11,445.

Here is a walkthrough on the key highlights of the session:

Midcaps, smallcaps outperform Sensex
Midcaps and smallcaps outperformed the benchmark Sensex as the sectoral indices closed higher by 0.59 per cent and 0.64 per cent, respectively, on BSE. Shriram Transport, RBL Bank and M&M Financial Services were the top contributors to the midcap index, whereas Bharat Financial Inclusion, AIA Engineering and Aarti Industries contributed most to the smallcap index.

Nifty Bank closes above 30,000 mark
Nifty Bank index closed above the 30,000 mark for the first time, settling 138 points, or 0.46 per cent, higher at 30,019. Nine stocks out of ending in the green. Shares of YES Bank (up 5.87 per cent), IndusInd Bank (up 5.68 per cent), IDFC First Bank (up 2.19 per cent), RBL Bank (up 1.96 per cent) and State Bank of India (up 1.48 per cent) closed with healthy gains on NSE.

HAL shares log gains
Shares of Hindustan Aeronautics closed 2.30 per cent higher at Rs 739.20 after Prime Minister Narendra Modi announced India’s acquisition of space capability to shoot down spy satellites.

Axis Bank hits record high
Shares of Axis Bank scaled its record high at Rs 769.85, before settling at Rs 760.15 with a gain of 0.39 per cent. The stock broke above the key resistance at Rs 762.1, the 138.2 per cent Fibonacci projection level of the uptrend from January 10, 2017 low to January 23, 2018 high. Technical charts suggest the stock may see more upside in the coming sessions.

Sheela Foam OFS subscribed 2.78 times on Day 1
The offer for sale (OFS) of Sheela Foam was subscribed 2.78 times on the first day of the issue. The issue received bids from the non-retail category for 1.05 crore shares against the total issue size of 38 lakh shares. Promoters Rahul Gautam and Tushaar Gautam have proposed to sell up to 8.68 per cent stake in the company.

ICICI Pru OFS gets a strong response
The offer for sale (OFS) of ICICI Prudential Life Insurance Company was subscribed 4.21 times on the second day of the issue. The issue received bids from the retail category for 2.24 crore shares against the total issue size of 53 lakh shares.

Mindtree shares fall
Shares of Mindtree broke its winning streak of two sessions, closing the day 1.01 per cent down at Rs 940.95. The board of Mindtree at its meeting on Tuesday decided not to proceed with the share buyback plan. The company said its board decided to constitute a committee of independent directors (IDC) to evaluate L&T’s unsolicited offer.

PNB log gains despite RBI’s penalty
Shares of Punjab National Bank closed 1.14 per cent higher at Rs 93.35 even as a day ago the RBI slapped a penalty of Rs 2 crore on it for non-compliance of regulatory directions with regard to SWIFT operations.

M&M Financial to buy MRHFL’s shares
Mahindra & Mahindra Financial Services said its board of directors has approved the acquisition of 1,18,91,511 shares of Rs 10 each of Mahindra Rural Housing Finance (MRHFL), a subsidiary of the company, at a premium of Rs 231.16, aggregating to Rs 286.78 crores from National Housing Bank.

YES Bank, Jet Airways above 200 DMAs
YES Bank, Punjab & Sind Bank, Reliance Nippon, Avanti Feeds, Jet Airways, Cummins and Shriram Transport Finance Corporation were among the stocks that traded above their 200 DMAs. On the other hand, Dabur India, Jubilant Industries, NMDC, Future Enterprises and Excel Crop Care were among the stocks that traded below their 200 DMAs.

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Tata Power gains 2% on MERC nod to supply power from its Trombay plant

Last Updated : Mar 27, 2019 01:10 PM IST | Source: Moneycontrol.com

The share touched its 52-week high Rs 89.50 and 52-week low Rs 59.90 on 02 May, 2018 and 09 October, 2018, respectively

Shares of Tata Power Company gained 2 percent intraday on March 27 after the company received MERC approval to supply the power from its Trombay plant.

Maharashtra Electricity Regulatory Commission (MERC) has allowed the company’s distribution business to have a power purchase arrangement (PPA) with its generation arm for 700 MW to be supplied from its Trombay Thermal and Hydro plants for a period of five years from April 1, 2019 to March 31, 2024, company said in press release on BSE.

Earlier in the month of January, 2019, the Hon’ble Commission has approved, the power purchase agreement (PPA) of Tata Power with BEST for 677 MW, it added.

Praveer Sinha, CEO & Managing Director, Tata Power said, “Tata Power has been serving the city of Mumbai for over a century and continues to be committed to supplying the most reliable and competitive power meeting the needs of their consumers.”

At 1221 hours, Tata Power Company was quoting at Rs 72.70, up Rs 1.45, or 2.04 percent on the BSE.

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World Market – shares slip and bond yields fall, all eyes on central banks

* European Stoxx 600 slips 0.2 pct

* German Bund yield falls to lowest in 2-1/2 years

* Kiwi dollar slides as central bank flags possible rate cut

* Graphic: World FX rates in 2019 tmsnrt.rs/2egbfVh

* Asian stock markets: tmsnrt.rs/2zpUAr4 (Updates prices throughout)

By Tom Wilson

LONDON, March 27 (Reuters) – Global equity markets nudged down on Wednesday as investors hoped central bank action in the world’s biggest economies could temper some of the slowdown in global growth, despite bond yields still flagging recessionary fears.

European shares, which broke four straight days of losses on Tuesday, slipped 0.1 percent though bank shares enjoyed a near-one percent lift after European Central Bank Governor Mario Draghi signalled more assistance for banks via a cheap loans programme.

German 10-year yields, already below zero percent since Friday, fell further into negative territory. The U.S. bond yield curve meanwhile remained inverted – three-month bills are yielding more than 10-year bonds – a key signal of recession which dampened appetite for risk.

The U.S. yield curve inversion, which has preceded every U.S. recession for the last 50 years, triggered a sharp stock selloff last week. The drop in yields picked up pace after the U.S. Federal Reserve signalled a halt to its rate increases.

Markets got a reminder of global growth risks after Chinese data showed industrial profits shrank the most since late-2011 in the first two months of the year. That came after lacklustre economic data on Tuesday from Germany and the United States.

MSCI’s all-country world equity index, which tracks shares in 47 countries, slipped 0.1 percent while Chinese mainland shares bounced almost one percent as expectations deepened of more central bank stimulus.

“Our view is that the reflation story remains on track. We do expect the (Chinese) government to come to the rescue and provide some respite,” said Justin Onuekwusi, portfolio manager at Legal and General Investment Management.

“It feels to me that markets had priced in a lower-for-longer (interest rate) environment even before central banks. They had come a long way very quickly and now they are taking a bit of a breather. Global growth overall looks reasonably healthy, despite the slowdown,” he added.

Most market players agree recession fears were real but saw no clear sign of a huge slowdown, especially with interest rate rises receding. Draghi too said the euro area’s economic soft patch did not necessarily foreshadow a serious slump and the bank could further delay rate hikes if necessary.

“Most economic forecasts, including our own, are such that the second half of the year should see a cyclical pickup in activity – but the market is pricing something different,” said Peter Schaffrik, head of European rates strategy at RBC Capital Markets.

Earlier, MSCI’s broadest index of Asia-Pacific shares outside Japan nudged up 0.1 percent while Wall Street was set for a firmer open, futures signalled.

BRUISED KIWI

New Zealand’s central bank joined its peers in the United States and Europe by turning dovish – it flagged a possible interest rates cut, sending the kiwi dollar down as much as 1.6 percent to its lowest in 2-1/2 weeks.

The move also weighed on the Australian dollar.

“The market was taken by surprise by the dovish tone,” Thu Lan Nguyen, an analyst at Commerzbank said of the Reserve Bank of New Zealand. “Most central banks have turned dovish. Even those that hiked interest rates did it with a very cautious outlook on rates.”

The dollar index versus a basket of six major currencies was flat at 96.745, after modest gains overnight.

Questions over Brexit also limited moves for sterling , with investors awaiting fresh signs of Britain’s plan to leave the European Union.

Prime Minister Theresa May will address Conservative Party lawmakers, possibly to indicate a timetable for her departure, as she tries to win support for her twice-rejected Brexit deal as parliament prepares to vote on a variety of possible options.

Oil prices fell, reversing earlier gains, as further disruptions to Venezuela’s crude exports were offset by a report that U.S. inventories rose last week.

In emerging markets, there were renewed concerns over Turkey and Argentina where currencies have fallen sharply in recent days . The lira liquidity squeeze has sent overnight swap rates on lira to almost 500 percent.

For Reuters Live Markets blog on European and UK stock markets, please click on:

Reporting by Tom Wilson; Additional reporting by Sujata Rao;
Editing by Janet Lawrence and Jon Boyle

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Kotak MF: List of FMPs exposure to Essel Group and IL&FS maturing in April and May

​​According to reports, HDFC FMP 1168D MF scheme is extended by the company by 380 days. ​ETMarkets.com|Apr 11, 2019, 07.23 PM ISTGetty ImagesThe financial crisis at Essel GroupSubhash Chandra-promoted Zee group’s has already affected debt investors of Kotak Mutual Fund, as the money manager has delayed the full redemption of its FMPs. Now, HDFC Mutual…

​​According to reports, HDFC FMP 1168D MF scheme is extended by the company by 380 days. ​

ETMarkets.com|

Apr 11, 2019, 07.23 PM IST

Getty Images

The financial crisis at

Essel Group

Subhash Chandra-promoted Zee group’s has already affected debt investors of Kotak Mutual Fund, as the money manager has delayed the full redemption of its FMPs. Now, HDFC Mutual Fund has decided to rollover one of its fixed maturity plans that is coming up for redemption on April 15.

According to reports, HDFC FMP 1168D MF scheme is extended by the company by 380 days.

The mutual fund industry has a debt exposure of Rs 7,500 crore to the Zee or Essel Group. Of this, around Rs 1,500 crore is in fixed maturity plans with the rest in open-ended debt mutual fund schemes. Kotak and HDFC Mutual Fund hold most of the debt in fixed maturity plans.

Last October’s non-banking financial sector crisis sparked by the collapse of IL&FS led to serious liquidity crisis with many firms unable to roll over and refinance short-term debt. Shares of firms with high debt and finance companies with high proportion of short-term debt were hammered on the bourses. The Essel Group’s private unlisted infrastructure companies were among those unable to raise debt and this affected Zee Entertainment shares which collapsed.

Below is a list of FMPs having exposure to Essel Group and IL&FS and will mature in April and May:

ET NOW

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Essel Group puts its MF business on the block

List of FMPs exposure to Essel Group and IL&FS maturing in April and May

Essel Group may monetise non-media assets

Essel group denies link with Nityank lnfrapower over money laundering allegations

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Ford Motor launches layoff program for Brazil’s Camacari plant

Ford previously said the plant was operating with about 700 excess workers. The plant employs 7,400 people in Camaçari, where it produces the compact Ka and mid-sized EcoSport SUV.

Last Updated : Apr 10, 2019 08:13 AM IST | Source: Reuters

– TFMNews

The Brazilian unit of Ford Motor Company said it was initiating a voluntary layoff program for its plant in Camaçari, in the northeast state of Bahia, with the objective to cut workforce it said was in excess of current needs.

The company in its statement did not say how many people it expected to lay off.

Ford previously said the plant was operating with about 700 excess workers. The plant employs 7,400 people in Camaçari, where it produces the compact Ka and mid-sized EcoSport SUV.

The U.S. automaker said two months ago it would close its oldest plant in Brazil, in São Bernardo do Campo, which could cost more than 2,700 jobs as part of a restructuring meant to end losses around the world.

Referring to the Bahia plant, Ford said: “The measure has the objective to align the plant’s workforce with current market demand.”

Ford sold 24,000 Ka vehicles in Brazil in the first quarter, about the same level as in the previous year. It sold 7,600 EcoSports, more than the 7,000 reported in the first quarter of 2018.

Source MoneyControl

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TFM News | The Future Markets

Motherson Sumi Systems slips as HSBC cuts price target

Last Updated : Apr 12, 2019 03:22 PM IST | Source: Moneycontrol.com According to HSBC, Q4 could be another slow quarter for the auto ancillary company but FY20/21 would be strong. ‘); $(‘#lastUpdated_’+articleId).text(resData[stkKey][‘lastupdate’]); //if(resData[stkKey][‘percentchange’] > 0){ …

Last Updated : Apr 12, 2019 03:22 PM IST | Source: Moneycontrol.com






According to HSBC, Q4 could be another slow quarter for the auto ancillary company but FY20/21 would be strong.













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Motherson Sumi Systems shares fell over a percent intraday on April 12 after British investment firm HSBC maintained its buy call on the stock but slashed price target to Rs 170 from Rs 233 per share.

The stock fell nearly 14 percent in last one month when the market was strong. It was quoting at Rs 148.00, down Rs 1.70, or 1.14 percent on the BSE, at 12:18 hours IST.

“Our target price factors in slower car market & rupee appreciation against euro,” said the brokerage which also cut earnings estimates by 15-30% to factor in that weaker domestic & global car markets.

According to HSBC, Q4 could be another slow quarter for the auto ancillary company but FY20/21 would be strong. “We are positive on longer term and company will benefit from rising role of auto component suppliers.”

Domestic car market now seems to have bottomed now, it said, adding, pre-buying of vehicles is likely supporting growth in FY20.

With all new SMP plants in operation since Q3, ramp-up should begin and SMP margin expansion should become visible over the next two-three quarters, HSBC feels.

Disclaimer: The above report is compiled from information available on public platforms. Moneycontrol advises users to check with certified experts before taking any investment decisions.


First Published on Apr 12, 2019 03:22 pm


































Source

Indira Gandhi: Congress has been removing poverty since I was seven: Piyush Goyal

Chennai: Union Minister for Railways Piyush Goyal on Friday took a jibe at the Congress party and its president Rahul Gandhi for talking of a “surgical strike” on poverty. The Union Minister said that he has been listening to this from the Gandhi family since he (Goyal) was seven years old. “I was only seven…

Chennai: Union Minister for Railways

Piyush Goyal

on Friday took a jibe at the

Congress

party and its president

Rahul Gandhi

for talking of a “surgical strike” on poverty. The Union Minister said that he has been listening to this from the Gandhi family since he (Goyal) was seven years old.

“I was only seven years old when his grandmother (Indira Gandhi) had said the same thing. I was 20 years old when his father (Rajiv Gandhi) said — I send one rupee and only 15 paise reach the poor people,” Goyal said while talking to reporters here.

“I was 40 years old in 2004 when his mother (Sonia Gandhi) and he himself said — Congress Kaa Haath Garibon Ke Saath.’ Now I am 54 years old and I am still hearing the same thing which I heard when I was 7 years old,” the Union Minister said.

“Rahul should answer why his family allowed poverty to stay for 30 years,” Goyal said while asserting that the Congress is a party of lies and deceit. “People will do a surgical strike on the Congress and the DMK,” the Union Minister said.

He also demanded answers from Rahul over the scams of UPA and the National Herald case.

“First he should answer the corruption of Rs 12 lakh crore. Why he cheated India by taking over shares of the National Herald for free,” Goyal said.

Accusing Rahul of insulting the engineers involved in the manufacturing of T18 train, he said: “Rahul does not want India to develop trains. I don’t know if he wants to import trains from Italy rather than getting it manufactured in Chennai.”

Commenting on the recent judgement of the Supreme Court on Rafale, he said, “The argument in the SC was not on the merit of the case. We are happy that this controversy will be put to rest once and for all.”

Taking a dig at Rahul and former Finance Minister P Chidambaram’s son Karti, he said, “I would like to say that the unemployed persons who did not get a job are Rahul Gandhi and son of P Chidambaram, Karti Chidambaram, because they are so used to corruption.”

Goyal also thanked the actor-turned-politician Rajnikanth for welcoming the BJP’s initiative of inter-linking the rivers.

“I would like to thank Rajnikant for welcoming the interlinking of rivers. This has been a long pending demand of Rajnikant for the welfare of people of Tamil Nadu,” he said.

All 39 seats in the state will go to polls in a single phase on April 18. The results will be announced on May 23. (ANI)

Source

oil: Oil slips from 5-month highs as economic worries counter tight market

SINGAPORE: Oil prices eased on Tuesday, slipping away from 5-month highs reached earlier in the session as a sluggish economic outlook countered an otherwise tight market. International benchmark Brent futures touched their strongest level since last November at $71.34 per barrel on Tuesday, before losing ground to $70.96 per barrel by 0158 GMT, down 14…

SINGAPORE:

Oil

prices eased on Tuesday, slipping away from 5-month highs reached earlier in the session as a sluggish economic outlook countered an otherwise tight market.

International benchmark Brent futures touched their strongest level since last November at $71.34 per barrel on Tuesday, before losing ground to $70.96 per barrel by 0158 GMT, down 14 cents, or 0.2 per cent, from their last close.

US West Texas Intermediate (WTI) crude oil futures also hit a November 2018 high, at $64.77 per barrel, before easing to $64.36, 4 cents below their last settlement.

Despite generally bullish oil markets, concerns that an economic slowdown this year will hit fuel consumption have been preventing crude prices from rising even higher, traders said.

And while fears of a global recession ebbed following strong US jobs figures and improved Chinese manufacturing data late last week, Bank of America Merrill Lynch said there was still a “significant slowing in growth globally” in 2019.

The bank said it expects Brent and WTI to average $70 per barrel and $59 per barrel respectively in 2019, and $65 per barrel and $60 per barrel in 2020.

Despite the economic concerns, global oil markets are tight, and Brent and WTI crude oil futures have risen by 40 per cent and 30 per cent respectively since the start of the year.

“Renewed fighting in Libya … has seen Brent crude break above $70 per barrel,” said Ole Hansen, head of commodity strategy at Saxo Bank.

Libya is a significant supplier of oil to Europe, producing around 1.1 million barrels per day (bpd) of crude in March.

A warplane attacked Tripoli’s only functioning airport on Monday as eastern forces advancing on the Libyan capital disregarded international appeals for a truce in the latest of a cycle of warfare since Muammar Gaddafi’s fall in 2011.

Hansen said the fighting in Libya added to an already tense market, which has been tightened this year by US sanctions on oil exporters Iran and Venezuela as well as supply cuts led by the producer club of the Organization of the Petroleum Exporting Countries (Opec).

Source

Saudi Kingdom Holding CEO says didn’t buy Aramco bonds

FILE PHOTO: Saudi Arabian billionaire Prince Alwaleed bin Talal attends the investment conference in Riyadh, Saudi Arabia October 23, 2018. REUTERS/Faisal Al Nasser/File PhotoABU DHABI (Reuters) – Prince Alwaleed bin Talal’s firm Kingdom Holding Co did not buy bonds of Saudi Aramco, its chief executive Talal Ibrahim al-Maiman said on Wednesday. He added that the…

FILE PHOTO: Saudi Arabian billionaire Prince Alwaleed bin Talal attends the investment conference in Riyadh, Saudi Arabia October 23, 2018. REUTERS/Faisal Al Nasser/File Photo

ABU DHABI (Reuters) – Prince Alwaleed bin Talal’s firm Kingdom Holding Co did not buy bonds of Saudi Aramco, its chief executive Talal Ibrahim al-Maiman said on Wednesday.

He added that the yield on the bonds was “a bit lower” than what Kingdom would expect.

Saudi Aramco raised $12 billion with its first international bond issue after receiving more than $100 billion in orders, a record breaking vote of market confidence for the oil giant.

Maiman, who was speaking at a conference in Abu Dhabi, said Kingdom has signed term sheets for a $1 billion loan with three international and two local banks.

He also said the company is exiting some mature assets, while also wants to monetize its real estate portfolio.

Reporting by Hadeel Al Sayegh, writing by Saeed Azhar, editing by Davide Barbuscia

Source

Russia cashes in as European oil refiners pay for U.S. sanctions

MOSCOW (Reuters) – European refiners are paying the price for U.S. oil sanctions on Venezuela and Iran as they scramble to replace the sour crude Washington has blocked from the global market with increasingly expensive Russian oil, trading sources said and data showed. FILE PHOTO: A worker collects a crude oil sample at an oil…

MOSCOW (Reuters) – European refiners are paying the price for U.S. oil sanctions on Venezuela and Iran as they scramble to replace the sour crude Washington has blocked from the global market with increasingly expensive Russian oil, trading sources said and data showed.

FILE PHOTO: A worker collects a crude oil sample at an oil well operated by Venezuela’s state oil company PDVSA in Morichal, Venezuela, July 28, 2011. REUTERS/Carlos Garcia Rawlins/File Photo

Compounding the impact of sanctions, OPEC members have mainly cut sour crude output as part of their deal with allied producers to boost oil prices while a large, new refinery, designed to run on sour oil, has just started up in Turkey.

U.S. output is soaring and exports are set to jump later this year as new infrastructure comes online but it is not an alternative, being mainly light and sweet.

As a result, European refiners have been left competing to secure as much medium, sour Russian Urals as they can, pushing the differential of that oil to levels not seen since 2013.

“Urals is anchored in a positive zone versus dated Brent and there is no indication it will fall to a discount any time soon,” a trading source at a European oil major said.

In the Mediterranean, the differential for Urals typically trades at a discount of at least a dollar to benchmark dated Brent but since early November, the level has spiked and now stands at a premium of 70 cents a barrel.

For a 600,000-barrel cargo of Urals, that rise translates to an extra $1.35 million cost.

Thanks to the higher premiums, Russia made an additional $140 million in March from seaborne and pipeline deliveries versus October prior to the sanctions coming into effect.

(GRAPHIC: Russian Urals price differential to Dated Brent – tmsnrt.rs/2VGbESk)

Initially, Europeans gravitated to heavy, sour Venezuelan oil when sanctions on Iran hit in early November but then Washington also placed sanctions on the Latin American country in late January in a bid to oust President Nicolas Maduro.

Even though sanctions on Venezuelan crude will not come into effect until the end of April, the oil is effectively already untouchable as the U.S. State Department has exerted direct pressure on foreign companies to stop all dealings.

The two sets of sanctions combined have taken at least 800,000 barrels per day (bpd) out of the market, which is as much as what the Organization of the Petroleum Exporting Countries agreed to cut.

The United States granted waivers on Iranian oil to six jurisdictions including three countries in the region – Italy, Greece and Turkey – but only Turkey was able to continue purchases. It remains unclear whether the current waivers will be extended in May.

THE SOUR RUSH

The situation is set to worsen as European refiners emerge from their springtime maintenance just as Middle Eastern Gulf sour crude producers increasingly favor Asia, where refining capacity in the near term is set to jump.

Saudi Arabia, a major sour crude producer, is shouldering the bulk of the OPEC and non-OPEC cuts. Between October 2018 and March this year, the kingdom slashed its exports to Europe by nearly half, Refinitiv Eikon data shows.

Iraq reduced its contracted volumes for European refiners in 2019 and increasingly sells its oil to the highest bidder via tender.

Iraqi supplies to Europe fell by over 40 percent to 355,000 bpd in March compared with 615,000 bpd in October 2018, Refinitiv Eikon data showed.

Meanwhile, Azerbaijan’s 200,000-bpd STAR refinery in Turkey is slowly ramping up and will be a new competitor for dwindling sour oil.

Designed to run on sour grades such as Russian Urals and Iraqi Basra and Kirkuk, the refinery took 184,000 bpd of Urals in March, Refinitiv Eikon data showed.

“One expected STAR’s launch to be a serious jolt for the market, but little did we know it would make the sour shortage this bad … refiners are rushing for sours,” a European trader said.

As the supply-side structure has changed, the spread between sour and the historically far more expensive light, sweet crude has thinned and even flipped in some instances.

In the Mediterranean, the light grade Kazakh CPC Blend trades at a discount to Urals and Kurdish crude, which used to be one of the region’s cheapest oils.

The Urals price out of the Black Sea has also increasingly traded at a premium to Urals out of Baltic ports – previously a rare occurrence. The trend has prompted commodity price-reporting agency S&P Global Platts to start an industry consultation on changing how the Urals market is assessed.

“All refiners are looking for Urals or a Urals replacement,” said a third trader in an international trading firm.

“And we see that it won’t be enough for everyone.”

Reporting by Olga Yagova and Gleb Gorodyankin, additional reporting by Ahmad Ghaddar, Editing by Julia Payne and Dale Hudson

Source

Movers & Shakers: Mahindra Lifespace tops the charts, ITC’s 5-day average volume jumps 300%

Last Updated : Apr 12, 2019 03:36 PM IST | Source: Moneycontrol.com ITC was trading with volumes of 4,447,821 shares, compared to its five day average of 940,191 shares, an increase of 373.08 percent. The stock saw spurt in volume by more than 6.64 times. …

Last Updated : Apr 12, 2019 03:36 PM IST | Source: Moneycontrol.com






ITC was trading with volumes of 4,447,821 shares, compared to its five day average of 940,191 shares, an increase of 373.08 percent. The stock saw spurt in volume by more than 6.64 times.













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Following jump in share price from ITC and Maruti Suzuki, which gained 2 percent each, the Indian benchmark indices are witnessing some handsome gains with Nifty50 trading at 11,635, up 35 points while the Sensex gained 148 points and is trading at 38,752.

The breadth of the market favoured the advances as 1,360 stocks advanced and 1,150 declined while 174 remained unchanged on the BSE.

Auto, FMCG and the media sectors gained the most. The top Sensex gainers are ITC, Maruti Suzuki, Axis Bank, Vedanta and Hero MotoCorp while the top losers are Bharti Airtel, Bajaj Finance, Larsen & Toubro, Tata Motors and Tata Steel.

Below are the stocks which moved the most with respect to volumes:

Mahindra Lifespace Developers was trading with volumes of 232,945 shares, compared to its five day average of 2,929 shares, an increase of 7,851.97 percent. The stock witnessed spurt in Volume by more than 18.02 times.

GATI was trading with volumes of 748,723 shares, compared to its five day average of 93,649 shares, an increase of 699.50 percent. The stock saw spurt in volume by more than 8.28 times. Mahindra Logistics was trading with volumes of 11,088 shares, compared to its five day average of 1,178 shares, an increase of 841.42 percent. It witnessed spurt in volume by more than 7.52 times.

Fortis Healthcare was trading with volumes of 186,723 shares, compared to its five day average of 25,890 shares, an increase of 621.21 percent. The stock saw spurt in volume by more than 8.18 times.

Power Grid Corporation of India was trading with volumes of 1,979,900 shares, compared to its five day average of 259,755 shares, an increase of 662.22 percent. It witnessed spurt in volume by more than 9.71 times.

ITC

was trading with volumes of 4,447,821 shares, compared to its five day average of 940,191 shares, an increase of 373.08 percent. The stock saw spurt in volume by more than 6.64 times.



First Published on Apr 12, 2019 03:36 pm



































Source

US-Trump-Immigration: Trump says he may send ‘Illegal Immigrants’ to Dem districts

WASHINGTON (AP) — President Donald Trump said Friday he is considering sending “Illegal Immigrants” to Democratic strongholds to punish congressional foes for inaction on border security— just hours after White House and Homeland Security officials insisted the idea had been rejected as fast as it had been brought up. “Due to the fact that Democrats…

WASHINGTON (AP) — President Donald Trump said Friday he is considering sending “Illegal Immigrants” to Democratic strongholds to punish congressional foes for inaction on border security— just hours after White House and Homeland Security officials insisted the idea had been rejected as fast as it had been brought up.

“Due to the fact that Democrats are unwilling to change our very dangerous immigration laws, we are indeed, as reported, giving strong considerations to placing Illegal Immigrants in Sanctuary Cities only,” Trump tweeted. He added that, “The Radical Left always seems to have an Open Borders, Open Arms policy – so this should make them very happy!”

The tweets, which appeared to catch officials at the Department of Homeland Security by surprise, came as critics were blasting news that the White House had at least twice considered a plan to release detained immigrants into so-called sanctuary cities. Critics branded the plan, supposedly rejected, as an effort to use migrants as pawns to go after political opponents.

“Sanctuary cities” are places where local authorities do not cooperate with Immigration and Customs Enforcement officials, denying information or resources that would help ICE round up for deportation people living in the country illegally.

They include New York City and San Francisco, home city of House Speaker Nancy Pelosi, who on Friday called the idea “unworthy of the presidency of the United States and disrespectful of the challenges that we face as a country, as a people, to address who we are — a nation of immigrants.”

The idea of pressing immigration authorities to embrace the plan was discussed in November and then again in February as the Trump administration struggled with a surge of migrants at the border, according to three people who spoke on condition of anonymity to outline private conversations. Homeland Security and ICE lawyers quickly rejected the proposal, according to the people, and it was dropped on the grounds that it was too expensive and a misuse of funds, one official said.

Earlier Friday, both the Department of Homeland Security and a White House official had insisted, in nearly identical statements, that the plan was dead on arrival.

“This was just a suggestion that was floated and rejected, which ended any further discussion,” the White House official said.

But not, apparently, by the president, who revived the idea in his tweets.

The plan, which was first reported by the Washington Post, is one of many ideas considered by an increasingly frustrated White House in recent months as Trump has railed against the growing number of Central American migrant families crossing the southern border and looked for new ways to increase leverage on congressional Democrats to change laws that Trump insists are making the problem worse.

Officials say they are running out of options, and have proposed and recycled numerous ideas that have never come to fruition. Trump in recent weeks has discussed the idea of renewing his administration’s controversial family separation policy. And he and aides are weighing forcing asylum-seeking families to choose between being detained together as their cases make their way through the courts or sending their children to government-run shelters.

There were at least two versions of the sanctuary city plan that were considered, according to one of the people familiar with the effort. One would have moved people who had already been detailed and were being held elsewhere to places with Democratic opponents of the president, while the other would have transported migrants apprehended at the border directly to San Francisco, New York City, Chicago and other spots.

Revelation of the idea drew immediate condemnation on Friday from Pelosi and other Democrats.

The No. 2 House Democrat, Steny Hoyer of Maryland, criticized the idea of using ICE or any other federal agency “to penalize” or as “retribution for political reasons.”

“That’s not the act of a democratic government,” he said.

And Rep. Bennie Thompson, D- Mississippi, who chairs the House Homeland Security committee, said: “The fact that this idea was even considered – not once but twice – serves as a reminder that the Trump Administration’s reckless immigration agenda is not about keeping the country safe, but about partisan politics and wantonly inflicting cruelty. “

Former ICE Deputy Director Matt Albence, who on Friday was announced as the agency’s acting director, denied that the White House pressured immigration officials to implement the idea.

“I was asked my opinion and provided it, and my advice was heeded,” he said in a statement.

The Department of Health and Human Services said this week that it had started scouting vacant properties that could be turned into facilities for holding migrant children in several cities, including Atlanta, Dallas, Houston, Phoenix, and San Antonio.

Those facilities would be licensed by each state and likely take several months to be approved and opened, separating them from the rapidly-expanding emergency shelter at Homestead, Florida, and the now-closed tent facility at Tornillo, Texas.

The Defense Department has also been reviewing a number of military bases to find a location that can house up to 5,000 unaccompanied migrant children as the U.S. braces for a surge of people crossing the U.S.-Mexico border this spring. Health and Human Services submitted the request for space last month, as Homeland Security leaders warned that tens of thousands of families were crossing the border each month. HHS has traditionally been responsible for providing temporary shelter to unaccompanied migrant children crossing the border.

ICE is tasked with arresting people living in the country illegally — including some who have been here for decades. Under the Trump administration, ICE has significantly stepped up arrests, including of people who have no U.S. criminal records.

In response, some cities have banished ICE from jails where agents could easily pick up immigration violators. Police in New York, Baltimore and Seattle rarely, if ever, disclose information about when suspected criminals in the U.S. illegally will be released from custody.

During his tenure at the Justice Department, Trump’s former Attorney General Jeff Sessions went after sanctuary cities, threatening to cut off their federal funding.

Democrats have said they will tackle immigration bills, possibly as soon as they return from their spring recess, and Senate Republican leader Mitch McConnell has indicated an interest in working on the issue.

McConnell on Thursday called for bipartisan talks aimed at bolstering asylum laws and addressing border security.

“What we need to do is sit down in a serious, adult, bipartisan basis and try to fix the problem, because the problem is pretty obvious,” McConnell, R-Ky., told reporters. “Border security is a part of it, but that doesn’t solve the asylum issue, and that can’t be solved, I don’t think, without some kind of statutory adjustment.”

___

Associated Press writers Nomaan Merchant, Lisa Mascaro and Deb Riechmann contributed to this report.

(This story has not been edited by economictimes.com and is auto–generated from a syndicated feed we subscribe to.)

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US stocks: S&P 500 flat ahead of Fed minutes

Investors were also assessing a U.S. Labor Department report that showed consumer prices increased by the most in 14 months in March, although underlying inflation remained benign. The tame inflation environment and moderating economic activity support the Federal Reserve’s decision last month to suspend its three-year campaign to raise interest rates. “Amid increasing concern that…

Investors were also assessing a U.S. Labor Department report that showed consumer prices increased by the most in 14 months in March, although underlying inflation remained benign.

The tame inflation environment and moderating economic activity support the Federal Reserve’s decision last month to suspend its three-year campaign to raise interest rates.

“Amid increasing concern that our economy is slowing down, it’s a bit ironic to get a signal above expectations,” Mike Loewengart, vice president of investment strategy at E*Trade Financial, wrote in a note.

“It’s also important to keep in mind this read is a far cry from the type of deflationary levels that would warrant a rate cut, which we’ve begun to hear rumblings about.”

The U.S. central bank will release minutes from its March meeting at 2:00 p.m. ET (1800 GMT), giving an insight into the Fed’s thinking behind its move to suspend rate hikes this year.

The sluggish moves on the main U.S. stock indexes followed a selloff on Tuesday, triggered by trade and growth concerns.

Industrial stocks were down 0.5%, as Boeing Co shares continued to weigh after the company on Tuesday reported zero new orders for its 737 MAX jet following a worldwide grounding of the aircraft in March. Its shares fell 1.4%.

U.S. President Donald Trump threatened to impose tariffs on $11 billion worth of European goods, opening a new front in his global trade war.

The International Monetary Fund’s cut in global growth forecast also added to the gloom, with investors now hoping for better-than-feared first-quarter earnings reports and a dovish Fed to keep up the momentum in the market.

The S&P 500 has risen 14.8% so far this year and is now just 1.6% below its record closing high hit on Sept. 20.

At 10:18 a.m. ET the Dow Jones Industrial Average was down 29.03 points, or 0.11%, at 26,121.55, the S&P 500 was up 2.50 points, or 0.09%, at 2,880.70 and the Nasdaq Composite was up 18.34 points, or 0.23%, at 7,927.62.

Seven of the 11 major S&P sectors were higher.

Technology stocks gained 0.35%, helped by Microsoft Corp, Nvidia Corp and Cisco Systems Inc.

Levi Strauss & Co jumped 6.3% after the jeans maker posted a 7% rise in quarterly revenue after returning to public markets last month.

Advancing issues outnumbered decliners for a 2.28-to-1 ratio on the NYSE and for a 1.66-to-1 ratio on the Nasdaq.

The S&P index recorded 16 new 52-week highs and no new lows, while the Nasdaq recorded 33 new highs and 19 new lows.

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Aramco bonds’ modest gains suggest demand was inflated: sources

DUBAI/LONDON (Reuters) – Saudi Aramco’s debut $12 billion bonds booked at best modest gains on Wednesday, their first trading day after some $100 billion in orders, suggesting part of the record-breaking demand was inflated, three banking and investment sources said. FILE PHOTO: Logo of Saudi Aramco is seen at the 20th Middle East Oil &…

DUBAI/LONDON (Reuters) – Saudi Aramco’s debut $12 billion bonds booked at best modest gains on Wednesday, their first trading day after some $100 billion in orders, suggesting part of the record-breaking demand was inflated, three banking and investment sources said.

FILE PHOTO: Logo of Saudi Aramco is seen at the 20th Middle East Oil & Gas Show and Conference (MOES 2017) in Manama, Bahrain, March 7, 2017. REUTERS/Hamad I Mohammed/File Photo

Aramco chose to only issue $12 billion of debt, as its focus was to obtain favorable pricing to set a benchmark for its future financing activities.

With almost $90 billion in demand left on the table, traders and fund managers expected the bonds to shoot up in value on Wednesday, but their performance was tepid.

“The price was a bit inflated as there was a lot of excitement and even hubris around this issue and I would imagine that some of the buyers may have flipped it in the market today,” said a London-based fund manager who looked at the deal but decided not to invest in it.

One trader and a senior banker said that, after realizing the deal would have been oversubscribed, investors boosted their orders to increase their chances to get a piece of the issuance.

Aramco’s longest-dated tranche, a $3 billion bond due in 2049, gained value in the secondary market, adding more than one cent on the dollar.

But some of the shorter-dated bonds were flat or even lower than where they priced on Tuesday, and lower than in pre-sale grey market trading.

The tranche with the shortest duration, a $1 billion bond due in 2022, was trading below the reoffer value at which it was sold on Tuesday, the trader said.

Speaking on condition of anonymity, he estimated that demand for Aramco’s bonds was inflated by 20-30 percent due to the expected oversubscription.

“We are seeing the truth of how much (of the demand) was fluff,” added a fund manager who participated in the deal.

EXPENSIVE BUT FAIR?

Still, Aramco’s issue was widely regarded as successful.

“Despite the usual padding, (demand) has definitely outstripped previous highs for emerging market borrowers,” said Angad Rajpal, head of fixed income at Emirates NBD Asset Management.

The 2046 and 2047 Saudi dollar bonds were down almost one cent – their biggest daily decline since early March, according to Tradeweb – suggesting some players switched their exposure from the sovereign to Aramco.

Aramco’s staggering finances – with core earnings of $224 billion last year and $86 billion in free cash flow at the end of 2018 – allowed it to target a combination of emerging markets and high-grade investors.

It started marketing the notes at levels very close to the yields offered by the Saudi government, which owns the company, but ended up offering around 20 basis points less. Some investors expect yields to gradually widen to match the sovereign rate.

“Aramco priced (the bonds) relatively expensive versus Saudi but quite attractive versus other major developed-market oil companies, and the potential to see 15-20 basis points spread tightening was too small at these levels,” said Sergey Dergachev, functional head of EM corporate debt at Union Investment.

“The price action has been fair.”

JPMorgan, Morgan Stanley, HSBC, Citi, Goldman Sachs and National Commercial Bank were the bonds’ bookrunners.

A group of 11 more banks including Bank of China, Deutsche Bank and Gulf International Bank worked on the deal as co-managers, a document issued by one of the banks leading the deal showed.

Bank fees for the bonds are unlikely to have topped around 1 basis point per bookrunner, said the sources. That would mean just over $1 million per bank.

“Fees should be minimal for such a giant bond amount and such a famous issuer,” said Lam Nguyen at Freeman Consulting. “I would estimate fees around 0.03 percent – 0.06 percent.”

The sources said the banks’ main interest in getting a role in the deal was to cement their relationship with Aramco ahead of future transactions.

Its initial public offering (IPO), due in 2021, is expected to generate $100 billion and to boost the Saudi Public Investment Fund – the main vehicle for Crown Prince Mohammed Bin Salman’s plan to diversify the economy away from oil.

Reporting by Davide Barbuscia, Clara Denina, Tom Arnold, Karin Strohecker; Editing by Sinead Cruise and John Stonestreet

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North Korea convenes top-level meeting over ‘tense situation’: KCNA

North Korean leader Kim Jong Un called a full meeting Wednesday of a top committee of the ruling Workers’ Party to address what he described as the “prevailing tense situation”, state media reported.The gathering of the Central Committee comes after Kim’s Hanoi summit with US President Donald Trump broke up without agreement in…


North Korean leader Kim Jong Un called a full meeting Wednesday of a top committee of the ruling Workers’ Party to address what he described as the “prevailing tense situation”, state media reported.

The gathering of the Central Committee comes after Kim’s Hanoi summit with US President Donald Trump broke up without agreement in February, and as South Korean President Moon Jae-in flies to Washington for talks with the US leader.

But the North’s official Korean Central News Agency (KCNA) appeared to indicate that Kim may be focussing on Pyongyang’s continued push to develop its economy.

In a meeting with senior officials Tuesday, Kim ordered them to display “an attitude befitting the masters of the revolution and construction under the prevailing tense situation and thus follow through on the new strategic line of the Party”, KCNA reported.

Last April Kim declared that the ruling party’s “new strategic line” would be “socialist economic construction” and its quest for nuclear development was complete.

Kim made “a deep analysis of the matters pending urgent solution in the party and state”, KCNA said, adding that at Wednesday’s meeting the central committee will “decide the new orientation and ways of struggle in line with the need of the prevailing revolutionary situation”.

It comes ahead of the opening of the country’s rubber stamp legislature on Thursday.

Trump and Kim held their first landmark summit in Singapore last June, where the North Korean leader signed a vaguely-worded deal on the “denuclearisation of the Korean peninsula”.

But the failure by the pair to reach agreement at their second summit in Hanoi on walking back Pyongyang’s nuclear programme in exchange for relaxation of the measures against it has raised questions over the future of the wider process.

In Vietnam both sides expressed willingness to talk further and Trump has repeatedly said he maintains good relations with his North Korean counterpart.

But shortly after the Hanoi summit, a series of satellite images emerged suggesting increased activity at the North’s Sohae rocket site, triggering international alarm that the nuclear-armed state might be preparing a long-range or space launch.

A senior Pyongyang diplomat told reporters last month that the North was considering suspending nuclear talks with the US.




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iron ore: As Goldman backs off, Citi says chase iron ore rally to $100

Global iron ore prices have powered to multi-year highs this year.Bloomberg|Apr 09, 2019, 08.05 AM ISTReutersIron ore is not a demand story, it’s a supply story.Iron ore is poised to hit $100 a tonne, according to Citigroup, which highlighted “very, very low” seaborne cargoes just as data from China may show a pick-up in demand.…

Global iron ore prices have powered to multi-year highs this year.

Bloomberg|

Apr 09, 2019, 08.05 AM IST

Reuters

Iron ore is not a demand story, it’s a supply story.Iron ore

is poised to hit $100 a tonne, according to Citigroup, which highlighted “very, very low” seaborne cargoes just as data from China may show a pick-up in demand. That view follows advice from

Goldman

Sachs Group that investors should be closing bullish bets after recent gains. “Iron ore is not a demand story, it’s a supply story,” Citigroup said.

“Iron ore is not a demand story, it’s a supply story,” Citigroup, global head of commodities research Ed Morse said in an interview on Monday, reiterating the bank’s three-figure forecast. In a separate note on Sunday, the bank said investors “should ‘chase’ this year’s rally, not sell into it,” referring to iron ore, as well as copper.

Global iron ore prices have powered to multi-year highs this year as the consequences of Vale’s dam collapse in Brazil last quarter hurt production and shipments, and Australian miners BHP Group and Rio Tinto Group flagged lower output after a cyclone.

Also Read

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Government mulling import duty hike on iron ore

SAIL and NMDC should surrender undeveloped iron ore blocks: Experts

SAIL posts 11.62% increase in iron ore production in Feb

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New York plans to sue EPA over GE’s ‘incomplete’ Hudson River cleanup

NEW YORK (Reuters) – New York state officials plan to sue the U.S. Environmental Protection Agency for allowing General Electric Co to stop clearing the Hudson River of PCB contamination before the cleanup work was finished. FILE PHOTO: The U.S. Environmental Protection Agency (EPA) sign is seen on the podium at EPA headquarters in Washington,…

NEW YORK (Reuters) – New York state officials plan to sue the U.S. Environmental Protection Agency for allowing General Electric Co to stop clearing the Hudson River of PCB contamination before the cleanup work was finished.

FILE PHOTO: The U.S. Environmental Protection Agency (EPA) sign is seen on the podium at EPA headquarters in Washington, U.S., July 11, 2018. REUTERS/Ting Shen

Governor Andrew Cuomo and Attorney General Letitia James announced the planned lawsuit on Thursday, after the EPA issued a “certificate of completion” permitting GE to stop dredging until further studies showed whether it had done enough cleanup.

“Time and again the Trump administration puts corporations and polluters’ interests ahead of public health and the environment,” Cuomo said.

“Since the EPA has failed to hold GE accountable for fulfilling its obligation to restore the river, New York State will take any action necessary to protect our waterways,” he added.

New York is one of many Democratic-leaning states that often sue over White House efforts to ease regulatory oversight of businesses.

In interviews on Thursday, EPA officials said they lacked enough data to require more dredging by Boston-based GE under its 2006 consent decree.

“This certification does not let GE off the hook,” said Regional Administrator Peter Lopez, a former six-term Republican state assemblyman. “If the data shows we’re not heading in the right direction, we have the ability to compel more work, which could mean more dredging.”

Lopez’s deputy Walter Mugdan, a 43-year EPA veteran, added: “This is not a political decision. It is being driven by the science and the law.”

GE said the EPA decision confirmed it had “successfully completed the Hudson River dredging project,” and pledged to collect more environmental data to assess river conditions.

PCBs, or polychlorinated biphenyls, were used in electrical equipment, carbonless copy paper and other products before a 1979 U.S. manufacturing ban, and are considered possible human carcinogens. (here)

GE dumped roughly 1.3 million pounds of PCBs from two since-closed capacitor manufacturing plants, located north of the state capital of Albany, into the Hudson River from 1947 to 1977.

While most pollution occurred nearby in a 40-mile (64 km) zone, about 200 miles of the river was polluted, stretching as far south as Battery Park in Manhattan.

GE has spent an estimated $1.7 billion over eight years on cleanup, including six years of dredging.

But state officials called GE’s work “incomplete,” and said the EPA decision could make it harder to later require more dredging or other remedial measures.

In a December study, the state’s Department of Environmental Conservation found PCB levels in fish in the upper Hudson after dredging essentially the same as before.

State officials said PCB levels remain above even what the EPA considers safe.

Reporting by Jonathan Stempel in New York; editing by Nick Zieminski and Tom Brown

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tyre industry: Tyre demand to grow 7-9% during FY19-FY23: Icra

The market would also continue to witness investments over the period of next three years, Icra added.PTI|Apr 11, 2019, 07.34 PM ISTReutersThe revenue growth for tyre industry is pegged at 14-15 per cent for 2018-19New Delhi: The domestic tyre demand is expected to grow in the range of 7-9 per cent over the five year…

The market would also continue to witness investments over the period of next three years, Icra added.

PTI|

Apr 11, 2019, 07.34 PM IST

Reuters

The revenue growth for tyre industry is pegged at 14-15 per cent for 2018-19

New Delhi: The domestic tyre demand is expected to grow in the range of 7-9 per cent over the five year period between 2018-19 to 2022-23, rating agency

Icra

said Thursday.

The market would also continue to witness investments over the period of next three years, it added.

“Icra expects the domestic tyre demand to grow by 7-9 over the next five years (2018-19 to 2022-23),” ICRA Vice President and Co-Head, Corporate Ratings K Srikumar said in a statement.

With a stable demand outlook and strong credit profile, the domestic tyre makers will continue to invest in capacities, he added.

“Based on announcements, the industry is likely to witness a capacity addition of over Rs 20,000 crore in the next three years,” Srikumar said.

The revenue growth for tyre industry is pegged at 14-15 per cent for 2018-19, with operating margin and net margin of 14 per cent and 7 per cent, respectively, almost in line with 2017-18, he added.

“For 2019-20 to 2021-22, revenue growth is projected at 9-10 per cent with operating and net margins at 14-15 per cent and 6-7 per cent, respectively,” Srikumar said.

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