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397 stories mentioning BSE SensexUpdated 1d ago

Trading amid India's rising May trade flows and projections of large REIT/InvIT inflows by 2030; imports rose 19% and exports 15.8%.

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Asia Markets

Indian Equities Extend Losing Streak on Monday as Global Cues Weigh

Indian benchmark indices fell for a third straight session on Monday as broad-based selling pressure and weak global cues dragged the market lower.The BSE Sensex dropped 1,312.91 points, or 1.7%, to close at 76,015.28, while the NSE Nifty 50 declined 360.30 points, or 1.5%, to settle at 23,815.85.Sentiment weakened amid fading hopes of U.S.-Iran talks, after the U.S. reportedly rejected Iran's peace proposal. Rising uncertainty around the West Asia conflict and its impact on global growth concerns kept investors cautious.A sharp rebound in crude oil prices moved Brent crude back above $105 per barrel as supply risks through the Strait of Hormuz persisted.In corporate developments, Canara Bank (NSE:CANBK, BOM:532483) fell nearly 4% after reporting a decline in consolidated profit in the fiscal fourth quarter to 45.7 billion rupees from 50.7 billion rupees a year earlier. Earnings per share slipped to 5.04 rupees from 5.59 rupees, even as interest income edged higher.Bajaj Electricals (NSE:BAJAJELEC, BOM:500031) also fell over 2% after appointing Ashween Anand as chief financial officer, effective May 14, according to a filing. Anand joins from Tata Starbucks, where he previously served as CFO.

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Asia

Market Chatter: Novo Nordisk India Sales Jump 40% in April After Wegovy, Ozempic Price Cuts

Novo Nordisk's diabetes and obesity drug sales recorded a sharp rise in India sales in April after it reduced prices of Wegovy and Ozempic to counter growing competition from generic semaglutide therapies, Bloomberg News reported Friday, citing Pharmarack data.Sales of Wegovy, Ozempic and partner-branded products climbed 40% monthly to 32,000 units in April, which was the first full month since the Danish pharmaceutical group lowered starter-dose prices by up to 48%, the report noted.India's overall GLP-1 market expanded 56% month over month in April to 414,000 units, driven by low-cost generic semaglutide products, the report noted. Eli Lilly remained the country's top-selling GLP-1 drugmaker.Novo Nordisk did not immediately respond to' request for comment.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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Asia

Indian Equities Fall on Friday as Middle East Tensions Weigh on Sentiment

Indian benchmark indices ended lower on Friday as renewed geopolitical tensions in the Middle East and selling in banking stocks weighed on the market.The BSE Sensex fell 516.33 points, or 0.7%, to close at 77,328.19, while the NSE Nifty 50 declined 150.50 points, or 0.6%, to settle at 24,176.15.Sentiment remained cautious after reports of fresh clashes between U.S. and Iranian forces near the Strait of Hormuz. Investors also tracked developments around the proposed US-Iran peace deal. Iran reportedly said it is still reviewing America's latest proposal.Among stocks, State Bank of India (NSE:SBIN, BOM:500112) dropped 7% after reporting a marginal rise in consolidated Q4 profit to 196.4 billion rupees from 195.0 billion rupees a year earlier. Earnings per share slipped to 21.28 rupees from 21.96 rupees despite higher interest income.RailTel Corp. of India (NSE:RAILTEL, BOM:543265) fell 2% despite securing an order of 249.1 million rupees from The New India Assurance Company for an AI and machine learning-based fraud monitoring solution.

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Asia

Indian Equities End Flat on Thursday as Earnings Support Offsets Weakness

Indian benchmark indices ended largely unchanged on Thursday as gains driven by earnings-related buying offset broader market weakness.The BSE Sensex fell 114.00 points, or 0.2%, to close at 77,844.52, while the NSE Nifty 50 slipped 4.30 points, or 0.02%, to settle at 24,326.65.Expectations of easing tensions between the US and Iran further supported investor sentiment. Tehran is reportedly reviewing the latest U.S. proposals aimed at ending the conflict.In corporate developments, Bharat Forge (NSE:BHARATFORG, BOM:500493) reported a decline in consolidated profit in fiscal Q4 to 2.33 billion rupees from 2.83 billion rupees a year earlier. Revenue from operations, however, rose to 20.3 billion rupees from 17.0 billion rupees.Larsen & Toubro (NSE:LT, BOM:500510) gained after its buildings and factories business secured three large orders from a real estate client for projects across three states, according to a filing. The company classifies large orders in the range of 25 billion rupees to 50 billion rupees.

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Asia

Market Chatter: India, Vietnam Target $25 Billion Bilateral Trade by 2030

India and Vietnam are looking to increase bilateral trade to $25 billion by 2030, The Star reported Wednesday, citing Indian Prime Minister Narendra Modi.The announcement came after discussions in Delhi between Modi and Vietnamese President To Lam. The talks focused on increasing cooperation in defense, security, education, digital payment systems, and rare earth minerals.The value of trade between the two countries has doubled over the past decade to reach $16 billion, according to the report.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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Asia

Indian Equities Jump on Wednesday as US-Iran Deal Hopes Lift Sentiment

Indian benchmark indices ended sharply higher on Wednesday as reports of a possible U.S.-Iran deal supported global risk sentiment.The BSE Sensex rose 940.73 points, or 1.22%, to close at 77,958.52, while the NSE Nifty 50 gained 298.15 points, or 1.24%, to settle at 24,330.95.Markets advanced on expectations that the U.S. and Iran may be close to resolving their conflict, which had pushed energy prices higher in recent sessions. Hopes of easing geopolitical risks supported sentiment and helped drive broad-based buying.In economic news, Services activity in Indian strengthened in April, with the HSBC India Services PMI rising to 58.8 from 57.5, supported by firm domestic demand and e-commerce growth. New orders saw the fastest expansion in five months, aided by pricing strategies and demand for logistics and relocation services. However, export growth slowed to a five-month low amid Middle East tensions and weak tourism.In earnings news, Aditya Birla Real Estate (NSE:ABREL, BOM:500040) gained nearly 5% after reporting a profit of 108.4 million rupees in Q4, compared with a loss of 1.31 billion rupees a year earlier, according to a filing. Revenue from operations declined to 981.9 million rupees from 4.08 billion rupees.Zydus Lifesciences (NSE:ZYDUSLIFE, BOM:532321) rose over 3% after receiving seven observations from the US FDA following an inspection of its Ahmedabad facility, according to a Wednesday filing.

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International

India's Services Activity Accelerates in April

The seasonally adjusted HSBC India Services Purchasing Managers Index (PMI) Business Activity Index rose to 58.8 in April from 57.5 in March, as stronger domestic demand and higher e-commerce activity supported growth.A shift from international to domestic suppliers amid the Middle East conflict also boosted transport services.New orders increased at the fastest pace in five months. Firms reported gains from competitive pricing, rising e-commerce demand, and strong interest in relocation and logistics services.Exports growth slowed to a five-month low, as the war in the Middle East and weak inbound tourism weighed on international demand. The New Export Business Index fell sharply and recorded the second-lowest reading in over a year.Consumer Services led the expansion in output and new orders, followed by Transport and Information & Communication."Activity and new orders strengthened, even as new export orders eased, suggesting that demand is rotating from overseas markets to domestic consumers amid the Middle East conflict," Chief India Economist at HSBC, Pranjul Bhandari, said. "Input cost inflation moderated but remained elevated, while output price inflation stayed subdued, indicating that some firms are absorbing higher costs rather than passing them on."The HSBC India Composite PMI Output Index, which covers both manufacturing and services, rose to 58.2 in April from 57.0 in March.

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US Markets

India Services Sector Expansion Accelerates in April: PMI Report

Despite softening international demand, India's service sector enjoyed a robust expansion in April, reported S&P Global.The seasonally adjusted India services purchasing managers index (PMI) rose to 58.8 in April, up from 57.5 in March and striking further above the 50-mark that separates growth from expansion, said S&P Global, citing its monthly survey.Thanks to rising domestic demand, India's services sector in April showed the "strongest rate of expansion since last November," advised S&P Global.Consumer services led April's expansion in new orders and output, followed by transport, and then the information & communication sector, reported S&P Global.India's services managers in April were optimistic in their year-ahead outlooks. "Indian services companies were confident of a rise in output over the course of the coming 12 months. Optimism was supported by forecasts of demand growth, marketing initiatives and rising client inquiries," said S&P Global.India's service sector added to payrolls in April, as "rising volumes of new business boosted the recruitment of short-term staff and junior-level trainees," advised S&P Global.However, the level of optimism decreased modestly in April from March, "dampened by worries surrounding the war in the Middle East," noted S&P Global.The India services PMI for April was compiled by S&P Global from surveys sent to 400 service-sector companies from April 8 through April 28.Separately, India's composite PMI, a combination of the nation's services and manufacturing sectors, rose to 58.2 in April from 57.0 in March, added S&P Global.

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US Markets

Asian Industry Sustains Expansion in April: PMI Report

Despite headwinds from Persian Gulf turmoils, Asia's business sectors largely expanded in April, led by the automobile industry, reported S&P Global on Wednesday."Output growth was recorded across 16 of the 18 monitored Asian sectors in April. This figure was up from 15 in March, as metals & mining production returned to growth," said S&P Global, citing its surveys of regional economies.Showing strength in April was the automotive industry. "Leading the rankings for the first time in nearly two years was the automobiles & auto parts sector. The pace of output expansion in the sector quickened to the steepest since May 2024 and was rapid overall," explained S&P Global.Among the broader categories, consumer products did generally well in April."Consumer goods outperformed the other six tracked areas, with growth also supported by strong and accelerated expansions in output across the beverages & food and household & personal use products segments," added S&P Global.The tech and industrial sectors followed consumer goods on the upside, while the slowest expanding sectors were basic materials, financials and healthcare.In contrast to the general regional expansion, the forestry & paper products and construction materials sectors experienced softening in April, reported S&P Global.However, Asian business managers also reported rising and accelerating costs of operation in April."On the prices front, the latest data indicated that cost burdens rose in 17 of the 18 monitored sectors in April. Notably, the majority of these saw expenses increase at a stronger pace than in March," said S&P Global.Of the 18 monitored industries, only banks and real estate lowered output charges, said the credit-rating agency.The Asia Sector PMI indices were compiled by S&P Global from surveys received from 6,000 Asian private-sector companies.

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Asia

Indian Equities Slip on Tuesday as Geopolitical Tensions, Profit Booking Weigh

Indian benchmark indices ended lower on Tuesday as profit booking in financial heavyweights and renewed U.S.-Iran tensions weighed on sentiment.The BSE Sensex fell 251.61 points, or 0.3%, to close at 77,017.79, while the NSE Nifty 50 declined 86.50 points, or 0.4%, to settle at 24,032.80.Markets remained volatile through the session amid weak global cues, elevated crude oil prices, and continued uncertainty around potential U.S.-Iran talks. Investors tracked the latest set of March-quarter earnings.Among stocks, Mahindra & Mahindra (NSE:M&M, BOM:500520) gained over 3% after reporting a rise in consolidated profit to 46.7 billion rupees in fiscal Q4 from 33.0 billion rupees a year earlier. Revenue from operations increased to 549.8 billion rupees from 426.0 billion rupees.Force Motors (NSE:FORCEMOT, BOM:500033) fell nearly 2% after reporting a 4.3% year-on-year decline in total vehicle sales to 3,113 units in April.

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Asia

Indian Equities Gain on Monday on Election Trends, Earnings Support

Indian benchmark indices ended higher on Monday, supported by buying in heavyweight stocks, improving earnings outlook, and optimism around election trends.The BSE Sensex rose 355.90 points, or 0.5%, to close at 77,269.40, while the NSE Nifty 50 gained 121.75 points, or also 0.5%, to settle at 24,119.30.Sentiment improved as investors tracked early trends from Assembly Elections across key states of India. Expectations of political stability in the country and continuity in economic policies supported the market.Hopes of progress in U.S.-Iran peace talks also contributed to the positive tone of the markets. Iran has reportedly submitted a 14-point proposal to Pakistan to end the conflict with U.S. on all fronts.Among stocks, Bharat Heavy Electricals (NSE:BHEL, BOM:500103) surged 7% after reporting a sharp rise in consolidated profit to 12.9 billion rupees in Q4 from 5.04 billion rupees a year earlier, according to a Monday filing. Revenue from operations increased to 123.1 billion rupees from 89.9 billion rupees.HFCL (NSE:HFCL, BOM:500183) gained nearly 9% after the company and its subsidiary secured orders worth 842.3 million rupees for supply of optical fiber cables, according to a filing.Bajaj Auto (NSE:BAJAJ-AUTO, BOM:532977) rose over 1% after total vehicle sales jumped 40% year-on-year in April to 513,792 units, according to a Monday filing.

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International

Asia Week Ahead: PMI Reports; Central Bank Decisions; and Inflation Prints

For the week ahead in Asia, the economic calendar is packed with S&P Global's monthly purchasing managers' index reports, inflation prints, and central bank decisions across the region.Monday brings a slate of S&P Global manufacturing PMI reports for April, alongside Indonesia's inflation and trade figures.On Tuesday, markets will turn to the Reserve Bank of Australia's interest rate decision, while Thailand and the Philippines release April inflation data.Wednesday features South Korea's April inflation print and New Zealand's first-quarter labor-market report, along with PMI readings from India, China, Hong Kong and Singapore.On Thursday, Malaysia's central bank decision will be in focus, alongside Taiwan's April inflation data and the Philippines' first-quarter GDP report.On Friday, Taiwan's April trade data and Malaysia's March industrial production figures will be due, before China closes out the week with April trade figures on Saturday.Here's what to watch in the week ahead.MONDAY, May 4The week kicked off with a slate of S&P Global purchasing managers' index reports covering manufacturing activity during April.Most economies in the region saw a rise in output despite the ongoing conflict in the Middle East which has pushed oil prices upwards.Malaysia's manufacturing sector expanded at its fastest pace in four years in April, supported by stronger output and a return to growth in new orders.The S&P Global Malaysia Manufacturing Purchasing Managers' Index rose to 51.6 in April from 50.7 in March, marking a second straight month of expansion.Output grew at the fastest pace since December 2021, while new orders increased as firms and clients built safety stocks amid uncertainty linked to the Middle East war.Output activity also expanded in South Korea, India, and Taiwan, according to S&P Global.Meanwhile, Vietnam's manufacturing sector also expanded, albeit at a slower pace.The S&P Global Vietnam Manufacturing PMI slipped to 50.5 in April from 51.2 in March, a seven-month low, signalling a tenth straight month of expansion but only marginal growth.In contrast, Indonesia's manufacturing sector slipped into contraction in April as cost pressures intensified due to material shortages and delays linked to the Middle East conflict.The S&P Global Indonesia Manufacturing Purchasing Managers' Index fell to 49.1 in April from 50.1 in March, dropping below the 50 mark for the first time in nine months.Manufacturing activity similarly slipped in the Philippines as new orders fell sharply and cost pressures intensified.Indonesia released inflation figures, noting a 2.4% year on year rise in prices during April -- slower than the 3.5% recorded a month prior.The island state also booked a trade surplus of $5.55 billion in the first quarter, supported by a strong non-oil and gas balance despite higher import growth, according to official data released by Statistics Indonesia.The Melbourne Institute released its monthly inflation gauge, noting another increase in April, mainly driven by higher recreation-related prices. The monthly cost of living also increased in April, especially for employees and self-funded retirees.TUESDAY, May 5An interest rate decision in Australia will capture headlines on Tuesday.The Reserve Bank of Australia is likely to rate hikes by 25 basis points to 4.35% as persistent inflation pressures and rising fuel costs linked to Middle East supply disruptions keeps the central bank on a hawkish path even as global peers hold steady.Thailand and the Philippines will release inflation data for April.Economists at ING said they expect the Philippines' headline inflation to rise above 5% as the government passes on the impact of higher global oil prices onto consumers. The Philippines' inflation climbed to 4.1% in March.Thailand is similarly expected to see a rise in consumer prices during April. According to a consensus compiled by Trading Economics, headline inflation could clock in at 1.7% on an annual basis, compared with a 0.08% decline in March.First-quarter gross domestic growth data will be due in Indonesia. DBS said it was forecasting 5.6% growth for the quarter thanks to government spending and festive spending during the period, the Wall Street Journal reported.Hong Kong will similarly release its first-quarter advance GDP growth estimate on Tuesday.Meanwhile, March retail sales figures will be expected in Singapore.On the activity front, S&P Global will release PMI reports manufacturing activity in Thailand and services and composite activity in Australia.WEDNESDAY, May 6Another inflation print, this time in South Korea.Economists at ING said they expect consumer prices to rise at a faster pace in April despite attempts by Seoul to rein in the impact of rising oil costs on consumers. A consensus compiled by Trading Economics indicated headline inflation could clock in at 2.6%.In March, South Korea's annual inflation rose to 2.2%, breaching the central bank's 2% target.First-quarter labor data from New Zealand will also be in the news.CommBank expects headline labor-market figures to remain weak, forecasting just 0.1% quarterly employment growth and a rise in unemployment to 5.5%, compared with Trading Economics consensus estimates of 0.3% employment growth and a 5.4% jobless rate for the first quarter."We do not envisage a labor market recovery until 2027, reflective of adverse impacts from geopolitical ructions," CommBank said in a preview.The Philippines will similarly release labor data for March, as well as industrial production figures.ING said it expects unemployment to edge higher. "On the industry side, weak soft construction activity should continue to weigh on growth," ING said.Additional S&P Global PMI reports covering services and composite activity in India and China, as well as overall activity in Hong Kong and Singapore, will be due.A business confidence report will be due in Thailand, while Hong Kong's March retail sales figures will also be on display.THURSDAY, May 7Malaysia's central bank will meet for its interest rate decision, with no change expected in the 2.75% policy rate.RHB Bank said it expects Bank Negara Malaysia to hold rates as growth remains steady and inflation remains in check, the Wall Street Journal reported.Taiwan's April inflation print will be due, with analysts looking for signs on how the Iran war was weighing in on prices. ING said it expects to see inflationary pressure picking up after limited pass through of energy prices in March.Australia will release March trade figures. The country's trade surplus could fall to A$4.45 billion from the A$5.69 billion recorded in the month prior, according to a consensus compiled by Trading Economics.CommBank said it expects the goods trade balance to decline due to rising fuel imports in the wake of the Iran conflict.The Philippines' first-quarter GDP growth figures will be expected. ING said the Philippines' economy could recover to a growth of 4.3% year on year thanks to favorable base effects and some pick-up in government spending.The Philippines' economy grew by 3% last quarter.Another confidence report covering consumer sentiment will be due in Thailand.FRIDAY, May 8Markets will be on the lookout for Taiwan's trade data for April.ING said it expects the island state's trade surplus to rise to $21.6 billion from $21.3 billion in the month prior. "We're looking for another strong month, with 59.3% YoY export growth and 35.5% import growth," ING said in a preview.In Malaysia, March industrial production figures will be due.S&P Global will release PMI reports covering services and composite activity in Japan.SATURDAY, May 9China will release its April trade data on Saturday.The world's second largest economy could record a surplus of $82.4 billion for the month, rising from $51.13 billion in March, according to a consensus compiled by Trading Economics.Analysts at DBS expect a sharp uptick in surplus, with export growth more than doubling to 8.4% from the 2.5% rise seen in March, the WSJ reported.

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International

India's Manufacturing Activity Quickens Pace in April; Growth Remains Weak

India's manufacturing activity gathered pace in April, with the seasonally adjusted HSBC India Manufacturing Purchasing Managers' Index rising to 54.7 in April from 53.9 in March, according to data released by S&P Global on Monday.Manufacturing activity was driven by strong exports, with only mild recoveries in new business intake and production among Indian manufacturers. The rates of increase were still the second-weakest since 2022.Input costs and output charges rose at the fastest rates in 44 and six months, respectively, putting pressure on manufacturing growth."Survey participants indicated that advertising and demand resilience supported sales and production, but that growth was hampered by competitive conditions, the war in the Middle East, and a reluctance among clients to approve pending quotes," the report said.The bright spot in the scenario was the sharp expansion in export orders, which hit a seven-month high, buoyed by higher demand from clients in countries, including Australia, France, Japan, Kenya, mainland China, Saudi Arabia, the UAE, and the UK."Spillovers from the Middle East conflict are becoming more evident, particularly through inflation: input costs increased at the fastest pace since August 2022, and output prices rose at the quickest rate in six months," Pranjul Bhandari, Chief India Economist at HSBC, said. "Even so, output, new orders (including exports), and employment all grew moderately, pointing to continued resilience in India's manufacturing sector".Even as outstanding business volumes saw only a marginal rise, the rate of job creation was the strongest in ten months.The overall level of positive sentiment among manufacturers slipped since March; however, it was the second-highest since November 2024, on the hopes that marketing efforts will yield results and that pending projects will be approved.

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Asia

ADB Commits $70 Billion Investment in Asia Through 20235 to Boost Energy, Digital Infrastructure

The Asian Development Bank will inject $70 billion through 2035 to expand energy and digital infrastructure across the Asia-Pacific, with a focus on cross-border electricity trade and broader internet access.In the recent report on Monday, ADB President Masato Kanda said stronger regional connectivity will help lower costs and support growth. The bank plans to mobilize $50 billion under its Pan-Asia Power Grid Initiative to link national grids, scale up renewable energy use, and build transmission lines, substations and storage.A further $20 billion will go towards the Asia-Pacific Digital Highway, funding fibre networks, data centres and other digital systems. By 2035, the projects aim to connect 200 million people to power, widen broadband access, and generate jobs across the region, the report said.

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US Markets

ADB Pledges $70 Billion For Energy, Digital Networks Across APAC as Middle East Conflict Batters Outlook

The Asian Development Bank is committing $70 billion to support new energy and digital infrastructure initiatives across the Asia-Pacific region by 2035.ADB President Masato Kanda announced the pledge on Sunday during the lender's annual meeting in Uzbekistan."Energy and digital access will define the region's future," said Kanda. "These two initiatives build the systems Asia and the Pacific need to grow, compete, and connect. By linking power grids and digital networks across borders, we can lower costs, expand opportunity, and bring reliable power and digital access to hundreds of millions of people."The pledge comes as the ADB sharply downgraded its forecast for the APAC region, citing energy disruptions from the ongoing Middle East conflict.On Wednesday, the ADB slashed its GDP growth outlook for developing Asia and the Pacific to 4.7% in 2026 from the previous 5.1% forecast.Inflation for 2026 is projected to accelerate to 5.2% in 2026 from 3% in 2025, before easing to 4.1% in 2027."Our revised outlook is a significant downward revision for growth and a sharp increase in inflation following a special update to reflect the deepening crisis," Kanda said at the time.The bank's new outlook assumes that oil prices average around $96 a barrel in 2026, well above the $69 per barrel average in January and February before the Middle East conflict. The bank expects oil prices to ease to around $80 per barrel in 2027."We are confronting systemic, long-lasting disruptions to global energy and trade networks, not just temporary volatility. ADB will remain an agile partner in protecting the region's economy; tracking fast-moving risks, and moving with urgency to scale up our support," Kanda added.Diesel prices across several Southeast Asian countries have increased by more than 100% since late February, the ADB said in its updated outlook report.The ADB also noted in its Wednesday report that the energy shock is also affecting fertilizer prices, which it said could add to food inflation, particularly for economies most dependent on Middle East imports.Against that backdrop, the ADB is committing $70 billion to build new energy and digital infrastructure in Asia and the Pacific by 2035.The largest investment, worth $50 billion, will be allocated towards cross-border power infrastructure to unlock renewable energy at scale, the ADB said.The project will focus on transmission and grid integration, including cross-border lines, substations, storage, and grid digitalization, according to the lender.By 2035, the bank aims to integrate about 20 gigawatts of renewable energy across borders, connect 22,000 circuit-kilometers of transmission lines, and cut regional power sector emissions by 15%, while improving energy access for around 200 million people.The remaining $20 billion will fund the Asia-Pacific Digital Highway, targeting digital corridors, data infrastructure, and AI-ready economies.The project aims to bring first-time broadband access to 200 million people and cut connectivity costs in remote and landlocked areas by about 40%.The South Korean government will back a new Center for AI Innovation and Development in Seoul with a $20 million contribution. The center will aim to train about 3 million people in digital and AI-related skills by 2035.Separately on Sunday, the ADB also unveiled a Critical Minerals-to-Manufacturing Financing Partnership Facility designed to help the region move beyond mining into higher-value industries such as processing, manufacturing, and recycling.Japan committed $20 million to the grant window, the UK contributed $1.6 million, and the Korea Eximbank and the Korean Trade Insurance Corporation each signed $500 million memorandums as the facility's first partners.

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Asia

Correction: Indian Finance Companies Have Ample Buffers Against Oil Shock, S&P Says

(Corrects to 'fincos' in first and second paragraphs)S&P Global Ratings expects its rated Indian finance companies (fincos) to have ample capital and earnings cushion to mitigate the effects of the oil shock, according to a recent release.Indian fincos' regulatory capital adequacy would endure even a doubling of nonperforming loans, according to S&P credit analyst Greta Chugh.However, two companies would observe significant declines and face downgrades on S&P's risk-adjusted capital basis, the analyst said.Earnings would also suffer under sharply declining asset quality, Chugh said.The rating agency's risk assessment for the sector or some companies could erode if asset quality risks are structural rather than a one-off shock.S&P does not forecast a prolonged oil shock or a major constraint on India's economic growth, but a downward scenario of a lingering shock would hit growth and employment as well as squeeze fincos' credit costs and profitability.Household repayment capacity could gradually decline amid higher inflation and less disposable income, S&P said.Stress will likely first hit small-ticket unsecured segments, commercial vehicle loans, and Microfinance, with gradual spillover effects on secured products such as vehicle loans and affordable housing, Chugh said.

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Asia

Indian Finance Companies Have Ample Buffers Against Oil Shock, S&P Says

S&P Global Ratings expects its rated Indian finance companies (finks) to have ample capital and earnings cushion to mitigate the effects of the oil shock, according to a recent release.Indian finches' regulatory capital adequacy would endure even a doubling of nonperforming loans, according to S&P credit analyst Greta Chugh.However, two companies would observe significant declines and face downgrades on S&P's risk-adjusted capital basis, the analyst said.Earnings would also suffer under sharply declining asset quality, Chugh said.The rating agency's risk assessment for the sector or some companies could erode if asset quality risks are structural rather than a one-off shock.S&P does not forecast a prolonged oil shock or a major constraint on India's economic growth, but a downward scenario of a lingering shock would hit growth and employment as well as squeeze fincos' credit costs and profitability.Household repayment capacity could gradually decline amid higher inflation and less disposable income, S&P said.Stress will likely first hit small-ticket unsecured segments, commercial vehicle loans, and Microfinance, with gradual spillover effects on secured products such as vehicle loans and affordable housing, Chugh said.

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Asia

Indian Indices Fall on Thursday as Crude Surge, Global Cues Weigh

Indian equities ended lower on Thursday as a broad-based selloff, rising crude oil prices and weak global cues weighed on sentiment.Continued foreign outflows also added pressure on the benchmarks.The BSE Sensex fell 582.86 points, or 0.8%, to close at 76,913.50, while the NSE Nifty declined 180.10 points, or 0.7%, to 23,997.55.Brent crude rose about 5% to $124 per barrel, raising concerns over inflation and growth for India, a major oil importer. The spike followed discussions by U.S. President Donald Trump with oil companies over potential supply disruptions linked to the prolonged blockade of Iranian ports.In corporate developments, Hindustan Unilever (NSE:HINDUNILVR, BOM:500696) fell nearly 3% even as it reported an increase in consolidated profit rose to 29.9 billion Indian rupees. Revenue from operations also increased to 161.7 billion Indian rupees from 149.6 billion rupees a year ago.Sun Pharma Advanced Research (NSE:SPARC, BOM:532872) declined about 4% after announcing the sale of a U.S. FDA-granted priority review voucher for $195 million. The proceeds are expected to support pipeline development and innovation strategy, the company said.

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Asia

Middle East War Poses Greatest Credit Risk for Asia-Pacific's Financial Institutions, S&P Says

The Middle East war's spillover effects serve as the largest credit risk for Asia-Pacific financial institutions, S&P Global Ratings said in a Thursday release.The region's banks are not directly exposed to the Middle East, while indirect exposure is manageable, S&P Asia-Pacific sector lead for financial institutions Gavin Gunning said.Lenders also have ample buffers to absorb linked constraints at current rating levels under a scenario of a deal that will open the Strait of Hormuz by the end of May, Gunning said.However, a downside scenario of a prolonged conflict could cause a 25% rise in credit losses for banks, S&P said.This scenario would mean larger increases in credit losses to total loans in Vietnam, Indonesia, and India, the rating agency said.China will account for the largest share in the total forecast credit losses at about $130 billion.Other countries' banking systems will be stronger at current rating levels, given their buffers, S&P said.Nonbank fund finance will remain a talking point, albeit being more muted, especially for US funds amid uncertainties in the software sector, the rating agency said.Al is also a major concern given the diverging impact it has on the ratings of the region's financial institutions in the coming years, according to S&P.

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Asia

Indian Equities End Higher on Wednesday Amid Positive Fiscal Q4 Earnings

Indian benchmark indices ended higher on Wednesday, supported by positive fiscal Q4 earnings and value buying across select sectors.A large part of intraday gains was, however, trimmed in late trade due to profit booking.The BSE Sensex rose 609.45 points, or 0.8%, to close at 77,496.36, while the NSE Nifty 50 gained 181.95 points, or also 0.8%, to settle at 24,177.65.The market saw early support from selective buying, especially in auto stocks, which helped indices move higher in morning trade. However, the momentum was lost later as investors locked in gains at higher levels.Rising crude oil prices also kept sentiment in check amid concerns about supply disruptions if the Strait of Hormuz remains closed for longer period.Among stocks, Vedanta (NSE:VEDL, BOM:500295) rose nearly 5% after reporting a sharp jump in fiscal Q4 profit to 67.0 billion rupees from 34.8 billion rupees a year earlier.Shelter Pharma (BOM:543963) gained nearly 4% after securing a $144,000 export order for pharmaceutical supplies.

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