What's Happening, and Where, on Apr 10

INDIA VOTES

* Third phase of Lok Sabha elections to cover 91 seats across 10 states and four union territories. Voting for 70 Assembly seats in Odisha and by-election in Maharashtra will also be held.

RBI WATCH

 * RBI Deputy Governor Urjit Patel to attend G20 finance and central bank deputies' meeting. 2100 IST, Washington DC.

* RBI Governor Rajan to attend panel discussion on normalisation in US monetary

  policy and its implications for emerging markets at International Monetary Fund high-level conference on emerging markets. 2200 IST, Washington DC.

* RBI Governor Rajan to speak on 'Global Monetary Policy: A View from Emerging

  Markets' followed by questions and answers (Brookings Institution).

* RBI Governor Rajan to attend G20 finance ministers and central bank governors' meeting in Washington DC.

DATA ALERT

US IMPORT & EXPORT PRICE INDEXES for Mar. 1800 IST

US WEEKLY EXPORT SALES. 1800 IST

US UNEMPLOYMENT INSURANCE WEEKLY CLAIMS REPORT. 1800 IST

US BLOOMBERG CONSUMER COMFORT INDEX. 1915 IST

DJ-BTMU US BUSINESS BAROMETER. 1930 IST

US EIA WEEKLY NATURAL GAS STORAGE REPORT. 2000 IST

US ICSC CHAIN STORE SALES TRENDS for Mar. 2130 IST

CONFERENCES

* INVESTMENT OUTLOOK: Indian Merchants' Chamber seminar on Investment Outlook 2014. 0900-1800 IST, Mumbai.

RBI COUNTER

* DAILY LAF TENDERS: One set of 1-day reverse repo (at 7.00%) and 1-day repo

(at 8.00%). Bids for repo tender may be submitted between 0930 IST and 1030 IST, and reverse repo between 1900 IST and 1930 IST.

MARKETS

Call: Seen opening around 8.50% on likely demand from banks early in session to meet mandatory reserve requirements. 1-day call: 8.50% vs 8.15% Wed.

Bonds : Seen lower Thu. Dealers may stay on sidelines ahead of underwriting auction results. 10-year bond yield: 9.03-9.15% vs 9.03% Wed.

Rupee: To take global cues at open. US FOMC meet minutes. Likely importers' dlr buys to weigh. Range: 59.80-60.30/$1 Wed vs 60.13/$1 Wed.

Stocks: Indices may rise further and scale record highs Nifty range 6750-6840; Wednesday-end 6796.20, up 101.15 points.

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Morning brief for the stock market:

Board Meetings of:
* NCC to consider rights issue
* Garware Wall Ropes to consider closure of ongoing buy-back offer of equity shares of the company.
* RSWM to approve scheme of amalgamation of Cheslind Textiles

INDICATORS (previous session)
* NSE provisional net buy/(sale) in bln rupees, Apr 7: FII x.xx, DII x.xx
* Institutional net buy/(sale) in bln rupees, Apr 4 date: FIIs 2.50, MF xx
* FII NSE futures net buy/(sale) in bln rupee, Apr 7: index 0.98, shr 4.44
* Sensex 22343.45, down 16.05 points; Nifty 6695.05, up 0.70 points
* Crude: $102.56/bbl; Rupee: 60.11/$1; Gold: $1,309.1/ounce; 10-yr yld: 9.1006%

GLOBAL STOCK MARKETS
* US indices rose on Tuesday helped by rebound in information technology and social media companies' shares.
* Most key Asian indices rose, tracking positive cues from US markets, but Japan's Nikkei bucked trend, falling over 1% as yen rose against dollar.
* COMMODITIES India might see the commercialisation of genetically modified jute in a month

EXCHANGES:
* The National Stock Exchange has decided to shift 47 stocks, which include EDUCOMP SOLUTIONS, ERA INFRA ENGINEERING, KIRLOSKAR ELECTRIC CO, to the trade-for-trade segment from the rolling segment from Apr 15.
* The BSE will revise circuit filters on 19 stocks, including EMKAY GLOBAL FINANCIAL SERVICES and EDUCOMP SOLUTIONS, from Wednesday.
* The National Spot Exchange Ltd has settled 3.30 bln rupees, or 6% of the amount due to investors since it suspended operations, missing its own deadline to clear payments.

INFRASTRUCTURE:
* A consortium led by the GMR group, which won the bid for the Mactan Cebu international airport project in the Philippines, faces a petition in that country's Supreme Court to scrap the deal.
* PHARMACEUTICALS: The Securities and Exchange Board of India is likely to begin a preliminary inquiry into the merger deal between SUN PHARMACEUTICAL and RANBAXY LABORATORIES to check whether insider-trading norms were violated.
* REGULATORY: Margin requirements on dollar/rupee derivatives contracts will be restored to their pre-July levels from Apr 15, the Securities and Exchange Board of India said.
* RETAIL: Walmart to open 50 wholesale stores in India over 4-5 years.

STOCKS
* ABB INDIA: Parent ABB has bagged a $18-mln worth order from POWER GRID CORP to construct a 400 kV gas-insulated switchgear substation at Kolhapur in Maharashtra.
* ADANI ENTERPRISES: Promoter pledged 5 mln shares of company on Mar 31.
* COAL INDIA: Canada Commissioner Stewart Beck has met senior officials of the company and has invited the company to explore mining opportunities in the country.
* DHANLAXMI BANK: Has received shareholders' approval to raise 2.33 bln rupees through preferential allotment of shares.
* DLF: Confirmed media reports that the Competition Commission of India had imposed a penalty of 24 mln rupees on it in a case filed by an association of apartment owners and said it is exploring legal options.
* GULF OIL CORP: Promoter has raised stake in the company by 4.99% to 54.96%.
* GVK POWER & INFRASTRUCTURE: The Land Court of Queensland in Australia has granted conditional clearance to $10-bln Alpha Coal Mine project being developed by GVK Hancock, a joint venture of the company and Hancock Prospection.
* IFB AGRO INDUSTRIES: Board has approved purchase of all businesses of Nurpur Gases.
* ING VYSYA BANK: Has said that an adjustment of around 600 mln rupees before tax will be reflected in its financial results for the quarter ended Mar 31 and for 2013-14 (Apr-Mar).
* JAIHIND PROJECTS: Has bagged an order worth 1.15 bln rupees from INDIAN OIL CORP.
* JSW STEEL: Has acquired 26% stake in Vallabh Tinplate.
* KALYANI FORGE: Company plans to deploy a capital expenditure of 2 bln rupees over the next 3-5 years for modernisation and value addition at its manufacturing facilities in Pune, and also scale up share of exports.
* KINGFISHER AIRLINES: Three of its directors, Ravi Nedungadi, S.R. Gupte, and M.S. Kapur have resigned at the start of this month.
* MARUTI SUZUKI INDIA: Company has asked dealers to hold deliveries of certain batches of the Swift DZire, as it decides whether to recall the cars and fix a faulty fuel tank component.
* NESTLE INDIA: Company may introduce new products such as pet food and bottled water in India as it tries to revive growth in the domestic market.
* PIRAMAL ENTERPRISES: Has inked a pact with Merisant India to distribute thelatter's artificial table-top sweetener brand Equal in India.
* RAMCO SYSTEMS: In strategic partnership with Schneider Electric to offer solutions to cement companies.
* RANBAXY LABORATORIES: Head of Active Pharmaceutical Ingredients T.L. Easwar has quit the company.
* SCHNEIDER ELECTRIC INFRASTRUCTURE: Board approved closing of Naini Transformer unit and selling of the same.
* SPICEJET: Company has started giving limited-period discounted tickets to flyers from Andhra Pradesh, Tamil Nadu and West Bengal.
* SUZLON ENERGY: Arm Senvion has inked pact with a consortium of banks to raise 850 mln euros for a period of three years.
* TATA STEEL: To sell arm Tata Steel International Australasia to New-Zealand based Steel & Tube Holdings for 27.5 mln New Zealand dollar.
* The Supreme Court has allowed the company to continue mining activities at its chromite mine in Sukinda, Odisha, till May 9.
* TTK HEALTHCARE: Company has informed the Intellectual Property Appellate Board they were moving to bring a settlement to the long pending dispute over the trademark Ossopan, a calcium supplement.
* YBRANT DIGITAL: To buy minority stake in Israeli-listed Jobookit Holdings for an undisclosedsum.

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What's Happening, and Where, on Apr 4

CORPORATE EVENTS
*AGM of FIRST LEASING CO OF INDIA.
*PRESS MEET of IDFC, on getting in-principle approval to start a bank. Executive Chairman Lall, MD & CEO Limaye, and Group CFO Kakar to speak. 1000 IST, Mumbai.

POLITICAL DIARY
BJP's Narendra Modi to address rallies in Maharashtra and Odisha. 1030 IST,Nagpur; 1235 IST, Naupada; 1410 IST, Balangir; 1600 IST, Rourkela.

DATA ALERT
from OVERSEAS
GERMANY MANUFACTURING ORDERS for Feb. 1130 IST.
UK HALIFAX HOUSE PRICE INDEX for Mar. 1230 IST.
UK CAR REGISTRATIONS FIGURES for Mar. 1330 IST.
EUROZONE RETAIL PMI for Mar. 1340 IST.
US EMPLOYMENT REPORT for Mar. 1800 IST.

CONFERENCES
EXPORT MEET: Commerce Secretary Kher to speak on 'India's Export Competitiveness, Prospects and Challenges: The Role of Trade Policy' at FICCI-CUTS event. 1800 IST, New Delhi.

RBI COUNTER
DAILY LAF TENDERS: One set of 3-day reverse repo (at 7.00%) and two sets of 3-day repo (at 8.00%). Bids for the first repo tender may be submitted between 0930 IST and 1030 IST, and reverse repo and second repo between 1900 IST and 1930 IST.

TERM REPO TENDER: One set of 13-day variable rate term repo for 600 bln rupees and one set of 3-day variable rate term repo for 200 bln rupees. Bids for term repo tender may be submitted between 1100 and 1130 IST.

GILT AUCTIONS: RBI to auction 40 bln rupees of 8.35%, 2022 bond, 70 bln rupees of 8.28%, 2027 bond, 20 bln rupees of 9.20%, 2030 bond, and 30 bln rupees of 9.23%, 2043 bond. Cut-off yield seen:
9.25-9.30% for 8.35%, 2022 bond.
9.34-9.38% for 8.28%, 2027 bond.
9.25-9.28% for 9.20%, 2030 bond.
9.35-9.40% for 9.23%, 2043 bond.

MARKETS
Call: Seen opening around 8.7% on strong demand to meet weekend funding needs early in the session. 3-day call: 8.70% vs 7.00-7.05% 1-day Thursday.
Bonds: Seen opening steady. Value buying may support prices. Seen in thin band until auction result. 10-yr yld: 8.95-9.03% vs 9.01% Thursday.
Rupee: Seen down on weak euro, likely dollar buys by oil cos. US non-farm payrolls data, shares eyed.
Range: 60.00-60.60/$1 vs 60.16/$1 Thursday.
Stocks: To open marginally down; trade seen rangebound. Nifty range 6700-6800; Thursday-end 6736.10, down 16.45 points.

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MARKETS TO OPEN POSITIVE ON STRONG GLOBAL CUES. EYE ON IDFC.

    Indian markets are seen opening on front foot on constructive global setup. Wall Street climbed to record peaks on encouraging signals from the US labour market ahead of Friday’s non-farm payrolls report FIIs continue to pump in money in India on improved macros and formation of stable new government. Yesterday FIIs bought in all segments reflecting their positive mindset on Indian equities. IDFC Ltd shares will be in limelight after RBI granted in-principle approvals to IDFC and Bandhan Financial Services Pvt. Ltd to start new banks. On Wednesday, Sensex gained 105 points to close new all time high at 22551 and Nifty ended above 6750 mark. PSU Banks witnessed fresh buying in last hour of sessions. Continued FIIs buying interest, rally in the global market and drop in USDINR to 8-month low below 60. Realty, Pharma, Oil & Gas and Auto stocks witnessed smart rally. However Metal and FMCG stocks witnessed profit booking. PSU Banks gained on expectation that RBI could cut interest rate if inflation cools down. Bank of Baroda surged 6% to close at Rs780. PNB, Union Bank, Canara Bank, Syndicate Bank, Oriental Bank and Bank of India gained between 3-9%.

MARKET MOVERS
Kolte-Patil: Shares in Kolte-Patil Developers surged 5.53% to Rs 104 after the company said has acquired a 30-acre land parcel at Kondhwa in Pune along with ASK Real Estate Special Opportunities Fund for Rs 160 crore.The company will develop a residential housing project, Kolte-Patil Developers said in a filing to the BSE.Meanwhile, the stock of realty developer has outperformed the market by appreciating 48% from Rs 71.25 on February 17, after the company entered into agreements for two redevelopment projects in Mumbai's western suburbs.Both Mumbai suburban redevelopment projects have total area of around 600,000 sq ft, the company said in a release. The benchmark S&P BSE Sensex has gained about 10% during the same period.

LIC Housing Finance: Shares of companies that have applied for a banking licence were in focus & closed higher by up to 4% after the Election Commission allowed the Reserve Bank of India (RBI) to issue new bank licences.IDFC, L&T Finance Holdings, LIC Housing Finance, Reliance Capital and IFCI werw all up on the Bombay Stock Exchange (BSE).In a letter to the RBI governor, the EC said the central bank might take "necessary action as deemed appropriate as permissible under provisions of the Reserve Bank of India Act, 1934, the Banking Regulation Act, 1949, and/or any other relevant law(s).

Aurobindo Pharma: Shares in Aurobindo Pharma closed higher by 4.51% to Rs 558.80, also its new high on the BSE, after the company said it has completed the acquisition of certain commercial operations of Actavis plc in Western Europe.The agreement to acquire the operations of Ireland-based Actavis, a global, integrated speciality pharmaceutical company, was announced in January 2014.“The company has acquired personnel, commercial infrastructure, products, marketing authorisations and dossier licence rights in seven uropean countries. Actavis and Aurobindo have also entered into a long-term commercial and supply arrangement.

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What's Happening, and Where, on Apr 2

BOARD MEETING of ARSHIYA INTERNATIONAL to consider preferential issue of shares under debt recast.

PRESS MEET of
NHB, CMD Verma to speak. 1200 IST, Mumbai.
PETRONET LNG, foundation day. Oil Minister Moily, Oman's Oil Minister Al-Rumhy, Petroleum Secretary Chandra, Petronet MD Balyan to be present.1030 IST, New Delhi.

POLITICAL DIARY
AAP leader Yogendra Yadav to speak to media on manifesto for Gurgaon.1130 IST, Gurgaon.

DATA ALERT
From OVERSEAS
UK NATIONWIDE HOUSE PRICE INDEX for Mar. 1130 IST
UK CIPS/MARKIT CONSTRUCTION PMI for Mar. 1400 IST.
EU PPI for Feb. 1430 IST.
EU GDP THIRD ESTIMATE for fourth quarter. 1430 IST.
US MBA WEEKLY MORTGAGE APPLICATIONS SURVEY for wk to Mar 28. 1630 IST.
US ADP NATIONAL EMPLOYMENT REPORT for Mar. 1745 IST.
US ISM-NY REPORT ON BUSINESS for Mar. 1915 IST.
US MANUFACTURERS' SHIPMENTS, INVENTORIES & ORDERS for Feb. 1930 IST.
US EIA WEEKLY PETROLEUM STATUS REPORT for wk to Mar 28. 2000 IST.

CONFERENCES
LECTURE SERIES: Planning Commission Deputy Chairman Ahluwalia to speak at National Council of Applied Economic Research's Distinguished Lecture Series.1730 IST, New Delhi.
MSME MEET: National Small Industries Corp CMD Kumar to speak at a seminar on MSME Prosperity. 1130 IST, New Delhi.

RBI COUNTER
DAILY LAF TENDERS: One set of 1-day reverse repo (at 7.00%) and 1-day repo(at 8.00%). Bids for repo tender may be submitted between 0930 IST and 1030 IST, and reverse repo between 1900 IST and 1930 IST.
T-BILL AUCTIONS: RBI to hold auctions of 90 bln rupees of 91-day T-bills, and 60 bln rupees of 364-day T-bills.

MARKETS
Call: Likely to open sharply lower, as demand from banks may remain subdued. 1-day call: 7.50-8.50% vs 11.00% 4-day Saturday.
Bonds: Seen slightly weaker ahead of RBI gilt auction Friday. 10-year bond yield: 8.78-8.94% vs 8.80% Friday.
Rupee : Seen opening higher on bunched up inflows. RBI policy move may keep sentiment positive. Shares eyed. Range: 59.50-60.20/$1 vs 59.91/$1 Fri.
Stocks: Seen opening higher on positive overseas cues. Nifty range 6650-6750; Tuesday-end 6721.05, up 16.85 points.

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Highlights of RBI's First Bi-Monthly Monetary Policy Statement FY15

MUMBAI - Following are the highlights of the Reserve Bank of India's First Bi-Monthly Monetary Policy Statement for 2014-15 (Apr-Mar) that was detailed today:

* Repo rate unchanged at 8.00%
* CRR kept unchanged at 4.00%
* To up liquidity under term repo to 0.75% of NDTL
* LAF borrowing cut to 0.25% of each bank's NDTL
* Reverse repo rate unchanged at 7.00%
* MSF, Bank Rate remains unchanged at 9.00%
* Going ahead vegetable prices softening is unlikely
* Vegetable prices softening unlikely due to seasonal factor
* To have downward pull on CPI due to base effects
* Policy stance to focus on keeping econ on disinflationary path
* Policy stance to focus on disinflationary glide path
* Global activity has moderated since January policy
* Don't see near-term hike if inflation continues on glide path
* Global growth may strengthen in 2014 with risks on downside
* Term repo liquidity increase aimed at improving transmission
* Real GDP growth continued to be modest in Oct-Dec
* Term repo evolved as useful indicator of liquidity conditions
* Industrial activity continues to be drag on economy
* To propose measures to reduce year-end window dressing by bks
* Going ahead, boost from farm output growth in 2013 will wane
* Overhaul of regulatory framework for NBFCs is underway
* Outlook for 2014 south-west monsoon appears uncertain
* Need to revitalise productivity, competitiveness
* Excluding food and fuel, CPI inflation sticky at 8%
* CAD expected to be around 2% of GDP in FY14
* Export growth has slowed recently
* Need to see if slower exports continue going ahead
* To monitor liquidity to ensure credit flow to key sectors
* Jalan panel on new bks has submitted recommendations
* Will issue new bank licences after nod from poll panel
* To also start work on framework for on-tap bank licences soon
* To start work on framework for differentiated bk licence soon
* Open to bk mergers if competition, stability not compromised
* To issue norms for domestic systemically key banks by end-May
* To issue norms for liquidity coverage ratio by end-May
* To seek greater priority sector loan details from bks from Jun
* May consider limited re-repo of repoed gilts subject to risk

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Highlights of RBI's First Bi-Monthly Monetary Policy Statement FY15

MUMBAI - Following are the highlights of the Reserve Bank of India's
First Bi-Monthly Monetary Policy Statement for 2014-15 (Apr-Mar) that
was detailed today:

* Repo rate unchanged at 8.00%
* CRR kept unchanged at 4.00%
* To up liquidity under term repo to 0.75% of NDTL
* LAF borrowing cut to 0.25% of each bank's NDTL
* Reverse repo rate unchanged at 7.00%
* MSF, Bank Rate remains unchanged at 9.00%
* Going ahead vegetable prices softening is unlikely
* Vegetable prices softening unlikely due to seasonal factor
* To have downward pull on CPI due to base effects
* Policy stance to focus on keeping econ on disinflationary path
* Policy stance to focus on disinflationary glide path
* Global activity has moderated since January policy
* Don't see near-term hike if inflation continues on glide path
* Global growth may strengthen in 2014 with risks on downside
* Term repo liquidity increase aimed at improving transmission
* Real GDP growth continued to be modest in Oct-Dec
* Term repo evolved as useful indicator of liquidity conditions
* Industrial activity continues to be drag on economy
* To propose measures to reduce year-end window dressing by bks
* Going ahead, boost from farm output growth in 2013 will wane
* Overhaul of regulatory framework for NBFCs is underway
* Outlook for 2014 south-west monsoon appears uncertain
* Need to revitalise productivity, competitiveness
* Excluding food and fuel, CPI inflation sticky at 8%
* CAD expected to be around 2% of GDP in FY14
* Export growth has slowed recently
* Need to see if slower exports continue going ahead
* To monitor liquidity to ensure credit flow to key sectors
* Jalan panel on new bks has submitted recommendations
* Will issue new bank licences after nod from poll panel
* To also start work on framework for on-tap bank licences soon
* To start work on framework for differentiated bk licence soon
* Open to bk mergers if competition, stability not compromised
* To issue norms for domestic systemically key banks by end-May
* To issue norms for liquidity coverage ratio by end-May
* To seek greater priority sector loan details from bks from Jun
* May consider limited re-repo of repoed gilts subject to risk

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