Sensex, Nifty Snap 5-Day Losing Streak Led By SBI, Tata Motors

Indian equity benchmarks snapped their five-day losing streak, led by gains in State Bank of India and Tata Motors.

The S&P BSE Sensex rose 0.1 percent or 35 points to 34,651 and the NSE Nifty 50 index advanced 0.19 percent or 20 points to 10,537.

India’s largest lender rose nearly 4 percent despite posting a second straight quarterly loss. Tata Motors’ shares ended 4 percent higher after China said it will cut the import duty on passenger cars to 15 percent, according to Bloomberg. The lower tariffs will help Indian automaker’s luxury brand Jaguar Land Rover.

Fifteen out of 19 sector gauges compiled by BSE ended higher led by the S&P BSE Auto index's 1.7 percent gain. On the flipside, the S&P BSE Oil & Gas index was the top loser, down 0.4 percent.

The mid- and small-cap shares rebounded after underperforming their larger peers for two days in a row, both the indexes on BSE rose 0.65 percent.

Shares of the Hyderabad-based drugmaker extended gains after it reported March quarter earnings.

The stock rose as much as 8 percent, the most in over six months, to Rs 2,045.

• Just Dial: The Mumbai-based local search engine rose as much as 9 percent to Rs 443.65 after its revenue met Bloomberg consensus estimates in March quarter.
• Tata Motors: The Mumbai-based parent of luxury car maker Jaguar Land Rover rose as much as 4.5 percent to Rs 309.25. China will cut the import duty on passenger cars to 15 percent in a move that gives a boost to makers of luxury autos, Bloomberg reported.
• Strides Shasun: The Bengaluru-based drugmaker rose as much as 10.56 percent, the most in over three months, to Rs 377 on the back of heavy volumes.
• Suven Life Sciences: The Hyderabad-based drugmaker rose as much as 3.43 percent to Rs 186.90 after it secured product patents in Norway and New Zealand.

Shares of the country's largest state-owned oil refiner pared losses after its revenue beat Bloomberg consensus estimates in the March quarter.

Key earnings highlights:

• Net profit fell 34 percent sequentially to Rs 5,218 crore versus estimate of Rs 5,660 crore (QoQ)
• Revenue rose 4.48 percent sequentially to Rs 1.37 lakh crore versus estimate of Rs 1.16 lakh crore
• Standalone margin at 9.4 percent versus 12 percent (QoQ)
• Standalone EBITDA down 17 percent at Rs 11,021 crore versus Rs 13,269 crore (QoQ)
• FY18 gross refining margins at $8.49 per barrel versus $7.77 per barrel (YoY)

Other Highlights

• Revenue from petroleum products rose 3.96 percent to Rs 1.31 lakh crore quarter-on-quarter
• Revenue from petrochemicals increased 8.37 percent to Rs 5,099.01 crore.
• Revenue from other business activities rose 22.58 percent to Rs 2,373.24 lakh crore.
• Board recommended a final dividend of Rs 2 per share for the financial year 2017-18.

Shares of the country's largest public-sector lender rose as much as 6.32 percent, the most in over six months, to Rs 259.90 after it reported March quarter earnings.

Key earnings highlights:

• Net loss at Rs 7,718 crore versus profit of Rs 2,814.82 crore (YoY)
• Net interest income up 10.5 percent at Rs 19,974.28 crore versus 18,070.72 crore (YoY)
• Gross non-performing assets as a percentage of total advances at 10.91 percent versus 10.35 percent (QoQ)
• Net non-performing assets as a percentage of total advances at 5.73 percent versus 5.61 percent (QoQ)
• Provisions for non-performing assets up 36 percent at Rs 24,080 crore versus Rs 17,760 crore (QoQ)
• Provision coverage ratio improved by 464 basis points to 61.53 percent (YoY)

SBI in an investor presentation said:

• Domestic NIMs at 2.67 percent versus 2.61 percent (QoQ)
• Whole bank NIMs at 2.50 percent versus 2.45 percent (QoQ)
• Foreign NIMs at 1.14 percent versus 1.16 percent (QoQ)

The profit number is not comparable with the year-ago period since the lender merged its five associate banks with itself on April 1, 2017.

Shares of the Mumbai-based suitcase and carry bags maker rose as much as 11 percent, the most in over a month, to Rs 410 after its profit doubled in March quarter.

Key earnings highlights:

• Net profit up 110 percent at Rs 32.44 crore versus Rs 15.45 crore (YoY)
• Revenue up 16.2 percent at Rs 326.56 crore versus Rs 312.01 crore (YoY)

It was a mixed picture across markets on Tuesday, with stocks drifting and few stand-out currency moves as investors digest easing trade tensions and the latest comments from members of the Fed. The euro reversed a drop as Italian bonds bounced, while the pound climbed amid speculation over another U.K. election.

Shares of the Hyderabad-based drugmaker rose 1.84 percent to Rs 1,927 despite missing Bloomberg consensus estimates in March quarter.

Key earnings highlights:

• Net profit up Rs 302 crore versus estimate of Rs 373 crore
• Revenue at Rs 3,535 crore versus estimate of Rs 3,709 crore
• Ebitda at Rs 577.7 crore versus estimate of Rs 718 crore
• Consolidated Ebitda margin at 16.3 percent versus estimate 19.3

Shares of the country's largest public-sector lender erased losses and rose as much as 1.53 percent to Rs 248.20 ahead of its March quarter earnings.

Here's what to expect from SBI in Q4:

• Loan growth is expected to be softer at 5 percent quarter-on-quarter led by the retail portfolio.
• Slippages are expected to remain high. Analyst estimates range from Rs 19,000-25,000 crore as compared with Rs 25,800 crore in the previous quarter as new RBI guidelines on stressed assets take effect. SBI Chariman Rajnish Kumar had told BloombergQuint in March that slippages would be lower than the December ended quarter and gross slippages for the financial year 2018-19 would not exceed 2 percent.
• Gross non-performing assets is seen at 10.6-11.5 percent as compared with 10.35 percent in the previous quarter.
• Given a strong seasonal quarter, recoveries are expected to cushion headline asset quality numbers to some extent.
• RBI has allowed banks to spread the provisioning for depreciation in the bond portfolio over four quarters. That may provide some cushion as Q3FY18 saw large mark-to-market bond provisions (which could be reversed if bank chooses to use that).

Shares of the Bengaluru-based auto component maker rose 0.9 percent to Rs 17,785 after it met Bloomberg consensus estimates in March quarter.

Key earnings highlights:

• Net profit down 1.56 percent at Rs 433.78 crore versus Bloomberg estimate of Rs 439 crore
• Revenue up 13.6 percent at Rs 3,158 versus Bloomberg estimate of Rs 3,160 crore
• Exceptional loss of Rs 94 crore On Gratuity
• Standalone margin at 21.9 percent versus 27.3 percent (YoY)
• Standalone EBITDA down 1.8 percent at Rs 691.3 crore versus Rs 703.7 crore (YoY)
• Standalone margin at 21.9 percent versus Bloomberg estimate of 29.7 percent

Shares of the Mumbai-based parent of luxury car maker Jaguar Land Rover rose as much as 4.5 percent to Rs 309.25.

China will cut the import duty on passenger cars to 15 percent in a move that gives a boost to makers of luxury autos, Bloomberg reported.

The State Council, China’s cabinet, has decided to reduce the levy from the current 25 percent that has been in place for more than a decade, Bloomberg reported citing unidentified people aware of the matter.

Shares of the Chennai-based commercial vehicle maker rose as much as 8 percent to Rs 145.10 on the back of heavy volumes.

Trading volume was 4.2 times its 20-day average.

Shares of the Pune-based company fell as much as 5 percent to Rs 659 after it missed Bloomberg consensus estimates in March quarter.

Key earnings highlights:

• Net profit down 52 percent at Rs 100 crore versus estimate of Rs 244 crore
• Revenue up 30 percent at Rs 1,467 crore versus estimate of Rs 1,480 crore
• EBITDA up 31 percent at Rs 417.5 crore versus 319.5 crore (YoY)
• Margins at 28.5 percent versus 28.4 percent (YoY)
• Incurred exceptional loss of Rs 133 crore in current quarter

Oil and Natural Gas Corporation and Oil India Ltd. face increasing risk that the government will once again require them to share in the country’s fuel-subsidy burden as oil prices rise, Moody’s says.

• "Because of the government’s widening fiscal deficit, ONGC and OIL could be asked to bear part of the Indian government’s fuel subsidy for oil, if prices stay above $60 per barrel for the fiscal year ending March 2019," Moody’s analyst Vikas Halan says in today’s report
• The two companies haven’t contributed to fuel subsidies since June 2015, but have in previous years paid for over 40 percent of the country’s annual subsidy bill: Moody’s

Source: Bloomberg

Shares of the Kolkata-based tea cultivator and petrochemicals maker were locked in a 10 percent lower circuit at Rs 147.10 after it reported loss in March quarter.

Key earnings highlights:

• Net loss at Rs 12.47 crore versus loss of Rs 69.61 crore (YoY)
• Revenue at Rs 172.78 crore versus Rs 1.56 crore (YoY)

Reliance Communications has moved the National Companies Law Appellate Tribunal (NCLAT) seeking stay on NCLT's order on admission into Insolvency and Banking Code (IBC) process in Ericsson case, the company said in an exchange filing.

Shares rise 0.75 percent to Rs 13.45.

The National Companies Law Appellate Tribunal has agreed to hear Larsen & Toubro's plea for dues from Bhushan Steel.

• The case is related to L&T's plea for recovery of dues in Bhushan Steel case.
• Notice issued on L&T plea claiming Bhushan Steel owes them Rs 500 crore
• Bhushan Steel shares locked in 5 percent upper circuit at Rs 30.45.

• Indian equity benchmarks erased gains dragged by TCS, State Bank of India, Reliance Industries and Asian Paints.
• The S&P BSE Sensex fell 0.06 percent or 21 points to 34,595 and the NSE Nifty 50 index was little changed at 10,521.
• Five out of 11 sector gauges compiled by National Stock Exchange were trading lower led by the Nifty PSU Bank index's 1.1 percent drop. On the other hand, the Nifty Auto index was the top gainer, up 0.8 percent.
• The broader markets continue to reel under pressure as the Nifty Midcap 50 index fell 0.16 percent.
• The overall market breadth was marginally positive as 1,207 shares were advancing while 1,039 were declining on the BSE.

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Shares of the Ahmedabad-based online marketplace rose as much as 1.2 percent to Rs 166.15. The company's board plans to consider fundraising on May 30, according to its stock exchange filing.

Shares of the construction firm snapped a six-day decline, its longest losing streak in over two months, and rose as much as 1 percent to Rs 1,326.95.

The company bagged an order worth Rs 4,033 crore, according to its stock exchange notification.

Shares of the Bengaluru-based drugmaker rose as much as 10.56 percent, the most in over three months, to Rs 377 on the back of heavy volumes.

Trading volume was 14.8 times its 20-day average.

Shares of the Chennai-based dairy products maker fell as much as 14.5 percent to Rs 675.60 after its profit declined in March quarter.

Key earnings highlights:

• Net profit falls 94 percent to Rs 2.48 crore versus Rs 39.79 crore (YoY)
• Revenue declined 14 percent to Rs 1,051.57 crore versus Rs 1,219.11 crore (YoY)

Shares of the Delhi-based real estate developer fell as much as 5.3 percent to Rs 183.25 after it reported March quarter earnings.

Key earnings highlights:

• Revenue down 38 percent at Rs 1,378 crore.
• Net profit up 66 percent at Rs 248 crore.
• Profit from JV at Rs 205.5 crore in current quarter.
• Ebitda loss of Rs 14 crore from Rs 710 crore.
• Margin at negative 1 percent from 31.9 percent.

DLF results are not comparable due to presence of DLF Cyber City Developers’ revenue and Ebitda in the base quarter.

Shares of the Mumbai-based natural gas distributor slumped as much as 6.75 percent to Rs 785 after its profit missed Bloomberg consensus estimates in March quarter.

Key earnings highlights:

• Net profit up 5.5 percent at Rs 105 crore versus estimate of Rs 124 crore
• Revenue up 12 percent at Rs 587 crore
• Ebitda up 8 percent at Rs 176 crore
• Margin at 30 percent from 31 percent

Shares of the Kolkata-based steel wire and cable maker rose as much as 15.5 percent to Rs 25.30 after it turned profitable in March quarter.

Key earnings highlights:

• Consolidated net profit at Rs 12.58 crore versus loss of Rs 147.89 crore (YoY)
• Revenue up 21 percent at Rs 1,319.83 crore versus Rs 1,090.54 crore (YoY)

Nifty 10,600 strike price call option was among the most active option contracts on the National Stock Exchange.

The premium on the contract rose 0.19 percent to Rs 53.80. Over 1.45 lakh shares were added to open interest which stood at 37.25 lakh shares.

Find Out Why Traders Are Unwinding Position In Just Dial On The F&O Show

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Shares of the Mumbai-based brokerage firm rose as much as 4.88 percent to Rs 962 after it reported March quarter earnings.

Key earnings highlights:

• Revenue up 43 percent at Rs 752 crore.
• Net profit up 64 percent at Rs 148 crore.

Shares of the Mumbai-based local search engine rose as much as 9 percent to Rs 443.65 after its revenue met Bloomberg consensus estimates in March quarter.

Key earnings highlights:

• Revenue up 10 percent at Rs 200.5 crore versus estimate of Rs 199 crore
• Net profit up 53 percent at Rs 38.9 crore versus estimate of Rs 43.8 crore
• Ebitda up 43 percent at Rs 45.9 crore
• Margin at 23 percent versus 18 percent

Indian equity benchmarks were little changed as losses in Bharti Airtel, State Bank of India and Sun Pharma outweighed gains in Dr Reddy's Labs, ONGC and Larsen & Toubro.

The S&P BSE Sensex was little changed at 34,605 and the NSE Nifty 50 index slipped 0.1 percent to 10,506.

Eleven out of 19 sector gauges compiled by BSE were trading lower led by the S&P BSE Telecom index's 1.2 percent drop. On the other hand, the S&P BSE Capital Goods index was the top gainer up 0.44 percent.

The mid- and small-cap shares were trading with a negative bias as the S&P BSE MidCap index fell 0.2 percent and the S&P BSE SmallCap index declined 0.1 percent.

The rupee recovered from its 16-month low to trade 15 paise higher at 67.97 against the US dollar in early session today, after opening 10 paise higher, on fresh selling of the dollar by exporters and banks.

Forex dealers said besides selling of the American currency by exporters and banks, weakness in the dollar against other currencies overseas supported the rupee.

Further, investor sentiment turned positive on easing trade woes between the US and China leading to a higher opening of the domestic equity market, boosting the domestic unit, they added.

Yesterday, the rupee had lost 12 paise to close at a fresh 16-month low of 68.12 against the US currency on sustained dollar demand from importers and corporates amid weak global cues.

Meanwhile, the benchmark BSE Sensex was trading 43.50 points, or 0.12 per cent, higher at 34,659.63 in early trade today.

Source: Press Trust of India

Petrol and diesel prices continued to rise for the ninth straight day and touched new records after the state-run oil marketers increased rates in line with crude oil prices.

The price of petrol was hiked by 30 paise today to Rs 84.4 a litre in Mumbai and diesel was raised by 27 paise to Rs 72.21 a litre, according to the data shared by Indian Oil Corporation Ltd.

The National Stock Exchange of India Ltd. sued Singapore Exchange Ltd. in a Mumbai court, escalating a dispute that threatens to leave international investors without one of the world’s most widely-used offshore futures contracts.

Credit Suisse On Colgate

• Maintained ‘Neutral’; raised price target to Rs 1,225 from Rs 1,120.
• Volume and market share trends remain weak.
• Colgate is still losing market share in toothpaste.
• Management hopeful for a 2018-19 recovery.

Jefferies On Colgate

• Maintained 'Hold’; raised price target to Rs 1,220 from Rs 1,190.
• Volumes still tepid but margin beat continues.
• Management indicated market share stabilization going ahead.
• Management sees maintaining current volume growth and elevated margins.

Nomura On Colgate Palmolive

• Downgraded to ‘Neutral’ from ‘Buy’, raised price target to Rs 1,299 from Rs 1,307.
• Innovation and market share remain issues.
• Volume growth flattish in trajectory adjusted for the favourable base effect.

Morgan Stanley On Dalmia Bharat

• Maintained ‘Overweight’ and price target at Rs 3,475.
• Continues to deliver industry-leading volume growth.
• Cost focus should support Ebitda progression and cash flow.
• Growth capex ahead implies deleveraging is largely behind us.

Goldman Sachs On Dalmia Bharat

• Maintained ‘Buy’ with a price target at Rs 3,475.
• In line with estimates but capacity expansion to aid growth.
• Dalmia is likely to continue to grow faster than the industry.

HSBC On Dalmia Bharat

• Maintained ‘Buy’; raised price target to Rs 3,350 from Rs 3,250.
• Robust volume and Ebitda growth is well ahead of estimates.
• Simplification of the group structure is in the final stages.

BofA-ML On Petronet LNG

• Maintained ‘Uderperform’ with a price target of Rs 222.
• Q4 marginally behind on lower re-gas volumes.
• Gas volumes should recover in the near term.
• Pipelines in the south on track, but not a surprise.

Nomura On Petronet

• Maintained ‘Buy’ with a price target of Rs 300.
• Q4 was a miss likely due to lower long term volumes.
• Dahej utilisation was higher and Kochi utilisation was lower.
• As Kochi utilisation improves, there is downside risk to tariffs.

Credit Suisse On TTK Prestige

• Upgraded to ‘Neutral’ from ‘Underperform’; raised target to Rs 6,300 from Rs 5,900.
• A strong quarter for growth amidst reasonable valuations.
• Growth was consistent across both South and non-South markets.
• Management refused to guide for 2018-19 but remains optimistic.
• Upgrade EPS by 2-3 percent as we built in higher growth for 2018-19.

Who’s Meeting Whom

• ACC to meet investors including Government of Singapore Investment Corp on May 22.
• Capacite Infra investors including Goldman Sachs, JM Financial PMS from May 22 – 23.
• Eicher Motors to meet Select Equity on May 22.
• IIFL Holdings to meet Hillhouse Capital, Lion Rock on May 22.

Bulk Deals

Sintex Plastics Technologies

• Morgan Stanley France SAS bought 44.90 lakh shares or 0.7 percent equity at Rs 51.98 each.

ADF Foods

• Mentor Capital bought 4.79 lakh shares or 2.3 percent equity at Rs 263.75 each.

Future Lifestyle Fashions

• Bennett Coleman & Co. bought 34 lakh shares or 1.8 percent equity at Rs 438 each.
• Spectacular Investment Pte bought 1.55 crore shares or 8.2 percent equity at Rs 434 each.
• Pioneer Investment Fund sold 77.90 lakh shares or 4.1 percent equity at Rs 434 each.
• Promoter Future Ideas sold 18.86 lakh shares or 1 percent equity at Rs 435.12 each.
• Promoter Suhani Trading & Investment Consultants sold 59.24 lakh shares or 3.1 percent equity at Rs 435.18 each.
• Promoter Ryka Commercial Ventures sold 29.82 lakh shares or 1.6 percent equity at Rs 435.54 each.

IndoStar Capital

• Lenarco bought 13.90 lakh shares at an average of Rs 594.25 each.
• NWB as Trustee of the Jupiter India Fund bought 4.93 lakh shares at Rs 600 each.

Trading Tweaks

• Videocon, McNally Bharat and Pincon Spirit shifted to T group.

F&O Cues

• Nifty May futures closed at 10,538.75, a premium of 22 points versus 0.6 points earlier.
• Maximum call open interest at 11,000 strike; open interest at 57.3 lakh shares.
• Maximum put open interest at 10,500 strike; open interest at 54.3 lakh shares.

STOCK FUTURES-OI CHANGE MAY SERIES

• Cipla
• Dr. Reddy's Laboratories
• Hindustan Petroleum
• Indian Oil
• State Bank of India

Other Earnings To Watch

• Allcargo Logistics
• Andhra Bank
• Ballarpur Industries
• Bata India
• Bharat Forge
• Bosch
• Care Ratings
• Future Consumer
• Igarashi Motors India
• LT Technology Services
• Marathon Nextgen Realty
• Minda Industries
• Music Broadcast
• Sonata Software
• Symphony
• VIP Industries

Just Dial (Q4, YoY)

• Revenue up 10 percent at Rs 200.5 crore.
• Ebitda up 43 percent at Rs 45.9 crore.
• Net profit up 53 percent at Rs 38.9 crore.
• Margin at 23 percent versus 18 percent.

Navkar Corp (Q4, YoY)

• Revenue up 16 percent at Rs 115 crore.
• Net profit up 33 percent at Rs 28 crore.
• Ebitda up 38 percent at Rs 49.5 crore.
• Margin at 43 percent from 36.4 percent.

Timken India (Q4, YoY)

• Revenue up 32 percent at Rs 345 crore.
• Net profit down 8 percent at Rs 24 crore.
• Current tax up 2.5 times at Rs 11.6 crore.
• Ebitda up 18 percent at Rs 45 crore.
• Margin at 13 percent from 14.6 percent.

Action Construction Equipment (Q4, YoY)

• Revenue up 60 percent at Rs 367.5 crore.
• Net profit up 11 times at Rs 21.5 crore.
• Ebitda up 4 times at Rs 38.5 crore.
• Margin at 10.5 percent from 4.1 percent.

Mahanagar Gas (Q4, YoY)

• Revenue up 12 percent at Rs 587 crore.
• Net profit up 5.5 percent at Rs 105 crore.
• Ebitda up 8 percent at Rs 176 crore.
• Margin at 30 percent from 31 percent.

Motilal Oswal (Q4, YoY)

• Revenue up 43 percent at Rs 752 crore.
• Net profit up 64 percent at Rs 148 crore.

AstraZeneca Pharma India (Q4, YoY)

• Revenue up 30 percent at Rs 151 crore.
• Net profit of Rs 3 crore from net loss of Rs 10 crore.
• Ebitda up 1,500 percent at Rs 16 crore.
• Margin at 10.6 percent from 0.9 percent.

Globus Spirits (Q4, YoY)

• Revenue up 10 percent at Rs 229 crore.
• Net profit down 50 percent at Rs 1 crore.
• Tax credit of Rs 8 crore in base quarter.
• Ebitda up 100 percent at Rs 18 crore.
• Margin at 7.9 percent from 4.3 percent.

Redington India (Q4, YoY)

• Revenue up 5 percent at Rs 11,314 crore.
• Net profit down 6 percent at Rs 143.5 crore.
• Ebitda down 1 percent at Rs 232 crore.
• Margin at 2.1 percent from 2.2 percent.

Future Retail (Q4, YoY)

• Revenue up 2 percent at Rs 4,575 crore.
• Net loss of Rs 464 crore from net profit of Rs 123 crore.
• Exceptional loss of Rs 604 crore in the current quarter.
• Ebitda up 11 percent at Rs 201 crore.
• Margin at 4.4 percent from 4 percent.

Punjab & Sind Bank (Q4, YoY)

• Net interest income down 17 percent at Rs 473 crore.
• Net loss of Rs 525 crore from net profit of Rs 8 crore.
• Provisions up 3 percent at Rs 604 crore (QoQ).
• Gross NPA at 11.19 percent from 10.95 percent (QoQ).
• Net NPA at 6.93 percent from 7.20 percent (QoQ).

Bombay Burmah (Q4, YoY)

• Revenue down 15 percent at Rs 52.5 crore.
• Net loss of Rs 12 crore.
• Other income of Rs 17 crore in base quarter.
• Ebitda loss of Rs 10.5 crore.
• Margin at negative 20 percent from negative 4.0 percent.

Gujarat State Petronet Q4 QoQ

• Revenue flat at Rs 350 crore.
• Net profit down 14 percent at Rs 157 crore.
• Ebitda down 3 percent at Rs 288.5 crore.
• Margin at 82.4 percent from 84.7 percent.

DLF (Q4, YoY)

• Revenue down 38 percent at Rs 1,378 crore.
• Net profit up 66 percent at Rs 248 crore.
• Profit from JV at Rs 205.5 crore in current quarter.
• Ebitda loss of Rs 14 crore from Rs 710 crore.
• Margin at negative 1 percent from 31.9 percent.

DLF results are not comparable due to presence of DLF Cyber City Developers’ revenue and Ebitda in the base quarter.

• Bharti group firm Cedar looks to exit Future Retail, in talks with Premji Invest (Economic Times).
• Fortis EGM today on changes to board of directors.
• Essar Shipping board approved sale of older vessels.
• Infibeam to consider fund raising on May 30.
• Tata Sons unit Panatone to buy 1.33 crore shares or 4.7 percent equity of Tata Communication from Tata Power at Rs 631.12 per share.
• HDIL clarified that the company directors not served any notices or FIR.
• CMI board approved merger of CMI Energy with self.
• Future Retail to acquire retail business of “Foodworld” for Rs 41 crore.

• PNB scam: Former CEO of the bank was aware of fraud, says CBI
• Services to be impacted on May 30-31 if bank unions go on strike, says SBI
• Finance ministry not seeking relaxation of RBI’s PCA framework
• CBI files charge sheet against Rotomac promoters in bank fraud case
• Kumaraswamy meets Sonia, Rahul on Karnataka government formation
• India-Russia ties enjoy ‘special privileged strategic partnership’, Modi tells Putin
• India’s budget threat back in focus after Modi loses key state
• Tesla model 3 rebuffed by consumer reports on slow braking
• These charts show why China’s considering ending birth limits
• The rural conundrum: Wage growth decelerates while inflation picks up
• Obamas to produce Netflix movies and shows under multiyear deal
• Justice Chelameswar’s legacy: Activism in its true sense
• What Trump’s pullout from the Iran deal means for South Asia

Good Morning!

The Singapore-traded SGX Nifty, an early indicator of NSE Nifty 50 Index’s performance in India fell 0.23 percent to 10,518 as of 8:00 a.m.

Asian stocks were mixed, failing to follow their U.S. counterparts higher, as traders sought fresh leads amid an apparent easing in trade tensions. The dollar declined while Treasuries edged higher.

Indices in Japan and Australia fell, while stocks were little changed in China amid news the country is considering removing limits on how many children a family can have.

Commodities

• West Texas Intermediate crude gained 0.4 percent to $72.49 a barrel, climbing for a second day.
• Gold lost 0.1 percent to $1,291.13 an ounce.
• LME copper rose 0.2 percent to $6,889 a metric ton.

Here are some key events to watch this week:

• Brexit negotiations resume in Brussels on Tuesday, and South Korea’s president visits Washington to discuss North Korea.
• Also on Tuesday, Facebook Chairman and CEO Mark Zuckerberg is to be questioned by the European Parliament on his company’s use of personal data.
• The Federal Reserve releases minutes of the central bank’s May 1-2 meeting on Wednesday; U.S. new home sales will also released as will the euro-area and Japan PMIs.
• Thursday sees the Bank of England Markets Forum at Bloomberg London. Speakers include BOE Governor Mark Carney and New York Fed President William Dudley.
• At the St. Petersburg Forum on Friday, Russian President Vladimir Putin and French President Emmanuel Macron, IMF Managing Director Christine Lagarde, and Japan Prime Minister Shinzo Abe participate on a panel moderated by Bloomberg News Editor-in-Chief John Micklethwait.
• Also on Friday, European Union finance ministers discuss the latest on Brexit talks, in Brussels.