India Day Ahead: Mumbai Port Closure; Nomura Outlook for Consumer Stocks

The following are some of the important stories that broke overnight, and newspaper summaries in India today:

TOP INDIA STORIES:

India May Take Three Days to Clear Containers That Closed Ports

India said it may take as long as three days to clear hundreds of containers floating in sea lanes that forced the closure of Mumbai’s Jawaharlal Nehru Port, the nation’s busiest container harbor.

Crude Oil Trades Above $81 After Gaining as Equities Advance

Crude oil was little changed above $81 a barrel in New York after rising for the first time in four days as advancing equity markets buoyed confidence that the economic rebound will spur fuel demand.

Nomura Turns Negative on Indian Consumer Stocks on Valuations

Investors should “book profits” on Indian consumer stocks as the industry may underperform given their valuations, rising input prices and a “highly competitive landscape,” Nomura Holdings Inc. said.

Wheat Drops for a Third Day as Investors Judge Rally Excessive

Wheat futures declined for a third day on speculation that prices have surged too fast and that investors have overestimated the impact on global supply of Russia’s worst drought in at least half a century.

Record Asian Currency Bond Debt Fuels Company ‘Investment Boom’

Corporate bond sales in Asian currencies reached a record last month as companies seek capital to fund power plants, tower blocks and railways in the world’s fastest-growing economic region.

Palm Oil, ‘Extremely Overbought’, May Drop: Technical Analysis

Palm oil may tumble by as much as 5 percent this week as the commodity is “extremely overbought” after gains on speculation La Nina may hurt harvests in the biggest producers and on drought damage to Russia’s grain crop.

Lupin Sues Ranbaxy Over Antara Cholesterol Drug

A unit of India’s Lupin Ltd. sued Ranbaxy Laboratories Ltd. for infringing a U.S. patent for Antara capsules, used to treat high cholesterol levels.

Indian Rupee Climbs to Seven-Week High as Growth Spurs Inflows

India’s rupee rose to a seven-week high on speculation an improving economy and rising interest rates will spur overseas demand for the nation’s assets.

India Bonds Rise on Speculation Central Bank to Pause on Rates

India’s 10-year bonds climbed for a second day, pushing their yield to the lowest level in almost a week, on speculation the central bank will refrain from increasing interest rates at its policy review next month.

Lupin, Monnet Ispat, Tulip, Wipro: India Equity Preview

The following companies may have unusual price changes in India trading. Stock symbols are in parentheses and share prices are as of the last close.

India Scraps Rule Requiring 25% Float in State Firms

India reversed a two-month old rule that required state-run companies to have at least 25 percent of their shares traded, easing a cap that may have flooded Asia’s fourth-biggest market with equity.

Orissa Asked to Halt Land Acquisition for Posco Plant

Posco, South Korea’s biggest steelmaker, said India’s environment ministry asked the state government of Orissa to halt land acquisitions from farmers occupying the site of the company’s proposed $12 billion plant.

India’s Sensex Climbs to 30-Month High; Tata Motors Advances

India’s benchmark stock index advanced to a 30-month high, led by real estate developers and automakers, amid expectations that rising incomes and the nation’s economic growth will boost profitability.

TODAY’S PAPERS:

India Defers Plan to Float Urea Prices: Financial Express Link

Reliance Broadcast Plans to Raise $100 Million, Express Says

India’s Home Ministry Asks to Stop 3G Services, Standard Says

IMF Says Pakistan Floods Cause Major Economic Harm: Reuters Link

TOP STORIES WORLDWIDE:

Former U.S. Stealth Bomber Engineer Convicted for China Spying

A former B-2 stealth bomber engineer was found guilty of selling classified information to China, the U.S. Justice Department said in a statement.

Anadarko Debtors Forgiving Spill in Bond Frenzy: Credit Markets

Anadarko Petroleum Corp. sold $2 billion of notes that lack creditor protections against claims stemming from the worst oil spill in U.S. history, underscoring how corporations are gaining the upper hand over debt investors.

Asian Growth Attracts Shariah Banks From Gulf: Islamic Finance

Al Salam Bank BSC, Bahrain’s fastest-growing lender by revenue in the past year, plans to invest $500 million of Islamic funds in Asia, joining Saudi Arabia’s Al Rajhi Group in tapping the region’s growth.

Australian Business Confidence Falls to 14-Month Low

Australian business confidence slipped in July to the lowest level in more than a year, adding to signs higher interest rates are eroding domestic demand and driving the local dollar down by the most in almost two weeks.

Singapore Economy Expands 24%, Less Than Estimated

Singapore’s economy expanded less than initially estimated last quarter as manufacturing cooled in June, and growth is forecast to slow after a record pace in the first half, the government said today.

MARKETS:

Yen Rises on Prospect BOJ Will Refrain From More Easing Steps

The yen rose, snapping a two-day losing streak against the euro, on prospects the Bank of Japan will refrain from taking additional measures to temper the currency’s appreciation.

U.S. Two-Year Yields Near Record Low as Fed May Signal Stimulus

Treasury two-year yields were within five basis points of a record low on speculation the Federal Reserve will today acknowledge the economy is slowing and say it is ready to take steps to spur growth.

Copper Drops on Concern China’s Property Slump May Curb Demand

Copper declined in Asia as some investors deemed the recent rally as excessive amid concerns that demand may slow as China’s property market cools. The metal dropped for the first time in three days in Shanghai.

Gold May Advance After Weak U.S. Jobs Data Spurs Growth Concern

Gold may advance on speculation that demand for the metal as a store of wealth will increase after weaker-than-expected jobs data spurred concern about the strength of the U.S. economic recovery.

U.S. Stocks Advance, With S&P 500 at Highest Level Since May

U.S. stocks climbed, with the Standard & Poor’s 500 Index reaching its highest level in more than two months, amid speculation the Federal Reserve may introduce measures to stimulate economic growth tomorrow.

Refiners May Cut Oil Processing as Margins Fall: Energy Markets

U.S. refiners probably cut back on crude-oil processing last week as profit margins sank to the lowest level in five months, a Bloomberg News survey showed.

Soybeans Rise on Chinese Demand for U.S. Crop; Corn Declines

Soybeans rose, extending the longest rally since 2007, on speculation that Chinese imports will reduce stockpiles in the U.S., the world’s largest producer and exporter. Corn declined for the first time in four sessions.

For Related News and Information: Most-read stories about India today: MNI INDIA 1D India economic statistics: ECST IN