India’s main opposition party won the most seats in four local polls held over the past month, giving it momentum ahead of a 2014 national election as voters punished Prime Minister Manmohan Singh’s ruling coalition.
India’s benchmark stock index will climb as much as 6 percent to a record by year-end if state election results this weekend confirm gains by the nation’s main opposition party, according to a Bloomberg survey.
Investigators probing the biggest payment default in India’s commodity market seized assets and properties worth $487 million from exchange officials and defaulters that may be used to clear dues to investors.
Palm oil rallied to the highest level in more than 14 months on speculation that rains in Malaysia, the world’s second-largest producer, may hamper production of the tropical oil used in everything from food to fuel.
Palm oil imports by India, the world’s biggest buyer, probably climbed for the first time since June as traders rebuilt reserves from the lowest level in 21 months amid a delay in the domestic oilseed harvest.
Stemcor Holdings Ltd., a U.K. steel trader restructuring $1.25 billion of debt, reached an agreement with ICICI Bank Ltd. that will pave the way for the sale of its Indian iron and manganese ore units, said five people familiar with the situation.
India’s rupee headed for its best week since October as the nation’s current-account deficit narrowed and on optimism the prospect of a win by the main opposition party in state elections will boost stock inflows.