Indian companies, which sold the least rupee bonds for five quarters this year, are favoring sales of shorter-dated debt betting interest rates have almost peaked, according to the nation’s top-ranked underwriter.
ECONOMY: * 5:00 p.m. India to sell 40 billion rupees of 91-day bills. * 5:00 p.m. India to sell 20 billion rupees of 364-day bills. WHAT TO WATCH: * Borrowers issued 349 billion rupees ($7.9 billion) of bonds in the three months to March 31, the least since they raised 301 billion rupees in the quarter ended Dec. 31, 2009, according to data compiled by Bloomberg. Forty-five percent of the notes, or 156 billion rupees, are due in one to five years, compared with 124 billion rupees of five- to 10-year debt, the data show. That’s the heaviest weighting to shorter-dated paper since the quarter ended Sept. 30, when it made up 58 percent of the total. * The temple for the Hindu monkey god Hanuman, near Jaitapur on the western coast of India, seems a long way from Japan’s Fukushima Dai-Ichi, where the worst nuclear disaster since Chernobyl continues to unfold. For the crowd gathering amid the scent of incense and prayer lamps, the crisis is looming on their doorstep. Less than three miles away, the Indian government plans to build what would be the world’s largest nuclear-power plant and the villagers, fearing a repeat of the Japanese catastrophe, are here to protest. * Satyam Computer Services Ltd., the software consulting firm embroiled in India’s biggest corporate fraud, will pay $10 million to settle U.S. regulatory claims that it overstated revenue, income and cash balances by more than $1 billion over five years. MARKETS: * The Dow Jones Industrial Average fell 0.1 percent. * The MSCI Asia Pacific Index fell 0.6 percent. * India’s benchmark stock index was little changed. EQUITY MOVERS: * Cairn India Ltd. (CAIR IN): India’s Cabinet may approve Vedanta Resources Plc’s offer to acquire control of Cairn India Ltd. at a meeting on April 6, the Press Trust of India reported, citing a person it didn’t identify. CONFERENCES/EVENTS: * The Society of Indian Law Firms will hold a conference on taxation and jurisprudence. * Inauguration of the National Conference on Kharif Campaign by Sharad Pawar, minister of agriculture & food processing. * PHD Chamber Conference on MSME Segment. * Anand Sharma, minister of commerce and industry, will introduce a new Buyers Credit Scheme. * Launch of New Bentley Continental GT in India. * Automobili Italia will host a press conference to introduce Maserati cars in India. * NTPC Ltd. press conference for FY11 results. * Talwalkars Better Value Fitness Ltd. press conference. * PCI Ltd. will announce a joint venture for a nuclear power company with ONET Technologies. BLOOMBERG UTV INTERVIEWS: * 10:00 a.m. Vikas Pershad, founder & chief executive officer, Veda Investments. * 11:30 a.m. Lancelot D’Cunha, chief executive officer, Sharyans Wealth Management Pvt. * 12:00 p.m. Peter McGuire, chief market strategist, FX Global Capital.