PNBGILTS

Feb 26 (Reuters) - Pnb Gilts Ltd PNBG.NS:

• PNB GILTS LTD - APPOINTS PAREED SUNIL AS MANAGING DIRECTOR & CEO

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Jan 28 (Reuters) - Pnb Gilts Ltd PNBG.NS:

• PNB GILTS DEC-QUARTER LOSS 101.1 MILLION RUPEES

• PNB GILTS DEC-QUARTER TOTAL REVENUE FROM OPERATIONS 3.62 BILLION RUPEES

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Dec 16 (Reuters) - Pnb Gilts Ltd PNBG.NS:

• PNB GILTS LTD - VIKAS GOEL RESIGNS AS MD, CEO

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Oct 24 (Reuters) - PNB Gilts Ltd PNBG.NS:

• SEPT-QUARTER PROFIT 1.15 BILLION RUPEES

• SEPT-QUARTER TOTAL REVENUE FROM OPERATIONS 5.01 BILLION RUPEES

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** Shares of non-banking financial co PNB Gilts PNBG.NS rise 2.2% to 121.45 rupees

** Stock rises after FTSE Russell announces the inclusion of Indian government bonds to the FTSE Emerging Markets Government Bond Index (EMGBI) from Sept 2025

** Move likely to lead to a rise in foreign inflows to domestic debt markets

** PNBG is likely to benefit from the inclusion as it is the only listed primary dealer in government securities

** Stock up ~25% so far this year after rising ~52% in 2023

(Reporting by Bharath Rajeswaran and Dimpal Gulwani in Bengaluru)

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Aug 6 (Reuters) - Pnb Gilts Ltd PNBG.NS:

• PNB GILTS - SEBI APPROVED APPLICATION FOR SURRENDER OF PMS LICENSE OF CO

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Updates market reaction, quotes

By Dharamraj Dhutia

MUMBAI, July 23 (Reuters) - The Indian government has lowered its planned gross market borrowing by 120 billion rupees ($1.44 billion) for the financial year ending March 2025, Finance Minister Nirmala Sitharaman announced in the federal budget on Tuesday.

The government aims to borrow a gross of 14.01 trillion rupees, down from 14.13 trillion rupees announced at the time of the interim budget in February.

In the previous financial year, the government borrowed 15.43 trillion rupees.

It also aims to reduce its fiscal deficit to 4.9% of gross domestic product (GDP), down from 5.1% in interim budget.

WHY IT'S IMPORTANT

Government borrowings are one of the key drivers for bond yields, which have fallen since the start of this financial year.

India's government finances have also come into sharper focus this year as local currency bonds have been included in JPMorgan's emerging market debt index.

Foreigners bought $8 billion worth of bonds on a net basis in 2024, and the outlook on government finances is being watched keenly by offshore investors.

MARKET REACTION

Government bond yields eased briefly, with the benchmark 10-year bond yield IN10YT=RR easing to 6.9260%, lowest since April 2022.

However, yields reversed immediately as cut in borrowing was below what many market participants were anticipating.

The benchmark bond yield IN071034G=CC was at 6.9723%, against 6.9633% previous close.

KEY QUOTES

We aim to reach fiscal deficit below 4.5% next year. From 2026-27 onwards, our endeavor will be to keep fiscal deficit such that central government debt as a percentage of GDP will be on a declining path, Finance Minister Nirmala Sitharaman said.

"There is some position adjustment as a kneejerk reaction as some investors were expecting a larger cut. Overall budget is positive with priority given to fiscal prudence. I expect benchmark bond yield to ease to 6.90%, with an upside cap of 7.00%," said VRC Reddy, treasury head at Karur Vysya Bank.

"The long-end yields may see some selling pressure, while short-term yields could ease. Still, the benchmark bond yield is likely to top at 7.02%," said Vijay Sharma, senior executive vice president at PNB Gilts.

GRAPHIC

($1 = 83.6200 Indian rupees)

(Reporting by Dharamraj Dhutia; Editing by Janane Venkatraman )

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** Shares of non-banking financial co PNB Gilts PNBG.NS up 2.2% at 112.75 rupees

** PNBG says March-qtr profit up nearly eightfold y-o-y, interest income rises 34.6%

** More than 1.7 mln shares change hands, their busiest session since April 1

** Stock trading above its 50-, 100-, 200-day moving avgs

** PNB Gilts stock up 16.3% YTD, after 51.8% rise in 2023

(Reporting by Rama Venkat in Bengaluru)

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May 1 (Reuters) - Pnb Gilts Ltd PNBG.NS:

• DIVIDEND 1 RUPEE PER SHARE

• MARCH-QUARTER PROFIT 681.3 MILLION RUPEES VERSUS PROFIT 134.9 MILLION RUPEES

• MARCH-QUARTER TOTAL REVENUE FROM OPERATIONS 4.74 BILLION RUPEES VERSUS 3.10 BILLION RUPEES

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** Shares of PNB Gilts PNBG.NS settled 10.3% higher at 120.4 rupees

** Rise after Bloomberg Index Services says it will include in its emerging market local currency index 34 Indian govt bonds eligible for investment via the country's fully accessible route

** Inclusion of the bonds will be phased in over a 10-month period starting from Jan 31, 2025

** Stock had its best day since early Jan, when the index service provider proposed to include eligible domestic bonds in the emerging market local currency index

** PNBG, the only listed primary dealer in government securities, is likely see more inflows due to bond market inclusion

** Stock up 24% YTD, after a 51.8% rise in 2023

(Reporting by Rama Venkat and Bharath Rajeswaran in Bengaluru)

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By Dharamraj Dhutia

MUMBAI, Jan 5 (Reuters) - The expected easing in India's monetary policy could drag the benchmark 10-year bond yield by around 50 basis points in the coming months, while shorter-end debt could see sharper falls, resulting in a steepening of the yield curve, a treasury official from PNB Gilts said.

The 10-year bond yield IN10YT=RR is expected to hit 6.75%, with the five-year yield IN5YT=RR easing to 6.45%-6.50% as falling interest rates aid the shorter duration more, said Vikas Goel, managing director at the primary dealer.

"In fact, the front-end would be the most sensitive to changes, and the 364-day Treasury bill yield could ease to around 90 bps to reach 6.25% levels," the treasurer said.

The five-year 7.37% 2028 bond yield IN073728G=CC was around 7.09% on Friday, while the benchmark 7.18% 2033 yield IN071833G=CC stood at 7.23%. The 364-day T-bill was sold at 7.13% earlier this week.

Goel expects the Reserve Bank of India (RBI) to opt for a three-pronged approach to manage interest rates, starting with easing of banking system liquidity, followed by a change in stance, and ultimately reducing the repo rate.

He, however, does not expect the repo rate to decline by more than 50 bps as liquidity infusion would aid the process of easing rates.

The first step in easing policy would be to reinstate liquidity by moving it into the surplus mode from a deficit, and this would be an effective rate cut of 50 bps as overnight rates would drop to the 6.30%-6.35% zone, Goel said.

The rate cut would then take the lower-end of the policy corridor to 5.75% from 6.25% currently, and overnight rates to the 5.80%-5.85% band. Hence, the overall impact of liquidity infusion and cuts would lead to 100 bps of easing, he added.

Indian overnight rates stayed above the Marginal Standing Facility rate of 6.75% from October to December, averaging around 6.85% on tight liquidity days.

The RBI has not conducted its regular 14-day variable rate reverse repos for the last two fortnights, while consistently infusing funds through short-term cash infusions over the last few weeks.

In terms of the timing of rate cuts, Goel said the RBI may opt for the first one three months after the U.S. Federal Reserve starts its easing cycle.

(Reporting by Dharamraj Dhutia; Editing by Sonia Cheema)

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** Shares of non-banking financial firm PNB Gilts PNBG.NS fall as much as 14.1% to 84.5 rupees, their steepest intraday pct decline since Aug. 14, 2012

** Co on Friday reported wider Sept-qtr loss of 411.2 mln rupees ($4.9 mln) from 78.6 mln rupees loss a year ago

** Total expenses climbed 16.4%, led by a 27.5% jump in finance costs; revenue rose 2.2%

** Nearly 9.2 mln shares change hands as of 11:50 a.m. IST, 1.4X the 30-day moving average

** Stock last down 13.6%, trimming YTD gain to 32.9%

($1 = 83.1650 Indian rupees)

(Reporting by Varun Vyas in Bengaluru)

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** Shares of non-banking financial firm PNB Gilts PNBG.NS rise as much as 11% to 85.25 rupees, highest since June 22, 2021

** Co said on Thursday it approved acquisition of necessary memberships and other pre-requirements to undertake forex business

** Over 4.8 mln shares change hands as of 9:38 a.m. IST, 1.8X the 30-day moving average

** Stock last up 11%, taking YTD gains to 33.3%

(Reporting by Varun Vyas in Bengaluru)

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Oct 5 (Reuters) - Pnb Gilts Ltd PNBG.NS:

• TO OBTAIN NECESSARY MEMBERSHIPS OF VARIOUS INSTITUTIONS, FULFILL PRE-REQUIREMENTS FOR UNDERTAKING FOREX BUSINESS

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** Shares of PNB Gilts PNBG.NS down as much as 5.67% at 66.60 rupees; logs steepest intraday pct fall since Aug 25

** Non-banking financial firm's stock hits its lowest level since July 19

** Stock gained about 6% in last three sessions of trading ahead of results late on Friday when it reported a swing to profit in June qtr

** Still, shares trading above 50-day, 100-day and 200-day simple moving averages, indicating bullish momentum

** More than 1.3 mln shares changed hands by 11:48 a.m. IST, 3.4x 30-day avg

** As of last close, stock had risen 5.32% this year

(Reporting by Hritam Mukherjee in Bengaluru)

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July 21 (Reuters) - Pnb Gilts Ltd PNBG.NS:

• APPOINTS P.SUNIL AS DEPUTY CHIEF EXECUTIVE OFFICER

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By Dharamraj Dhutia

MUMBAI, July 20 (Reuters) - Indian government bond yields are likely to stay largely unchanged in the early session on Thursday as traders await fresh triggers like debt supply on Friday and Federal Reserve policy rate decision next week.

The benchmark 7.26% 2033 bond yield IN072633G=CC is expected to be in the 7.06-7.10% range after ending the previous session at 7.0769%, a trader with a primary dealership said.

"We saw some consolidation yesterday, as traders are not comfortable to take yields below 7.05%-7.06% levels without any actual major positive trigger, and today also there would be sideways movement," the trader said.

Bond yields have been dipping in the last few sessions, tracking their U.S. peers and the moves in overnight indexed swap (OIS) rates.

U.S. yields and Indian swaps fell on increasing speculation that the Fed rate hike next week would be its last in the current tightening cycle. The 10-year U.S. yield was around 3.75%, while the five-year OIS was at 6.21%.

The Fed policy decision is due on July 26, and the odds of a 25-bps hike stay around 96%, but that of another increase after that has sharply receded. FEDWATCH

Indian government bonds are likely to rally in the coming weeks, pulling the benchmark 10-year yield below 7% if the Fed signals an end to its current tightening cycle, said Vikas Goel, managing director and chief executive officer of PNB Gilts.

"The Fed rate hike next week should be final and maybe towards the end of 2023, it could start cutting rates. We could see a retest of 6.95% on the 10-year benchmark. If the Fed dials down the metric of how hawkish it is, we can see a 10-basis-point move," Goel said.

Meanwhile, traders await fresh supply as New Delhi will raise 310 billion rupees ($3.78 billion) through a sale of bonds on Friday, which includes 140 billion rupees of a new 14-year bond.

KEY INDICATORS:

** Brent crude futures LOc1 up 0.3% at $79.67 per barrel, after falling 0.2% in the previous session

** 10-year U.S. Treasury yield US10YT=RR at 3.7639%, two-year yield US2YT=RR at 4.7831%

($1 = 82.0200 Indian rupees)

(Reporting by Dharamraj Dhutia; Editing by Dhanya Ann Thoppil)

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By Dharamraj Dhutia

MUMBAI, July 19 (Reuters) - Indian government bonds are likely to rally in the coming weeks, pulling the benchmark 10-year yield below 7%, if the U.S. Federal Reserve signals an end to its current tightening cycle later this month, the head of PNB Gilts said on Wednesday.

"The Fed rate hike next week should be final and maybe towards the end of 2023, they could start cutting rates," said Vikas Goel, managing director and chief executive officer at the primary dealership firm.

"We could see a retest of 6.95% on the 10-year benchmark," he added.

India's benchmark 7.26% 2033 bond yield IN072633G=CC was trading at 7.06%, retreating from over a two-month high of 7.18% touched last week.

Yield has risen since plunging to a one-year low of 6.94% in May, aided by heavy debt supplies and hawkishness from global and local central banks.

"If the Fed dials down the metric of how hawkish they are, we can see 10 bps of move," Goel said.

Market participants expect a 25 basis points hike at the Fed's July 25-26 policy meeting and signal a pause thereafter.

The Fed has hiked rates by 500 bps since March 2022. FEDWATCH

Overnight indexed swap (OIS) rates have also trended lower on expectations of a pause. The five-year OIS is currently trading around 6.20%, down 25 bps since last week when markets were still expecting two more Fed hikes.

Though markets expect a rate cut from the Reserve Bank of India next April, that could be brought forward to the end of this financial year once the Fed indicates a pause, Goel said.

The RBI raised rates by 250 bps in the current tightening cycle but with inflation cooling, it paused rate hikes at the last two meetings, indicating it would wait for inflation to align with its medium-term target of 4% before cutting rates.

An uptick in retail inflation in June caused some jitters, but Goel said local inflation is not a threat currently, and the focus should remain on core inflation instead of volatile vegetable prices.

Regarding talks on India's inclusion in global bond indices, Goel said that investors would wait for it to actually happen before taking on any fresh positions.

"Markets have reacted to that news enough times and got their fingers burnt."

(Reporting by Dharamraj Dhutia
Editing by Swati Bhat and Eileen Soreng)

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By Dharamraj Dhutia

MUMBAI, June 30 (Reuters) - Indian bond yields will extend their rise into the next quarter due to a strong line-up of debt supply and as chances of a rate cut before the first half of next year look unlikely.

The benchmark bond yield IN10YT=RR is up 12 basis points so far in June, after dropping 32 bps in April-May.

A surprise pause by the Reserve Bank of India in April prompted traders to bet on a quick pivot in the interest rate cycle, but a hawkish guidance in June dampened their hopes.

"With the global backdrop turning unfavourbale, hopes of quick rate cuts have washed out, and focus will shift to factors like demand-supply dynamics which also does not look very favourable," said Abhishek Upadhyay, senior economist at ICICI Securities Primary Dealership.

Bonds were supported by the demand from insurance companies, excessive inflows into mutual funds and one-time investor demand in the April-June quarter, said Vijay Sharma, senior executive vice president at PNB Gilts. However, there are no such positive triggers in the second quarter, prompting yields to settle at higher levels, Sharma added.

Indian insurance companies, as well as mutual funds, had received large fund inflows at March-end due to tweaks in taxation, most of which went into bonds in April and May, traders said.

Benchmark 7.26% 2033 bond yield IN072633G=CC was trading at 7.1072%, its highest since May 2, after dropping to a more than one-year low of 6.9442% on May 17.

The yield curve could steepen, with the 10-year yield rising to 7.16-7.20% in the next quarter, Jayesh Mehta, India treasurer at Bank of America, said, while ICICI Securities' Upadhyay sees it in a 7.00%-7.25% band in the near term.

Traders pointed to the lack of redemptions in July-September, when no bonds mature, which will offset the heavy debt supply.

New Delhi is scheduled to raise 4.47 trillion rupees by way of bonds in July-September, a tad above the 4.41 trillion rupees in the first quarter when redemptions amounted to 1.6 trillion rupees.

Despite the negative factors, fresh buying is likely in the 7.15%-7.25% zone from long-only investors, said Vikas Garg, head of fixed income at Invesco Mutual Fund.

($1 = 82.0300 Indian rupees)

(Reporting by Dharamraj Dhutia; Editing by Swati Bhat and Dhanya Ann Thoppil)

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May 3 (Reuters) - PNB Gilts Ltd PNBG.NS:

• MARCH-QUARTER PROFIT 134.9 MILLION RUPEES VERSUS 490.5 MILLION RUPEES YEAR AGO

• MARCH-QUARTER TOTAL REVENUE FROM OPERATIONS 3.10 BILLION RUPEES VERSUS 2.42 BILLION RUPEES YEAR AGO

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