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iPath MSCI India Index ETN (INP)

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  • Nov. 18, 2014, 9:15 AM
    • Royal Dutch Shell (RDS.A, [[RDS.B]) wins an important victory in its long-running battle with India’s revenue authorities, who had alleged the company had underpriced shares issued by Shell’s Indian subsidiary to its parent company.
    • Shell’s case involved two years worth of tax claims in 2008 and 2009, in which India’s authorities alleged the companyhad incorrectly assessed the amount it owed relating to certain share transfers; the authorities said Shell owed ~$3B in tax on these stock transactions.
    • Shell's case comes one month after a similar ruling in favor of Vodafone and follows a string of high profile battles between revenue authorities and global businesses that have hurt India's reputation as a destination for foreign investment.
    • ETFs: EPI, INDY, PIN, INDL, INP, INXX, INDA
    | Comment!
  • Nov. 18, 2014, 1:57 AM
    • After finalizing a free-trade agreement with China yesterday, Australia is now pushing for a comprehensive trade deal with India.
    • "We want to go further and that's why the next priority for Australia is a comprehensive economic partnership agreement with India," says PM Tony Abbott. "If I may say so, this is a moment in time. This is the time to get this done."
    • Trade between Australia and India stands at around $15B a year, or just a tenth of that between Australia and China.
    • ETFs: EPI, EWA, INDY, SCIF, PIN, INDL, INP, INXX, INDA, SCIN, AUSE, SMIN, INCO, KROO, EWAS, FAUS, QAUS
    | Comment!
  • Oct. 24, 2014, 11:40 AM
    • After near 30% YTD gains in the major market averages, India's P/E premium to the world of about 20% is near a 3-year high, according to Credit Suisse.
    • "If the global readjustment stays orderly, India should be able to outperform," says the Credit Suisse team of Neelkanth Mishra and Ravi Shankar, but 56% of Nifty Fifty (INDY +0.4%) revenues are not in rupees, and the remaining 44% includes banks exposed to the globally-dependent names.
    • Sectors especially susceptible to a global growth hiccup are energy, metals, and the banks exposed to them, but consumption (INCO +0.7%), low-interest rate beneficiaries, and telecom and cement producers are better-insulated.
    • ETFs: EPI, SCIF, INDY, PIN, INDL, INP, INXX, INDA, SCIN, SMIN, INCO
    | Comment!
  • Oct. 6, 2014, 2:41 PM
    • "Proactive stimulus measures and restored political stability" are cited by Credit Suisse as it upgrades Thailand to a Buy from Neutral. The team note's last week's approval of a $11B spending package (roughly 2.8% of GDP).
    • ETFs: THD
    • Indian stocks need to take a breather from a big run, says Credit Suisse, lowering the country to Neutral from Buy.
    • ETFs: EPI, SCIF, INDY, PIN, INDL, INP, INXX, INDA, SCIN, SMIN, INCO
    • Valuation is a concern for Indonesia, says Credit Suisse, cutting the country to Sell from Neutral. At 14.4x forward earnings, stocks are at a 16% premium to their 10-year historical average at the same time 3-month revisions of consensus earnings have tuned south.
    • ETFs: IDX, EIDO, IDXJ
    | 1 Comment
  • Oct. 1, 2014, 3:35 AM
    • President Barack Obama and India's new Prime Minister Narendra Modi announced the need for more economic collaboration yesterday, while addressing concerns that they have grown apart.
    • While military ties and trade in military equipment between the two countries have increased, the economic relationship has been rockier, with the U.S. frustrated over India's failure to open its economy to more foreign investment.
    • Other areas of discussion included maritime security, counter-terrorism cooperation, clean energy and climate change.
    • ETFs: EPI, SCIF, INDY, PIN, INDL, INP, INXX, INDA, SCIN, SMIN, INCO
    | Comment!
  • Sep. 19, 2014, 3:25 PM
    • The Sensex edged higher this week, bringing its 6-week move to a gain of 7%, and its YTD advance to 28%. The big gain this week came amid a rare visit from China's premier and the pledging of $20B in investments in India over the next five years.
    • Credit Suisse this week says India's banks - despite maybe being the most richly valued in Asia - have upside. They trade at 3x trailing book value, but that's inline with their 10-year average. What they have going for them now is improved governance, an accelerating economy, and interest rate hikes now in the rearview mirror. The team's favorite plays (trading in the States): ICICI Bank (IBN -1.8%), HDFC Bank (HDB -0.8%).
    • ETFs: EPI, SCIF, INDY, PIN, INDL, INP, INXX, INDA, SCIN, SMIN, INCO
    | Comment!
  • Sep. 15, 2014, 1:06 PM
    • India investors waiting for a confirmed upturn in the economy following Narendra Modi coming to power in May, will have to wait a bit longer as the most recent data is decidedly mixed.
    • While inflation has slowed to 7.8% vs. the central bank's target of 8% by the start of next year (target is 6% for 2016), industrial production grew just 0.5% Y/Y in July, down sharply from June's 3.4% and May's 5%.
    • The most recent data show exports in August of $26.96B, up 2.35% Y/Y, and imports of $37.8B up 2%.
    • The Sensex dipped 0.9% last night, but remains one of the globe's biggest gainers this year. EPI +30.6%, PIN +26% YTD.
    • ETFs: EPI, SCIF, INDY, PIN, INDL, INP, INXX, INDA, SCIN, SMIN, INCO
    | Comment!
  • Aug. 19, 2014, 3:41 PM
    • India's Sensex carved out another all-time high overnight - not surprising given the optimism for reform surrounding newly-elected PM Narendra Modi - but HSBC remains cautious. The issue, says the team, are high valuations and mutual funds very overweight India, combined with the chance of higher interest rates.
    • "[We] continue to believe that there is a risk of Indian rates rising, or staying higher for longer than what the market is willing to accept ... At 16.1x forward PE, the Indian market is now trading above its long-term average valuation of 15x. This makes it the second most expensive market (after the Philippines) among the Asia ex-Japan countries.”
    • ETFs: EPI, SCIF, INDY, PIN, INDL, INP, INXX, INDA, SCIN, SMIN, INCO
    | Comment!
  • Aug. 11, 2014, 7:25 AM
    • The new Indian government led by Narendra Modi is now scheduling the start of its $10B divestment plan of state-run companies for next month. It will begin with a 5% stake in the Steel Authority of India (OTC:SAUKF), the country’s biggest steel group by volume.
    • Divestment of 5% stakes in Oil and Natural Gas Corporation and Coal India will raise a much larger sum around $5B.
    • The Indian government plans to plug the country’s budget deficit with the help of such sales.
    • Investor roadshows will begin in London, New York, Hong Kong and Singapore in September with the aim of raising an estimated $300M-$330M.
    • ETFs: EPI, SCIF, INDY, PIN, INDL, INP, INXX, INDA, SCIN, SMIN, INCO
    | 1 Comment
  • Jul. 31, 2014, 4:38 AM
    • U.S. officials are continuing talks in India and are hoping that the new government will drop its objections for the WTO trade-facilitation deal (which must be approved by all 160 member governments to take effect) before tonight's deadline.
    • Newly elected Prime Minister Narendra Modi has been looking to open up India's closed economy, but states that he won't sign off on the deal unless the concerns on the restrictions of farmers subsidies and food stockpiles for the poor are addressed.
    • ETFs: EPI, SCIF, INDY, PIN, INDL, INP, INXX, INDA, SCIN, SMIN, INCO
    | Comment!
  • Jul. 25, 2014, 4:02 AM
    • India has opposed the World Trade Organization's new global customs agreement, infuriating fellow member countries which have tried to seal India's trade facilitation deal since it was agreed to at talks in Bali last December.
    • Despite demanding global trade reform, India says it will veto the deal until it secures rights linked to its system of subsidizing and stockpiling crops.
    • WTO members state that Delhi's veto will be costly, economically and politically.
    • The deadline for the deal is July 31 and any suggestion to postpone it is likely to be rejected.
    • ETFs: EPI, SCIF, INDY, PIN, INDL, INP, INXX, INDA, ICN, SCIN, INR, SMIN, INCO
    | Comment!
  • Jul. 17, 2014, 3:27 AM
    • The IMF praised the formation of the New Development Bank and reserves fund launched by BRICS countries (Brazil, Russia, India, China and South Africa) yesterday, and announced that it would like to work together with the monumental project.
    • So far the new fund has pooled together $100B in reserves from the five countries with the intention of reshaping the Western-dominated international financial system.
    • ETFs: EWZ, RSX, EPI, INDY, RUSL, PIN, EZA, INP, INDL, RSXJ, ERUS, RUSS, DSUM, CHIX, INXX, INDA, RBL, BRZU, BZQ, UBR, BRZS, DBBR, CHLC, FBZ, RUDR
    | 1 Comment
  • Jul. 16, 2014, 3:58 AM
    • The long-awaited New Development Bank has been launched after BRICS (Brazil, Russia, India, China and South Africa) leaders put their finishing touches on the $100B bank and currency reserve pool aimed at reshaping the Western-dominated international financial system centered around the IMF and World Bank.
    • The launch marks the first big accomplishment by BRICS countries, which account for almost half the world's population.
    • The bank is scheduled to start lending in 2016. Membership is open to other countries but the capital share of the BRICS cannot fall under 55%.
    • ETFs: EWZ, RSX, EPI, INDY, RUSL, PIN, EZA, INP, INDL, RSXJ, ERUS, RUSS, DSUM, CHIX, INXX, INDA, RBL, BRZU, BZQ, UBR, BRZS, DBBR, CHLC, FBZ, RUDR
    | 4 Comments
  • Jul. 10, 2014, 11:41 AM
    • India's new government has pledged to bring back economic growth to 7-8% within the next three years - improving living standards and boosting job growth. Last year's economic growth was about 4.6%.
    • The new administration is not planning any serious overhauls or structural reforms, but rather is looking to "tinker" with existing policies by enhancing its foreign investment, reducing subsidies and improving the country's tax system.
    • ETFs: EPI, SCIF, INDY, PIN, INP, INDL, INXX, INDA, SCIN, SMIN, INCO
    | 1 Comment
  • May 21, 2014, 9:12 AM
    • Picking up on the India/Reagan theme, Morgan Stanley calls the recent election results there "an inflection point for India's story," and believes the country is set to move from years of stagflation to high growth and low inflation.
    • Economic development was Narendra Modi's message during the campaign, and Morgan believes he can deliver. One concern - that Modi's BJP does not control the upper house of Parliament - is overblown, says Morgan, and the President can call for a joint session and simple majority vote to pass legislation as necessary.
    • The team ups its GDP growth forecast for India to 5.4% from 5.3% this year, and to 6.5% from 6.2% in 2015.
    • Previously: Is India on the cusp of a Reagan-style boom?
    • India ETFs YTD: EPI +27%, INDY +21%, INDA +18%.
    • Related ETFs: SCIF, PIN, INP, INDL, INXX, SCIN, INCO, SMIN
    | Comment!
  • May 20, 2014, 8:59 AM
    • After years of slow growth amid the Gandhi family dynasty's socialism, last week's election brings to power the reform-minded and pro-business government of Narendra Modi. Some, writes Eric Balchunas, are comparing the election to the one in the U.S. which showed Jimmy Carter the door and ushered in Ronald Reagan. What followed (after a brutal recession) was one of the greatest economic expansions in U.S. history.
    • Investors seem to be betting on just that, bidding up Indian shares ahead of the election, and continuing to buy since the results.
    • ETFs: EPI, INDY, SCIF, PIN, INP, INDL, INDA, INXX, SCIN, INCO, SMIN
    • Previously: India markets soar as BJP heads for landslide victory
    | 3 Comments
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INP Description
The iPath® MSCI India IndexService Mark ETNs are linked to the MSCI India Total Return IndexService Mark (the "Index"). The Index is a free-float-adjusted market capitalization index designed to measure the market performance, including price performance and income from dividend payments, of Indian equity securities. The Index seeks to represent approximately 85% of the free-float-adjusted market capitalization of equity securities by industry group within India. As of September 30, 2009, the Index was comprised of 60 companies listed on the National Stock Exchange of India (the "NSE").
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