Bloomberg India’s equities gave up gains to close little changed, while the rupee and bonds declined Monday as exit polls signaled that majority may prove elusive for PM Narendra Modi’s BJP in elections in a key southern state. At least four polls, including Today’s Chanakya, which accurately predicted Modi’s victory in 2014 elections, showed the BJP as the single largest …

Bloomberg Tata Power Co., one of India’s largest private power utilities, is planning to invest as much as $5 billion to ramp up its renewable capacity fourfold, according to its top executive. The 103-year-old power utility plans to increase its clean-energy capacity to 12,000 megawatts by 2028, Chief Executive Officer Praveer Sinha said. That would require an investment of as …

Bloomberg Oil steadied near $71 as OPEC signalled it could fill in any supply gap if renewed US sanctions curtail shipments from Iran, the group’s third-largest producer. Futures in New York were little changed after sliding 0.9 percent. Three members of the Organization of Petroleum Exporting Countries — Saudi Arabia, Kuwait and the United Arab Emirates — together have enough …

Bloomberg EDP-Energias de Portugal SA is poised to reject a 9.1 billion euro ($10.9 billion) takeover offer from China Three Gorges Corp on the grounds that it undervalues Portugal’s biggest energy company, according to people with knowledge of the matter. The board of EDP, which may meet as early as this week, views the current bid of 3.26 euros a …

Bloomberg Vivo Energy Plc’s bet on fuel demand growth in Africa has earned it a market value of almost 2 billion pounds ($2.7 billion) in London’s largest initial public offering this year. Backed by the world’s biggest independent oil trader Vitol Group and private-equity firm Helios Investment Partners, Vivo sells fuels and lubricants across the continent from Morocco to Mozambique. …

Bloomberg India’s oil consumption surged 4.5 percent in April as industrial activity gathered pace in Asia’s third-largest economy and sales of trucks and buses soared. The nation’s total oil demand expanded to 17.7 million tonnes in the month from 16.9 million a year ago, rising for eight straight months, according to the oil ministry’s Petroleum Planning & Analysis Cell. Demand …

Bloomberg Goldman Sachs Group Inc. has approached a Saudi state-owned entity about a multibillion-dollar deal, according to the bank’s chief executive officer for the Middle East and North Africa. “We’re very keen on deploying our principal capital in the region in both forms: credit and equity capital,” Wassim Younan said in an interview in Riyadh. “We continue to prospect for …

Bloomberg Australia’s banking probe could see job cuts in the finance and real estate sectors equivalent to losses during the 2008 global financial crisis, according to JPMorgan Chase & Co. JPMorgan analysts led by Sally Auld see three main channels for the Royal Commission to exert influence on the Australian economy: tighter lending standards and slower credit growth; wealth effects …

Bloomberg Deutsche Bank AG’s new chief executive officer pledged to keep the struggling lender “strong” in Asia even as he prepares to overhaul operations worldwide. “We can only be relevant to our clients if we continue to be strong in Asia,” CEO Christian Sewing said on Monday at an investor forum in Singapore on his first visit to the region …

Bloomberg The pound may have sold off into the Bank of England meeting but its recent drop is bringing back the bulls. Sterling slid almost 6 percent in the three weeks leading up to the May BOE policy announcement, as traders slashed bets on a hike in borrowing costs. Now they’ve been proven right as the central bank opted to …