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5 months ago
Morning News Call - India, March 21
March 21, 2017 / 3:04 AM / 5 months ago

Morning News Call - India, March 21

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    FACTORS TO WATCH
    8:30 am: Economic Affairs Secretary Shaktikanta Das and SEBI Chairman Ajay
Tyagi to attend Growth Net Summit in New Delhi.
    9:00 am: Avenue Supermarts, parent company of D-Mart, lists on stock
exchanges in Mumbai.
    10:30 am: Information & Broadcasting Secretary Ajay Mittal, DIPP Secretary
Ramesh Abhishek and Idea Cellular Managing Director Himanshu Kapania to attend
FICCI FRAMES 2017  in Mumbai.
    11:00 am: Budget session of Parliament continues in New Delhi.
    11:25 am: Railways Minister Suresh Prabhu and Telecom Minister Manoj Sinha
at an event in New Delhi.
    
    LIVECHAT- TAX LAW
    Discuss tax laws in the context of Donald Trump and Brexit with Jeremy Cape,
Partner, Squire Patton Boggs, at 03.30 pm. To join the conversation, click on
the link: here
    
    
    INDIA TOP NEWS
    • India's HCL Tech approves up to $535 mln share buyback 
    HCL Technologies, India's fourth-biggest software services exporter, will
buy back shares worth up to 35 billion rupees , it said on Monday, following a
similar move by Tata Consultancy Services last month. 
    • Vodafone, Idea in $23 bln deal to create new Indian telecom leader 
    Britain's Vodafone Group and Idea Cellular agreed on Monday to merge their
Indian operations in a $23 billion deal, creating the country's biggest telecoms
business after the entry of a new rival sparked a brutal price war. [nL3N1GX1NA
    • Berkshire's Lubrizol to take majority stake in India joint venture 
Lubrizol Corp, the specialty chemicals unit of Warren Buffett's Berkshire
Hathaway Inc, said on Monday it plans to take majority control of its Indian
joint venture with state-run Indian Oil Corp, boosting its stake to 74 percent
from 50 percent.
    • India cabinet approves draft GST bills - minister 
India's cabinet has approved four bills to implement a planned Goods and
Services Tax bills, a government official said on Monday, paving the way for
Prime Minister Narendra Modi to implement the landmark tax reform from July. 
 
    
    
    GLOBAL TOP NEWS
    • FBI head confirms Russia election probe, says Moscow backed Trump 
    FBI Director James Comey on Monday confirmed for the first time that the
bureau is investigating possible ties between Republican Donald Trump's
presidential campaign and Russia as Moscow sought to influence the 2016 U.S.
election.
    • Trump administration weighing broad sanctions on North Korea -U.S.
official
    The Trump administration is considering sweeping sanctions aimed at cutting
North Korea off from the global financial system as part of a broad review of
measures to counter Pyongyang's nuclear and missile threat, a senior U.S.
official said on Monday.
    • Toshiba's Westinghouse seeks U.S. bankruptcy financing -sources 
Westinghouse Electric Co LLC, the nuclear power plant developer owned by
Japanese electronics company Toshiba Corp, is taking offers for a financing
package to help it go through U.S. bankruptcy, people familiar with the matter
said on Monday.
       
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    The SGX Nifty Futures were trading at 9,191.00, trading up 0.31 pct from its
previous close. 
    The Indian rupee is poised to open little changed to slightly higher against
the dollar, as the greenback retreated after a U.S. Federal Reserve official
reiterated the central bank’s outlook for a gradual pace of rate increases.
    Indian government bonds will likely edge higher in early trade tracking a
fall in U.S. Treasury yields, as comments from a Federal Reserve official
indicated that the monetary authority may stick to its rate outlook for the
year. The yield on the benchmark 6.97 pct bond maturing in 2026 is likely to
trade in a 6.87 pct-6.92 pct band today. The bond had closed at 100.51 rupees,
yielding 6.90pct, yesterday. 
    
    GLOBAL MARKETS
    • Wall Street drifted lower on Monday as investors worried that President
Donald Trump's plan to cut taxes and boost the economy could take longer than
previously expected.
    • Asian shares clung to their 15-month highs while the dollar and U.S. bond
yields were on the back foot on the prospects of a less-hawkish Federal Reserve
policy trajectory.
    • The dollar was on the defensive in Asian trading, after Chicago Federal
Reserve President Charles Evans reinforced the perception that the U.S. central
bank won't accelerate the pace of its interest rate hikes.
    • U.S. Treasury prices gained on Monday as Chicago Federal Reserve President
Charles Evans reiterated the U.S. central bank's view that two more interest
rate hikes this year are likely, disappointing investors who had anticipated a
faster path of rate increases.
    • Oil prices rose early on expectations that an OPEC-led production cut to
prop up the market could be extended, and as strong demand was seen to slowly
erode a global fuel supply overhang.
    • Gold prices edged up to hold near two-week highs hit in the previous
session, with the dollar dipping after the Chicago Federal Reserve's president
said the U.S. central bank would not rush to hike interest rates.
            
                   CLOSE        FII INVESTMENTS  EQUITIES   DEBT
 PNDF spot         65.33/65.36  March 20         $8.68 mln  $257.04 mln
 10-yr bond yield  7.25 pct     Month-to-date    $2.66 bln  $1.11 bln
                                Year-to-date     $4.22 bln  $2.43 bln
    
    For additional data:
    India govt bond market volumes                 
    Stock market reports                
    Non-deliverable forwards data              
    Corporate debt stories               [IN CORPD]
    Local market closing/intraday levels [IN SNAPSHOT]
    Monthly inflows                      [INFLOWS RTRS TABLE IN]
 


($1 = 65.3600 Indian rupees)

 (Reporting by Pradip Kakoti in Bengaluru)
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