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FACTORS TO WATCH
9:30 am: Transport Minister Nitin Gadkari at an event in Mumbai.
9:45 am RBI Deputy Governor S.S. Mundra at an event in Mumbai.
3:00 pm: Mahindra & Mahindra earnings meet in Mumbai.
5:00 pm: Jet Airways earnings conference call in Mumbai.
GMF: LIVECHAT - MARKETS FOCUS
Dr. Mark Mobius, Executive Chairman, Templeton Emerging Markets Group, joins
us to kick off GMF's coverage of the UK election. He will talk to us about
expectations from the election itself, on Brexit, as well as the big themes to
watch for and his outlook for Asian and global markets for 2017 at 10:00 am IST.
To join the conversation, click on the link: here
INDIA TOP NEWS
• Reliance Communications shares and bonds plunge as losses and debt woes
Indian mobile carrier Reliance Communications' shares and bonds resumed
their slide on Monday as concerns over its heavy debt load were reignited after
a fourth-quarter loss that sent the company to its first full-year loss.
• India cattle trade ban to halt beef exports, lead to job losses
India's ban on the trade of cattle for slaughter threatens $4 billion in
annual beef exports and millions of jobs if the government does not revoke the
stoppage decreed last week, according to two industry officials.
• SEBI proposes tighter rules for offshore derivatives
India's capital market regulator on Monday proposed to tighten rules on
offshore derivative instruments (ODI) by imposing "regulatory fees" and
prohibiting the sales of such products unless they are issued for hedging
• India clarifies tax on solar power equipment, parts at 5 percent
India will levy a 5 percent tax on all equipment required for generating
solar power compared with nil duty now, a government official clarified, putting
an end to confusion about the new taxation policy for the industry after its
landmark tax reform.
• Larsen & Toubro Q4 profit rises 28 percent, beats estimates
Engineering giant Larsen & Toubro Ltd reported a 28 percent rise in
consolidated net profit for the March quarter, beating market estimates, with
the infrastructure segment generating higher revenue.
• Coal India March-qtr profit falls 38 percent, misses estimates
State-run Coal India Ltd reported a lower-than-expected fourth-quarter
consolidated profit, hurt by higher costs.
• NTPC posts 25.5 percent fall in Q4 profit on one-off charge
State-controlled utility NTPC Ltd reported a 25.5 percent fall in quarterly
profit after taxes, hurt by higher expenses and a one-off charge on impairment
loss on investment.
• BHEL Q4 profit falls 57 percent, misses estimates
State-run power equipment maker Bharat Heavy Electricals Ltd reported a 57
percent fall in fourth-quarter net profit on Monday, missing analysts'
GLOBAL TOP NEWS
• North Korea leader Kim supervises missile test of new guidance system
North Korean leader Kim Jong Un supervised the test of a new ballistic
missile controlled by a precision guidance system and ordered the development of
more powerful strategic weapons, the North's official KCNA news agency reported.
• Trump condemns fatal Oregon stabbings; says victims stood against hate
President Donald Trump on Monday condemned the fatal stabbings of two Good
Samaritans who tried to stop a man from harassing a pair of women who appeared
to be Muslim, in a tweet issued days after an advocacy group urged Trump to
condemn the attacks it said his anti-Muslim rhetoric had encouraged.
• After talks, France's Macron hits out at Russian media, Putin denies
French President Emmanuel Macron rolled out the red carpet for Russia's
Vladimir Putin on Monday, but past suspicions of Russian meddling in the French
election resurfaced with Macron denouncing Russian media and Putin denying
LOCAL MARKETS OUTLOOK
(As reported by NewsRise)
• The SGX Nifty Futures were trading at 9,585.00, down 0.3 percent from its
• The Indian rupee will likely open lower against the dollar, tracking its
Asian peers, as broad weakness in the euro and the British pound stemming from
political uncertainty boosted the greenback.
• Indian government bonds will likely edge lower in early session ahead of
an auction of cash management bills to drain excess liquidity from the banking
system. The yield on the benchmark 6.97 percent bond maturing in 2026 is likely
to trade in a 6.79 percent-6.85 percent band today.
• The European geopolitical fears sapped risk appetite, weighing on Asian
stocks and lifting safe havens including the yen and gold, though trading was
thin with several markets closed for holidays.
• The dollar firmed, taking back ground against the euro and sterling which
were pressured by political uncertainties in the UK and eurozone.
• U.S. crude oil prices rose towards $50 per barrel as a strong start to the
summer driving season in the United States suggested strong fuel demand in
• Gold held steady early as easing Asian stock markets and geopolitical
concerns helped the yellow metal hover close to one-month peaks.
CLOSE FII INVESTMENTS EQUITIES DEBT
PNDF spot 64.50/64.53 May 29 -$110.02 mln $135.06 mln
10-yr bond yield 7.09 Month-to-date $1.52 bln $3.48 bln
Year-to-date $7.96 bln $12.87 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 = 64.49 Indian rupees)
(Compiled by Benny Thomas in Bengaluru)