June 19, 2017 / 3:26 AM / 2 months ago

Morning News Call - India, June 19

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    FACTORS TO WATCH
    10:00 am: Rural Development Minister Narendra Singh Tomar at an event in New
Delhi.
    2:30 pm: Trade Minister Nirmala Sitharaman at an event in New Delhi.
    2:30 pm: Power Minister Piyush Goyal at an event in New Delhi.
    
    GMF: LIVECHAT - FX WEEK AHEAD
    FX Buzz analyst Jeremy Boulton analyses G7 currencies at 3:30 pm IST. To
join the conversation, click on the link: here
    
    
    INDIA TOP NEWS
    • India's Bhushan, Essar Steel among 12 firms being moved to insolvency
courts -sources
    India's central bank has asked lenders to initiate bankruptcy proceedings
against a dozen companies, including Essar Steel, Bhushan Steel Ltd, Monnet
Ispat and Energy Ltd, sources with direct knowledge of the matter said.

    • India's Lanco Infratech confirms RBI order on insolvency process
    Lanco Infratech Ltd confirmed on Saturday that India's central bank had
directed the company's lead lender IDBI Bank to initiate a corporate insolvency
resolution process under the country's bankruptcy laws.
    • Bank of Maharashtra put under RBI "corrective action" due to bad loans
    India's central bank has initiated "prompt corrective action" for state-run
Bank of Maharashtra Ltd because of its high level of bad loans, the lender said
in a stock exchange filing on Saturday.
    • Tata Sons to buy Tata Steel stake in Tata Motors on or after June 23
    Tata Sons Ltd, the holding company of India's salt-to-software Tata
conglomerate, plans to buy out Tata Steel Ltd's stake in Tata Motors Ltd on or
after June 23, it said in a regulatory filing on Saturday.
    • India to allow late filing in first two months of GST - Jaitley
    India will launch a new national Goods and Services Tax (GST) as planned on
July 1, Finance Minister Arun Jaitley said on Sunday, but will let companies
file late returns for the first two months so that they can adapt to a new
online filing system.
    • INTERVIEW-India ready for GST, anti-profiteering rules soon - Adhia
    India is ready to launch the Goods and Services Tax (GST) on July 1, the
official steering the process told Reuters, saying the technology that will
drive it is robust and dismissing fears the tax is too complicated.
    • India's Tejas Networks up to $120 million IPO oversubscribed 1.9 times
    India's Tejas Networks Ltd's up to $120 million initial public offer (IPO)
of shares was oversubscribed 1.88 times on the last day of the sale on Friday,
stock exchange data showed.
    • India's 2017 diesel imports may rise to highest since at least 2011
    India's diesel imports this year may rise to the highest since at least 2011
as refiners shut down to upgrade their units to meet new fuel standards and as
warmer temperatures spur demand, said five industry sources.
    
    
    GLOBAL TOP NEWS
    • Several injured when vehicle rams people leaving London mosque -witnesses
    Several people were injured in north London when a van rammed into
worshippers leaving a mosque, witnesses said, in what British police described
as a "major incident".
    • Macron wins strong parliamentary majority, estimates show
    President Emmanuel Macron won a commanding majority in France's
parliamentary election on Sunday, sweeping aside traditional parties and
securing a powerful mandate for pro-business reforms.
    • Japan's May exports rise at fastest in 2 years, set to sustain growth
    Japan's exports surged in May by the fastest in more than two years on
bigger shipments of cars and steel, an encouraging sign that robust overseas
demand will support economic growth.
    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • The SGX Nifty Futures were trading at 9,633.00, trading up 0.45 percent
from its previous close.
    • The Indian rupee will likely open slightly higher against the dollar,
tracking gains in most other Asian currencies, as soft U.S. economic data
weighed on the dollar. However, investors will closely track the start of talks
over the terms of Britain’s exit from the European Union in Brussels today, and
Federal Reserve officials’ speeches to gauge whether the authority will stick to
its projected three rate increases this year.
    • Indian government bonds will likely edge higher in early trade, as U.S.
Treasury yields continue to stay depressed, keeping emerging-market assets
attractive for investors. The yield on the benchmark 6.79 percent bond maturing
in 2027 is likely to trade in a 6.47 percent-6.51 percent band today.
    
    
    GLOBAL MARKETS
    • Major U.S. stock indexes ended little changed on Friday even as
Amazon.com's $13.7 billion deal to buy upscale grocer Whole Foods roiled the
retail sector and rocked shares of an array of companies including Wal-Mart and
Target.
    • Asian stocks rose, shaking off Wall Street's uninspiring performance on
Friday, while sterling was mostly steady after a van rammed into pedestrians in
London even as markets braced for the start of Brexit talks.
    • The dollar steadied against a basket of currencies after slipping on soft
U.S. economic data, with investors awaiting comments by a top Federal Reserve
official for clues on whether recent strength can be sustained.
    • U.S. Treasury yields edged lower on Friday, with all maturities posting
weekly declines, after weaker-than-expected U.S. housing data fueled doubts that
the Federal Reserve will be able to raise interest rates again this year.
    • Oil prices fell, weighed down by high supplies despite an OPEC-led
initiative to cut production to tighten the market.
    • Gold slipped on a firm dollar as markets awaited comments by a top Federal
Reserve official for clues on whether recent strength can be sustained, after
last week's soft economic data.
    
    
                   CLOSE        FII INVESTMENTS  EQUITIES     DEBT
 PNDF spot         64.44/64.47  June 16          -$118.6 mln  $51.22 mln
 10-yr bond yield  6.84         Month-to-date    $448.04 mln  $3.38 bln
                                Year-to-date     $8.43 bln    $16.82 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 = 64.4300 Indian rupees)

 (Compiled by Nayyar Rasheed in Bengaluru)
  

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