February 14, 2017 / 3:35 AM / 6 months ago

Morning News Call - India, February 14

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    FACTORS TO WATCH
    10:00 am: Minister for State of Electronics P.P. Chaudhary, Joint Secretary
Sanjeev Mittal and Microsoft Corp. India Chairman Bhaskar Pramanik at CII event
in New Delhi.

11:00 am: Union Bank of India officials at launch of mobile Aadhaar van in
Mumbai.

12:00 pm: Government to release January wholesale price inflation data in New
Delhi.

12:30 pm: Rural Electrification Corp. quarterly earnings conference in Mumbai.

2:45 pm: Power Minister Piyush Goyal to speak at the Gateway of India
Geoeconomic Dialogue in Mumbai.
    
    LIVECHAT- COMMODITIES
    From copper to oil and everything in between, the Gold & Silver Club's Nik
Kalsi and Phil Carr will cover all from the commodities markets at 4:30 pm. To
join the conversation, click on the link: here
    
    
    INDIA TOP NEWS
     Indian retail inflation lowest in at least five years 
    India's inflation cooled to its lowest in at least five years in January as
food prices fell following the government's cash clampdown, but emerging price
pressures mean the Reserve Bank of India will probably keep interest rates on
hold. 
     Infosys management seeks to ease tensions with founders 
    Management at Infosys Ltd attempted on Monday to allay concerns that the
software services firm was facing a worsening dispute with its founders over how
the company was being run, saying that the board was engaging with the founders,
including N.R. Narayana Murthy. 
     Drivers' strike paralyses Uber, Ola services in Indian capital
    A strike led by drivers' unions in the Indian capital demanding better pay
from Uber and Ola has paralysed the ride-hailing services that have grabbed
business from traditional taxi and rickshaw operators with their cheaper fares.
 
     L&T, Europe's MBDA to form Indian missile venture 
    Indian engineering conglomerate Larsen & Toubro Ltd and European missile
maker MBDA on Monday said they have agreed to form a joint venture to build and
supply missile systems for the India army. 
     India navy spurns homemade warplane, latest blow to Asia push for self
reliance
    India's navy is in the hunt for a new foreign fighter jet after rejecting an
indigenously made aircraft as too heavy, the latest sign of the struggle to get
Asian militaries to buy locally to grow their defence industries. 
     GVK wins bid to develop second Mumbai airport
    GVK, which operates the airport in financial capital Mumbai, has won a bid
to develop a new airport outside the city to ease congestion and cater to
surging demand. 
    
    
    GLOBAL TOP NEWS
     Seattle judge set to move forward on Trump immigration case
    A U.S. federal judge on Monday rejected a Justice Department request to
suspend Seattle courtroom proceedings over President Donald Trump's temporary
travel ban from seven Muslim-majority countries until an appeals court has fully
reviewed it. 
     Inflation picks up to multi-year highs in China as cbank eyes tighter
policy
    China's producer price inflation picked up more than expected in January to
near six-year highs as prices of steel and other raw materials extended a torrid
rally, adding to views that global manufacturing activity is building momentum.
 
     Toshiba delays release of nuclear writedown, says "not ready" 
    Toshiba has delayed its earnings release, including details of a
multi-billion charge related to cost overruns at its U.S. nuclear arm.
 
    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
     The SGX Nifty Futures were at 8,833.00, up 0.15 pct from its previous
close.
     The Indian rupee is poised to open slightly higher against the dollar, as
likely strength in local shares stemming from an ongoing rebound in risk
appetite and cooling retail inflation at home is expected to offset the impact
of broad dollar gains. 
     Indian government bonds are likely to edge higher in early trade after
retail inflation eased to a five-year low in January. The yield on the benchmark
6.97 pct bond maturing in 2026 is likely to trade in a 6.78 pct-6.84 pct band
today. The bond had closed at 100.98 rupees, yielding 6.83 pct, yesterday.
    
    
    GLOBAL MARKETS
     U.S. equity indexes hit record highs on Monday, with the benchmark S&P
500's market value topping $20 trillion as investors bet tax cuts promised by
President Donald Trump would boost the economy. 
     Asian shares inched to 19-month highs on Tuesday as the potential for
economic stimulus in the United States lifted the dollar, bond yields and Wall
Street stocks. 
     The dollar was trading near a three-week high against a basket of
currencies, as investors awaited congressional testimony by Federal Reserve
Chair Janet Yellen for clues to the pace of the central bank's interest rate
increases. 
     U.S. Treasury yields rose on Monday as investors looked ahead to testimony
by Federal Reserve Chair Janet Yellen on Tuesday and Wednesday and as record
high stock markets reduced demand for bonds. 
     Oil rose, supported by an OPEC-led effort to cut output, but rising
production elsewhere kept prices within the narrow range that has contained them
so far this year. 
     Gold prices firmed as investors turned their attention to testimony from
U.S. Federal Reserve Chair Janet Yellen later in the day for hints on the
central bank's interest rate strategy. 
    
    
                   CLOSE        FII INVESTMENTS  EQUITIES     DEBT
 PNDF spot         66.91/66.94  February 13      $45.89 mln   $117.13 mln
 10-yr bond yield  7.16 pct     Month-to-date    $326.06 mln  $877.85 mln
                                Year-to-date     $319.67 mln  $765.77 mln
    
    
    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 = 67.02 Indian rupees)
    
    

 (Erum Khaled in Bengaluru)

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