May 18, 2017 / 3:22 AM / 3 months ago

Morning News Call - India, May 18

To access the newsletter, click on the link:
 
 here
    
    
If you would like to receive this newsletter via email, please register at: here
    
    
    FACTORS TO WATCH
    10:30 am: Railways Minister Suresh Prabhu, Telecom Minister Manoj Sinha at
an event in New Delhi.
    11:00 am: Interim DG of International Solar Alliance Upendra Tripathy to
brief on Initiatives/Schemes/ Activities undertaken by ISA in New Delhi.
    3:00 pm: Petroleum Minister and Power Minister at signing of pact between
EESL and Oil OMCs for energy efficient products distribution through petrol
pumps in New Delhi.
    5:30 pm: Bank of Baroda earnings meet in Mumbai.

    
    GMF: LIVECHAT - VENEZUELA POLITICAL CRISIS
    Professor Rodrigo Olivares-Caminal of Queen Mary University joins the forum
with insights into the ongoing political crisis in Venezuela and its
implications in the region and for financial markets at 2:30 pm. To join the
conversation, click on the link: here
    
    
    INDIA TOP NEWS
    • India's drugmakers need more time to meet international standards -
industry group
    India's big drugmakers will need at least five more years to improve their
manufacturing standards and data reliability to a level demanded by
international regulators, said a senior industry official.
    • Hindustan Unilever profit up 6.2 percent, beats estimates
    Hindustan Unilever Ltd, maker of products ranging from Lakmé cosmetics to
BRU coffee, reported a 6.2 percent rise in quarterly profit, helped by strong
sales of its Pears and Dove products.
    • JSW Steel says quarterly profit triples as prices rebound
    JSW Steel Ltd, India's biggest steelmaker by capacity, said its
fourth-quarter profit more than tripled, helped by higher steel prices and
output and government support for local mills.
    • Tata pension deal raises questions for Thyssenkrupp merger
    A Tata Steel deal to separate its 15 billion-pound UK pension scheme still
leaves many questions unanswered for a potential merger with Thyssenkrupp's
European steel operations, a source close to Thyssenkrupp said.
    • Many nations pin climate hopes on China, India as hopes for Trump fade
    Many countries are pinning their hopes on China and India to lead efforts to
slow climate change amid a growing sense of resignation that U.S. President
Donald Trump will either withdraw from a global pact or stay and play a minimal
role.
    • Warburg Pincus sells $275 mln stake in India's Capital First
    An affiliate of private equity firm Warburg Pincus sold a 25 percent stake
in Indian non-bank lender Capital First Ltd for 17.67 billion rupees ($275.4
million) in stock market transactions on Wednesday.
    • Indian online home-rental firm NestAway in talks to raise funds
    NestAway Technologies Pvt Ltd, an Indian online home-rental startup funded
partly by U.S. hedge fund Tiger Global, is in talks to raise north of $40
million, the company's Chief Executive told Reuters.
    • INTERVIEW-Canada lentil exporter AGT says expects India trade snag
solution
    Trade risks that sprang up this year in India and Pakistan, key markets for
the lentils that Canada's AGT Food and Ingredients Inc sells, look likely to be
resolved soon, Chief Executive Murad Al-Katib said on Wednesday, but added the
company is maintaining a cautious approach to sales there for now.

    
    
    GLOBAL TOP NEWS
    • Former FBI chief Mueller appointed to probe Trump-Russia ties
    The U.S. Justice Department on Wednesday named former FBI Director Robert
Mueller as special counsel to investigate alleged Russian interference in the
2016 U.S. election and possible collusion between President Donald Trump's
campaign and Moscow.
    • Japan's economy expands at fastest pace in a year in Jan-March 
    Japan's economy grew at the fastest pace in a year in the first quarter to
mark the longest period of expansion in a decade, heightening prospects that
robust overseas demand will underpin a steady recovery.
    • EXCLUSIVE-Australian billionaire uses indigenous land laws to keep
prospectors off farm
    Mining magnate Andrew Forrest has used laws designed to protect indigenous
land rights to stop prospectors searching for minerals on his West Australian
cattle farms, angering both traditional Aboriginal landowners and mining
community members.

    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • The SGX Nifty Futures were trading at 9,478.50, down 0.6 pct from its
previous close.
    • The Indian rupee will likely open lower against the dollar, tracking its
Asian peers, as risk sentiment suffered after U.S. President Donald Trump’s
reported interference in a federal investigation cast doubt over his ability to
push through economic reforms.
    • Indian government bonds will likely edge higher tracking the safe-haven
U.S. Treasuries, as political wrangling in Washington following reports that
President Donald Trump sought to influence a federal probe cast doubts over the
future of his pro-growth policies.The yield on the benchmark 6.97 pct bond
maturing in 2026 is likely to trade in a 6.81 pct-6.87 pct band today.

    
    
    GLOBAL MARKETS
    • The S&P 500 and the Dow notched their biggest one-day fall since Sept. 9
as investor hopes for tax cuts and other pro-business policies faded after
reports that U.S. President Donald Trump tried to interfere with a federal
investigation set off alarm bells on Wall Street.
    • Asian stocks fell and the dollar was stuck near six-month lows against a
basket of currencies as uncertainty mounted over U.S. President Donald Trump's
future following reports that he tried to interfere with a federal
investigation.
    • The dollar wallowed near six-month lows against a basket of major
currencies as the U.S. political crisis appeared to deepen, and likely to delay
any efforts by President Donald Trump to carry out his economic stimulus plans.

    • U.S. Treasury yields were on track on Wednesday for their biggest daily
percent drop since July as concerns grew that allegations against U.S. President
Donald Trump would delay his efforts to cut taxes and increase infrastructure
spending.
    • Oil prices dipped, weighed down by plentiful supply despite ongoing
efforts led by OPEC to tighten the market by cutting production.
    • Gold prices held steady after jumping about 2 percent the session before,
buoyed by political uncertainty in the United States and tempered expectations
for an aggressive string of U.S. interest rate hikes.
    
                   CLOSE        FII INVESTMENTS  EQUITIES      DEBT
 PNDF spot         64.08/64.11  May 17           -$114.00 mln  $251.91 mln
 10-yr bond yield  7.15         Month-to-date    $582.28 mln   $2.22 bln
                                Year-to-date     $7.02 bln     $11.61 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 = 64.15 Indian rupees)

 (Compiled by Pathikrit Bandyopadhyay in Bengaluru)
  

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below