May 19, 2017 / 3:22 AM / 3 months ago

Morning News Call - India, May 19

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    FACTORS TO WATCH
    9:15 am: Housing and Urban Development Corp. lists on stock exchanges in
Mumbai.
    11:00 am: Power Minister Piyush Goyal briefs media on government’s existing
rural electrification scheme in New Delhi.
    11:00 am: Punjab National Bank holds analysts meet after earnings in Mumbai.
    2:00 pm: RBI Deputy Governor Viral Acharya to speak at Indian Chamber of
Commerce event in Kolkata.
    3:15 pm: State Bank of India earnings press meet in Kolkata.
    5:00 pm: RBI to release weekly foreign exchange data in Mumbai.

    
    GMF: LIVECHAT - QUIZ EAST
    The first of our Friday quizzes focuses on Asia and the week's top news.
Tests your wits and googling speed at 11:00 am. To join the conversation, click
on the link: here
    
    
    INDIA TOP NEWS
    • Japan's SoftBank invests $1.4 billion in India's Paytm
    Japan's SoftBank Group has invested $1.4 billion in the parent of India's
Paytm, giving the digital payments start-up a boost as it looks to expand its
user base and maintain its market lead in Asia's third-largest economy.

    • General Motors to stop selling cars in India but not pulling out
    General Motors Co will stop selling cars in India from the end of this year,
drawing a line under two decades of battling in one of the world's most
competitive markets where it has less than a one percent share of passenger car
sales.
    • First Indian infrastructure trust's tepid debut may dim others' appeal
    India's first infrastructure investment trust posted a lacklustre trading
debut on Thursday, potentially acting as a dampener for similar upcoming
listings of high-yield securities that aim to tap investors' appetite for
stronger returns.
    • India's drug pricing regulator clamps down on drug cocktails
    India's drug pricing regulator has demanded explanations from 65 domestic
and global drugmakers for selling new forms of essential diabetes and antibiotic
drugs without its approval.
    • Foreign suppliers urged to step up as India backs own nuclear design
    India's plan to build 10 of its own nuclear reactors does not signal a pivot
away from foreign suppliers, but to succeed their projects must be financially
sound and based on proven technology, a top official told Reuters.
    • IDBI Bank Q4 net loss widens to $495 mln as bad loans surge
    Indian state-run IDBI Bank reported fourth-quarter net loss widened to 32
billion rupees ($495.1 million) as bad loans soared, sending its shares down
more than 8 percent.
    • Indians report spike in ransomware attacks, govt says damage contained
    The number of computers reported infected by a global ransomware attack in
India has more than doubled to around 193 on Thursday from a day ago, a federal
cyber security official said, adding that steps taken by the government have
helped limit its spread.
    • Indian minister's death could delay GM crop decision 
    India's environment minister died on Thursday, depriving Prime Minister
Narendra Modi's government of a key figure as it considers whether to approve
the country's first genetically modified food crop.

    
    
    GLOBAL TOP NEWS
    • Trump denies asking Comey to drop probe, decries 'witch hunt'
    President Donald Trump, striking a defiant tone on Thursday after days of
political tumult, denied asking former FBI Director James Comey to drop a probe
into his former national security adviser and decried a "witch hunt" against
him.
    • Brazil's Temer refuses to resign in face of investigation
    Brazil's President Michel Temer on Thursday defiantly said he would not
resign from office despite a Supreme Court decision authorizing an investigation
into allegations he condoned bribery of a potential witness in a major
corruption probe.
    • Motorist crashes into Times Square crowd, killing one person, injuring 22
    A U.S. Navy veteran plowed his car into pedestrians in New York City's
packed Times Square on Thursday, killing an 18-year-old woman and injuring 22
people. The city's mayor said there was no indication it was an act of
terrorism.

    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • The SGX Nifty Futures were trading at 9,447.50, up 0.2 pct from its
previous close.
    • The Indian rupee will likely open little changed against the dollar,
tracking a rebound in global equities, even as uncertainty about the future of
U.S. President Donald Trump’s economic agenda remains a drag on sentiment.
    • Indian government bonds will likely edge lower ahead of a fresh supply of
debt amid relentless selling by state-run banks. The yield on the benchmark 6.97
pct bond maturing in 2026 is likely to trade in a 6.83 pct-6.88 pct band today.


    
    
    GLOBAL MARKETS
    • Wall Street rebounded on Thursday from its biggest selloff in more than
eight months with help from a move to loosen internet regulations and strong
economic data.
    • Asian stocks were mixed and the dollar held onto overnight gains made on
strong economic data, but investors were cautious due to uncertainties
surrounding President Donald Trump after reports he tried to influence a federal
investigation.
    • The dollar traded above six-month lows against a basket of six major
peers, having gained some reprieve as solid U.S. economic data helped temper a
sell-off triggered by political tumult in Washington.
    • U.S. Treasury yields rose from one-month lows on Thursday as stocks
recovered from Wednesday’s dramatic drop, reducing demand for safe-haven
bonds.
    • Oil futures rose in early trading on growing optimism that big producing
countries will extend output cuts to curb a persistent glut in crude, with key
benchmarks heading for a second week of gains.
    • Gold prices edged higher and were on track for their biggest weekly gain
since mid-April as the dollar softened and stocks eased amid the ongoing
political crisis in the United States that weakened risk appetite.
    
    
                   CLOSE        FII INVESTMENTS  EQUITIES     DEBT
 PNDF spot         64.89/64.92  May 18           -$55.65 mln  $77.27 mln
 10-yr bond yield  7.15         Month-to-date    $763.94 mln  $2.30 bln
                                Year-to-date     $7.20 bln    $11.70 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 = 64.84 Indian rupees)

 (Compiled by Pathikrit Bandyopadhyay in Bengaluru)
  

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