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Morning News Call - India, March 14
March 14, 2017 / 3:20 AM / in 8 months

Morning News Call - India, March 14

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    FACTORS TO WATCH
    11:00 am: Budget session continues at lower house of parliament in New
Delhi.
    
    12:00 pm: Government to release February wholesale price inflation data in
New Delhi.
    
    5:30 pm: Government to release February consumer price inflation data in New
Delhi.
    
    LIVECHAT-KOREA PRESIDENTIAL SCANDAL
    Focus is on South Korea with a snap election in the next 60 days after Park
Geun-hye's removal from the presidential office amid rising threats from North
Korea and tension with China due to the deployment of the U.S. THAAD missile
system. At 9.00 am, James Pearson, Reuters general news correspondent in Seoul,
will discuss the potential presidential candidates and geopolitical impact from
the election. To join the conversation, click on the link: here
    
    
    INDIA TOP NEWS
    • India gold recycling plan fails to tempt households
    India's ambitious plan to recycle thousands of tonnes of gold lying idle in
temples and households looks to have foundered on concerns over high costs and
slight returns, in a blow to government hopes of cutting imports of the metal.

    • Adani applies to Aus govt fund for coal mine railway financing 
    Adani Enterprises has applied for financing from an Australian
infrastructure fund to build a rail line that is part of a $16 billion coal
project in the state of Queensland, Australia's resources minister said on
Monday.
    • State-owned carrier Air India understated losses - federal auditor 
    State-owned airline Air India understated its operating losses by nearly $1
billion over three fiscal years to March 2015, the federal auditor said in a
report, highlighting the carrier's financial distress.
    • Avenue Supermarts IPO oversubscribed 106 times 
    The last day of bidding for an initial public offering by Avenue Supermarts
Ltd saw investors clamouring for the shares, tempted by the company's strong
credentials and with a continued momentum from recent share offerings.

    • Volkswagen, Tata Motors plan to cooperate in India 
German carmaker Volkswagen said on Friday it had signed a memorandum of
understanding to explore a partnership with India's Tata Motors to jointly
develop auto components and vehicles for the Indian subcontinent and beyond.

    • Canara Bank sells 13.45 pct stake in Can Fin Homes 
State-run lender Canara Bank Ltd has sold a 13.45 percent stake in Housing
finance arm Can Fin Homes Ltd to Singapore-based Caladium Investment Pvt Ltd for
7.54 billion rupees, it said on Friday.
    • Modi's BJP sees bigger India mandate in 2019 after state landslide 
Prime Minister Narendra Modi's party expects national elections in 2019 to
deliver an even bigger mandate than in 2014, its leaders said on Sunday, buoyed
by a thumping victory in the country's most politically important state.

    
    
    GLOBAL TOP NEWS
    • UK PM May's hand moves closer to Brexit trigger
    British Prime Minister Theresa May cleared the final hurdle standing between
her and the start of Brexit negotiations on Monday after parliament passed
legislation giving her the power to start the EU exit process.
    • Republican plan to repeal Obamacare would leave millions uninsured -report
    Fourteen million Americans would lose medical insurance by next year under a
Republican plan to dismantle Obamacare that would also reduce the budget
deficit, a nonpartisan congressional research office said on Monday, throwing
President Donald Trump and Republicans on the defensive as they press forward
with replacement legislation.
    • Toshiba shares dive after second earnings extension sought
    Shares of Toshiba Corp fell 5 percent after sources said the electronics
conglomerate was seeking an extension of its Tuesday deadline for submitting
official third-quarter earnings as its auditors have not agreed to sign off on
them.
    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • The SGX Nifty Futures were trading at 9,199.00, trading up 0.03 pct from
its previous close.
    • The Indian rupee will likely open higher against the dollar, as the ruling
Bharatiya Janata Party’s decisive victory in a major state election is expected
to boost Prime Minister Narendra Modi’s chances for a second term in 2019. 
    • Indian government bonds are likely to edge lower in early trade tracking
firm U.S. Treasury yields ahead of an expected interest rate increase by the
Federal Reserve tomorrow. The yield on the benchmark 6.97 pct bond maturing in
2026 is likely to trade in a 6.88 pct-6.93 pct band today. The bond had closed
at 100.45 rupees, yielding 6.90 pct, on Mar. 10.
    
    
    GLOBAL MARKETS
    • U.S. stocks ended little changed in light volume on Monday, with traders
eyeing a Federal Reserve meeting expected to result in an interest rate increase
later this week.
    • Sterling slipped after Britain's parliament paved the way for Prime
Minister Theresa May to launch divorce talks with the European Union, while
stocks advanced ahead of an expected U.S. interest rate later in the
week.
    • The dollar inched up against a basket of currencies as U.S. Treasury
yields extended their rise ahead of an expected interest rate hike by the
Federal Reserve.
    • U.S. Treasury yields edged higher on Monday in anticipation of a Federal
Reserve interest rate increase on Wednesday, nervousness that the central bank
could indicate a more aggressive pace of future rate hikes, and new corporate
bond supply.
    • Crude oil prices hovered near three-month lows in early Asian trading as
investors await key reports and data that may shed light on a supply overhang in
the global market.
    • Gold prices were steady, with investors waiting for the start later in the
session of a two-day Federal Reserve meeting where the U.S. central bank is
widely expected to raise interest rates.
    
    
                   CLOSE        FII INVESTMENTS  EQUITIES    DEBT
 PNDF spot         66.48/66.51  March 10         $62.27 mln  $39.79 mln
 10-yr bond yield  7.3 pct      Month-to-date    $1.29 bln   $78.97 mln
                                Year-to-date     $2.85 bln   $1.39 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 = 66.60 Indian rupees)
    
    

 (Compiled by Erum Khaled in Bengaluru)
  

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