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Morning News Call - India, May 29
May 29, 2017 / 3:23 AM / 7 months ago

Morning News Call - India, May 29

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    2:30 pm: World Bank to launch latest edition of bi-annual economic update -
The India Development Update in New Delhi.
    4:00 pm: L&T earnings briefing in Mumbai.

    Jonathan Barratt, Economist, CIO Ayers Alliance and Principal at will deconstruct OPEC's May 25 decision, and what it might mean
for supply and prices going forward at 10:30 am IST. To join the conversation,
click on the link: here
    • Reliance Communications hit by Indian mobile price war
Indian mobile phone network operator Reliance Communications Ltd posted its
second straight quarterly loss on Saturday, hit by the price war which has
broken out in the world's second-biggest mobile market by number of users.

    • Fairfax Financial to sell 12.2 percent of Indian insurer ICICI Lombard
    Canada's Fairfax Financial Holdings plans to sell a 12.2 percent stake in
its Indian joint venture insurer ICICI Lombard in a deal that will value the
company at 203 billion rupees, the Indian company said on Saturday.
    • India's Adani has to pay royalties in full for coal mine - Australia state
    Adani Enterprises will get no exemption or discounted rates on royalties it
has to pay to develop its Carmichael coal mine project in Australia, Queensland
state Premier Annastacia Palaszczuk said on Saturday.
    • Sun Pharma says 2018 sales may fall as U.S. market gets tougher 
    India's largest drug group Sun Pharmaceutical Industries Ltd said on Friday
its U.S. sales might fall this year because of pressure on drug prices,
signalling tough market conditions in the United States for generic drugmakers.

    • India's Tech Mahindra Q4 profit dives 33 percent on weak margins
    Tech Mahindra Ltd, India's fifth-largest software service provider, posted a
lower-than-expected fourth-quarter consolidated profit on Friday, weighed down
by weak margins and higher cost of services.
    • ONGC reports 6 percent fall in Q4 net profit 
    Oil and Natural Gas Corporation Ltd, India's biggest hydrocarbon explorer,
reported a 6 percent fall in fourth-quarter net profit to 43.40 billion rupees
($673 million) hurt by a one-time provision.
    • Head of Tata's hotel business to leave company in September 
    Rakesh Sarna, the managing director and chief executive of Indian Hotels
Company Ltd, part of the Tata Group, resigned from the company on Friday.

    • Hindustan Petroleum March-qtr profit beats estimates
    State-run oil marketing company Hindustan Petroleum Corp Ltd reported a 31
percent jump in March-quarter net profit on Friday, beating street estimates, as
income from operations grew.

    • North Korea fires Scud-class ballistic missile, Japan protests
    North Korea fired at least one short-range ballistic missile that landed in
the sea off its east coast, the latest in a fast-paced series of missile tests
defying world pressure and threats of more sanctions.
    • Oversold: Oil traders punish OPEC for promising too much
As OPEC's latest meeting wrapped up in Vienna on Thursday night, ministers
congratulated each other on its rare spirit of amity and consensus. The talks
were, without a doubt, a success.
    • U.S. might ban laptops on all flights into and out of the country
The United States might ban laptops from aircraft cabins on all flights into and
out of the country as part of a ramped-up effort to protect against potential
security threats, U.S. Homeland Security Secretary John Kelly said on Sunday.

    (As reported by NewsRise)
    • The SGX Nifty Futures were trading at 9,579.00, up 0.07 percent from its
previous close.
    • The Indian rupee will likely edge lower against the dollar, as an upbeat
second reading of first-quarter U.S. gross domestic product lifted the
    • Indian government bonds will likely edge lower in early session after the
central bank said it will auction cash-management bills tomorrow, taking
investors by surprise. The yield on the benchmark 6.97 percent bond maturing in
2026 is likely to trade in a 6.75 percent-6.81 percent band today.

    • U.S. stocks ended little changed on Friday ahead of the long holiday
weekend, though indexes ended a two-week streak of losses and consumer shares
were strong for a second day.
    • Asian stocks steadied, taking cues from Wall Street shares hovering around
record highs, while the pound nursed losses after a poll showed a shrinking lead
for Prime Minister Theresa May's party in Britain's upcoming elections.

    • The dollar was steady in early Asian trading, holding well above last
week's 6-1/2-month lows and taking news of Pyongyang's latest missile test in
    • U.S. Treasury yields held steady in shortened trading on Friday as bond
purchases for month-end portfolio rebalancing offset news of a
larger-than-expected upward revision to gross domestic product in the first
    • Oil prices fell as a relentless rise in U.S. drilling undermined an
OPEC-led push to tighten supply.
    • Gold held near its highest in four weeks after rising almost 1 percent in
the previous session, buoyed as geopolitical tensions boosted its safe-haven
                   CLOSE        FII INVESTMENTS  EQUITIES   DEBT
 PNDF spot         64.46/64.49  May 26           --         $190.10 mln
 10-yr bond yield  7.08         Month-to-date    $1.57 bln  $3.34 bln
                                Year-to-date     $8.01 bln  $12.74 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 = 64.44 Indian rupees)

 (Compiled by Pathikrit Bandyopadhyay in Bengaluru)

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