July 21, 2017 / 3:26 AM / a month ago

Morning News Call - India, July 21

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    FACTORS TO WATCH
    9:30 am: Railways Minister Suresh Prabhu to attend Railtech-2017 by Assocham
in New Delhi.
9:30 am: Organisation of Pharmaceutical Producers of India Summit in Mumbai.
10:00 am: Bajaj Auto earnings call in Mumbai.
10:30 am: Railways Minister Suresh Prabhu and Telecom Minister Manoj Sinha to
attend cyber security conference in New Delhi.
10:30 am: Central Board of Excise and Customs Chairperson Vanaja N Sarna to
address FICCI conference in New Delhi.
11:00 am: Monsoon session of the Parliament continues in New Delhi.
11:00 am: Reliance Industries annual shareholders meeting in Mumbai.
11:15 am: Food Minister Harsimrat Kaur Badal to address World Food India 2017 in
Mumbai.
12:30 pm: Power Minister Piyush Goyal to attend signing of PPA under First Wind
Auction Scheme in New Delhi.
2:30 pm: Junior Farm Minister Parshottam Rupala to attend workshop on drought
management in New Delhi.
3:15 pm: IT Minister Ravi Shankar Prasad to attend Global Conference on
Cyberspace in New Delhi.
6:15 pm: Finance Minister Arun Jaitley to launch Pradhan Mantri Vaya Vandana
Yojana in New Delhi.
    
    GMF: LIVECHAT - G7 FX CHARTING
Despite staging a minor short-covering rebound initially this week, the
greenback tumbled broadly on a spectacular rally in the euro yesterday, knocking
the DXY to a fresh 10-month trough of 94.09. Will the USD continue its recent
losing streak next week or will it make an attempt to rally in a very short
(USD) market in holiday-thinned August month. Wilson Leung, Chief Market
Strategist, Trendsetter, joins us at 9:00 am IST. To join the conversation,
click on the link: here
    
    
    INDIA TOP NEWS
    • Reliance Industries' Q1 standalone profit up 9 percent, tops estimates
Oil-to-telecoms conglomerate Reliance Industries posted a nine percent rise in
first-quarter standalone profit on Thursday, helped by higher margins from its
core petrochemicals business.
    • Wipro announces up to $1.7 billion share buyback as Q2 forecast
disappoints
Wipro, India's third-largest software services exporter, announced an up to 110
billion rupee share buyback on Thursday, overshadowing a tepid revenue forecast
that fell short of market expectations.
    • Jet Airways cutting junior pilot pay to trim costs -sources
Jet Airways, India's second-largest airline by market share, plans to slash pay
of dozens of its junior pilots by as much as 50 percent in a cost-cutting move,
according to two sources and letters seen by Reuters.
    • Low caste leader elected president in boost for Modi coalition
Ram Nath Kovind, a low-caste politician backed by the ruling Hindu
nationalist-led coalition, easily won India's presidential election on Thursday,
tightening the government's hold on positions of power.
    • Hindustan Zinc quarterly profit rises 81 percent
Hindustan Zinc, India's biggest zinc miner, posted an 81 percent jump in
quarterly profit on Thursday, boosted by higher income from zinc operations and
an increase in the metal prices.
    • Kotak Mahindra Bank Q1 net profit rises 23 percent
Kotak Mahindra Bank KTKM.NS, India's fourth largest private sector lender by
assets, posted a 23 percent jump in its first-quarter net profit, helped by
higher interest and fee income.
    • Bajaj Auto Q1 profit falls about 6 percent
Bajaj Auto posted a 5.6 percent fall in quarterly profit on Thursday as sales
were hit by the changeover to BS-IV compliant vehicles and the transition to the
new Goods and Services Tax (GST).
    • Refiner HPCL sees more scope for foreign buys after ONGC deal
State refiner Hindustan Petroleum sees itself better placed to buy overseas
downstream assets once it becomes part of the country's top explorer Oil and
Natural Gas Corp, its chairman M. K. Surana said.
    
    
    GLOBAL TOP NEWS
    • U.S. toughens stance on foreign deals in blow to China's buying spree
A secretive U.S. government panel has objected to at least nine acquisitions of
U.S. companies by foreign buyers so far this year, people familiar with the
matter said, a historically high number that bodes poorly for China's overseas
buying spree.
    • No Korean military talks after North snubs South's call
South Korea's proposed military talks aimed at easing tension between the two
Koreas planned for Friday failed to happen after the North snubbed the call, a
setback for new President Moon Jae-in's hopes for dialogue.
    • Microsoft profit beats expectations on strong cloud demand
Microsoft on Thursday reported strong fourth-quarter earnings on the back of its
fast-growing cloud computing business, stoking optimism that the once-stagnant
company has found a new groove.
    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • The SGX Nifty Futures were at 9,895.00, flat from previous close.
    • The Indian rupee is likely to edge higher against the dollar in opening
trade, underpinned by the euro’s multi-month rally against the greenback after
European Central Bank Chief Mario Draghi said it will start discussing changes
to its bond-buying programme later this year.
    • Indian government bonds are likely to trade steady as investors await
fresh supply of papers through the weekly debt sale today. The yield on the
benchmark 6.79 percent bond maturing in 2027 is likely to trade in a 6.44
percent-6.47 percent band.
    
    GLOBAL MARKETS
    • Stocks ended little changed on Wall Street on Thursday as a deal between
Sears and Amazon weighed on home improvement retailers while gains in Microsoft
helped buoy the Nasdaq.
    • The euro held near two-year highs against the dollar after the head of the
European Central Bank said tapering of its stimulus will be on the table this
autumn, while a solid global economic outlook kept Asian share prices near
decade highs.
    • The dollar headed for weekly losses, wallowing at its lowest levels
against the euro in nearly two years after European Central Bank chief Mario
Draghi said policymakers would discuss changing its bond-buying programme in the
autumn.
    • U.S. government debt yields were little changed on Thursday as buying tied
to the European Central Bank's pledge of easy money stemming from inflation
concerns faded after a poor auction of 10-year Treasury Inflation-Protected
Securities.
    • Oil prices were little changed ahead of a key meeting of major oil
producing nations next week, sitting below the $50 per barrel level that was
briefly breached for the first time in 6 weeks in the previous session.
    • Gold held steady early and was on track for a second consecutive weekly
gain after easing from a three-week high hit in the previous session.
    
                   CLOSE        FII INVESTMENTS  EQUITIES     DEBT
 PNDF spot         64.41/64.44  July 20          --           $107.73 mln
 10-yr bond yield  6.8 pct      Month-to-date    $210.76 mln  $1.96 bln
                                Year-to-date     $8.80 bln    $19.96 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 = 64.43 Indian rupees)
 

 (Debanjan Bose in Bengaluru)
  

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