May 11, 2017 / 3:20 AM / 6 months ago

Morning News Call - India, May 11

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    9:30 am: Niti Aayog CEO Amitabh Kant to speak at an event in New Delhi.
    10:00 am: Labour Minister Bandaru Dattatreya at an event in New Delhi.
    10:00 am: Indian Oil Corp. and Bharat Heavy Electricals chiefs at CII event
in New Delhi.
    10:30 am: Axis Bank MD Shikha Sharma at an event in Mumbai.
    3:00 pm: NITI Aayog member Bibek Debroy to speak at an event in New Delhi.

    After the dust settles for the presidential election, the FX market is
poised to turn its focus on how the new administration will set out its economic
and monetary policies in South Korea. Reuters FX analyst Ewen Chew will discuss
the outlook of Korean won along with other Asian currencies at 9:00 am. To join
the conversation, click on the link: here
    •Rosneft aims to complete purchase of India's Essar Oil by end June
    Russia's largest oil producer Rosneft expects to complete the acquisition of
Indian refiner Essar Oil ESRO.CL by the end of June, Rosneft's chief financial
officer Pavel Fedorov said on Wednesday. 
    •Top Indian telco Bharti Airtel posts smallest quarterly profit in 4 yrs on
    Bharti Airtel, India's largest mobile telecoms network operator, reported
its smallest quarterly profit in more than four years on Tuesday, as free
services offered by upstart rival Jio sparked a price war which has eroded sales
and margins.
    •Hero MotoCorp Q4 profit falls, misses estimates
    India's Hero MotoCorp Ltd on Wednesday reported a 14 percent fall in its
March-quarter net profit as a cash crunch following the government's ban on
high-value currency notes hurt sales volume.
    •IndiGo to fly to smaller cities in strategy shift
    Indian airline IndiGo said it plans to start flying smaller planes to
second-tier towns and cities later this year, in a shift in strategy for the
carrier that has prided itself on the simplicity of running only one type of
    •Kotak Mahindra to launch $867 mln share sale as early as this week - IFR
    India's Kotak Mahindra Bank Ltd plans to launch a qualified institutional
placement of shares to raise about 56 billion rupees ($867 million) as early as
this week, IFR reported on Wednesday, citing sources close to the plans.

    •India government panel rejects Boston Scientific plea on stent price caps
    Boston Scientific Corp stands to lose millions of dollars on its high-end
heart stent in India after a government panel rejected its request to increase a
cap on the price that it can charge for the device.
    •India plans land "swaps" to attract steel investors - official
    India is drafting a land-for-assets policy among a raft of measures aimed at
attracting foreign investment into the world's third largest steel producing
market, the steel secretary said on Tuesday.
    •India's record jet fuel exports set to fall as air travel soars
    India's record jet fuel exports may fall this year as an expanding middle
class and cheaper air travel boost local consumption, refinery executives and
analysts told Reuters, potentially raising ailing profit margins for the fuel.

    •Comey had pushed for more resources for Russia probe before being fired by
Trump -source
    FBI Director James Comey, days before President Donald Trump fired him, told
lawmakers he sought more resources for his agency's probe into possible
collusion between Trump's presidential campaign and Russia to sway the 2016 U.S.
election, a congressional source said on Wednesday.
    •U.S. likely to expand airline laptop ban to Europe -government officials
    The Trump administration is likely to expand a ban on laptops on commercial
aircraft to include some European countries, but is reviewing how to ensure
lithium batteries stored in luggage holds do not explode in midair, officials
briefed on the matter said on Wednesday.
    •Ambition to meet reality as China gathers world for Silk Road summit
    When leaders of 28 nations gather in Beijing next week for a summit to map
out China's ambitious new Silk Road project, one question is likely to be on
attendees' minds - what exactly is the Belt and Road Initiative?

    (As reported by NewsRise)
    • The SGX Nifty Futures were trading at 9,452.00, up 0.38% from its previous
    • The Indian rupee will likely edge higher against the dollar in early
trade, helped by bunched-up foreign fund inflows.
    • Indian government bonds will likely edge higher amid bets the nation’s
official weather forecaster will raise its assessment for the annual monsoon
rainfall that is expected to hit the country’s southern part by early June. The
yield on the benchmark 6.97 pct bond maturing in 2026 is likely to trade in a
6.92 pct-6.96 pct band today.

    • U.S. stocks were mixed on Wednesday as investors digested President Donald
Trump's abrupt dismissal of his FBI chief as well as corporate earnings from
Walt Disney and Nvidia.
    • Asian stocks rose, getting a lift from a record high close on MSCI's
global stocks benchmark after strong gains in oil prices buoyed energy stocks
    • The dollar edged up to eight week highs against the yen in early Asian
trading, as investors' focus turned back to the strength of the economy and away
from U.S. politics.
    • U.S. Treasury yields were little changed on Wednesday as a weak 10-year
note auction offset concerns about a political storm over U.S. President Donald
Trump's ouster of the FBI chief that could hinder his plans for tax cuts and
infrastructure spending.
    • Oil prices rose, and Brent was firmly back over $50 per barrel, as a fall
in U.S. crude inventories and a more severe than expected cut in Saudi supplies
to Asia tightened the market.
    • Gold was steady, holding just above eight-week lows hit earlier this week,
as the U.S. dollar and stocks firmed amid expectations of imminent interest rate
                   CLOSE        FII INVESTMENTS  EQUITIES      DEBT
 PNDF spot         64.65/64.68  May 9            $51.61 mln    -$9.90 mln
 10-yr bond yield  7.20         Month-to-date    -$217.42 mln  $834.95 mln
                                Year-to-date     $6.22 bln     $10.23 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 = 64.62 Indian rupees)

 (Compiled by Pathikrit Bandyopadhyay in Bengaluru)

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