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Morning News Call - India, May 24
May 24, 2017 / 3:21 AM / 7 months ago

Morning News Call - India, May 24

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    10:00 am: Infosys India Business Unit Head C.N. Raghupati, IBM Chief Data
Strategist and HCL Founder Ajai Chowdhry at IT Conclave in Kolkata.
    12:00 pm: Samsung launch event in Bengaluru.
    11:45 am: Telecom minister Manoj Sinha at an event in New Delhi.
    12:30 pm: Aviation Minister P Ashok Gajapathi Raju to brief media on second
round of bidding under RCS-UDAN in New Delhi.

    As the extension of output cuts by oil producers becomes more likely all the
way to 2018, how would this decision affect oil demand and supply in Asia?
Sushant Gupta, Research Director in Asia Refining, from consulting firm Wood
Mackenzie will discuiss the implications of the upcoming OPEC meeting and how
they would be relevant to Asian investors at 11:30 am IST. To join the
conversation, click on the link: here
    • India offers tax concessions to Apple to expand production - official
    India has offered to allow Apple Inc to import mobile handset components
intended for use in local manufacturing tax free, a top government official said
on Tuesday.
    • ANALYSIS-India's electric vehicles push likely to benefit Chinese car
    India's ambitious plan to push electric vehicles at the expense of other
technologies could benefit Chinese car makers seeking to enter the market, but
is worrying established automakers in the country who have so far focused on
making hybrid models.
    • Losses at home outweigh strong JLR sales for India's Tata Motors
    India's Tata Motors reported a 17 percent fall in fourth-quarter net profit
on Tuesday as losses in its domestic business outweighed strong sales at luxury
British arm Jaguar Land Rover (JLR).
    • Jindal Steel to swing to profit by 2018/19
    Jindal Steel and Power plans to increase its total steel capacity by as much
as 50 percent this fiscal year and turn profitable by 2018/19, its chief
executive said, after the company showed its losses narrowing in the fourth
    • India gold imports to plunge in festive months after pre-GST purchases
    India's gold imports could plunge in 2017 during the traditional period of
peak demand in the second half of the year, after jewellers have aggressively
restocked inventory ahead of a national sales tax that takes effect on July 1.

    • ANALYSIS-"War on sugar" takes toll; Asia, Brazil struggle to make up
The "war on sugar" being waged by governments and consumers to combat public
health emergencies like diabetes is slowing growth in global demand, which along
with other factors could signal a fundamental shift in consumption ahead.

    • Moody's downgrades China, expecting financial strength to erode as debt
    Moody's Investors Services downgraded China's long-term local and foreign
currency issuer ratings on Wednesday citing expectations that the financial
strength of the world's second biggest economy would erode in the coming years.

    • UK PM May says to deploy armed forces after attack as threat level raised
    Soldiers will be deployed to key sites in Britain to boost security as the
country raised its terror threat to the highest level of "critical" following a
suicide attack in Manchester that killed 22 people, including children.

    • Trump seeks to slash $3.6 trillion of spending in austere budget
    U.S. President Donald Trump asked lawmakers on Tuesday to cut $3.6 trillion
in government spending over the next decade, taking aim at healthcare and food
assistance programs for the poor in an austere budget that also boosts the
    (As reported by NewsRise)
    • The SGX Nifty Futures were trading at 9,405.00, up 0.2 pct from its
previous close.
    • The Indian rupee will likely open little changed to slightly lower against
the dollar, tracking weakness in its Asian peers, as regional sentiment faltered
after Moody’s Investors Service cut China’s sovereign credit rating.
    • Indian government bonds will likely trade steady, as investors await the
release of U.S. Federal Reserve’s May meeting minutes later today for clues
about its next interest rate hike. The yield on the benchmark 6.97 pct bond
maturing in 2026 is likely to trade in a 6.75 pct-6.80 pct band today.

    • Wall Street ended higher on Tuesday after the release of President Donald
Trump's budget plan but gains were tempered by declines in consumer
discretionary stocks amid weakness in auto-parts companies.
    • Asian shares edged lower in early trade, while the Australian dollar and
the offshore Chinese yuan slipped after Moody's cut its sovereign credit rating
on China.
    • The dollar held firm, having rebounded from 6-1/2-month lows against its
major peers thanks to a rise in U.S. Treasury yields, with investor focus now
turning towards the Federal Reserve's monetary policy stance.
    • U.S. Treasury yields rose on Tuesday as some investors pared their bond
positions to make room for this week's federal and corporate supply while others
reduced their safe-haven bond holdings in favor of stocks.
    • Oil prices rose, supported by increasing confidence that an OPEC-led
production cut aimed at tightening the market would be extended through the rest
of 2017 and the first quarter of next year.
    • Gold held steady, after falling 0.7 percent in the previous session, as
investors waited for cues on the U.S. Federal Reserve's rate hike stance from
minutes of the central bank's latest meeting, due later in the day.
                   CLOSE        FII INVESTMENTS  EQUITIES     DEBT
 PNDF spot         64.77/64.80  May 23           -$61.82 mln  $616.58 mln
 10-yr bond yield  7.10         Month-to-date    $1.45 bln    $3.15 bln
                                Year-to-date     $7.88 bln    $12.54 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 = 64.89 Indian rupees)

 (Compiled by Pathikrit Bandyopadhyay in Bengaluru)

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