July 11, 2017 / 3:17 AM / 8 months ago

Morning News Call - India, July 11

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    10:00 am: Power Minister Piyush Goyal and Mines Secretary Arun Kumar to
speak at an event in New Delhi.
    10:00 am: Commerce Minister Nirmala Sitharaman at an event in New Delhi.
    10:30 am: Finance Minister Arun Jaitley to speak at an event in New Delhi.
    10:30 am: IT Minister Ravi Shankar Prasad at an event in New Delhi.
    10:30 am: Bank of India annual shareholders meeting in Mumbai.
    3:45 pm: RBI Deputy Governor S.S. Mundra at an event in Mumbai.
    Tensions in the Northeast Asian region spike after Kim Jong-un successfully
tested the country's first ICBM. The world is watching leaders in the U.S.,
China and North Korea closely for any signs of escalation. Dr. David Wright from
the global security program at Union of Concerned Scientists will discuss
possible scenarios and whether the North could run the next nuclear test. To
join the conversation on Wednesday at 7:30 am IST, click on the link: here
    • NSE grapples with system fault ahead of IPO 
    A technical glitch shut down India's National Stock Exchange for five hours
on Monday, dealing the country's biggest stock market an embarrassing blow ahead
of its plans to list and leading to a surge in volumes on a rival bourse.

    • Bharti Airtel to spend $310 million to improve customer service
    India's top phone carrier Bharti Airtel Ltd plans to invest 20 billion
rupees over three years on a programme to improve customer experience, as it
pushes back against new rival Reliance Jio that has disrupted world's
second-biggest mobile phone market by customers.
    • First test of India's new bankruptcy law offers cautionary tale
    In January, Innoventive Industries, a speciality steelmaker based in western
India, was forced into the bankruptcy court by its lenders, testing for the
first time new insolvency rules that aim to resolve India's $150 billion bad
debt overhang.
    • Monsoon rains have covered most of India, rainfall within expectations -
weather office
    The seasonal monsoon rains have covered most of India and the amount of
precipitation so far is within expectations, the head of the country's weather
office said, raising hopes for higher farm output after increased sowing of rice
and soybean crops.
    • ONGC Videsh to bid in Lebanon gas field auction -India government
    Indian energy company ONGC Videsh will bid in an upcoming auction to explore
and develop gas fields off the coast of Lebanon, India's oil minister said on
    • India's thirst for dairy to stand out in restrained food markets-OECD/FAO
    A fast-growing milk market in India will stand out amidst a trend towards
more stable agricultural markets in the decade ahead as an era of booming demand
led by China fades, the OECD and FAO said on Monday.
    • AU Small Finance Bank surges on trading debut after $296 million IPO
    Shares in India's AU Small Finance Bank Ltd jumped as much as 52 percent on
their market debut after the lender's 19.13 billion-rupee initial public
offering of shares.
    • Trump Jr. was told of Russian effort to help father's campaign - NY Times
    Donald Trump Jr. was told in an email before meeting a Russian lawyer who he
thought had material damaging to Hillary Clinton that it was part of a Russian
government bid to aid his father's presidential campaign, the New York Times
said on Monday.
    • China anti-graft official likely to head insurance regulator - sources
    China is likely to name a senior Communist Party graft-buster to oversee the
insurance sector, people familiar with the matter said, a signal that the
country's ongoing crackdown on irregular business practices in the financial
industry may be set to escalate.
    • Healthcare disagreements roil U.S. Senate Republicans
    Republican senators returned to Washington on Monday following a 10-day
holiday recess still at odds with one another over legislation President Donald
Trump wants passed to repeal major portions of Obamacare.
    (As reported by NewsRise)
    • The SGX Nifty Futures were at 9,800.50, up 0.28 percent from previous
    • The Indian rupee could edge higher against the dollar in early trade on
likely gains in local stocks tracking regional peers, even as traders remain
cautious ahead of Federal Reserve Chair Janet Yellen’s testimony this week for
insight on the U.S. central bank’s monetary policy tightening plans.
    • Indian government bonds are likely to extend gains as investors bet the
nation’s retail inflation will cool further, prompting the Monetary Policy
Committee to go for a rate cut in near future. The yield on the benchmark 6.79
percent bond maturing in 2027 is likely to trade in a 6.54 percent-6.50 percent
band today.
    • U.S. stocks edged higher on Monday, led by gains in technology stocks as
investors were optimistic ahead of earnings.
    • Asian shares and the dollar cautiously edged higher, as investors awaited
testimony from Federal Reserve Chair Janet Yellen for clues on when the central
bank would tighten U.S. monetary policy.
    • The dollar's advance against its major peers slowed as a rise in sovereign
bond yields paused, with investors awaiting comments from Federal Reserve Chair
Janet Yellen for fresh cues on policy direction.
    • U.S. Treasury yields slipped on Monday, in line with weak European
markets, as sharp gains following Friday's strong U.S. non-farm payrolls report
prompted investors to consolidate positions.
    • Oil prices edged up, lifted in part by a strong demand outlook for the
coming weeks, but overall market conditions remain weak on the back of ample
supplies and a more subdued outlook for long-term demand.
    • Gold edged lower on a firmer dollar after touching near four-month lows in
the previous session as the market waits for cues from the central bank on the
path of U.S. interest rate hikes.
                   CLOSE        FII INVESTMENTS  EQUITIES      DEBT
 PNDF spot         64.53/64.56  July 10          $15.83 mln    $141.64 mln
 10-yr bond yield  6.86 pct     Month-to-date    -$269.10 mln  -$29.3 mln
                                Year-to-date     $8.32 bln     $17.97 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)

 (Compiled by Benny Thomas in Bengaluru)
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