August 4, 2017 / 3:17 AM / 2 months ago

Morning News Call - India, August 4

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    FACTORS TO WATCH
    8:15 am: PNB Housing Finance earnings conference call in Mumbai.
    10:00 am: Mines Secretary Arun Kumar at mining summit in New Delhi.
    11:00 am: Monsoon session of parliament continues New Delhi.
    11:00 am: Berger Paints annual general meeting in Kolkata.
    11:00 am: Cummins India earnings conference call in Mumbai.
    1:00 pm: Earth Sciences and Environment Minister Harsh Vardhan at signing of
MoU between CSIR-NPL and ISRO in New Delhi.
    1:45 pm: Railway Minister Suresh Prabhu at Exchange of Agreement with
stakeholders as part of ‘Mission Electrification’ & ‘First EPC’ contract of
Indian Railways in New Delhi.
    2:00 pm: Indian Private Equity and Venture Capital Association conference in
Mumbai.
    3:00 pm: Mahindra & Mahindra annual general meeting in Mumbai.
    3:30 pm: Ujjivan Financial Services annual general meeting in Bengaluru.
    4:00 pm: CEAT earnings conference call in Mumbai.
    5:00 pm: RBI to release weekly foreign exchange data in Mumbai.
    
    LIVECHAT - QUIZ EAST 
    The first of our Friday quizzes focuses on Asia and the week's top news.
Tests your wits and googling speed at 11:00 am IST. To join the conversation,
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    INDIA TOP NEWS
    • RBI behind curve on rate cuts, say frustrated Indian officials 
    Senior Indian government officials say the Reserve Bank of India should have
cut interest rates more aggressively, signalling fresh tensions between New
Delhi and the Mumbai-based central bank on how to revive economic growth and
create jobs.
    • Cognizant shrugs off healthcare worry, tightens FY revenue view 
    Cognizant Technology Solutions Corp raised the lower end of its 2017 revenue
forecast, easing concerns of tighter spending from its healthcare clients amid
uncertainty surrounding the U.S. healthcare policy.
    • Indian Oil, partners look for cheaper site for Pacific NorthWest LNG
terminal 
    Indian Oil Corp Ltd said it is in talks with its partners to scout for an
alternative, cheaper site for the Pacific Northwest LNG terminal after the
recent pullout of the lead developer cast doubt on the future of the Canadian
project.
    • Cochin Shipyard's $231 million IPO subscribed over 76 times 
    Cochin Shipyard Ltd's initial public offering, which aims to raise up to
14.68 billion rupees, was subscribed more than 76 times on the last day of the
sale, indicating strong interest in the state-run shipbuilder. 
    • Pratt & Whitney tells India will resolve engine issues by September -
official 
    Pratt & Whitney has told the Indian government that it will by September
resolve technical glitches that have affected its engines and hurt operations of
two Indian airlines, an official at the country's aviation regulator said.

    • India raises $63 million from Hindustan Copper share sale
    India has raised about 4 billion rupees by selling a 6.8 percent stake in
state-run miner Hindustan Copper Ltd, the Finance Ministry said.
    
    
    GLOBAL TOP NEWS
    • Grand jury issues subpoenas in connection with Trump Jr., Russian lawyer
meeting
    A grand jury has issued subpoenas in connection with a June 2016 meeting
that included U.S. President Donald Trump's son, his son-in-law and a Russian
lawyer, two sources told Reuters, signaling an investigation is gathering pace
into suspected Russian meddling in the 2016 U.S. election.
    • In blustery call, Trump pressured Mexico on border wall payment
    U.S. President Donald Trump pressured the Mexican president to stop voicing
opposition in public to his plan to have Mexico pay for a border wall, according
to transcripts of phone calls published that gave an insight into Trump's
attempts to influence foreign leaders in his first days in office.
    • China says India building up troops amid border stand off
    China's Foreign Ministry said India has been building up troops and
repairing roads along its side of the border amid an increasingly tense
stand-off in a remote frontier region beside the Himalayan kingdom of Bhutan.

    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • The SGX Nifty Futures were trading at 10,044.50, little changed from its
previous close.
    • Indian government bonds are likely to gain in early trade today, tracking
a fall in U.S. Treasury yields, and as the Bank of England yesterday kept
interest rates at a record low and lowered its inflation forecasts.The yield on
the benchmark 6.79 percentbond maturing in 2027 is likely to trade in a 6.40
percent-6.46 percent band.
    • The Indian rupee will likely open little changed against the dollar, as
investors await key U.S. non-farm jobs report due later today, while weak
service sector data and ongoing political turmoil in Washington weighed on the
greenback.
    
    
    GLOBAL MARKETS
    • The S&P 500 and the Nasdaq fell on Thursday, weighed down by Amazon.com,
Apple and other top-shelf technology stocks, while the Dow Jones Industrial
Average edged up to a seventh straight record high.
    • Asian stocks struggled after a technology-led drop on Wall Street, while
U.S. Treasury yields and the dollar remained under pressure on signs that probes
into possible Russian interference in the 2016 U.S. elections are gathering
pace.
    • Oil markets opened weak with U.S. crude remaining below $50 per barrel,
restrained by rising output from the United States as well as producer club
OPEC.
    • Gold held steady near seven-week highs hit earlier this week, as the
dollar eased to hover near multi-month lows ahead of key monthly U.S. non-farm
payrolls data later in the day.
    
    
                   CLOSE        FII INVESTMENTS  EQUITIES     DEBT
 PNDF spot         63.63/63.66  August 3         $3.78 mln    $62.18 mln
 10-yr bond yield  6.7 pct      Month-to-date    -$54.93 mln  $379.03 mln
                                Year-to-date     $8.92 bln    $21.52 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 = 63.6900 Indian rupees)
    
    

 (Compiled by Erum Khaled in Bengaluru)
  

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