April 2, 2018 / 3:45 AM / 20 days ago

Morning News Call - India, April 2

To access the newsletter, click on the link:
 
 here
    
    
If you would like to receive this newsletter via email, please register at: here
    
    
    FACTORS TO WATCH
    11:00 am: Budget session of Parliament continues in New Delhi.
    12:00 pm: Oil Minister Dharmendra Pradhan to talk about introduction of BS
VI fuels in New Delhi.      
    
    
    INDIA TOP NEWS
    • India's electronics ministry moots duties on key smartphone component
-sources 
    India is exploring new duties on the import of a key smartphone component,
according to two government sources, the latest in a series of moves aimed at
boosting domestic manufacturing in the world's second-biggest smartphone market.

    • POLL-RBI to take hawkish stance by end-2018, hike rates early next year
    The Reserve Bank of India will keep monetary policy steady at its April
meeting but shift to a hawkish stance by the end of this year and raise interest
rates early in 2019 as inflation pressures build, according to a Reuters poll of
economists.
    • India's CBI probing Videocon, husband of ICICI Bank CEO, in loan case-
sources
    Indian police have launched a preliminary investigation into the husband of
ICICI Bank's chief executive, as well as officials at the lender and at Videocon
Group, two sources said on Saturday, to assess whether there was any wrongdoing
in lending practices.
    • Tata Steel's Dutch deal could threaten Thyssenkrupp venture - union 
    A far-reaching agreement between India's Tata Steel and its Dutch unit could
put at risk plans for a steel joint venture with Thyssenkrupp, the German
group's supervisory board vice chairman said.
    • India's top refiner plans $22 bln expansion over five years 
    Indian Oil plans to invest $22 billion in next five years as the country's
top refiner seeks to raise its annual capacity to about 3.2 million barrels per
day by 2030, its head of refineries said on Saturday.
    • Toyota, Suzuki to produce cars for each other in India 
    Toyota Motor Corp and Suzuki Motor Corp agreed on Thursday to produce cars
for each other in India as Toyota aims to increase its market share in the
world's fifth-largest passenger car market.
    • ANALYSIS-Uber seen girding for battle with Ola in India ahead of IPO 
    Uber's decision to exit Southeast Asia, where it was bleeding money, should
give the global ride-hailing giant more firepower to focus on India, where it's
locked in a fierce battle with local rival, Ola, industry analysts say.

    • India slashes potash subsidy by 10 percent, could hurt imports
    The Indian cabinet on Wednesday slashed subsidies for potash-based
fertiliser by more than 10 percent for the next fiscal year beginning April 1,
as the world's leading importer of the crop nutrient tries to contain a fiscal
deficit.
   
    
    GLOBAL TOP NEWS
    • China imposes tariffs in response to U.S. duties on steel, aluminium
    China has slapped extra tariffs of up to 25 percent on 128 U.S. products
including frozen pork, as well as on wine and certain fruits and nuts, in
response to U.S. duties on imports of aluminium and steel, China's finance
ministry said.
    • Trump says DACA deal for young immigrants is off
    President Donald Trump said on Sunday that there will be no deal to legalize
the status of young adult immigrants called Dreamers and he said the U.S.-Mexico
border is becoming more dangerous.
    • Japan business mood sours for first time in 2 years, upbeat on capex
    Japanese business sentiment worsened for the first time in two years in the
three months to March, a closely watched central bank survey showed on Monday,
as rising raw material and labour costs weigh on an otherwise steady economic
recovery.
    
    
    LOCAL MARKETS OUTLOOK
    The SGX Nifty Futures were trading at 10,210.50, down 0.34 percent from its
previous close.
    
    
    GLOBAL MARKETS
    • Wall Street surged on Thursday, bringing an upbeat end to a tumultuous,
holiday-shortened week as technology stocks rebounded, but the S&P 500 and the
Dow Jones Industrial Average posted their biggest quarterly declines in more
than two years.
    • Asian stocks began the new quarter with mild gains following a strong
performance by global equities last week, while the dollar held steady awaiting
key economic indicators.
    • The dollar held steady against the yen, taking a breather after last
week's rally and as it treads cautiously amid lingering concerns over a
U.S.-China trade spat.
    • U.S. Treasury yields fell on Thursday, posting a strong finish to a weak
first quarter, as investors piled into low-risk government bonds on worries
about economic growth and the recent dramatic pullback in stock prices.
    • Oil prices rose, lifted by a drop in U.S. drilling activity as well as by
expectations that the United States could re-introduce sanctions against Iran.

    • Gold prices rose after three consecutive sessions of falls as the dollar
eased amid fresh concerns of trade tensions between the United States and China.

    
    
                   CLOSE        FII INVESTMENTS  EQUITIES   DEBT
 PNDF spot         65.02/65.05  March 28         -          $443.3 mln
 10-yr bond yield  -            Month-to-date    $2.06 bln  -$370.27 mln
                                Year-to-date     $2.17 bln  $720.63 mln
 
    
    
    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 = 65.11 Indian rupees)

 (Compiled by Pathikrit Bandyopadhyay in Bengaluru)
  
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below