April 20, 2018 / 3:44 AM / 3 months ago

Morning News Call - India, April 20

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    FACTORS TO WATCH
    10:00 am: Vice President Venkaiah Naidu to inaugurate two-day Civil Services
Day event in New Delhi. 
    11:00 am: KOMORI Chairman & CEO Yoshiharu Komori and President & COO Satoshi
Mochida at inauguration of KOMORI India in New Delhi. 
    4:55 pm: Railways Minister Piyush Goyal at Mindmine Summit 2018 in New
Delhi.
    5:00 pm: RBI to release weekly foreign exchange data in Mumbai.
    
    LIVECHAT - FX FOCUS
    Mark Farrington, portfolio manager and Head of Macro Currency Group, joins
us to discuss FX markets cues and views at 1:30 pm IST. To join the
conversation, click on the link: here
    
    
    INDIA TOP NEWS
    • TCS sees rebound in financial client spending in 2018/19 
    Tata Consultancy Services expects a rebound in spending by its key banking,
financial services and insurance clients this financial year, it said on Monday,
as it posted its biggest-ever profit, helped by deal wins.
    • Fortis gets unsolicited offer from KKR-backed Radiant Life Care
    The takeover battle for India's Fortis Healthcare intensified after
KKR-backed Radiant Life Care Private Ltd entered the fray on Thursday with an
offer to buy more than a quarter of the cash-strapped company's hospital
business.
    • India monetary panel minutes signal shift to hawkish stance
    India's central bank could take a more hawkish tone starting as early as
June despite easing inflation, minutes of the monetary policy committee's
meeting that took place this month showed.
    • IndusInd Bank Q4 profit jumps 27 percent
    IndusInd Bank posted a nearly 27 percent surge in its fourth-quarter net
profit on Thursday, driven by higher interest income.
    • BPCL plans to start oil trading office in Singapore 
    Bharat Petroleum Corp Ltd plans to start a trading office in Singapore in
the near future to procure crude for its refineries and trade oil products, its
head of refineries, R. Ramachandran, said late on Wednesday.


 
    GLOBAL TOP NEWS
    • Tame inflation keeps pressure on Bank of Japan to maintain stimulus
    Japan's headline inflation slowed in March from February, highlighting the
central bank's struggle to hit its 2 percent price growth target after five
years of heavy stimulus, keeping it under pressure to maintain an ultra-easy
monetary policy.
    • Shire rejects $63 billion Takeda bid as Allergan drops pursuit
    Rare disease drug maker Shire said on Thursday it had rejected a $63 billion
cash-and-stock acquisition offer by Japan's Takeda Pharmaceutical, while
Allergan reversed course on pursuing a rival bid.
    • North Korea seeks 'complete denuclearisation,' Moon says; U.S. vows
pressure
    North Korea has expressed its commitment to "complete denuclearisation" of
the Korean peninsula and has not attached conditions, South Korea's president
said on Thursday, but Washington remains wary and has vowed to maintain "maximum
pressure" on Pyongyang.


    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • The SGX Nifty nearest-month futures were trading at 10,556.00, down 0.3
percent from its previous close.
    • The Indian rupee is seen lower against the dollar today as a jump in
long-term Treasury yields to two-month highs lifted the U.S. currency.
    • Indian government bonds are likely to tumble in early session, after
minutes of the Monetary Policy Committee’s latest meeting hinted some members
may vote for withdrawal of accommodation at the next meeting in June.The yield
on the benchmark 7.17 percent bond maturing in 2028 may trade in a 7.75 percent
- 7.85 percent band today.


   
    GLOBAL MARKETS
    • Wall Street's three major indexes closed lower on Thursday, with tobacco
stocks leading a tumble in consumer staples while concerns about smartphone
demand hurt the technology sector and rising bond yields and earnings helped
financials rebound
    • Asian shares slipped as a warning on smartphone demand from the world's
largest contract chipmaker slugged the tech sector, while high oil prices
stirred inflation fears and undermined sovereign bonds.
    • The British pound flirted with two-week lows against the dollar following
comments from Bank of England chief and soft UK retail sales data while the euro
and the yen could see one of the narrowest weekly range in months.
    • The U.S. Treasury is considering ways to restrict sensitive Chinese
investments in the United States by invoking an emergency powers law and
bringing forward some security review reforms for corporate acquisitions, a
senior Treasury official said on Thursday.
    • Oil prices were firm near three-year highs reached earlier this week as
ongoing OPEC-led supply cuts gradually drawn down excess supplies.
    • Gold prices inched lower and were headed for the first weekly decline in
three as expectations of higher U.S. interest rates and easing political
tensions on the Korean Peninsula and Syria weighed on demand for the safe-haven
metal.
    
                   CLOSE        FII INVESTMENTS  EQUITIES      DEBT
 PNDF spot         65.76/65.79  April 19         -$94.90 mln   -$283.33 mln
 10-yr bond yield  7.75 pct     Month-to-date    -$541.25 mln  -$1.19 bln
                                Year-to-date     $ 1.62 bln    -$473.30 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 = 65.86 Indian rupees)
    
    

 (Compiled by Shradha Singh in Bengaluru)
  
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