August 29, 2017 / 3:23 AM / a year ago

Morning News Call - India, August 29

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    10:00 am: Minister of State for Finance Santosh Gangwar and L&T Reality CEO
Shrikant Joshi at National Real Estate Development Council national convention
in New Delhi.
    10:00 am: Steel Minister Birender Singh Chaudhary, Steel Secretary Aruna
Sharma, JSW Steel Joint Managing Director Seshagiri Rao at CII seminar ‘Steeling
India 2017’ in New Delhi.
    10:30 am: Farm Minister Radha Mohan Singh to inaugurate a seminar and attend
“Sankalp Se Siddhi” program in New Delhi.
    2:30 pm: ICRA webinar on ‘Credit Quality Trends in Loan Against Property’ in
    6:30 pm: Infosys co-founder Narayana Murthy’s conference cal in Mumbai.
    7:30 pm: Niti Aayog CEO Amitabh Kant, Textile Minister Smriti Irani at women
awards event  in New Delhi.
    We get an asset investment outlook in the context of the euro zone recovery
with Rory McPherson, Head of Investment Strategy, Psigma Investment Management
at 2.30 pm IST. To join the conversation, click on the link: here
    • India and China agree to end border standoff 
    India and China have agreed to an "expeditious disengagement" of troops in a
disputed border area where their soldiers have been locked in a stand-off for
more than two months, India's foreign ministry said on Monday.
    • Adani says to start Australian coal mine with own funds
    Adani Enterprises said on Monday it will start work in October on its
Carmichael coal project in Australia using A$400 million ($317 million) of its
own funds, even as it looks to lock in financing for the controversial mine.

    • India to sell up to 10 pct of utility NTPC in potential $2.2 billion deal 
    India's government said it will sell a 5 percent stake in top power producer
NTPC Ltd through a stock market auction, with a greenshoe option to sell another
5 percent in a deal that could raise up to $2.2 billion.
    • Infosys shares rise as co-founder Nilekani returns as chairman
    Infosys Ltd shares rose more than 3 percent on Monday, their first day of
trading since co-founder Nandan Nilekani returned to the company as chairman, on
hopes a months-long row between the board and the founders would be resolved.

    • Creditor banks seek to sell at least 30 pct of Jaiprakash Power -source 
    Creditor banks of Jaiprakash Power Ventures Ltd are seeking bidders to buy a
stake of at least 30 percent in the Indian power producer, the majority of which
they jointly own, a banker involved in the sale told Reuters on Monday.

    • Court jails self-styled "godman" for 20 years, security tight 
    An Indian judge sentenced a self-styled "godman", whose followers went on a
deadly rampage after he was convicted of rape last week, to 20 years' jail on
Monday, but a shoot-to-kill order, curfew and heavy police presence kept
protesters at bay.
     • North Korea fires missile over Japan, sharply escalating tensions
    North Korea fired a missile that flew over Japan and landed in waters off
the northern region of Hokkaido early on Tuesday, South Korean and Japanese
officials said, marking a sharp escalation of tensions on the Korean peninsula.

    • Harvey brings death, destruction to Houston as flood waters rise
    Floodwaters from Tropical Storm Harvey, which has already killed at least
seven people in Texas and was expected to drive tens of thousands from their
homes, will likely rise in the coming days, officials warned on Monday as heavy
rains continued to pound the U.S. Gulf Coast.
    • Expedia's Khosrowshahi poised to take Uber CEO job: memo
    Expedia Inc Chief Executive Dara Khosrowshahi is poised to accept Uber
Technologies Inc's offer to become its new CEO, according to an internal memo
sent to Expedia staff, putting him in charge of turning around the loss-making,
scandal-ridden company.
    (As reported by NewsRise)
    • The SGX Nifty Futures was trading at 9,866.00, trading down 0.5 percent
from its previous close.
    • Indian government bond prices are likely to rise in early trade after an
overnight fall in U.S. Treasury yields, amid weaker investor sentiments
following North Korea’s missile launch over northern Japan today.  The yield on
the benchmark 6.79 percent bond maturing in 2027 is likely to trade in a 6.54
percent-6.59 percent band. 
    • The Indian rupee will likely open little changed against the dollar, as
investors turned cautious following a missile fired by North Korea that flew
over northern Japan, flaring up geopolitical risks.    
    • The S&P 500 and Dow ended little changed on Monday, with energy and bank
shares lower as Tropical Storm Harvey crippled the U.S. energy hub in Texas,
while tech and healthcare gave a light boost to the Nasdaq.
    • U.S. stock futures and Asian share markets tumbled, while the yen jumped
to four-month highs against the dollar after North Korea fired a missile over
northern Japan, setting up a tense start to trading for markets in the region.

    • U.S. benchmark Treasury yields fell to two-month lows on Monday after the
government saw strong demand for a five-year note auction, and as market
participants waited on data that will culminate on Friday with the August
employment report.
    • Flooding from tropical storm Harvey caused ongoing large-scale U.S.
refinery outages, while crude prices rose on the back of supply disruptions in
Colombia and Libya.
    • The price of gold rose to its highest in nine and a half months as
mounting geopolitical tensions over North Korea's launch of a missile that flew
over Japan stoked demand for safe-haven assets, while weighing heavily on the
dollar and equities.
                   CLOSE        FII INVESTMENTS  EQUITIES     DEBT
 PNDF spot         63.85/63.88  August 28        -$19.56 mln  $ 20.50 mln
 10-yr bond yield  6.82 pct     Month-to-date    -$2.10 bln   $1.70 bln
                                Year-to-date     $6.87 bln    $22.84 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 = 63.9000 Indian rupees)

 (Compiled by Erum Khaled in Bengaluru)
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