December 21, 2017 / 3:19 AM / 3 months ago

Morning News Call - India, December 21

(Morning News Call - India edition will not be published through the year-end
holiday season from December 25, 2017 to January 1, 2018. Normal service will
resume from January 2, 2018. Season’s Greetings and Happy New Year.)
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    9:00 am: Prime Minister Economic Advisory Council Chairman Bibek Debroy &
Member Ashima Goyal, RBI ED S. Ganesh Kumar and Finance Commission Chairman N.
K. Singh at Skoch Summit in New Delhi.
    10:00 am: Defence Minister Nirmala Sitharaman, Reliance Defence CEO Rajesh
Dhingra at Assocham’s Conference on Aerospace and Defence.
    10:30 am: Abbott Healthcare MD Susheel Umesh, Cadila Healthcare MD Rajiv
Modi, Lupin Senior Vice President Venkata Palla at CII’s National Pharmaceutical
Conclave in New Delhi.
    10:45 am: Food Minister Ram Vilas Paswan, Junior Food Minister C.R.
Chaudhary at National Consumer Day function in New Delhi.
    12:00 pm: Maruti Suzuki Chairman R.C. Bhargava, Maruti Suzuki MD Kenichi
Ayukawa at annual year end media meet in New Delhi.
    11:00 am: Winter session of parliament continues in New Delhi.
    Reuters interest rate reporter Dhara Ranasinghe delves into government
bond markets at 1900 IST. To join the conversation, click on the link: here
    Indian authorities weighing how to regulate cryptocurrencies -SEBI chief 
    India's capital market regulator is talking with the government and central
bank about how to regulate cryptocurrencies, its chairman said on Wednesday.

    India's HDFC Bank plans to raise up to $3.75 billion from share sale
    HDFC Bank said on Wednesday it would raise up to 240 billion rupees to fund
growth by selling shares to investors, including a preferential issue to its
parent HDFC.
    Edelweiss Group unit buys Religare's securities business 
    The wealth management unit of India's Edelweiss Group has acquired the
securities business of domestic financial firm Religare Enterprises for an
undisclosed sum, the two companies said in a statement on Wednesday.

    U.S. takes India back to WTO in solar power dispute 
    India has failed to comply with a World Trade Organization ruling on solar
power, the United States will tell the WTO's dispute settlement body next month,
triggering a fresh round of litigation, according to an agenda issued on
    India sugar mills to double ethanol supply as output jumps
    Indian sugar mills are set to more than double the supply of ethanol to fuel
retailers for blending with gasoline in 2017/18, expecting a sharp rise in the
local output of the sweetener, an industry body said on Wednesday.
    U.S. House gives final approval to tax bill, delivering victory to Trump
The Republican-controlled U.S. House of Representatives gave final approval on
Wednesday to the biggest overhaul of the U.S. tax code in 30 years, sending a
sweeping $1.5 trillion tax bill to President Donald Trump for his signature.

    BOJ keeps policy steady, remains upbeat on economy 
The Bank of Japan kept monetary policy steady despite growing signs of strength
in the economy, signalling that it was in no rush to edge away from crisis-mode
stimulus with inflation still distant from its 2 percent target.
    Ships in a bottleneck: China, Australia ports clogged as coal, iron ore
demand soars
    More than 300 large dry cargo ships are having to wait outside Chinese and
Australian ports in a maritime traffic jam that spotlights bottlenecks in
China's huge and global commodity supply chain as demand peaks this winter.

    (As reported by NewsRise)
    The SGX Nifty Futures was trading at 10,454.50, down 0.1 percent from its
previous close.
    The Indian rupee will likely edge higher against the dollar tracking gains
in most other Asian currencies, as the U.S. House of Representatives’ final
approval to the tax bill had a limited impact on the greenback.
    Indian government bonds are likely to fall after minutes of the Monetary
Policy Committee’s latest meeting showed that members raised inflation concerns
with one of them saying it was time to reverse monetary accommodation. The
benchmark bond yield is likely to trade in 7.20-7.27 percent band today, a
trader with a private bank said. 
    • Wall Street's main indexes dipped on Wednesday, pausing after recent
record highs as both houses of Congress approved a long-anticipated tax
    • Asian markets offered a muted reaction on Thursday to the passage of U.S.
tax cuts as benefits to company bottom lines were already baked into stock
prices, while bonds were spooked by the blowout in government debt needed to
fund the giveaways.
    • The dollar held near a one-week high against the yen, supported by a rise
in U.S. bond yields, with moves limited ahead of a Bank of Japan policy decision
and a news conference by the BOJ governor.
    • U.S. Treasury yields rose to nine-month highs on Wednesday on optimism a
U.S. tax overhaul will help boost growth and as economic data improves.
    • Oil prices were stable after posting strong gains late in the previous
session on the back of a drop in U.S. crude inventories.
    • Gold prices edged up on Thursday, trading within sight of a two-week high
touched in the previous session, as the dollar held steady and Asian stocks
                    CLOSE            FII            EQUITIES      DEBT
 PNDF spot          64.00/64.03      December 20    -$234.75 mln  $26.04 mln
 10-yr bond yields  7.22 pct         Month-to-date  -$707.15 mln  $305.90 mln
                                     Year-to-date   $7.99 bln     $26.04 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 = 64.1100 Indian rupees)
0 : 0
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