February 11, 2019 / 3:34 AM / 5 months ago

Morning News Call - India, February 11

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    • FACTORS TO WATCH
    9:30 am: Prime Minister Narendra Modi at Petrotech 2019.
    
    • LIVECHAT - FX WEEK AHEAD
    FX Buzz analyst Jeremy Boulton analyses G7 currencies at 6:00 pm IST. To
join the conversation, click on the link: here
    
    
    INDIA TOP NEWS
    • U.S. considers withdrawal of zero tariffs for India - sources
India could lose a vital U.S. trade concession, under which it enjoys zero
tariffs on $5.6 billion of exports to the United States, amid a widening dispute
over its trade and investment policies, people with close knowledge of the
matter said. 
    • India's banks seen unlikely to match c.bank's rate cut any time soon
Indian bankers say piles of bad debt and the high cost of deposits mean they are
unlikely to reduce interest rates on loans by as much as the central bank cut
its key lending rate in a bid to spur growth.
    • Two financial firms behind plunge in shares of Reliance Group companies
A recent plunge in the shares of three companies from Reliance Group was caused
by two financial firms selling stock they had held as collateral, the
conglomerate said on Friday.
    • Tata Steel Q3 standalone profit soars on robust production
Tata Steel reported an 83.6 percent surge in third-quarter standalone net profit
on Friday, aided by robust domestic production.
    • Bharti Airtel unit to merge with Telkom Kenya
Bharti Airtel said on Friday its unit Airtel Networks Kenya has agreed to merge
with Telkom Kenya, the East African nation's smallest telecom operator.

    • Mahindra & Mahindra quarterly profit falls 11.4 pct on lean demand
Mahindra & Mahindra on Friday posted an 11.4 percent drop in third-quarter
profit, as the demand for passenger vehicle sales softened and its MHCV segment
came under pressure due to new axle loading norms.
    • BPCL quarterly profit dives 77 pct but tops estimates
Bharat Petroleum reported on Friday a 77 percent plunge in third-quarter net
profit, dragged down by higher expenses including raw material costs.

    • Facebook toughens political ad policies in India ahead of election 
Facebook is toughening up the rules governing political advertisements in India
to create more transparency ahead of the country's general elections due before
May, the social media giant said late on Thursday.
    
    
    GLOBAL TOP NEWS
    • Talks collapse on border deal as U.S. gov't shutdown looms
Talks on border security funding collapsed after Democratic and Republican
lawmakers clashed over immigrant detention policy as they worked to avert
another U.S. government shutdown, a Republican senator said on Sunday.

    • S.Korea signs deal to pay more for U.S. troops after Trump demand
Officials signed a short-term agreement on Sunday to boost South Korea's
contribution toward the upkeep of U.S. troops on the peninsula, after a previous
deal lapsed amid U.S. President Donald Trump's call for the South to pay more.

    • Thai election commission to rule on princess running for PM after king's
rebuke
Thailand's Election Commission will consider on Monday the surprise nomination
of a Thai princess as a prime ministerial candidate for March elections after
her brother, King Maha Vajiralongkorn, called it "inappropriate" and
unconstitutional.
    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • SGX Nifty nearest-month futures were trading 0.3 percent lower at
10,918.50. 
    • The Indian rupee is expected to open little changed against the dollar
after the onshore yuan slipped as Chinese markets reopened after the Lunar New
Year holidays. 
    • Indian government bonds are expected to ease in early trade, as
lower-than-estimated cutoff price for the 2029 bond at debt auction last week
raised concerns about appetite for long duration bonds. The yield on the
benchmark 7.17 percent bond maturing in 2028 will likely trade in a 7.46
percent-7.52 percent band today. 
    
    
    GLOBAL MARKETS
    • The benchmark S&P 500 index and the Nasdaq edged upward to snap a two-day
losing streak on Friday as positive corporate results offset lingering
skepticism over the United States and China reaching a trade deal before the
March 1 deadline.
    • Asian shares started the week on the backfoot as investors were unable to
shake off worries about global growth, U.S. politics and the Sino-U.S. trade
war.
    • The dollar rose against most other currencies, holding near a six-week
high as fresh worries about U.S.-Sino trade tensions and global growth drove
appetite for safe-haven assets.
    • U.S. Treasury yields fell for a fourth straight session on Friday,
pressured by global equity market losses on concerns there would be no trade
deal between the United States and China by the deadline.
    • Oil prices fell by more than 1 percent as U.S. drilling activity picked up
and as a refinery fire in the U.S. state of Illinois resulted in the shutdown of
a large crude distillation unit.
    • Gold prices held steady, supported by uncertainties around Sino-U.S. trade
war and concerns of slowing global economic growth, while a strong dollar
weighed on the precious metal.
    
    
                   CLOSE        FII INVESTMENTS  EQUITIES     DEBT
 PNDF spot         71.06/71.09  February 8       $118.61 mln  $312.15 mln
 10-yr bond yield  7.52 pct     Month-to-date    $352.88 mln  -$85.40 mln
                                Year-to-date     $277.53 mln  -$891.25 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 = 71.1600 Indian rupees)

 (Compiled by Hrithik Kiran Bagade in Bengaluru)
  
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