February 12, 2018 / 3:47 AM / 5 months ago

Morning News Call - India, February 12

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    FACTORS TO WATCH
    9:30 am: Directorate General of Hydrocarbons Director General Atanu
Chakraborty, Oil Exploration Joint Secretary Amar Nath and other officials at
oil ministry’s facilitation workshop on Open Acreage Licensing Programme bidding
in Mumbai.
    11:00 am: Environment, Science & Technology Minister Harsh Vardhan to
release India State of Forest Report 2017 in New Delhi.
    12:00 pm: Transport Minister Nitin Gadkari to release Indian Highway
Capacity Manual Research Project report in New Delhi.
    12:30 pm: Society of Indian Automobile Manufacturers to issue sales data for
January in NOIDA.
    3:30 pm: Trade Minister Suresh Prabhu to release a report on ports in New
Delhi. 
    3:30 pm: Sobha post-earnings analyst conference call in Mumbai.
    5:30 pm: Government to release January consumer price inflation data in New
Delhi.
    5:30 pm: Government to release December industrial output data in New Delhi.
    
    
    LIVECHAT-FX WEEK AHEAD 
FX Buzz analyst Jeremy Boulton analyses G7 currencies at 1630 IST. To join the
conversation, click on the link: here
    
    
    INDIA TOP NEWS
    •Bad loans hurt Indian state banks, push SBI to surprise Q3 loss
    State Bank of India, the nation's top lender by assets, reported a surprise
third-quarter net loss on higher bad-loan provisions and lower trading income,
but it said it expected an improvement in performance in the next financial
year.
    •Indian bourses to stop licensing index, stock prices to foreign exchanges
    India's three main stocks exchanges said on Friday they would stop licensing
their indexes and securities or providing data to foreign exchanges, saying such
agreements had led trading to migrate outside of the country.
    •Tata Steel Q3 profit surges on volume growth
    India's Tata Steel on Friday posted a five-fold rise in third-quarter
profit, boosted by strong volume growth in India and increasing steel prices.

    •Mahindra & Mahindra Q3 profit up over 12 percent, beats estimate
    Mahindra & Mahindra on Friday reported a more than 12 percent rise in its
third-quarter profit, beating Street estimates.
    •BPCL Q3 profit slips 6 percent
    State-run refiner Bharat Petroleum Corp on Friday posted a near 6 percent
fall in third-quarter profit, but still marginally beat analysts' estimates.

    •Coal India Q3 profit rises 4.2 percent
    Coal India, the world's biggest coal miner, reported a 4.2-percent rise in
third quarter profit on Saturday, beating analysts' estimates.
    •India will stick to fiscal deficit target - paper
    India will stick to its budgeted fiscal deficit target for the coming fiscal
year, Finance Minister Arun Jaitley was quoted on Saturday as saying.

    •ONGC-led group gets stake in ADNOC offshore oil concession
    A consortium led by India's Oil and Natural Gas Corp has become the first
group to win a stake in Abu Dhabi National Oil Co's (ADNOC) 40-year offshore oil
concession, a deal set to help the UAE expand its foothold in Asia.
    
    
    GLOBAL TOP NEWS
    •Russian passenger plane crashes near Moscow; 71 dead
    A Russian passenger plane crashed near Moscow soon after take-off on Sunday,
killing all 71 people on board, and investigators said they were looking at all
possible causes.
    •Trump to roll out plan to overhaul U.S. infrastructure
    U.S. President Donald Trump will roll out an infrastructure plan that
already faces significant hurdles in Congress because it does not offer as much
new federal funding as Democrats want or directly address how to pay for the
effort.
    •Takata, injured drivers reach deal to end U.S. bankruptcy
    Takata Corp's U.S. unit reached a settlement with its creditors, lawyers for
those injured by its deadly air bags and automakers that smoothes the way to end
its Chapter 11 bankruptcy and sell its viable operations, according to court
papers.
    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    •Indian sovereign bonds are likely to trade steady in early session as
investors await a fresh supply of state bonds and retail inflation data. The
yield on the 7.17 percent bond maturing in 2028 is likely to trade in a 7.46
percent - 7.52 percent band till the auction result.
    •The rupee will likely open flat to higher against the dollar, as global
markets look to settle after bouts of massive risk-related sell-off last week,
which can positively impact local shares as well.
    •The SGX Nifty Futures were trading at 10,476.50, trading up 0.19 percent
from its previous close.
    
    
    GLOBAL MARKETS
    • U.S. stocks ended a wild week with a burst of buying, pushing the S&P 500
up 1.5 percent on Friday, but still recorded their worst week in two years, and
investors braced for more volatile trading days ahead.
    • Asian share markets found a semblance of calm as S&P futures extended
their bounce, though bond investors were still fretting about the risks from
looming U.S. inflation data.
    • The yen edged higher versus the dollar, but traded below a five-month high
after a bounce in U.S. equities late last week dampened demand for traditional
safe haven currencies.
    • U.S. Treasury prices gained on Friday after renewed weakness in equity
markets increased demand for the low-risk debt.
    • Oil prices rose, steadying from steep losses as calmer stock markets found
their footing after tumbling in last week's chaotic trading.
    • Gold prices edged up early as the dollar eased a touch after last week's
rally and investors waited for more data on U.S. inflation amid expectations of
rising interest rates.
    
                   CLOSE        FII INVESTMENTS  EQUITIES      DEBT
 PNDF spot         64.29/64.32  February 9       -$210.13 mln  $16.30 mln
 10-yr bond yield  7.61 pct     Month-to-date    -$554.96 mln  $620.51 mln
                                Year-to-date     $1.48 bln     $2.09 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 = 64.3400 Indian rupees)
    
    
    

 (Compiled by Yoganand KN in Bengaluru)
  
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