February 19, 2019 / 3:45 AM / 3 months ago

Morning News Call - India, February 19

To access the newsletter, click on the link:
 
 here
    
    
If you would like to receive this newsletter via email, please register at: here
    
    
    FACTORS TO WATCH
    No major events are scheduled.
    
    LIVECHAT – TRADE WARS
    Cliff Tan, Head of East Asian Research, MUFG talks on global trade disputes
at 9:30 am IST. To join the conversation, click on the link: refini.tv/2P8N0Wp
    
    
    INDIA TOP NEWS
    Indian Oil signs first annual deal for U.S. oil
    Indian Oil, the country's top refiner, has signed its first annual deal to
buy U.S. oil, paying about $1.5 billion for 60,000 barrels a day in the year to
March 2020 to diversify its crude sources, its chairman said.
    
    Ambuja Cements Q4 standalone profit jumps over 58 percent
    Ambuja Cements posted a 58.8 pct jump in fourth-quarter profit, exceeding
analysts' estimates, as it logged higher cement sales and a tax benefit.

    
    India cenbank to transfer 280 billion rupee interim surplus to govt
    The Reserve Bank of India decided to transfer an interim surplus of 280
billion rupees to the government for the half year ended December 31.

    
    ArcelorMittal looks to snag another piece of Essar empire
    ArcelorMittal, the world's biggest steelmaker, has bid $673 million to
acquire Essar's 1200 megawatt power plant in central India, one of the most
prized assets in the debt-ridden group's power portfolio.
    
    Dewan Housing yet to decide on stake sale
    Dewan Housing Finance is yet to take a decision on bringing in strategic
investors, the Indian debt-laden housing finance company said after a report
that it was in talks about selling stake.
    
    India's top court revokes order to reopen Vedanta smelter
    Supreme Court set aside an order by an environmental court which had cleared
the way for reopening Vedanta's south Indian copper smelter, in a blow to the
company's plans to begin operations.
    
    Indian state to move planned Saudi Aramco refinery after farmers protest
    Opposition from farmers has prompted India's western state of Maharashtra to
move the location for what would be the country's biggest oil refinery, Chief
Minister Devendra Fadnavis said.
    
    RBI to discuss monetary policy transmission with banks
    India's central bank will talk to lenders later this month about a
pass-through on lower policy interest rates, said Governor Shaktikanta Das.

    
    A year after India's biggest bank fraud, PNB on road for annual profit
    One year after being hit by a $2 billion scam, India's Punjab National Bank
is set to return to annual profits and strong loan growth in fiscal 2020 even as
investigations continue into the country's biggest banking fraud.
    
    
    GLOBAL TOP NEWS
    New round of U.S.-China trade talks begins Tuesday
    A new round of talks between the United States and China to resolve their
trade war will take place in Washington on Tuesday, with follow-up sessions at a
higher level later in the week, the White House said.
    
    Britain does not support total Huawei network ban -sources
    British security officials do not support a full ban of Huawei from national
telecoms networks despite U.S. allegations the Chinese firm and its products
could be used by Beijing for spying, people with knowledge of the matter said.

    
    U.S. states sue Trump administration in showdown over border wall funds
    A coalition of 16 U.S. states led by California sued President Donald
Trump's administration over his decision to declare a national emergency to
obtain funds for building a wall along the U.S.-Mexico border.
    
    
    LOCAL MARKETS OUTLOOK
    SGX Nifty nearest-month futures were trading 0.18 percent higher at
10,671.50, from its previous close.
    
    
    GLOBAL MARKETS
    • Asian shares hovered near four-month highs, supported by hopes that
Sino-U.S. trade talks were making progress and expectations of policy stimulus
from central banks
    • The dollar was steady against its peers, lacking strong direction as U.S.
markets were shut for a holiday the previous day, while the euro's latest bounce
faded as the focus drifted back to the economy and European Central Bank
policy.
    • Brent crude oil prices eased away from 2019 highs on caution that economic
growth may dent fuel demand this year, although supply cuts led by producer
cartel OPEC still meant markets were relatively tight.
    • Gold prices were steady near 10-month peaks as the dollar held little
changed and markets awaited clarity on U.S.-China trade talks, while palladium
struck a record high on supply fears.
    
    
                   CLOSE        FII INVESTMENTS  EQUITIES      DEBT
 PNDF spot         71.45/71.48  February 18      -$173.74 mln  -$20.35 mln
 10-yr bond yield  --           Month-to-date    -$15.99 mln   -$120.49 mln
                                Year-to-date     -$91.34 mln   -$926.34 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]
 
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below