February 27, 2019 / 3:14 AM / 4 months ago

Morning News Call - India, February 27

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    FACTORS TO WATCH
    10:00 am: Prime Minister Narendra Modi to confer the National Youth
Parliament Festival Awards to winners in New Delhi.
    
    10:00 am: Central Board of Indirect Taxes & Customs Member Ameeta Suri at
National Conference on GST 2.0 in New Delhi.
    
    11:00 am: Finance Minister Arun Jaitley at Clean Ganga Movement event in New
Delhi.


    GMF: LIVECHAT - EQUITIES WATCH
    Join our Reuters correspondents in London and New York for a discussion on
the stock markets and company earnings at 7:30 pm IST. To join the conversation,
click on the link: refini.tv/2P8N0Wp
    
    
    INDIA TOP NEWS
    India launches air strike in Pakistan; Islamabad denies militant camp hit
    India said its warplanes killed "a very large number" of fighters when they
struck a militant training camp inside Pakistan on Tuesday, raising the risk of
conflict between the nuclear-armed neighbours, although Pakistan officials
denied there had been casualties.
    
    India delays levying retaliatory tariff on U.S. goods to April 1
    India has once again delayed implementation of higher tariffs on some goods
imported from the United States to April 1, according to a government order
issued.
    
    INTERVIEW-Twitter to liaise with India's election body, boost hiring ahead
of polls
    Twitter plans to boost hiring in India and appoint an officer to liaise with
the Election Commission, a senior executive said, responding to concerns about
political misuse of social media ahead of this year's general elections.

    
    Tax cuts should boost Indian real estate demand, but many issues linger
    A tax cut by India to help the country's troubled housing sector should
boost home sales, but by itself will not be enough to put cash-short developers
on more solid ground, say industry executives.
    
    Indian central bank takes 3 more banks off corrective action list
    The Reserve Bank of India lifted regulatory constraints on three banks after
they received a capital injection from the federal government.
    
    Dewan Housing shares fall sharply after ICRA downgrade
    Dewan Housing Finance shares fell over 8 percent on Tuesday, a day after
ratings agency ICRA cut its rating on the housing finance company's commercial
papers.
    
    Kotak Mahindra Bank raises foreign investment limit
    Kotak Mahindra Bank raised the limit on total shareholding of foreign
institutional investors and foreign portfolio investors in the company to 45
percent from 43 percent.
    
    Vedanta sells down Sterlite copper concentrate stockpiles -sources
    Vedanta is selling down copper concentrate stocks from its Sterlite smelter
in southern India, looking to cut costs at the plant ordered permanently shut in
May, company and government sources told Reuters last week.

    
    GLOBAL TOP NEWS
    Trump says his "friend" Kim has great opportunity at second summit
    U.S. President Donald Trump and North Korean leader Kim Jong Un meet for
their second summit, betting their personal relationship can break a stalemate
over the North's nuclear weapons and end more than 70 years of hostility.

    
    Fed's Powell says 'no rush' to hike rates in 'solid' but slowing economy
    The Federal Reserve is in "no rush to make a judgment" about further changes
to interest rates, Fed Chairman Jerome Powell told U.S. lawmakers as he spelled
out the central bank's approach to an economy that is likely slowing.

    
    Hyundai rejects Elliott's payout call, shares rise ahead of showdown meeting
    Hyundai Motor Group rejected demands by U.S. activist investor Elliott
Management for a combined 7 trillion won dividend payout and new board members,
complicating efforts to revamp South Korea's second-biggest conglomerate.

    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    SGX Nifty nearest-month futures were trading 0.3 percent higher at
10,858.50, from its previous close.
    
    The Indian rupee is expected to open higher against the U.S. currency as the
dollar index suffered its biggest decline this month after Federal Reserve Chair
Jerome Powell repeated that a patient approach to monetary policy was warranted.
    
    Indian government bonds are expected to edge lower in early trade tracking
an uptick in crude oil prices. The yield on the benchmark 7.17 percent bond
maturing in 2028 is likely to trade in a 7.58 percent-7.64 percent band today.
-NewsRise

    
    GLOBAL MARKETS
    • Wall Street's three major indexes fell slightly after a choppy session on
Tuesday as investors eyed mixed U.S. economic data and corporate news and waited
for clarity on issues such as the U.S.-China trade talks.
    • Asian shares edged higher and the dollar fell to a three-week low after
Federal Reserve Chairman Jerome Powell reinforced the U.S. central bank's recent
shift towards a more "patient" approach on policy in the face of a slowing
economy.
    • The dollar remained near a three-week low after Federal Reserve Chairman
Jerome Powell reiterated that the central bank would stay patient on monetary
policy and as the pound rallied.
    • U.S. Treasury yields fell on Tuesday as Federal Reserve Chair Jerome
Powell stood by the central bank's "patient" stance before raising interest
rates again, even as he expected solid economic growth in 2019.
    • Oil prices rose after a report of declining crude inventories in the
country and as producer club OPEC seemed to stick to its supply cuts despite
pressure from U.S. President Donald Trump.
    • Gold prices were steady as the dollar stood near a three-week low after
the Federal Reserve's chairman reiterated the U.S. central bank would stay
patient on further interest rate hikes, while palladium hovered near a
record-peak.
    
    
                   CLOSE         FII INVESTMENTS  EQUITIES     DEBT
 PNDF spot         71.02/71.05   February 26      $235.77 mln  -$179.15 mln
 10-yr bond yield  7.59 pct      Month-to-date    $1.86 bln    -$744.67 mln
                                 Year-to-date     $1.78 bln    -$1.55 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]
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