February 8, 2018 / 3:23 AM / in 8 months

Morning News Call - India, February 8

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
    10:00 am: Junior Finance Minister Pon. Radhakrishnan at inauguration of
Global Procurement Summit in New Delhi. 
    10:00 am: Commerce Minister Suresh Prabhu and Heavy Industries Minister
Anant Geete to inaugurate Auto Expo Component 2018 in New Delhi. 
    10:30 am: Bank of Baroda MD P.S. Jayakumar at launch of the bank’s Cash
Management Services in Mumbai.
    11:00 am: Law & IT Minister Ravi Shankar Prasad to inaugurate national meet
of district informatics officers in New Delhi.
    12:00 pm: India Ratings and Research roundtable discussion on Outlook for
Banks, NBFCs and Structured Finance for FY19 in Mumbai.

   
    LIVECHAT - INVESTMENT OUTLOOK
    Charles Diebel, Aviva Investors' head of rates, gives an investment outlook
at 1530 IST. To join the conversation, click on the link: here
    
    
    INDIA TOP NEWS
    •RBI, in careful balancing act, keeps key rate unchanged
    The Reserve Bank of India on Wednesday kept its main repo rate on hold and
retained its "neutral" stance, warning that it will closely monitor accelerating
inflation but also saying economic growth needs to be "carefully nurtured".

    •Aurobindo Pharma Q3 profit up about 3 percent, misses estimates
    Aurobindo Pharma, India's third largest drugmaker by revenue, posted an
about 3 percent rise in quarterly profit on Wednesday, but missed analysts'
estimates.
    •India's top court cancels iron ore mining permits in Goa- petitioners
    India's Supreme Court has quashed all iron ore mining permits in Goa, one of
the country's top producing states for the steel making raw material, an
environmental group that petitioned the government to halt the mining said on
Wednesday.
    •Cipla Q3 profit rises, but below estimates
    Cipla, India's fourth-largest drugmaker by revenue, said third-quarter net
profit rose 7 percent on strong domestic sales, but fell short of analysts'
estimates.
    •Adani to help start up 5 million-tonne-a-year LNG terminal in April, May
    A 5 million-tonne-per-annum LNG import terminal at Mundra in Gujarat state
on the west coast of India, part owned by the Adani Group, will likely be
operational in April or May, a senior company official said on Wednesday.

    •Toyota seeks India sales boost with aspirational, global-spec models
    Toyota Motor Corp will bring to India models with global specifications, its
local unit head told Reuters, as it seeks to boost sales in the world's fifth
largest passenger car market by appealing to buyers' increasingly aspirational
tastes.
    •Air India asks to fly over Saudi Arabia on planned Israel route
    Air India said on Wednesday it plans to begin direct flights to Israel and
has proposed they pass through Saudi airspace, a route so far off-limits to
Israel-bound commercial planes.
    
    
    GLOBAL TOP NEWS
    •U.S. congressional leaders forge budget deal that adds to deficit
    U.S. Senate leaders, in a rare display of bipartisanship, reached a two-year
budget deal on Wednesday to raise government spending by almost $300 billion,
attempting to curb Washington's fiscal policy squabbling but also widening the
federal deficit.
    •Tesla sticks by Model 3 target, warns spending could rise in 2018
    Tesla Inc said on Wednesday it was sticking with Chief Executive Elon Musk's
revised production targets for its Model 3 electric sedan, but posted its
worst-ever quarterly loss, and warned that spending would increase slightly this
year.
    •North Korea says no plans to meet U.S. officials at Olympics; Washington
seeks more sanctions
    North Korea has no intention of meeting U.S officials during the Winter
Olympics that start on Friday, the KCNA news agency reported, dampening hopes
the Games will help resolve a tense standoff over the North's nuclear weapons
programme.
    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    •The SGX Nifty Futures were trading at 10,521.00, trading up 0.7 percent
from its previous close.
    •The rupee will likely open flat to lower against the dollar, tracking
losses in most Asian peers, following a strong overnight rally in the greenback
that helped it post its best one-day gain in over three months.
    •Indian sovereign bonds are likely to open higher as the nation’s Monetary
Policy Committee didn’t hint at any immediate interest rate increase. The yield
on the 7.17 percent bond maturing in 2028 is likely to trade in a 7.50
percent-7.56 percent band today.
    
    
    GLOBAL MARKETS
    • U.S. stocks ran out of steam on Wednesday after an early surge, in a sign
that investors are still spooked by the market's recent retreat and wary more
fallout is to come.
    • Asian shares flirted with six-week lows as U.S. bond yields crept up
towards four-year highs as investors fretted that low borrowing costs enjoyed by
companies for many years may be endangered by the threat of rising
inflation.
    • The dollar was off recent lows against major rivals, benefiting from the
euro's weakness and higher U.S. yields but capped by concerns about recent
equity market volatility.
    • U.S. Treasury prices dropped on Wednesday after the Treasury Department
sold new 10-year notes to soft demand and the U.S. Senate reached a budget deal,
boosting expectations of stronger economic growth.
    • Oil prices eased, taking Brent crude to a 2018 low, as soaring U.S. output
uncermined OPEC's efforts to tighten markets and prop up prices.
    • Gold prices held on to losses from the previous session, after the
precious metal fell to four-week lows on a firmer dollar amid expectations of
more U.S. interest rate hikes.
    
                   CLOSE        FII INVESTMENTS  EQUITIES      DEBT
 PNDF spot         64.13/64.16  February 7       -$159.02 mln  -$35.47 mln
 10-yr bond yield  7.62 pct     Month-to-date    -$51.98 mln   $659.14 mln
                                Year-to-date     $1.99 bln     $2.13 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 = 64.2700 Indian rupees)
    
    
    

 (Compiled by Yoganand KN in Bengaluru)
  
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