January 12, 2018 / 3:19 AM / 2 months ago

Morning News Call - India, January 12

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    9:45 am: Agriculture Minister Radha Mohan Singh at ASEAN India Ministerial
meeting in New Delhi.
    10:00 am: Commerce Secretary Rita Teaotia, NITI Aayog Additional Secretary
Yaduvendra Mathur at Assocham's Role of Trade Finance for Inclusive Growth
conference in Mumbai.
    5:00 pm: RBI to release weekly foreign exchange data in Mumbai.
    5:30 pm: Government to release December consumer price inflation data in New
    5:30 pm: Government to release November Industrial output data in New Delhi.

    The first of our Friday quizzes at 12:00 pm IST focuses on Asia and the
week's top news. Tests your wits and googling speed. To join the conversation,
click on the link: here
    • Tata Consultancy hopeful of insurance business rebound
    Tata Consultancy Services Ltd, India's top IT services firm, said its
insurance services business would soon post faster growth thanks to higher
client spending but remained cautious on a turnaround in its key banking
    •PwC to fight Indian audit ban to limit franchise impact
    Price Waterhouse will contest a two-year auditing ban by India's market
regulator over a fraud nearly a decade ago at a company it audited, but even if
it succeeds in preventing the move Indian business experts expect damage to the
auditor's business.
    •IndusInd Bank Q3 net profit jumps 25 percent 
    IndusInd Bank Ltd said on Thursday third-quarter net profit rose nearly 25
percent, helped by higher interest income.
    •India's 2017 oil demand growth posts lowest gain since 2013
    Indian oil consumption in 2017 grew at its slowest in four years, according
to government statistics, hit by the government's demonetisation move and a tax
increase that knocked the gain in fuel use back to a modest 2.3 percent.
    •India's fixed income body sets higher levels for Dec-end bond yields
    India's fixed income trade body set yields for government bonds at levels
higher than the actual closing levels for the quarter from October to December,
a top official of the market association told Reuters on Thursday.

    •U.S. House passes NSA spying bill after Trump tweets cause confusion
    The U.S. House of Representatives on Thursday passed a bill to renew the
National Security Agency's warrantless internet surveillance program, overcoming
objections from privacy advocates and confusion prompted by morning tweets from
President Donald Trump that initially questioned the spying tool.
    •Walmart hikes minimum wage, announces layoffs on same day
    Walmart on Thursday said it will raise entry-level wages for U.S. hourly
employees to $11 an hour in February as it benefits from last month's major
corporate tax cut and on the same day said it will shut stores and lay off
thousands of workers.
    •AMD chips exposed to both variants of Spectre security flaw
    Advanced Micro Devices Inc said on Thursday its microprocessors are
susceptible to both variants of the Spectre security flaw, days after saying its
risk for one of them was "near zero".

    (As reported by NewsRise)
    The SGX Nifty Futures were trading at 10,703.00, trading up 0.4 percent from
its previous close.
    The Indian rupee will likely trade higher against the dollar in early
session, in line with most Asian currencies as weak U.S. producer prices data
and gains in euro amid bets that the European Central Bank may trim its monetary
policy stimulus. 
    Indian government bonds are expected to ease in early trade ahead of a
weekly debt auction. Investors are also awaiting retail inflation data for
December due later today. The yield on the benchmark 6.79 percent bond maturing
in 2027 is likely to trade in a 7.42 percenr-7.46 percent band today.

    • Wall Street closed at record highs on Thursday as rising oil prices lifted
energy stocks and investors bet on a strong U.S. corporate earnings season.
    • Asian stocks resumed their ascent, supported by U.S. earnings optimism and
a rise in oil prices while the euro edged higher as the European Central Bank
signalled an end to its massive stimulus.
    • The dollar slumped against rivals on the back of weak factory inflation
data, while the euro enjoyed solid support after the European Central Bank
hinted that it could be gearing up to trim its massive monetary stimulus.
    • Treasury yields fell on Thursday after China disputed a report that its
government officials had recommended the country slow or halt its purchases of
U.S. bonds.
    • Oil prices eased after hitting their highest levels since December, 2014
the previous day.
    • Gold prices rose for a third straight session on a weaker dollar, with the
precious metal on track for a fifth straight weekly gain.
                   CLOSE        FII INVESTMENTS  EQUITIES    DEBT
 PNDF spot         63.65/63.68  January 11       -$97.99mln  $329.41mln
 10-yr bond yield  7.40 pct     Month-to-date    $341.26mln  $671.24mln
                                Year-to-date     $341.26mln  $671.24mln
     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 = 63.68 Indian rupees)

 (Compiled by Pathikrit Bandyopadhyay in Bengaluru)
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