January 24, 2019 / 3:06 AM / a month ago

Morning News Call - India, January 24

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 - LIVE FROM DAVOS
    As leaders gather at the World Economic Forum, industry experts and peers
brainstorm strategies and share valuable takeaways as we untangle critical
issues arising from Globalisation 4.0 and the Fourth Industrial Revolution.
Jean-Philippe Courtois, Executive Vice President & President, Global, Sales,
Marketing and Operations, Microsoft joins the Global Markets Forum at 5:45 pm
IST; Kenneth Rogoff, Professor of Economics and Public Policy, Harvard
University at 8:30 pm IST; Anthony Scaramucci, Founder, SkyBridge Capital at
10:00 pm IST and Sir Suma Chakrabarti, President, European Bank for
Reconstruction, and Development (EBRD) at 12:30 am on Friday. To join the
conversation, click on the link: refini.tv/2P8N0Wp
    
    
    INDIA TOP NEWS
    • India to spend 6.5 percent more on food subsidies in FY 2019-20 - sources
    India is poised to raise the subsidies for the world's biggest food welfare
programme by 6.5 percent for the fiscal year beginning April 1, the smallest
increase in three years, in the nation's interim budget next month, two sources
directly involved in the decision told Reuters.
    • IndiGo to push international growth for higher profit 
    IndiGo, India's biggest airline by market share, will take more deliveries
of the longer-range Airbus A321neo aircraft next year as it plans to launch more
international flights, its interim CEO said on Wednesday after the company's
profit fell sharply.
    • ITC December-quarter profit beats estimate
    ITC Ltd, India's biggest cigarette maker, posted on Wednesday a 3.85 percent
rise in December-quarter profit, boosted by higher cigarette sales.
    • ArcelorMittal's Essar bid delays planned JV with SAIL -minister
    ArcelorMittal's prolonged bid to buy debt-ridden Essar Steel is delaying the
world's biggest steelmaker's joint venture with state-owned Steel Authority of
India Ltd (SAIL), India's steel minister and SAIL's chairman said.
    • Reliance Communications posts wider loss in third quarter
    Debt-laden Indian telecom company Reliance Communications on Wednesday
reported a wider loss for the third quarter, hurt by higher expenses.
    
    • United Spirits third-quarter profit surges nearly 43 percent
    Liquor giant United Spirits Ltd reported about 43 percent surge in
third-quarter profit on Wednesday, driven by strong sales of its premium alcohol
brands.
    • Bharti Infratel quarterly profit beats estimates
    Indian telecom tower company Bharti Infratel reported a 10.8 percent rise in
third-quarter profit on Wednesday, beating market estimates.
    • Congress leader Rahul Gandhi names popular sister to party post 
    Opposition Congress party leader Rahul Gandhi appointed his charismatic
sister Priyanka Gandhi Vadra to a senior party position on Wednesday that
officials say will energise the campaign to oust Prime Minister Narendra Modi in
the national election expected in a few months.
    
    
    GLOBAL TOP NEWS
    • Maduro rival Guaido claims Venezuela presidency with U.S. backing
    Venezuelan opposition leader Juan Guaido declared himself interim president
on Wednesday, winning the backing of Washington and many Latin American nations
and prompting socialist Nicolas Maduro, who has led the oil-rich nation since
2013, to break relations with the United States.
    • Locked out of House by Pelosi, Trump vows State of Union alternative
    U.S. President Donald Trump said on Wednesday he would hold an alternative
event to the State of the Union address after Democratic leader Nancy Pelosi
barred him from speaking in the House of Representatives until the partial
government shutdown ends.
    • Japan's factories flatline in January as exports fall most in 2-1/2
years-flash PMI
    Japan's manufacturing growth stalled in January as export orders fell at the
fastest pace in 2-1/2 years and companies cut back production, a preliminary
business survey showed.
    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • SGX Nifty nearest-month futures were trading up 0.2 percent at 10,864.50
from its previous close.
    • The Indian rupee is expected to open higher after the dollar weakened
against its major peers and Asian currencies.
    • Indian government bonds are expected to edge higher in early trade
tracking a decline in crude oil prices, even though concerns over fiscal
consolidation would cap gains. The yield on the benchmark 7.17 percent bond
maturing in 2028 is likely to trade in a 7.55 percent - 7.60 percent band today.
    
    
    GLOBAL MARKETS
    • Wall Street ended slightly higher on Wednesday after a spate of upbeat
earnings reports, but lingering concerns about trade tensions and the longest
U.S. government shutdown ever limited the advance.
    • Asian shares were subdued as political uncertainty in the United States
and worries about weakening global economic growth left investors wary of
riskier assets.
    • The dollar eased against its peers, as concerns over global growth, a U.S.
government shutdown and U.S.-Sino trade talks kept a tight lid on the greenback.

    • U.S. Treasury yields rose on Wednesday as Wall Street stock prices
stabilized a day after posting heavy losses, reducing safe-haven demand for
bonds even as investors remained worried about slowing economic growth and trade
tensions.
    • Oil prices steadied, but concerns over global growth and a sharp rise in
U.S. stocks kept the market under pressure.
    • Gold prices edged up, supported by a softer dollar, limited demand for
risky assets on the back of uncertainty over prolonged U.S. government shutdown
and slowing global growth.    
    
                   CLOSE        FII INVESTMENTS  EQUITIES      DEBT
 PNDF spot         71.23/71.26  January 23       -$109.09 mln  -$36.82 mln
 10-yr bond yield  7.58 pct     Month-to-date    -$372.62 mln  -$738.47 mln
                                Year-to-date         ---            ---
 
   
    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 = 71.14 Indian rupees)
    
    

 (Compiled by Samrhitha Arunasalam 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