January 28, 2019 / 3:08 AM / 9 months ago

Morning News Call - India, January 28

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    FACTORS TO WATCH
    No major events are scheduled.

    
    INDIA TOP NEWS
    • Three years later, India's bankruptcy reform languishes in courts
    When India introduced new bankruptcy resolution rules in 2016, government
officials and investors said they expected debt-burdened state-owned banks to
clear up some of their bad loans and create a dynamic market in restructured
debt.
    • Etihad hires turnaround expert Alvarez & Marsal as it weighs Jet Airways
bailout 
    Etihad Airways has appointed turnaround specialist Alvarez & Marsal to
conduct due diligence on Jet Airways as it weighs bailing out the cash-strapped
Indian carrier, three sources familiar with the matter told Reuters.

    • Maruti Suzuki India Q3 profit misses estimate; shares plunge
    India's top-selling car maker Maruti Suzuki India posted a
lower-than-expected profit for the third quarter, sending its shares to a
21-month low.
    • Smartphone makers seek export incentives to grow India production
    Smartphone makers in India are calling for export credits on devices and
tariff cuts on machinery imports as part of measures they say will make Asia's
third-biggest economy a global smartphone manufacturing hub.   
    • India's 2018 thermal coal imports grew at fastest pace in 4 yrs - sources
    India's 2018 thermal coal imports rose at the fastest pace in four years,
according to two industry sources, despite moves by Prime Minister Narendra
Modi's government to cut imports in a bid to reduce its trade deficit.
       
    • Larsen & Toubro third-quarter profit jumps 37 percent, beats estimates
    Industrial conglomerate Larsen & Toubro posted a 37 percent surge in
third-quarter profit on Friday, beating analysts' expectations, due to strong
execution in project and service businesses.
    • Hindu group RSS urges India's Modi to resist U.S. push to ease e-commerce
curbs
    A Hindu nationalist group close to Prime Minister Narendra Modi's party has
urged him to resist pressure from the United States and not defer new
regulations for the e-commerce sector, according to a letter seen by Reuters.

    • NLC India to set-up mines, power projects in Tamil Nadu 
    State-owned NLC India plans to invest about 238 billion Indian rupees in the
southern state of Tamil Nadu to set up mines and power projects, the company
said on Saturday.
    
    
    GLOBAL TOP NEWS
    • As West turns on him, Venezuela's Maduro flexes military muscle
    Venezuelan President Nicolas Maduro oversaw a display of the army's Russian
hardware on Sunday, with anti-aircraft flak and tank rounds pounding a hillside
to show military force and loyalty in the face of an international ultimatum for
new elections.
    • Trump doubts lawmakers can reach acceptable border security deal
    U.S. President Donald Trump expressed skepticism on Sunday that U.S.
lawmakers seeking to avoid another government shutdown could reach a deal on
border security that he would accept, as he renewed his vow to build a wall on
the southern border with Mexico.
    • China's December industrial profits shrink again on weak demand, trade
headwinds 
    Earnings at China's industrial firms shrank for a second straight month in
December on slowing prices and sluggish factory activity, piling more pressure
on an economy in the grips of its slowest growth in nearly three
decades.
    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • SGX Nifty nearest-month futures were trading 0.2 percent higher at
10,816.00 from its previous close. 
    • The Indian rupee is expected to open higher against the dollar amid the
U.S. currency’s broad decline a day before the beginning of the Federal
Reserve’s policy meeting. 
    • Indian government bonds are expected to fall tracking gains in U.S.
Treasury yields, even as the focus remains on India's interim budget due this
week. The yield on the benchmark 7.17 percent bond maturing in 2028 is likely to
trade in a 7.53 percent - 7.59 percent band today. 
    
    
    GLOBAL MARKETS
    • Wall Street gained ground on Friday in a broad-based rally as investors
were heartened by news that Washington would move to temporarily end the longest
U.S. government shutdown in history.
    • Asian stocks advanced as Wall Street rallied after a deal was announced to
reopen the U.S. government following a prolonged shutdown that had shaken
investor sentiment.
    • The dollar was down, not far off more than one-week lows as financial
markets shifted their attention to this week's Federal Reserve rates-setting
review with traders wagering policymakers would signal a pause to their
tightening cycle.
    • U.S. Treasury yields rose on Friday, with 10-year yields bouncing from a
one-week low, as Wall Street stocks climbed on upbeat company results,
offsetting worries about slowing economic growth and the U.S.-China trade
conflict.
    • Oil prices fell after U.S. energy firms added rigs for the first time this
year in a sign that crude production there will rise further.
    • Gold slipped as a deal to reopen the U.S. government dented safe-haven
demand, but prices hovered above the key $1,300-level on hopes the U.S. Federal
Reserve will keep interest rates unchanged this week.    
    
                   CLOSE        FII INVESTMENTS  EQUITIES      DEBT
 PNDF spot         71.00/71.03  January 25       $97.17 mln    $124.53 mln
 10-yr bond yield  7.55 pct     Month-to-date    -$549.81 mln  -$627.55 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 = 70.90 Indian rupees)
    
    

 (Compiled by Samrhitha Arunasalam in Bengaluru)
  
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