July 30, 2018 / 3:13 AM / 5 months ago

Morning News Call - India, July 30

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    FACTORS TO WATCH
    11:00 am: Monsoon session of Parliament continues in New Delhi.
    
    LIVECHAT - FX MONTH AHEAD
John Noonan, Head of IFR FX Watch Asia, analyses cues and views for market moves
for the month ahead, including all the central bank meetings this week.
    To join the conversation at 09:30 am IST, click on the link: here
    
    
    INDIA TOP NEWS
    • Bad loans and bond provisions tip ICICI Bank into loss
ICICI Bank, the third-biggest Indian lender by assets, reported its first
quarterly net loss in at least 16 years, hurt by higher provisions for bad loans
and bond losses.
    • Reliance Industries' Jio notches up third straight quarterly profit
Reliance Industries' telecom unit Jio reported a third straight quarterly net
profit, as its cut-price plans continued to bring in more customers.

    • HCL Technologies' quarterly profit beats estimates
HCL Technologies beat analysts' estimates for quarterly profit on Friday as it
added more high-net worth clients and generated strong growth at its software
services business.
    • Bank of Baroda Q1 profit more than doubles
Bank of Baroda on Friday reported a more than two-fold rise in quarterly profit,
as India's third-largest state-run lender saw provisions for bad loans fall.

    • NMDC says has won race for Indian gold mine
Indian state-owned miner NMDC is the highest bidder in a government e-auction
for a gold mine in the southern state of Andhra Pradesh, beating resources
conglomerates Vedanta and Adani, NMDC Chairman Baijendra Kumar told Reuters.

    • Infosys to build software development centre in northern India
Infosys said on Sunday it would build a software development centre in Noida in
the northern state of Uttar Pradesh, with an initial investment of about 7.5
billion rupees.
    
    
    GLOBAL TOP NEWS
    • Japan retail sales pick up in positive sign for spending
Japan's retail sales climbed more than expected in June due to increased
spending on fuel, appliances and cosmetics, in a positive sign that households
are growing more confident in the economy.
    • Chinese police apply to arrest 18 at scandal-hit vaccine firm
Police in the northeastern Chinese city of Changchun said on Sunday they had
asked prosecutors to approve the arrest of 18 people at Changsheng
Bio-technology Co, a vaccine maker at the centre of a safety scandal.

    • China's policy easing fails to whet appetite for private firms' bonds
China's recent moves to ease credit conditions were supposed to support
struggling private firms, but investors, spurred by easier cash, are instead
pumping money into low-rated bonds issued by state-backed entities.
    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • SGX Nifty nearest-month futures were trading at 11,245, up 0.2 percent
from previous close.
    • The Indian rupee is expected to open marginally higher against the U.S.
currency after the dollar index lost ground following U.S. gross domestic
product data for the June quarter.
    • Indian government bonds will likely open little changed as the
rate-setting Monetary Policy Committee’s three-day review meeting starts today,
while crude oil prices remain steady. Yield on the benchmark 7.17 percent bond
maturing in 2028 is likely to trade in a 7.75 percent-7.80 percent band today.
    
    
    GLOBAL MARKETS
    • Wall Street's major indexes fell on Friday as weak earnings reports from
major technology companies led to a big drop for the sector.
    • Asian share markets drifted lower while currencies kept to familiar ranges
ahead of a busy week peppered with central bank meetings, corporate results and
updates on U.S. inflation and payrolls.
    • The dollar trod water against its peers, as market participants awaited
key central bank meetings this week, which could set the near-term course for
currencies.

    • U.S. Treasury yields retreated from six-week highs on Friday after data
showed the U.S. economy grew at its fastest pace in nearly four years, but came
in below high expectations for the number.
    • Oil prices were mixed, with WTI rising on the back of strong U.S. economic
growth figures, while Brent began the week trading lower after posting its first
weekly gain in four.
    • Gold prices were little changed in early trade, with major currencies
including the dollar in a holding pattern ahead of key central bank meetings and
U.S. data this week.
    
    
                   CLOSE        FII INVESTMENTS  EQUITIES      DEBT
 PNDF spot         68.68/68.71  July 27          $107.58 mln   -$23.31 mln
 10-yr bond yield  7.78 pct     Month-to-date    $15.69 mln    -$192.19 mln
                                Year-to-date     -$771.74 mln  -$5.97 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 = 68.6000 Indian rupees)

 (Compiled by Yoganand KN in Bengaluru)
  
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