November 14, 2018 / 3:26 AM / 6 months ago

Morning News Call - India, November 14

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    12:00 pm: Government to release October wholesale price inflation data in
New Delhi.
We discuss markets with Adrian Mowat, former Chief Asian and Emerging Markets
Equity Strategist, Managing Director, JPMorgan, at 1000 IST. To join the
conversation, click on the link: here
    • Tata in active talks to buy majority stake in Jet Airways -sources
Indian conglomerate Tata Sons is in active talks to acquire a controlling stake
in Jet Airways, four people aware of the talks told Reuters, in what could
potentially be a lifeline for the debt-laden carrier.
    • CEO of Walmart's India venture resigns after sexual assault accusation
The chief executive of Flipkart Group, Walmart's Indian e-commerce business,
resigned following an internal probe into accusations of "serious personal
misconduct," Walmart said Tuesday.
    • Tata Steel reports jump in Q2 profit on strong India performance
Tata Steel's net profit grew more than three-fold in second quarter, the company
said on Tuesday, beating market estimates, buoyed by strong domestic growth.

    • Ashok Leyland Q2 profit rises 37 pct, but misses estimates
Ashok Leyland posted a lower-than-expected 37.5 percent rise in second-quarter
profit on Tuesday due to higher raw material costs.
    • Sun Pharma swings to surprise quarterly loss
Sun Pharmaceutical Industries was sent to an unexpected second-quarter loss by a
one-off charge for an antitrust litigation settlement.
    • Jindal Steel and Power posts Q2 profit on one-time gain
Jindal Steel and Power on Tuesday reported a profit of 3.44 billion rupees for
the second quarter, helped by a one-time gain.
    • India tightens disclosure rules for rating agencies after credit scare
India's market regulator tightened disclosure and review requirements for credit
rating agencies (CRAs) on Tuesday, after the firms failed to raise timely red
flags ahead of debt defaults by one of India's top shadow lenders.
    • Japan's economy contracts as natural disasters, trade frictions hit hard
Japan's economy contracted more than expected in the third quarter, hit by
natural disasters and a decline in exports, a worrying sign that trade
protectionism is starting to take its toll on overseas demand.
    • Britain agrees Brexit divorce deal with EU, May's opponents vow to thwart
Britain struck a draft divorce deal with the European Union after more than a
year of talks, thrusting Prime Minister Theresa May into a perilous battle over
Brexit that could shape her country's prosperity for generations to come.

    • China industrial output, investment beat forecasts; retail sales miss
China reported a mixed bag of economic data for October, but industrial output
and investment grew faster than expected, suggesting a flurry of support
measures may be starting to take hold.
    (As reported by NewsRise)
    • SGX Nifty nearest-month futures traded 0.3 percent higher at 10,639.50,
from the previous close. 
    • The Indian rupee is expected to open higher against the dollar after crude
oil prices extended losses, improving the outlook for the Asian nation’s current
account deficit. 
    • Indian government bonds are likely to open higher, as the benchmark Brent
crude hit an eight-month low, while the central bank announced another open
market purchase of notes. The yield on the benchmark 7.17 percent bond maturing
in 2028 is expected to trade in a 7.69 percent-7.75 percent band today.     
    • The Dow and S&P 500 ended slightly lower on Tuesday following losses in
energy shares and Boeing, offsetting a small gain in technology stocks and
renewed hopes for progress in trade talks.
    • Oil prices struggled for traction after sinking on worries about weakening
world demand and oversupply, while global shares sagged with slowing growth
concerns overshadowing potential positives such as progress in the Brexit saga.

    • The euro and sterling climbed higher as investor confidence rose on news
Britain had struck a draft divorce deal with the European Union after more than
a year of talks.
    • U.S. Treasury yields slid to more than one-week lows on Tuesday hurt by a
sharp drop in oil prices, which suggested lower inflation going forward and
affirmed a gradual pace of interest rate increases by the Federal Reserve.
    • Oil markets struggled to find their footing after plunging by 7 percent
the previous session, with surging supply and the spectre of faltering demand
keeping investors on edge.
    • Gold prices inched up as the U.S. dollar retreated from a 16-month high
touched earlier in week, easing amid a surge in the euro and sterling on a draft
Brexit agreement.
                   CLOSE        FII INVESTMENTS  EQUITIES     DEBT
 PNDF spot         72.65/72.68  November 13      -$68.17 mln  $98.98 mln
 10-yr bond yield  7.76 pct     Month-to-date    $39.41 bln   $662.37 mln
                                Year-to-date     -$5.88 bln   -$7.44 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 = 72.6100 Indian rupees)

 (Compiled by Hrithik Kiran Bagade in Bengaluru)
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