October 30, 2018 / 3:21 AM / 15 days ago

Morning News Call - India, October 30

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    FACTORS TO WATCH
    10:00 am: NITI Aayog CEO Amitabh Kant to attend FICCI’s Education Summit in
New Delhi.
    
    LIVECHAT - U.S. MIDTERMS FOCUS
    We discuss whether the Democrats will be able to win the necessary 24 seats
to flip the House, any major surprises to look out for, and what the result
would mean for the Trump presidency, with Professor Joseph Siracusa, Professor
of Human Security and International Diplomacy, RMIT University, at 1000 am IST.
To join the conversation, click on the link: here
    
    
    INDIA TOP NEWS
    • Indian government very upset with central bank for making rift
public-sources
Indian government officials are very upset with the central bank for publicly
talking about a rift with the government, fearing it could tarnish the country's
image among investors, senior officials said on Monday.
    • FOCUS-After years of global success, India's Reliance Industries faces oil
shock at home
Reliance Industries, currently India's second most valuable listed company, got
rich by trading fuel across Asia, Africa and Europe while effectively ignoring
its home market. Reliance's refineries processed crude from the nearby Middle
East and sold fuel to fast-growing markets in North Asia including China, Japan,
South Korea and Taiwan.
    • BPCL Q2 profit almost halved by refinery fire, misses estimates
Bharat Petroleum profit nearly halved in the second quarter, well below
analysts' expectations, after a unit at its Mumbai refinery was closed by a
fire.
    • Tata Power Q2 profit soars 88.5 percent
Tata Power posted an 88.46 percent surge in second-quarter profit on Monday,
underpinned by higher revenue from its power business.
    • FOCUS-Singapore Airlines-backed Vistara bets on upmarket model in frugal
India
In the highly price-sensitive Indian aviation market, Vistara, a full-service
carrier backed by local conglomerate Tata Sons and Singapore Airlines, is
betting it can convince passengers to buy higher fares in return for superior
service.
    • Union Bank of India posts surprise Q2 profit as bad loan provisions fall
Union Bank of India posted a surprise quarterly profit on Monday as the
state-controlled lender set aside lower provisions for bad loans.
    • Tata ends ties with firm run by media figure accused of sexual misconduct
Tata Sons on Monday said it will stop working with Counselage, a marketing firm
run by media personality Suhel Seth who has been accused of sexual misconduct.

    • Airtel Africa says IPO plans on track
Airtel Africa, a subsidiary of India's Bharti Airtel, on Monday said
preparations for its initial public offering (IPO) are on track.
    
    
    GLOBAL TOP NEWS
    • U.S. restricts exports to Chinese semiconductor firm Fujian Jinhua
President Donald Trump's administration took action on Monday to cut off a
Chinese state-backed chipmaker from U.S. suppliers amid allegations the firm
stole intellectual property from U.S. semiconductor company Micron Technology.

    • China factory growth seen cooling further as U.S. tariff impact mounts
Growth in China's factory sector likely cooled further in October as domestic
demand faltered and exporters felt a bigger sting from an intensifying trade war
with the United States, a Reuters poll showed.
    • Germany's under-fire Merkel plans era-ending exit in 2021
Germany's Angela Merkel said that her fourth term as chancellor would be her
last and that she would step down as leader of the Christian Democrats,
heralding the end of a 13-year era in which she has dominated European politics.

    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • SGX Nifty nearest-month futures were trading 0.6 percent lower at
10,219.50, from their previous close.
    • The Indian rupee is expected to open lower against the U.S. currency as
most Asian currencies fell amid a report that the U.S. is readying fresh tariffs
on Chinese imports.
    • Indian government bonds may open little changed after sharp gains on
Monday, as likely losses in the rupee may offset positive impact from the
central bank’s announcement of bond purchase plan. The yield on the benchmark
7.17 percent bond maturing in 2028 may trade in a 7.79 percent-7.85 percent band
today.
    
    
    GLOBAL MARKETS
    • U.S. stocks fell in a volatile session on Monday, with the benchmark S&P
500 index ending close to confirming its second correction of 2018, hurt by
fresh worries about U.S.-China trade policy tensions and a sharp drop in the big
technology and internet shares.
    • Asian shares came under pressure with Chinese markets and the yuan
falling, hurt by fresh worries about the intensifying Sino-U.S. trade war and
tracking losses in Wall Street indexes.
    • The dollar firmed against its rivals, supported by a safe haven bid as
rising trade tensions and fears of a slowdown in global economic growth weighed
on investors' appetite for risk assets.
    • Yields on U.S. Treasury bonds fell modestly on Monday afternoon after
stocks took a nosedive on a report that President Donald Trump was preparing
more tariffs on imports from China.
    • Brent oil prices fell, weighed down by ongoing weakness in global stock
markets and by signs of rising global supply despite looming sanctions on Iran's
crude exports.
    • Gold prices inched down as the U.S. dollar gained on worries over slowing
economic growth and fears the Sino-U.S. trade war could intensify again.
    
  
      
                   CLOSE        FII INVESTMENTS  EQUITIES      DEBT
 PNDF spot         73.46/73.49  October 29       -$303.97 mln  $140.17 mln
 10-yr bond yield  7.81 pct     Month-to-date    -$3.24 bln    -$1.46 bln
                                Year-to-date     -$5.42 bln    -$8.21 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 = 73.3950 Indian rupees)

 (Compiled by Yoganand KN in Bengaluru)
  
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