October 4, 2017 / 3:26 AM / 16 days ago

Morning News Call - India, October 4

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    FACTORS TO WATCH
    10:00 am: Oil Minister Dharmendra Pradhan to address India Gas
Infrastructure Conference 2017 in New Delhi.
    10:00 am: Godrej Agrovet IPO opens for subscriptions in Mumbai.
    10:30 am: Cabinet likely to meet in New Delhi.
    2:30 pm: RBI to release fourth bi-monthly monetary policy statement in
Mumbai.
    2:45 pm: RBI Governor briefing post release of monetary policy statement in
Mumbai.
    4:45 pm: Prime Minister Narendra Modi and Telecom Minister Manoj Sinha at
Institute of Company Secretaries of India event in New Delhi.
    5:30 pm: Dubai Multi Commodities Centre CEO Gautam Sashittal at “Dubai
Kolkata - The corridor between the Middle East and Eastern India” event in
Kolkata.
    
    LIVECHAT- CHARTING FX. 
    Take a look at the FX charts with Reuters technical analyst Martin Miller at
3:30 pm IST.To join the conversation, click on the link: here
    
    
    INDIA TOP NEWS
    • SBI Life in modest debut after rich valuations for IPO
    SBI Life Insurance Co Ltd made just modest gains in its trading debut on
Tuesday after its IPO - India's biggest in seven years - raised $1.3 billion at
valuations widely viewed as steep.
    • India seeks to raise up to $1.7 billion from state-run reinsurer GIC Re's
IPO 
State-run reinsurer General Insurance Corp of India's (GIC Re) initial public
offering of shares next week seeks to raise as much 113.7 billion rupees ($1.7
billion) in what will be India's second-biggest IPO.
    • State-run Hindustan Aeronautics files for IPO
    Hindustan Aeronautics Ltd has filed for an initial public offering of shares
that will see the government selling a tenth of the military aircraft maker.

    • RCom reworking tower assets stake sale after wireless deal flop
    Reliance Communications is reworking a planned $1.7 billion stake sale in
its tower assets after scrapping a proposed merger of its wireless arm with
smaller rival Aircel, as its shares tumbled to an all-time low.
    • Adani aims to wrap-up Australia project funding by March
    Adani Enterprises Ltd aims to tie-up financing for its Carmichael coal mine
project in Australia by March 2018, a senior company executive told Reuters,
adding it would look to sell a minority stake in the project to help raise
funds.
    • India cuts taxes on petrol and diesel
    India on Tuesday cut excise duty on petrol and diesel by two rupees a litre
to protect retail consumers from higher global crude oil prices, a move analysts
said could widen the country's fiscal deficit.
    • Indian tycoon Mallya appears in UK court on new money-laundering
accusations
    Indian businessman Vijay Mallya, who India wants to extradite from Britain
on fraud charges, faces further accusations of money-laundering with some funds
allegedly going to his Force India Formula One motor racing team, a London court
heard on Tuesday.
    • Reliance makes first purchase of U.S. crude - sources 
    Reliance Industries Ltd has purchased crude oil cargoes from the United
States for the first time, drawn by the lower price for U.S. oil versus global
benchmarks, three trade sources said on Tuesday.
    
    
    GLOBAL TOP NEWS
    • Las Vegas massacre probe turns to gunman's girlfriend in Philippines
    The investigation into the motives of a Las Vegas retiree who killed 58
people in the worst mass shooting in modern U.S. history turned on Tuesday to
the gunman's girlfriend in the Philippines, where she turned up after the
massacre, authorities said.
    • Yahoo says all 3 billion accounts hacked in 2013 data theft
Yahoo on Tuesday said that all 3 billion of its accounts were hacked in a 2013
data theft, tripling its earlier estimate of the size of the largest breach in
history, in a disclosure that attorneys said sharply increased the legal
exposure of its new owner, Verizon Communications Inc.
    • Japan transport ministry says raided 2 Nissan plants over improper checks
    Japan's Transport Ministry said it had conducted raids at two plants
producing Nissan Motor Co cars, in addition to four checks performed last week
as part of a probe into unauthorised vehicle inspections.
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • The SGX Nifty Futures was at 9,891.00, trading up 0.17 percent from its
previous close.
    • Indian government bonds are likely to remain steady amid caution ahead of
the Monetary Policy Committee’s interest rate decision due later today. The
yield on the benchmark 6.79 percent bond maturing in 2027 is likely to trade in
a 6.63 percent-6.67 percent band.
    • The Indian rupee will likely rise in early trade against the dollar, in
line with most Asian peers, amid improved sentiment on hopes gains across
regional equities could rub off on local shares as well. 
    
   
    GLOBAL MARKETS
    • The three major U.S. stock indexes and the Russell 2000 posted record high
closes for the second straight day on Tuesday, helped by gains in airlines and
as carmakers rose after strong September vehicle sales.
    • Japanese shares climbed led by auto stocks as U.S. demand for cars
ballooned following damage from recent hurricanes, while the dollar traded
cautiously amid speculation over the next head of the Federal Reserve.

    • The dollar stepped back from a 1 1/2-month high against a basket of
currencies, as the rally triggered by strong U.S. data fizzled on speculation
U.S. President Donald Trump's choice for the next Fed Chair may be a less
hawkish candidiate than previously thought.
    • U.S. Treasury debt yields fell on Tuesday in volatile trading as the
market remained cautious two days after a mass shooting in Las Vegas, with
investors also continuing to weigh the prospects of another interest rate hike
this year.
    • Oil prices eased over caution that a price rally that lasted for most of
the third quarter would not extend through the last three months of the year.

    • Gold inched up after hitting a 7-week low in the previous session, as the
dollar pulled back from a 1-1/2-month high against a basket of currencies.

    
                   CLOSE        FII INVESTMENTS  EQUITIES      DEBT
 PNDF spot         65.56/65.59  October 3        -$105.83 mln  $607.63 mln
 10-yr bond yield  6.92 pct     Month-to-date    -$1.66 bln    -
                                Year-to-date     $5.35 bln     $23.89 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 = 65.4800 Indian rupees)
    
    

 (Compiled by Shradha Singh in Bengaluru)
  

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