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Morning News Call - India, November 29
November 29, 2016 / 3:20 AM / a year ago

Morning News Call - India, November 29

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    FACTORS TO WATCH
    10:00 am: Rural Development Minister Narendra Singh Tomar at an event in New
Delhi.
    11:00 am: Winter session of parliament continues in New Delhi.
    5:00 pm: Oil Minister Dharmendra Pradhan at safety awards event in New
Delhi.
    
    LIVECHAT - TRADING INDIA FORUM - India's Cashless Transformation with Naveen
Surya, MD, ItzCash Cards
    India's financial future seems cashless, and who better to speak than the MD
of ItzCash. Launched in 2006, ItzCash Card Ltd has evolved from being India's
first and largest non-bank entity to offer prepaid cash cards to becoming the
leading holistic payments solutions company. ItzCash Card Ltd is the first
company which has been issued the Certificate of Authorization by the (RBI)
under the Payment and Settlement area. Join Naveen at 11:00 a.m. To join the
conversation, click on the link: here
    
    
    INDIA TOP NEWS
     India launches new tax evasion amnesty scheme to unearth unaccounted cash
    Indian Finance Minister Arun Jaitley on Monday unveiled a scheme to give tax
dodgers another chance to come clean, as he sought to bring billions of dollars
worth of undeclared income into the mainstream economy. 
     Digital payment firms cash in on India's money mess, but can it last?
    Digital payment providers in India have mobilised hundreds of extra workers
to enrol small merchants and offered their services for free, betting that
severe cash shortages will prove to be the opportunity of a lifetime.
 
     EXCLUSIVE-Tata Steel, Thyssenkrupp looking at reducing Port Talbot's
capacity
    Tata Steel and Thyssenkrupp are looking at reducing the size of Britain's
largest steel plant in Port Talbot, Wales, industry sources said, as the two
firms press ahead with plans to merge their European steel operations and deal
with the overcapacity afflicting the industry. 
     JSW Steel joins bid to buy Italy's Ilva plant -source
    India's JSW Steel Ltd has joined one of two investor groups vying to take
over Italy's loss-making Ilva steel plant, a source with knowledge of the matter
said on Monday. 
     Tata Steel UK to enter talks with Liberty House on sale of speciality
operations
    Tata Steel UK, the British arm of India's Tata Steel, will hold exclusive
talks with trading firm Liberty House to sell its speciality steel business as
its parent seeks to offload loss-making assets and restructure European
operations. 
     India govt considering issuing more market stabilisation bonds
    The Indian government is considering increasing the amount of bonds issued
under the so-called market stabilisation scheme (MSS) to drain out excess cash
from the banking system, economic affairs secretary Shaktikanta Das said on
Monday. 
    
    
    GLOBAL TOP NEWS
     Samsung Electronics says reviewing shift to holding company structure
    Tech giant Samsung Electronics Co Ltd said it will consider whether to
transition to a holding company structure, a move long expected as the next
succession step for the founding Lee family's heirs. 
     Japan jobs, household spending hint at pick up in domestic demand
    Japan's unemployment rate held steady in October as the availability of jobs
improved and household spending fell at a slower pace, a tentative sign that a
robust labour market is lending support to domestic demand. 
     EXCLUSIVE-Chinese government money backs buyout firm's deal for U.S. chip
maker
    Canyon Bridge Capital Partners, a buyout fund that agreed to acquire
U.S.-based chip maker Lattice Semiconductor Corp for $1.3 billion earlier this
month, is funded partly by cash originating from China's central government and
also has indirect links to its space program, Chinese corporate filings show.
 
    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
     The SGX Nifty Futures were trading at 8,157.50, up 0.10 pct from its
previous close.
     The Indian rupee is poised to open higher against the U.S. dollar, as the
greenback took a breather from its recent rally ahead of quarterly gross
domestic product numbers from world's largest economy.
     Indian government bonds may open slightly lower, as the central bank's
move to squeeze liquidity by temporarily increasing the cash reserve requirement
for lenders will damp demand for debt. A tepid response yesterday at an auction
of foreign investment limits in sovereign debt will also hurt sentiment. The
yield on the benchmark 6.97 pct bond maturing in 2026 is likely to trade in a
6.30 pct - 6.36 pct band.
    
    
    GLOBAL MARKETS
     U.S. stocks declined on Monday for their worst performance in nearly a
month, weighed down by a pullback in the financial and consumer discretionary
sectors as some investors booked profits on the heels of a record-setting week.
 
     The U.S. dollar took a breather as global bonds steadied from their recent
rout, while equities flatlined as political risk resurfaced in Europe ahead of a
referendum in Italy this weekend. 
     The dollar nursed losses as U.S. Treasury yields came off of their
multi-month highs, while volatile crude oil prices ahead of this week's oil
producers' meeting kept investors' risk appetite in check. 
     U.S. Treasury yields fell on Monday from last week's highs on month-end
buying and views that a selloff that followed the surprise U.S. presidential
election victory of Donald Trump may have gone too far. 
     Oil prices dipped on doubts that producer cartel OPEC will be able to
hammer out a meaningful output cut during a meeting on Wednesday aimed at
reining in a global supply overhang and propping up prices. 
     Gold steadied after rising 0.9 percent in the previous session, as the
U.S. dollar held on to losses after bond yields came off of their multi-month
highs. 
    
                   CLOSE        FII INVESTMENTS  EQUITIES      DEBT
 PNDF spot         68.55/68.58  November 28      -$209.33 mln  -$436.74 mln
 10-yr bond yield  6.46 pct     Month-to-date    -$2.26 bln    -$2.07 bln
                                Year-to-date     $4.50 bln     -$3.12 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 = 68.76 Indian rupees)

 (Compiled by Sai Sharanya Khosla in Bengaluru)

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