April 21, 2016 / 3:33 AM / 4 years ago

CORRECTED-Morning News Call - India, April 21

(Corrects date in headline to April 21, from April 20)
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    FACTORS TO WATCH
   10:00 am: Prime Minister Narendra Modi and NITI Aayog CEO Amitabh Kant at an
event in New Delhi.
   10:35 am: NITI Aayog Vice Chairman Arvind Panagariya and NITI Aayog CEO
Amitabh Kant at an event in New Delhi.
   11:45 am: BNP Paribas Chief Economist Emerging Markets & Asia -Ex-Japan
Richard Iley at media roundtable in Mumbai.
   12:15 pm: Ujjivan Financial Services press conference to announce its
upcoming initial public offering in Mumbai.
   1:45 pm: IndusInd Bank Chief Executive Romesh Sobti to brief media on
quarterly earnings in Mumbai.
    
   GMF:EMEA LIVECHAT- BITCOIN'S FUTURE with Anatoliy Knyazev, Executive Director
and Co-Founder of Exante brokerage company
We talk about the outlook for Bitcoin and its potential role in combating money
laundering and financial crime with Anatoliy Knyazev, Executive Director and
Co-Founder of Exante, a next generation brokerage company that aims to give its
clients access to a broad range of financial instruments and markets at 1430
IST. To join the conversation, click on the link: here
    
    
    INDIA TOP NEWS
     Won't be euphoric if India is fastest-growing large economy - RBI chief
India should find ways to support higher economic growth on a sustainable basis
and not fritter away gains as it did in the past, central bank Governor Raghuram
Rajan said on Wednesday. 
     Tata's Port Talbot management working on buyout plan
Senior staff at Port Talbot, Britain's biggest steel works, are seeking to
launch a management buyout plan with the support of staff, investors and the
government to save the loss-making plant put up for sale by Tata
Steel. 
     Wipro plans big bets on digital services to double revenue 
The new boss of Indian IT services firm Wipro Ltd is betting on digital and
automation services to stem a decline in market share and double revenue over
the next four years. 
     INTERVIEW-India calls on developed world to tax coal for climate fund
Developed countries should raise taxes on coal production to help raise money
for a $100 billion-a-year fund that is supposed to help poorer countries tackle
climate change but are short of cash, India's environment minister said on
Wednesday. 
     U.S. FDA warns India's Sri Krishna Pharma, citing drug-data manipulation
Sri Krishna Pharmaceuticals, a supplier of paracetamol and other drugs to more
than 60 countries, has been warned by the U.S. Food and Drug Administration,
which cited manipulation of its test results at a plant. 
     INTERVIEW-Indian refiner BPCL to set up Singapore trading unit
Bharat Petroleum Corp plans to become the first Indian state refiner to open a
trading unit in Singapore to take advantage of new crude import rules to buy
cheaper oil and get better terms from producers. 
    
    GLOBAL TOP NEWS
     VW to offer to buy back nearly 500,000 U.S. diesel cars - sources
Volkswagen AG and U.S. officials have reached a framework deal under which the
automaker would offer to buy back almost 500,000 diesel cars that used
sophisticated software to evade U.S. emission rules, two people briefed on the
matter said on Wednesday. 
     Trump tightens grip on U.S. Republican nomination
Front-runner Donald Trump showed signs of tightening his grip on the Republican
U.S. presidential nomination on Wednesday when chief rival Ted Cruz acknowledged
his own only hope of wresting control is a contested convention. 
     In riposte to Riyadh, Russia says ready to ramp up oil output
Russia said on Wednesday it was prepared to push oil production to historic
highs, just days after a global deal to freeze output levels collapsed and Saudi
Arabia threatened to flood markets with more crude. 

 
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
     The SGX Nifty Futures was trading at 7,965.00, up 0.38 pct from its
previous close.
     The Indian rupee is poised to open lower against the U.S. dollar, as broad
weakness in the euro ahead of the European Central Bank's meeting propped up the
greenback.
     Indian government bonds will likely edge lower in early trade, as
investors may sell notes tracking gains in U.S. Treasury yields and crude oil
prices.The yield on the benchmark 7.59 pct bond maturing in 2026 is likely to
trade in a 7.43 pct-7.48 pct range.
    
    
    GLOBAL MARKETS
     Wall Street ended less than 2 percent short of a record-high close on
Wednesday as a rebound in oil prices added to optimism sparked by a raft of
earnings reports. 
     Asian shares held near 5-1/2-month highs as oil prices rallied over 4
percent overnight thanks to a smaller than expected increase in U.S. crude
inventories and abiding hopesthat producers may eventually agree ways to ease a
global glut. 
     The euro remained on the defensive early, having made an about-face as
investors adjusted positions in the lead up to a policy meeting by the European
Central Bank. 
     U.S. Treasury yields rose on Wednesday to three-week highs, as oil and
stock prices gained, reducing demand for safe-haven bonds, and as new sales of
corporate debt also weighed on the market. 
     Crude prices fell as concerns over a global glut took centre stage after
Russia and Iran said they were ready to raise oil production further, while
inventories in the United States climbed slightly. 
     Gold held overnight losses, while silver steadied below an 11-month top as
the dollar firmed against the euro and equities inched higher. 
      
                   CLOSE        FII INVESTMENTS  EQUITIES      DEBT
 PNDF spot         66.20/66.23  April 20         -$12.09 mln   $16.01 mln
 10-yr bond yield  7.62pct      Month-to-date    $873.91 mln   $310.49 mln
                                Year-to-date     $1.41 bln     -$449.43 mln
 
       
    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 = 66.22 Indian rupees)

 (Reporting by Nishit Kunal in Bengaluru)
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