April 21, 2017 / 3:10 AM / in 10 months

Morning News Call - India, April 21

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    11:00 am: Prime Minister Narendra Modi at an event in New Delhi.
    11:30 am: Renewable Energy Secretary Rajeev Kapoor, Heads of PTC India and
IREDA at an event in New Delhi.
    2:30 pm: HDFC Bank earnings concall in Mumbai.
    5:00 pm: Telecom Minister Manoj Sinha at an event in New Delhi.
    5:00 pm: RBI to release weekly foreign exchange data in Mumbai.
    Reuters EMEA markets editor Mike Dolan discusses the upcoming week's main
market inflection points at 3:30 pm. To join the conversation, click on the
link: here
    • India rate panel maintains hawkish stance, warns of inflation - minutes
    Indian central bank's monetary policy committee cited upside risks to
inflation arising from price pressure excluding food and fuel as the main reason
for keeping its policy rate unchanged, according to minutes of its April meeting
released on Thursday.
    • POLL-India's central bank to keep rates steady over the next 18 months
    India's central bank is expected to keep interest rates steady well into
next year after it shifted to a neutral monetary policy stance in February, and
despite having raised concerns over a potential spike in inflation, a Reuters
poll found.
    • Supply disruption hits Vedanta's aluminium plant in eastern India
    Diversified miner Vedanta said on Thursday its 500,000 tonne aluminium
smelter in the eastern state of Odisha was hit by a power outage this week that
damaged over one-third of its processing capacity.
    • India raises $186 mln from NALCO share sale, kicks off FY18 asset sale
    India raised 12 billion rupees ($185.7 million) from a 9.2 percent stake
sale in state-run National Aluminium Co (NALCO), the government said on
Thursday, kicking off its asset sale programme for the new financial year.

    • No consensus yet on resolving bad debt at lenders - India cbank deputy
    The Indian government and the Reserve Bank of India had not yet reached an
agreement on a new plan to clean up the record troubled debt accumulated at the
country's lenders, S.S. Mundra, a deputy governor at the central bank, said on
    • Pernod rides U.S and China growth, cautions on India highway ban
    Pernod Ricard's third quarter sales beat forecasts on Thursday, lifting its
shares, but the French spirits group cautioned that a ban on alcohol sales near
Indian highways would slow growth in its second-largest market.
    • Mindtree Q4 net profit plunges 27 percent, misses estimates
    Information technology company Mindtree Ltd said consolidated net profit
fell 27 percent in the fourth quarter hurt by a foreign exchange loss and fewer
client additions.
    • Goldman to sell up to $123 mln worth shares in India's Max Financial -
term sheet
    Goldman Sachs will sell shares worth up to $123 million in India's Max
Financial Services Ltd, according to a deal term sheet seen by Reuters.

    • Trump praises Chinese efforts on North Korea 'menace,' Pyongyang warns of
    U.S. President Donald Trump praised Chinese efforts to rein in "the menace
of North Korea" on Thursday, after North Korean state media warned the United
States of a "super-mighty preemptive strike."
    • Trump administration, world financial officials clash over trade
    The Trump administration had a simple but stark message for world financial
leaders who gathered in Washington on Thursday amid worries about rising U.S.
protectionism: fair trade means tit-for-tat tariffs.
    • Islamic State claims Paris shooting, one policeman killed
    A French policeman was shot dead and two others were wounded in central
Paris on Thursday night in an attack carried out days before presidential
elections and quickly claimed by the Islamic State militant group.
    (As reported by NewsRise)
    • The SGX Nifty Futures were trading at 9,176.50, trading up 0.2 pct from
its previous close.
    • The Indian rupee is poised to open lower against the dollar, as investors
remain cautious ahead of the first round of voting in French presidential
elections this weekend.
    • Indian government bonds will likely edge lower after minutes of the
nation’s Monetary Policy Committee released after market hours yesterday showed
that the central bank is intent on meeting its medium-term inflation aim of 4
pct. A fresh supply of notes later today is also likely to weigh on bond prices.
The yield on the benchmark 6.97 pct bond maturing in 2026 is likely to trade in
a 6.87 pct-6.92 pct band today. The bond closed at 100.62 rupees yesterday,
yielding 6.88 pct.
    • U.S. stocks rallied on Thursday, with the Nasdaq closing at a record, as a
round of solid earnings led by American Express pushed equities higher.
    • Asian stocks rose, lifted by bets on strong U.S. earnings and U.S. tax
reform, while the euro retreated from a three-week high as jitters returned over
the first round of French presidential elections on Sunday after a shooting in
    • The euro held steady below a three-week high against the dollar as
investors awaited this weekend's first round of voting in France's presidential
    • U.S. Treasury yields rose as investors waited on the results from the
French presidential election this weekend and as rising risk appetite boosted
stocks, after yields fell earlier and broke below key technical resistance.

    • Oil opened the last day of a choppy trading week on a cautious note over
doubts that an OPEC-led production cut was having the desired effect of
restoring balance to a market that has been dogged by oversupply for more than
two years.
    • Gold held steady, after rising 0.2 percent in the prior session, with
tensions surrounding upcoming French elections on Sunday underpinning the
safe-haven demand.
                   CLOSE        FII INVESTMENTS  EQUITIES     DEBT
 PNDF spot         64.61/64.64  April 20         -$26.2 mln   $270.76 mln
 10-yr bond yield  7.12         Month-to-date    -$350.1 mln  $3.85 bln
                                Year-to-date     $6.43 bln    $9.32 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 = 64.6100 Indian rupees)

 (Reporting by Nayyar Rasheed in Bengaluru)
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