October 19, 2016 / 3:26 AM / a year ago

Morning News Call - India, October 19

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    FACTORS TO WATCH
    11:30 am: Trade Minister Nirmala Sitharaman to launch CIPAM logo in New
Delhi.
    5:00 pm: Power Minister Piyush Goyal at an event in New Delhi.
    
    LIVECHAT - COMMODITIES FOCUS with Gavin Maguire, Reuters Asia
Editor-In-Charge for Commodities and Henning Gloystein, Reuters Asia Deputy
Editor for Commodities
    Commodities have made some unexpected moves this year. With oil prices
surging around 40 percent in 2016 and coal up by more than 50 percent, many
argue that a slump in commodities since the global financial crisis is over.
Gavin and Henning join us at 0930 IST to talk about what lies ahead. To join the
conversation, click on the link: here
    
    
    INDIA TOP NEWS
     India's MakeMyTrip expands in fast-growing market with ibibo buy
    India's oldest travel website operator MakeMyTrip Ltd said it would buy
rival ibibo Group to create the biggest player in the fast-growing flight, hotel
and bus bookings market in the country. 
     India rate panel eyed growth concerns; took solace in low inflation -
minutes
    The minutes of the Indian central bank's maiden monetary policy committee
meeting, released on Tuesday, showed that broad concerns over economic growth
and relief from the pullback in inflation spurred the bank's recent rate cut
decision. 
     India panel gathers to set rate for new sales tax
    Finance ministry and state finance ministry officials gathered in New Delhi
on Tuesday for a three-day meeting that will seek to finalise the main rate of
the Goods and Services Tax and pave the way for its introduction next April.
 
     India's Varun Beverages sets 440-445 rupees/share range for IPO - terms 
    India's Varun Beverages Ltd has set a price range of 440-445 rupees each for
its planned initial public offering (IPO), which is targeting to raise between
$165 million and $167 million, according to a term sheet of the deal obtained by
IFR. 
     Rosneft's partner in Essar deal says may sell stake within 5 years
    Russian private investment group United Capital Partners (UCP), which is
teaming up with oil giant Rosneft to buy India's Essar Oil in a $12.9 billion
deal, said it may sell its stake within five years. 
     Facebook, Twitter weigh bids for media rights to India cricket league
    The Indian cricket board said it had received interest from Facebook Inc and
Twitter Inc for media rights to the popular Indian Premier League (IPL) Twenty20
cricket tournament. 
     India's clampdown on "black money" curbs gold appetite -Kotak
    India's crackdown on undisclosed foreign assets and income is curbing demand
for gold in the world's second-biggest consumer, while rising real interest
rates and better returns from other financial markets are also hurting
purchases, a banker said. 
     Samsung says to invest $296 mln to expand India plant
Samsung Electronics Co Ltd will invest 19.7 billion rupees ($295.83 million) to
expand its plant in northern India, the company said in a statement.
 
    
    
    GLOBAL TOP NEWS
     China Q3 GDP grows 6.7 percent as expected as construction booms, debt
rises
    China's economy grew 6.7 percent in the third quarter from a year earlier,
steady from the previous quarter and in line with expectations, as increased
government spending and a property boom offset stubbornly weak exports.
 
     Yahoo profit beats Wall St, some analysts worry over effect of hack
    Yahoo Inc reported better-than-expected quarterly adjusted profit on
Tuesday, a boost for the beleaguered company whose deal to sell its core
business to Verizon Communications Inc has been shaken by a massive data breach.
 
     Sharp says expects significant profit improvement, shares surge 
    Japan's Sharp Corp said it expected significant improvement in annual profit
on restructuring and synergies with new owner Foxconn, sending shares in the
display maker soaring 10 percent. 
    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
     The SGX Nifty Futures were trading at 8,690.50, trading up 0.26 pct from
its previous close.
     The Indian rupee is poised to open higher against the dollar, tracking
gains in most other Asian currencies and shares after China's gross domestic
product data matched expectations, easing global growth concerns.
     Indian government bonds will likely rise in early session, as investors
await another round of open market purchase of notes by the central bank.The
yield on the benchmark 6.97 pct bond maturing in 2026 is likely to trade in a
6.70 pct - 6.75 pct band.
    
    
    GLOBAL MARKETS
     Wall Street advanced on Tuesday to give the S&P 500 its best day this
month on the heels of solid earnings reports from names such as UnitedHealth and
Netflix that put corporate profits on track to snap a four-quarter streak of
declines. 
     Asian shares held early gains as a barrage of Chinese data confirm the
economy had stabilised on the back of government spending and a hot housing
market, even if worries about debt continue to mount. 
     The dollar stepped back from seven-month high against an index of
currencies after U.S. consumer prices showed underlying inflation moderated
slightly, prompting markets to trim bets on a December Federal Reserve rate
hike. 
     U.S. Treasury yields fell on Tuesday in line with their U.K. counterparts
on chances that parliament may have to ratify a British exit from the European
Union, which reduced some bets that the U.K. would lose access to the single
market. 
     Oil prices rose, lifted by a report of falling U.S. crude inventories and
an OPEC statement saying a planned production cut was achievable, but analysts
warned that Chinese economic data could erode bullish momentum. 
     Gold prices held on to gains, after rising 0.6 percent the session before
on a weaker U.S. dollar, but rising equities capped gains. 
    
                   CLOSE        FII INVESTMENTS  EQUITIES      DEBT
 PNDF spot         66.73/66.76  October 18       $51.80 mln    -$64.00 mln
 10-yr bond yield  6.90 pct     Month-to-date    -$119.21 mln  -$1.11 bln
                                Year-to-date     $7.39 bln     -$1.07 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 = 66.72 Indian rupees)

 (Compiled by Sai Sharanya Khosla in Bengaluru)

Our Standards:The Thomson Reuters Trust Principles.
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