January 19, 2017 / 3:14 AM / 3 years ago

Morning News Call - India, January 19

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    FACTORS TO WATCH
    5:15 pm: Axis Bank hosts conference call after fiscal third quarter results
in Mumbai.
    
    6:30 pm: Nandan Nilekani and Federal Bank CEO Shyam Srinivasan to launch
digital initiative in Mumbai.
    
    LIVECHAT-GEOPOLITICAL RECESSION
    Ian Bremmer, President of Eurasia Group joins us at 03:45 pm to discuss the
"Geopolitical Recession" and what he sees as the top risks for 2017. To join the
conversation, click on the link: here
    
    
    INDIA TOP NEWS
     Government wants Apple, but not all officials are biting
    Some Indian officials have baulked at Apple's demands for concessions before
it assembles iPhones there, raising doubts about a spring deadline to launch a
key project in Prime Minister Narendra Modi's campaign to lure foreign
investors. 
     Central bank has pumped in 9.2 trillion rupees of new notes - source
    The Reserve Bank of India has injected 9.2 trillion rupees worth of new
currency notes into the banking system to help replace the notes banned in
November, a parliamentary panel member quoted central bank governor Urjit Patel
as saying on Wednesday. 
     India's cash crunch seen biting into economic growth
    India's economy lost momentum in the final three months of 2016 after Prime
Minister Narendra Modi's ban on high-value notes hurt consumption and businesses
but it is set to pick up this quarter, a Reuters poll found. 
     General Motors adapts $1 billion recipe for 'tough' Indian market -
sources
    After an 18-month review, General Motors Co  is nearer to resolving a raft
of issues that have hobbled its $1 billion strategy for India, one of the
fastest growing emerging markets for automobiles. 
     UK financier makes new offer to take over Tata Steel pension scheme
    British financier Edi Truell has renewed an offer to take over Tata Steel's
giant UK pension scheme in a deal that he says would allow members to keep
benefits in full, though pension fund trustees rejected his proposals.
 
     PE firm Warburg buys $121 mln stake in Indian cinema operator PVR
Affiliates of private equity firm Warburg Pincus have bought a 14 percent stake
in India's largest multiplex chain PVR Ltd for 8.2 billion rupees, PVR said on
Wednesday. 
        
    
    GLOBAL TOP NEWS
     Fed's Yellen says 'makes sense' to gradually raise interest rates
    With the U.S. economy close to full employment and inflation headed toward
the Federal Reserve's 2 percent goal, it "makes sense" for the U.S. central bank
to gradually lift interest rates, Fed Chair Janet Yellen said on Wednesday.
 
     South Korean court dismisses arrest warrant for Samsung chief
    A South Korean court dismissed a warrant to arrest the head of the Samsung
Group, the country's largest conglomerate, amid a graft scandal that has led to
the impeachment of President Park Geun-hye. 
     Xi portrays China as global leader as Trump era looms
    China will build a "new model" of relations with the United States,
President Xi Jinping said on Wednesday in a speech that portrayed China as the
leader of a globalised world where only international cooperation could solve
the big problems. 
        
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
     The SGX Nifty Futures was at 8,434.00, little changed from its previous
close.
     The Indian rupee will likely open lower against the dollar, tracking its
Asian peers, as the greenback advanced after U.S. Federal Reserve Chair Janet
Yellen suggested interest rate increases may come sooner than expected.
     Indian government bonds are poised to open lower after Federal Reserve
Chair Janet Yellen hinted at a faster pace of interest rate increases in the
United States. The yield on the benchmark 6.97 pct bond maturing in 2026 is
likely to trade in a 6.44 pct-6.49 pct band today. The bond had closed at 103.66
rupees, the lowest since Dec. 30, yielding 6.45 pct yesterday.
    
    
    GLOBAL MARKETS
     The S&P 500 ended a choppy session slightly higher on Wednesday, helped by
a rise in financials after Federal Reserve Chair Janet Yellen said it "makes
sense" to gradually lift interest rates. 
     Asian shares edged lower and the dollar rebounded after Federal Reserve
Chair Janet Yellen hinted that interest rates in the United States could rise
quickly this year. 
     U.S. Treasury yields rose to session highs on Wednesday after Federal
Reserve Chair Janet Yellen made comments supporting further, gradual interest
rate increases. 
     U.S. oil moved away from one-week lows touched the session before, with
investors turning their attention to upcoming government data on U.S.
inventories. 
     Gold prices held on to their losses from the previous session, when they
fell 1 percent on a strong dollar, after Federal Reserve Chair Janet Yellen
advocated lifting U.S. interest rates gradually. 
    
    
                   CLOSE        FII INVESTMENTS  EQUITIES    DEBT
 PNDF spot         68.19/68.22  January 18       $46.75 mln  -$26.59 mln
 10-yr bond yield  6.7 pct      Month-to-date    -           -$222.18 mln
                                Year-to-date     -           -
    
    
    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= 68.08 Indian rupees)
    
    

 (Compiled by Sourav Bose in Bengaluru)
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