April 24, 2018 / 3:48 AM / 5 months ago

Morning News Call - India, April 24

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    FACTORS TO WATCH
    10:00 am: Farm Joint Secretary Ashish Kumar Bhutani at FICCI’s ‘National
Conference on Enhancing Credit Flow to Agriculture' in New Delhi.
    11:10 am: Trade Minister Suresh Prabhu, DIPP Joint Secretary Vandana Kumar,
Maruti Suzuki India Executive Advisor M.M. Singh, JSW Energy VP Aditya Agarwal,
Hindustan Unilever VP-Supply Chain Alok Joshi at FICCI event in New Delhi.
    2:30 pm: NITI Aayog CEO Amitabh Kant and Maruti Suzuki Chairman R.C.
Bhargava at Imagine 2060 in New Delhi. 
    4:00 pm: Housing Minister Hardeep Singh Puri to launch m-AWAS app in New
Delhi. 
    4:00 pm: MSME Minister Giriraj Singh, MSME Secretary Arun Kumar Panda at
valedictory session of International SME Convention 2018 in New Delhi.
    
    LIVECHAT -  CHARTING FX
    Take a look at the FX charts with Reuters technical analyst Martin Miller at
06:00 pm IST . To join the conversation, click on the link: here
    
    
    INDIA TOP NEWS
    • TCS hits $100 billion in market cap
    Tata Consultancy Services on Monday became the first Indian technology
company to hit the $100 billion market capitalisation mark, riding on the back
of record quarterly profit and a weaker rupee.
    • Clouds over hospital chain Fortis keep suitors from making higher bids
    Fortis Healthcare has received as many as five offers for control of its
private hospital business, but suitors have so far held back from making bold
bids for the group as it faces rising debt and a regulatory probe.
    • India would file dispute with WTO if U.S. rejects exemption on tariffs -
sources
    India would lodge a trade dispute against the United States at the World
Trade Organisation if Washington does not grant it exemptions from higher
tariffs on steel and aluminium, three government officials involved in trade
talks told Reuters.
    • Infosys to renew focus on digital services
    Infosys, India's second-biggest IT firm, plans to renew its focus on digital
services as it looks to boost growth amid shrinking profit margins in its legacy
business and rising competition from local and international rivals.

    • Bharti Infratel Q4 profit misses on drop in tenancies
    Telecom tower company Bharti Infratel on Monday posted a 1.6 percent rise in
fourth-quarter profit, but missed analysts' estimate, hurt by loss in tenancies
as mobile carriers in the country either shut down or consolidated their
operations.

    
    GLOBAL TOP NEWS
    • Ad sales surge at Google parent Alphabet, but so do costs
    Strong growth in ad sales on Google search and YouTube were not enough to
offset a surge in costs at parent Alphabet that shrank the first-quarter
operating margin, leaving shares flat after hours on Monday.
    • South Korea switches off propaganda broadcasts, Moon upbeat on North Korea
nuclear halt
    South Korea on Monday halted the propaganda broadcasts it blares across the
border with North Korea, aiming to set a positive tone ahead of the first summit
in a decade between their leaders as the U.S. president cautioned the nuclear
crisis was far from resolved.
    • U.S. extends deadline for Rusal sanctions, aluminum prices dive
    The United States on Monday gave American customers of Russia's biggest
aluminum producer more time to comply with sanctions, and said it would consider
lifting them if United Company Rusal's major shareholder, Russian tycoon Oleg
Deripaska, ceded control of the company.
    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • The SGX Nifty nearest-month futures were trading at 10,567.00, down 0.2
percent from its previous close.
    • The Indian rupee is likely to remain little changed against the dollar as
rising U.S. Treasury yields are countered by the support for the local currency
at 66.50, traders say.
    • Indian government bonds will likely trade steady to lower in early session
ahead of a supply of state papers, while higher U.S. Treasury yields, crude oil
prices and a lower rupee continued to weigh on investor sentiment.Yield on the
7.17 percent bond maturing in 2028 is likely to trade in 7.72 percent -7.78
percent band today. 
    
    GLOBAL MARKETS
    • Wall Street ended mixed on Monday as concerns about soft smartphone demand
weighed on tech stocks and pulled the Nasdaq lower while earnings optimism
protected against deeper losses.
    • Asian stocks slipped and the U.S. dollar advanced, as a deluge of U.S.
government debt this week and the spectre of inflation and a higher fiscal
deficit drove U.S. borrowing costs near four-year highs.

    • The dollar set a three-month high against a basket of currencies, having
gained a boost as the U.S. 10-year Treasury yield climbed toward the
psychologically key 3 percent level.

    • U.S. bond prices fell on Monday, with the 10-year yield hitting its
highest in over four years amid worries about the growing supply of government
debt and accelerating inflation as oil and commodity prices climb.
    • International oil prices hit their highest levels since late 2014, pushed
up by expectations of renewed U.S. sanctions against Iran and as OPEC continues
withholding supplies amid strong demand.
    • Gold prices steadied in Asian trade, a day after falling to the lowest
level in more than two weeks, as a climb in the dollar and 10-year U.S. Treasury
yields dampened the appeal of bullion, which pays no interest.
    
    
                   CLOSE        FII INVESTMENTS  EQUITIES      DEBT
 PNDF spot         66.43/66.46  April 23         -$38.94 mln   -$81.68 mln
 10-yr bond yield  7.82 pct     Month-to-date    -$658.34 mln  -$1.72 bln
                                Year-to-date     $1.51 bln     -$995.09 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 = 66.52 Indian rupees)
    
    

 (Compiled by Priyanka Das in Bengaluru)
  
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