December 8, 2017 / 3:14 AM / in 8 days

Morning News Call - India, December 8

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    FACTORS TO WATCH
    9:30 am: Indian Oil, BPCL general managers, GAIL India Director Projects
Ashutos Karnatak and other oil industry HR executives at Oil and Gas HES
Conclave in Noida.
    9:30 am: Former RBI Governor Bimal Jalan, Kotak Mahindra Bank MD Uday Kotak,
IDFC Bank MD Rajiv Lall, PM Economic Advisory Council Member Ashima Goyal at
Future of India conference in Mumbai.
    12:45 pm: Nomura 2018 Markets Outlook briefing in Mumbai.
    3:00 pm: Small and Medium Industries Minister Giriraj Singh to launch Public
Procurement portal in New Delhi.
    3:30 pm: Bank of India MD D.B. Mohapatra and Bank of India Executive
Director Atanu Das to address media in New Delhi.
    5:00 pm: Future Supply Chain IPO subscription closes today in Mumbai.
    5:00 pm: RBI likely to release forex data in Mumbai.
    9:30 pm: Housing Minister Hardeep Singh Puri at Urban Missions’ workshop in
New Delhi.
        
    LIVECHAT – QUIZ EAST 
The first of our Friday quizzes focuses on Asia and the week's top news. Tests
your wits and googling speed. To join the conversation, click on the link: here
    
    
    INDIA TOP NEWS
    • India's Union Bank seeks at least $155 mln in share sale - sources
    State-run Union Bank of India launched a share sale to institutions on
Thursday to raise at least 10 billion rupees, sources with direct knowledge of
the matter told Reuters.
    • ArcelorMittal's $1 bln India joint venture to get green light next week-
sources
    State-owned Steel Authority of India Ltd is set to approve a long-proposed
$1 billion joint venture with ArcelorMittal at its board meeting next week,
three sources with direct knowledge of the matter told Reuters.
    • Indian steel firm's mining plans in lush forest may be nixed - sources 
    India's environmental authorities are likely to cancel a plan by a state
steel company to dig for more iron ore from a massive reserve located in a lush
green forest roamed by elephants, sources said, as the government aims to halt
mining in the area.
    • India's Jet Airways Q2 profit slumps 91 pct 
    Jet Airways (India) Ltd, the country's second-largest airline, reported a 91
percent slump in quarterly profit on Thursday, hurt by higher fuel expenses.

    • Indian hospital operator Shalby's $79 mln IPO subscribed nearly 3 times 
    Indian hospital operator Shalby Ltd's initial public offering to raise 5.1
billion rupees was subscribed 2.8 times on the last day of the sale on Thursday.

    • India to fine firms for blackouts, crackdown on electricity theft 
    India plans to fine electricity distributors from April 2019 for power cuts
deemed avoidable and to make it mandatory for the companies to install prepaid
or smart meters to prevent electricity theft, the power minister said on
Thursday.    
    
    
    GLOBAL TOP NEWS
    • Bitcoin blows past $16,000, alarm bells ring louder
    Bitcoin rocketed to a lifetime high well above $16,000 on Thursday after
climbing some 67 percent over one week, intensifying the debate about whether
the cryptocurrency is in a bubble about to burst.
    • Congress averts U.S. government shutdown for now
    The U.S. Congress moved rapidly on Thursday to send President Donald Trump a
short-term funding bill to avert a government shutdown this weekend, leaving
fights over budget priorities and a range of other controversial issues for the
coming weeks.
    • Japan's Q3 growth twice as fast as first estimated, outlook brightens
    Japan's economy grew twice as fast as originally estimated in the third
quarter thanks to big gains in capital expenditure, revised data showed on
Friday, with expansion seen to continue thanks to buoyant exports.
    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    The SGX Nifty Futures were trading at 10,219.50, up 0.2% from its previous
close
    Indian government bonds are likely to fall in early trade as the market
prepares for of a fresh supply of notes later today. The yield on the benchmark
6.79 percent bond maturing in 2027 is likely to trade in a 7.01 percent-7.06
percent band.
    The Indian rupee may open little changed against the dollar, as likely
strength in local shares tracking regional peers is expected to offset the
impact of gains in greenback after the U.S. tax reform bill made progress ahead
of the crucial nonfarm payroll data.
    
    
    GLOBAL MARKETS
    • Wall Street rose on Thursday, buoyed by popular technology companies
including Facebook and Alphabet, while shares of yoga pants seller Lululemon
Athletica also worked up a sweat.
    • Asian shares rallied for a second session as investors awaited major
economic data from China and the United States while marvelling at the meteoric
ascent of the market's new crypto-star, bitcoin.
    • The dollar inched higher, on track for a weekly gain against a basket of
currencies, as the passage of a bill to temporarily extend U.S. government
funding raised investors' optimism that a tax reform bill would also pass.
    • Longer-dated U.S Treasury yields rose on Thursday as risk appetite
increased, diminishing the attractiveness of safe-haven U.S. government
debt.
    • Oil prices dipped as the U.S. dollar strengthened, although OPEC-led
supply cuts are seen supporting markets going into next year.
    • Gold edged up, after dropping below its recent trading range to hit a more
than four-month low overnight.
    
    
                    CLOSE        FII INVESTMENTS  EQUITIES      DEBT
 PNDF  spot         64.54/64.57  December 7       -$166.70 mln  $5.11 mln
 10-yr bond yields  7.11 pct     Month-to-date    -$485.62 mln  $387.25 mln
                                 Year-to-date     -$8.21 bln    $26.12 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 = 64.5600 Indian rupees)

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