February 21, 2018 / 3:20 AM / 9 months ago

Morning News Call - India, February 21

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    FACTORS TO WATCH
    9:30 am: Junior Agriculture Minister Gajendra Singh Shekhawat to address
‘Accelerating Agriculture Insurance’ event in New Delhi.
    10:00 am: KKR Managing Director Sanjay Nayyar, AppDynamics MD & CEO Jyoti
Bansal and other industry officials at TiE Global Summit in Mumbai.
    10:00 am: Raymond Director- Retail Mohit Dhanjal, TBZ Chief Human Resource
Officer Monica Bhandari and other retail industry officials at Retail Leadership
Summit in Mumbai. 
    12:00 pm: NITI Aayog CEO Amitabh Kant to be present at media briefing by
Planning Minister Rao Inderjit Singh on budget in New Delhi. 
    3:30 pm: Bank of Baroda Chairman Ravi Venkatesan at BMA Corporate Leadership
Awards function in Mumbai.
    4:00 pm: Law & Information Technology Minister Ravi Shankar Prasad to sign
India-Canada joint declaration of intent for co-operation in information
technology and cyber space in New Delhi. 
    
    LIVECHAT - ASSET CLASSES IN BUBBLE?
    Market players seem to be divided on the quality of the equity rally in
2017. While most believe that it's growth and fundamentals based, a select few
disagree and call it a bubble. Jesse Colombo, Economic Analyst and Contributing
Editor (Forbes) is among those. We seek to understand why he thinks a bubble
exists and what are the ways (if any) to take pre-emptive action.  To join the
conversation at 0930 IST, click on the link: here
    
    
    INDIA TOP NEWS
    • Jaitley slams oversight lapses amid huge bank fraud probe 
    Finance Minister decried a "lack of ethics" among sections of Indian
business on Tuesday and criticised inadequate oversight by auditors and
regulators, after the financial sector was rocked by a $1.8 billion fraud at a
state-run bank.
   • Canada's PM says India trip about broader ties not just political ones
    Canadian Prime Minister Justin Trudeau downplayed talk of a snub by the
Indian government on his first state visit to the country this week, and cast
his trip as being focused on building business and cultural ties and not just
political ones.
    • India to allow private firms to mine coal for commercial use 
    India will auction coal blocks to private companies, Coal Minister Piyush
Goyal said on Tuesday, a move that would end restrictions on the sale and use of
the fuel after more than four decades and end Coal India's near-monopoly status.

    • Indian software services sector to grow 7-9 pct in FY19 - lobby group 
    India's software services exports will see revenue growth of 7-9 percent in
constant currency terms in the fiscal year to March 2019, a leading lobby group
forecast on Tuesday, as the industry continues to recover from what has been a
tough year.
   
    
    GLOBAL TOP NEWS
    • Mueller ups pressure on Trump campaign aides with new charge 
    U.S. Special Counsel Robert Mueller on Tuesday stepped up pressure on two
former Trump campaign aides to cooperate in his probe into possible collusion
with Russia, unsealing a criminal charge against a lawyer for lying to Mueller's
investigators.
    • GM offers $2.8 billion investment in S.Korea over 10 yrs - S.Korea
official 
    General Motors has proposed $2.8 billion of fresh investment into its South
Korean operations over the 10 years as part of its plan to restructure the
embattled unit, a South Korean senior government official said.
    • Qualcomm deals blow to Broadcom's bid with sweetened NXP deal 
    U.S. semiconductor company Qualcomm Inc on Tuesday unveiled a sweetened $44
billion agreement to acquire NXP Semiconductors NV, its most defiant move in its
defense against a hostile $121 billion bid from Broadcom Ltd.
    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • The SGX Nifty Futures were trading at 10,379.50, up 0.49 pct from its
previous close.
    • The Indian rupee will likely open lower against the dollar, tracking
overnight greenback strength underpinned by gains in U.S. Treasury yields ahead
of the release of the Federal Reserve’s latest policy meeting minutes due post
market hours.
    • Indian government bonds are likely to fall in early trade tracking firm
U.S. yields and ahead of the release of India’s latest monetary policy minutes.
    
    
    GLOBAL MARKETS
    • The Dow and S&P 500 fell on Tuesday to snap a six-session winning streak
as a sharp decline in Walmart weighed heavily, but gains in Amazon and chip
stocks helped the Nasdaq hold near the unchanged mark.
    • Stock markets dipped after a long winning run on Wall Street ended
overnight, while the dollar gained momentum as yields on U.S. Treasury debt
headed for highs not seen in four years.
    • Oil prices fell; weighed down as the U.S. dollar moved further away from
three-year lows hit last week.
    • Gold extended its fall as the dollar remained strong on rising treasury
yields, while investors awaited the minutes of the U.S. Federal Reserve's last
policy meeting for cues on the pace of interest rate hikes this year.
    
    
                   CLOSE        FII INVESTMENTS  EQUITIES      DEBT
 PNDF spot         64.77/64.80  February 20      -$131.07 mln  $60.04 mln
 10-yr bond yield  7.7 pct      Month-to-date    -             $400.74 mln
                                Year-to-date     -             $1.87 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 = 64.8500 Indian rupees)
    
    

 (Compiled by Erum Khaled in Bengaluru)
  
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