January 18, 2018 / 3:38 AM / a year ago

Morning News Call - India, January 18

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    FACTORS TO WATCH
    9:30 am: RBI Deputy Governor N.S. Vishwanathan, Former RBI Deputy Governor
H.R. Khan, Edelweiss Group CEO Rashesh Shah, SBI Deputy MD Karnam Sekar and
other financial industry officials at Care Ratings Credit Markets Conclave in
Mumbai.
    10:00 am: Telecom Regulatory Authority of India to hold open house
discussion regarding Consultation Paper on Auction of Spectrum in New Delhi.
    12:00 pm: India Ratings & Research Chief Economist Devendra Kumar Pant and
India Ratings & Research Principal Economist Sunil Kumar Sinha at FY19 Outlook
for Macro Economy, State Finances and Rupee & Bond Market event in New Delhi.
    12:00 pm: Finance Minister Arun Jaitley to chair 25th GST Council meeting in
New Delhi. 
    1:00 pm: National Payments Corporation of India CEO Dilip Asbe, Dabur India
Digital Marketing Head Archan Banerjee, IT Joint Secretary Sanjay Kumar Rakesh
at India Digital Summit in New Delhi.
    2:00 pm: Oil Secretary K.D. Tripathi, Director General of Hydrocarbons Atanu
Chakraborty at launch of first bidding round under Open Acreage Licensing Policy
in New Delhi.
    3:00 pm: Yes Bank post-earnings press conference in Mumbai.
    3:30 pm: Adani Ports post-earnings analyst conference call in Mumbai.
    
    GMF:LIVECHAT- BITCOIN AND FINTECH
We discuss Bitcoin, fintech and digital finance with Jerome Peze, CEO
of financial market professionals Tinubu Square at 03:30 pm IST. To join the
conversation, click on the link: here
    
    
    INDIA TOP NEWS
    • EXCLUSIVE-Japan in driver's seat for Indian bullet train deal
    Japanese steel and engineering companies are in the driver's seat to bag
major supply contracts for a $17 billion Indian bullet train, several sources
said, undermining a key component of Prime Minister Narendra Modi's economic
policy - a push to 'Make in India'.
    • India will need at least $125 bln to fund renewables dream: govt official
    India will need at least $125 billion to fund its ambitious plan to increase
the share of renewable power supply in the country’s grid by 2022, a top
government official told Reuters, underlining the immense financing challenge
ahead.
    • Indian govt cuts extra borrowing but markets still nervous
    India has cut its additional market borrowing requirement for the current
fiscal year by 60 percent after reviewing trends in revenue receipts and
expenditure patterns, the finance ministry said on Wednesday, sending bond
yields sharply lower.
    • Hindustan Unilever Q3 profit surges 28 percent 
    Hindustan Unilever Ltd posted a 28 percent rise in its third-quarter profit
on Wednesday, underpinned by higher sales from its personal care business.

    • Bharti Infratel Q3 profit falls, misses estimates
    Mobile masts operator Bharti Infratel Ltd said on Wednesday its net profit
fell 5.6 percent in the third quarter, missing analysts' estimates, pulled down
by higher expenses.
    • Israel-India guided missile deal back on track -Netanyahu
    Israeli Prime Minister Benjamin Netanyahu said on Wednesday during a tour of
India he had been informed by the Indian government that it had decided to put a
major anti-tank missile deal back on track.
    • India to auction 55 oil and gas exploration blocks
    India will begin the auction of 55 oil and gas exploration blocks from
Thursday under new rules, the country's first licensing round after eight years,
as it seeks to unlock its vast hydrocarbon resources, the upstream regulator
said.
    • Ride-hailing firm Grab buys India-based payments startup
    Southeast Asian ride-hailing firm Grab said it has acquired an India-based
payments startup, iKaaz, to help expand its digital payments platform GrabPay.

  
    
    GLOBAL TOP NEWS
    • EXCLUSIVE-Trump considers big 'fine' over China intellectual property
theft
    President Donald Trump said on Wednesday the United States was considering a
big "fine" as part of a probe into China's alleged theft of intellectual
property, the clearest indication yet that his administration will take
retaliatory trade action against China.
    • Apple plans new U.S. campus, to pay $38 bln in foreign cash taxes
    Apple will open a new campus as part of a five-year, $30 billion U.S.
investment plan and will make about $38 billion in one-time tax payments on its
overseas cash, one of the largest corporate spending plans announced since the
passage of a tax cut signed by U.S. President Donald Trump.
    • China's Q4 economic growth likely to slow amid debt, pollution battle
    China is expected on Thursday to post a modest slowdown in fourth quarter
economic growth from the previous three months as the government extended a
crackdown on debt risks and factory pollution.
    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • The SGX Nifty Futures were trading at 10,843.00, trading up 0.35 pct from
its previous close.
    • The Indian rupee is likely to trade little changed against the dollar in
early session, in-line with most Asian currencies, amid a rebound in the
greenback.
    • Indian government bonds are expected to remain largely unchanged in early
trade as investors await a weekly auction of notes tomorrow.  The yield on the
benchmark 6.79 pct bond maturing in 2027 is likely to trade in a 7.4pct-7.44pct
band today.
    
    
    GLOBAL MARKETS
    • U.S. stocks jumped on Wednesday and the Dow closed above 26,000 for the
first time as investors' expectations for higher earnings lifted stocks across
sectors.
    • Asian stocks struck record highs, with a rally by Wall Street supporting
bullish investor sentiment, while the dollar pulled back from three-year lows as
comments by European Central Bank officials tempered the euro's recent
rally.
    • The euro nursed losses, having pulled back from a three-year high as
concerns voiced by European Central Bank officials this week dampened the
currency's momentum.
    • The U.S. yield curve flattened to a decade-low spread between 5-year and
30-year yields and two-year Treasury yields hit a nine-year high on Wednesday on
expectations the Federal Reserve will continue to tighten monetary policy this
year.
    • Oil prices rose on Thursday on a reported decline in U.S. crude
inventories, and as rebels in Nigeria threatened to attack the country's
petroleum infrastructure.
    • Gold prices extended declines from the day before to hit their lowest in
nearly a week, pressured as the U.S. dollar recovered from a 3-year low touched
on Wednesday.
    
    
              CLOSE   FII           EQUITIES   DEBT
                      INVESTMENTS              
 PNDF spot    63.89/  January 17    $97.84mln  $11.74mln
              63.92                            
 10-yr bond   7.41pc  Month-to-dat  $395.59ml  $551.11ml
 yield        t       e             n          n
                      Year-to-date  $395.59ml  $551.11ml
                                    n          n
 
    
    
    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 = 63.8800 Indian rupees)

 (Compiled by Nishit Kunal in Bengaluru)
  
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