January 19, 2018 / 3:31 AM / in 6 months

Morning News Call - India, January 19

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    FACTORS TO WATCH
    10:00 am: IRDAI Chairman T.S. Vijayan, LIC Chairman V.K. Sharma, HDFC
Standard Life CEO Amitabh Chaudhry, SBI Life Insurance CEO Arijit Basu, ICICI
Prudential CEO Sandeep Bakhshi at Fincon-2018 in Mumbai.
    10:30 am: Finance Minister Arun Jaitley at launch of National CSR Data
Portal and Corporate Data Portal in New Delhi.
    1:00 pm: HDFC Bank post-earnings press conference in Mumbai. 
    3:00 pm: ICICI Prudential Life Insurance post-earnings analyst conference
call in Mumbai.
    3:15 pm: Kotak Mahindra Bank post-earnings press conference in Mumbai.
    4:30 pm: Jubiliant FoodWorks post-earnings analyst conference call in
Mumbai.
    5:00 pm: IDFC Bank post-earnings analyst conference call in Mumbai.
    5:00 pm: Wipro post-earnings press conference in Bengaluru.
    5:00 pm: RBI to release weekly foreign exchange data in Mumbai.
    5:30 pm: HDFC Bank post-earnings analyst conference call in Mumbai.
    6:30 pm: Reliance Industries post-earnings press conference in Mumbai.
    7:00 pm: HDFC Standard Life Insurance post-earnings analyst conference call
in Mumbai.
    
    GMF:LIVECHAT-WEEKAHEAD
    Reuters EMEA markets editor Mike Dolan discusses the upcoming week's main
market inflection points at 04:30 pm IST.To join the conversation, click on the
link: here
    
    
    INDIA TOP NEWS
    • EXCLUSIVE-India plans to raise health spending by 11 percent in budget;
less than requested
    India is poised to raise its public health spending by 11 percent in the
annual budget next month, after rejecting the health minister's demand for a
much bigger increase to ramp up disease control, according to government sources
and documents.
    • India to cut tax rates on some goods, services from Jan 25
    India will cut rates on some products and services under the new Goods and
Services Tax (GST), the finance minister said on Thursday, in a bid to encourage
greater compliance as revenues have dipped since the landmark reform was
announced in July.
    • Bharti Airtel Q3 profit misses forecasts
    India's biggest mobile carrier Bharti Airtel Ltd reported a
smaller-than-expected quarterly net profit after the country's telecoms
regulator more than halved interconnection fees last year.
    • Yes Bank Q3 profit rises 22 percent 
    Indian private sector lender Yes Bank Ltd reported a 22 percent rise in
third-quarter net profit, slightly above analysts' estimates.
    • Newgen Software $67 million IPO subscribed 8 times
    Indian IT services provider Newgen Software Technologies Ltd's initial
public offering (IPO) of shares to raise up to 4.25 billion rupees ($66.6
million) was subscribed more than eight times on the last day of the sale on
Thursday.
    • Ultratech Cement Q3 profit falls 23 percent on raw material price rise
    India's UltraTech Cement Ltd, part of the Aditya Birla Group, on Thursday
posted a 23 percent drop in third-quarter profit, hurt by rising pet coke and
coal prices.
    • Hindustan Zinc Q3 profit slips about 4 percent
    India's Hindustan Zinc Ltd, a unit of Vedanta Ltd, posted a nearly 4 percent
fall in third-quarter net profit on Thursday.
    • HCL Technologies posts lower-than-expected Q3 profit
India's HCL Technologies Ltd posted a marginal rise in quarterly profit, but
missed estimates, hurt by higher expenses.
    
    
    GLOBAL TOP NEWS
    • U.S. House passes short-term spending bill; sends to Senate
    Legislation to avoid a U.S. government shutdown at midnight on Friday
advanced in Congress, as the House of Representatives on Thursday night approved
an extension of federal funds through Feb. 16, although the bill faced uncertain
prospects in the Senate.
    • SoftBank is now Uber's largest shareholder as deal closes
    A group of investors led by SoftBank Group Corp closed a deal with Uber
Technologies Inc on Thursday, making SoftBank the largest stakeholder in the
ride-services firm and providing a much-needed boost to controversy-ridden Uber.

    • Outback Australians grounded as pilot crisis worsens
    A recruitment drive by Australia's Qantas Airways Ltd after a seven-year
hiatus is exacerbating shortages of pilots at regional air services that provide
a lifeline to remote communities in the country's sparsely populated Outback.

    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • The SGX Nifty Futures were trading at 10,823.00, trading up 0.1 pct from
its previous close.
    • The Indian rupee will likely trade higher against the dollar in early
session, tracking gains in most Asian currencies and a fall in global crude oil
prices, even as the U.S. Congress passed a short-term spending bill to avoid
government closure.
    • Indian government bonds are likely to fall in early trade ahead of a
weekly auction of notes and tracking overnight gains in U.S. Treasury yields.
The yield on the benchmark 6.79 pct bond maturing in 2027 is likely to trade in
a 7.45 pct-7.50 pct band today.
    
    
    GLOBAL MARKETS
    • Wall Street fell on Thursday as losses in industrials and interest-rate
sensitive sectors offset marginal gains in tech stocks.
    • Asia stocks edged higher and were within reach of record highs, although
losses on Wall Street slowed the advance, while worries over a possible U.S.
government shutdown weighed on the dollar.
    • The U.S. dollar was lodged near a three-year low against a basket of
currencies with fears over a possible U.S. government shutdown adding to its
underlying woes stemming from its eroding yield advantage.
    • Yields on U.S. 10-year notes reached a 10-month high on Thursday after
China reported fourth-quarter growth that accelerated for the first time in
seven years.
    • Oil prices fell on a bounce-back in U.S. production, but ongoing declines
in crude inventories curbed losses in the market.
    • Gold prices edged up, supported by a weaker dollar and worries about a
possible U.S. government shutdown, but the precious metal was still on track for
its first weekly drop in six weeks.
    
    
                   CLOSE        FII INVESTMENTS  EQUITIES    DEBT
 PNDF spot         63.81/63.84  January 18       $296.59mln  $64.06mln
 10-yr bond yield  7.47 pct     Month-to-date    $522.03mln  $615.17mln
                                Year-to-date     $522.03mln  $615.17mln
 
    
    
    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 = 63.86 Indian rupees)
    

 (Compiled by Nishit Kunal in Bengaluru)
  
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