January 25, 2018 / 3:19 AM / in 3 months

Morning News Call - India, January 25

(Morning News Call - India edition will not be published on Friday, January 26
as markets are closed for Republic Day)
    
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    FACTORS TO WATCH
    6:30 pm: Dr. Reddy’s post-earnings analyst conference call in Mumbai.
    
    GMF: BITCOIN AND FINTECH
    We discuss Bitcoin, fintech and digital finance with Jerome Peze, CEO of
Financial market professionals - Tinubu Square at 1530 IST. To join the
conversation, click on the link: here
    
    
    INDIA TOP NEWS
    India to inject nearly $14 billion into state banks by March in
recapitalisation bid 
    India's government pledged on Wednesday to inject nearly $14 billion
combined into all but one state-run lender by March in return for them
implementing reforms, in a bid to boost lending and tackle a record bad debt
problem.  

    SBI expects loan demand to rise with government spending 
    Demand for loans from Indian companies is still muted but should increase
following more government spending on infrastructure projects, the head of the
country's largest state-owned bank said on Wednesday.

    InterGlobe Aviation Q3 profit up 56 pct on higher ticket revenue 
    InterGlobe Aviation, the owner of India's biggest airline IndiGo, said net
profit surged over 56 percent in the third quarter, helped by higher passenger
ticket revenue and credit received from manufacturers.

    Idea Cellular posts biggest ever quarterly loss 
    Indian mobile carrier Idea Cellular reported its biggest ever quarterly net
loss, which was also wider than what analysts had expected, as a sharp cut in
interconnection fees earned from rivals eroded its revenue.

    Canara Bank Q3 profit slumps 61 percent
    Canara Bank said on Wednesday its third-quarter net profit plunged 61
percent, missing analysts' estimates, pulled down by higher provisions for bad
loans.

    Biocon Q3 profit plunges 46 percent
    Biocon, India's biggest biotechnology firm, posted a 46 percent fall in
third-quarter profit on Wednesday hurt by an increase in interest and
depreciation costs related to its Malaysia operations.
    
    
    GLOBAL TOP NEWS
    Trump says he is willing to testify under oath in U.S.-Russia probe
    President Donald Trump said on Wednesday he would be willing to be
interviewed under oath by Special Counsel Robert Mueller, who is investigating
Russian meddling in the 2016 U.S. election.

    U.S. official backs weak dollar amid fears of trade war
    U.S. Treasury Secretary Steven Mnuchin welcomed a weaker dollar on
Wednesday, sending the greenback reeling and underlining concerns that U.S.
President Donald Trump is stepping up his attack on China and other big trading
partners as part of his America First agenda.

    Ford says commodities prices hurt, needs to be 'far fitter'
    Ford Motor on Wednesday posted a lower-than-expected quarterly net profit,
hurt by rising commodity costs and unfavorable currency exchange rates, and said
it expected more pain to come from higher raw material prices in 2018.

    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    The SGX Nifty Futures was trading at 11,091.50, trading up 0.15 percent from
its previous close. 
    The Indian rupee will likely edge higher against the dollar in early
session, tracking further sell-off in the greenback even as traders await
outcome to the European Central Bank’s monetary policy today for further cues. 
    Indian government bonds are likely to ease in early trade tracking overnight
gains in crude oil prices and ahead of an auction of notes.  The yield on the
benchmark 7.17 percent bond maturing in 2028 is likely to trade in a 7.26
percent-7.30 percent band today, a trader with a primary dealership said.  
    
    GLOBAL MARKETS
    • The S&P 500 was little changed on Wednesday while the Nasdaq lagged in
choppy trading in the wake of comments by U.S. Commerce Secretary Wilbur Ross
which hinted at action against China in a trade war.
    • Asian stocks held near a record high though concerns about the Trump
administration's protectionist stance cast a shadow on financial markets, while
the dollar was under pressure after U.S. Treasury Secretary Steven Mnuchin
welcomed a weaker currency.
    • The dollar wallowed near three-year lows against its peers after caving on
comments by U.S. Treasury secretary Steven Mnuchin that he welcomed a weaker
currency, while the euro steadied ahead of the European Central Bank's policy
decision.
    • U.S. Treasury debt prices slumped on Wednesday, after Treasury Secretary
Steven Mnuchin backed a weaker dollar to help boost America's global trade,
breaking from the traditional strong currency policy of past administrations.

    • Oil prices hit their highest level since December 2014, lifted by a weak
dollar and a 10th straight week of declines in U.S. crude inventories.
    • Gold prices held firm near 1-1/2-year highs hit in the previous session,
with the dollar near three-year lows in the wake of comments by U.S. Treasury
secretary Steven Mnuchin that he welcomed a weaker currency.
    
    
                   CLOSE            FII INVESTMENTS  EQUITIES     DEBT
 PNDF spot         63.61/63.64      January 24       $121.92 mln  -$38.31
 10-yr bond yield  7.41 pct         Month-to-date    $1.62 bln    $939.29
                                    Year-to-date     $1.62 bln    $939.29
    
    
    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 = 63.6500 Indian rupees)
0 : 0
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