March 26, 2018 / 3:26 AM / 4 months ago

Morning News Call - India, March 26

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    FACTORS TO WATCH
    9:30 am: Trade Minister Suresh Prabhu, Telecom Secretary Aruna Sundararajan,
Commerce Secretary Rita Teaotia, SIAM President Abhay Firodia and other industry
officials at CII’s Global Industry Associations' Summit in New Delhi.
    10:30 am: Chief Economic Adviser Arvind Subramanian to give lecture on 'The
Economic Survey 2017-18: Challenges & Outlook for the Future' in New Delhi.
    11:00 am: Budget session of upper house of Parliament continues in New
Delhi.
    11:00 am: JSW Group Director Parth Jindal and U.S.A Texas Governor Gerg
Abbott to brief media about strategic initiatives and investments by JSW Steel
(USA) Inc in US in Mumbai.
    11:30 am: Economic Affairs Secretary Subhash Garg to address delegates at
CII’s Global Industry Associations' Summit in New Delhi.
    3:00 pm: Power Minister R.K. Singh at signing and exchange of the Host
Country Agreement between India and the International Solar Alliance in New
Delhi.
    3:30 pm: Transport Minister Nitin Gadkari at an event in New Delhi.
    5:00 pm: ICICI Securities IPO subscription closes in Mumbai.

    
    GMF: LIVECHAT - MARKETS FOCUS
    Independent market strategist Evan Lucas joins us to review the latest
market moves triggered by an alarming rise in protectionist rhetoric and risk of
retaliation in US-China trade ties as well as the Fed meeting last week under
new Chair Jerome Powell at 09:30 am IST. To join the conversation, click on the
link: here
    
    
    INDIA TOP NEWS
    • Tata Steel offers $5.4 billion to take over bankrupt Bhushan Steel -source
    Tata Steel has offered to pay a little more than $5.4 billion to lenders of
Bhushan Steel & Power to take over the bankrupt steelmaker, a source with direct
knowledge of the deal said.
    • Bira beer maker aims to go public in 3-5 years 
    The maker of Bira 91, a popular Indian craft beer with bottles sporting
sketches of a quirky monkey with a punk hairdo, is aiming to list itself in the
next three to five years, its chief executive told Reuters.
    • Indian agency denies security lapse in ID card project; ZDNet defends
report
    Tech news site ZDNet said on Sunday it stood by its report that identified a
security vulnerability in data-linked to Aadhaar - India's national identity
card project, after a semi-government agency that manages the database sought to
discredit the report.
    • India says to give incentives to battery makers as it promotes electric
vehicles 
    India will give incentives to battery makers to set up more manufacturing
units as the government looks to intensify the promotion of electric vehicles,
the ministry for renewable energy said on Friday.
    • Reliance beefs up music streaming service with Saavn deal
Oil-to-telecoms conglomerate Reliance Industries is buying a stake in Indian
music streaming service Saavn and will merge it with its JioMusic app to create
a new entity it said would be valued at $1 billion.
    • Blackstone's Indiabulls deal includes two Mumbai office properties
-sources
Blackstone Group is buying stakes in two major office properties in central
Mumbai as part of a deal with Indiabulls Real Estate INRL.NS, two sources with
knowledge of the transaction said on Sunday.
    • Mishra Dhatu Nigam $67 million IPO subscribed 1.2 times 
    Indian state-run Mishra Dhatu Nigam Ltd's initial public offering to raise
$67.36 million for the government was subscribed 1.2 times on the last day of
the sale on Friday.  
    • Furore erupts around Indian PM Modi's app over alleged data sharing
Allegations that Indian Prime Minister Narendra Modi's official mobile
application was sending personal user data to a third party without their
consent caused a furore on social media in India and drew criticism from the
leader of the main opposition party on Sunday.
    
    
    GLOBAL TOP NEWS
    •  US agrees to exempt South Korea from steel tariffs, but imposes import
quota - South Korea
The United States has agreed to exempt South Korea from steel tariffs, South
Korea's trade ministry said, instead imposing a quota on steel imports as the
two countries renegotiate a trade deal sharply criticised by U.S. President
Donald Trump.
    • Toshiba says regulatory approval pending but aims for chip sale soon
Japan's Toshiba Corp said it had yet to receive clearance from all regulators
for the sale of its prized $18 billion memory-chip business by its self-imposed
end-March deadline, but added it aimed to sell it as early as possible.

    • Uber agrees to sell Southeast Asia business to Grab after costly battle
Ride-hailing firm Uber Technologies Inc has agreed to sell its Southeast Asian
business to bigger regional rival Grab, the firms said in a statement, marking
the U.S. company's second retreat from an Asian market.
        
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    The SGX Nifty Futures were trading at 9,992.00, little changed from its
previous close.
    The Indian rupee is likely to edge higher against the U.S. currency after
trade policy uncertainty pulled the dollar index to its lowest level in a month.
    Indian government bonds are likely to fall in early trade tracking higher
crude oil prices, even as traders await the release of the government’s
borrowing calendar for the first half of next financial year.
The yield on the benchmark 7.17 percent bond maturing in 2028 is likely to trade
in a 7.53 percent-7.60 percent band today.
    
    
    GLOBAL MARKETS
    • Wall Street tumbled on Friday with more than 1,000 points knocked off the
Dow in two days as investors, increasingly nervous about a potential U.S. trade
war with China, shied away from risk ahead of the weekend and sought shelter
from further losses.
    • Fears of a full-blown trade war between the United States and China
battered Asian shares again on Monday, keeping the safe haven yen near a
16-month peak as investors fretted over the fate of global growth.
    • The dollar slipped to a 16-month low against the Japanese yen on Monday,
pressured by lingering fears of a global trade war and caution towards political
developments in Tokyo.
    • U.S. Treasury yields rose from six-week lows on Friday in choppy trading
as concerns about a global trade war after President Donald Trump announced
tariffs on Chinese goods kept investors on edge.
    • Oil prices reversed earlier gains as concerns of a looming trade dispute
between the United States and China weighed on global markets.
    • Gold prices rose to a five-week high as the threat of a trade war between
the United States and China drove investors to seek refuge in safe assets.

        
                   CLOSE        FII INVESTMENTS  EQUITIES     DEBT
 PNDF spot         65.04/65.07  March 23         $250.54 mln  $68.60 mln
 10-yr bond yield  7.67 pct     Month-to-date    $1.56 bln    -$1.12 bln
                                Year-to-date     $1.67 bln    -$25.41 mln
 
    
    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 = 64.98 Indian rupees)

 (Compiled by Pathikrit Bandyopadhyay in Bengaluru)
  
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