May 2, 2018 / 3:42 AM / in 3 months

Morning News Call - India, May 2

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    FACTORS TO WATCH
    04:30 pm: Junior Aviation Minister Jayant Sinha to address press conference
on government's investment plan for AAI airports in New Delhi.
    
    LIVECHAT - U.S.-IRAN NUCLEAR DEAL
    As the May 12 deadline for U.S. President Donald Trump to decide on
restoring economic sanctions on Tehran looms, we discuss the issues at hand with
Dr. James Walsh, senior research associate at the Massachusetts Institute of
Technology’s Security Studies Program at 09:30 am IST.To join the conversation,
click on the link: here
    
    TRADING INDIA FORUM- INDIA EQUITY MARKETS
Sunil Singhania,Ex-Global Head of Equities, Reliance Capital and Founder at
Abakkus Asset Manager LLP, shares his views with us at 11:00 am IST.To join the
conversation, click on the link: here
       
    
    INDIA TOP NEWS
    • L&T seals $2.1 billion deal to sell electrical unit to Schneider 
    Larsen & Toubro has agreed to sell its electrical and automation business
for $2.1 billion to Schneider Electric, partnering with Temasek, in the biggest
M&A deal announced in the Indian market this year.
    • EXCLUSIVE-India rejects U.S. request on price caps on medical devices
    India has told the United States it won't abstain from capping prices for
more medical devices, regardless of pressure to rethink its stance after price
controls on heart stents and knee implants spoilt the market for some U.S.
firms, sources familiar with the matter said.
    • India extends deadline to receive initial bids for Air India
    India has extended the deadline to receive initial bids for its stake in
state-run carrier Air India to May 31 from May 14 earlier, according to a
notification issued by the Ministry of Civil Aviation on Tuesday. 
    • Kotak Mahindra Bank Q4 profit up 15 percent on lending growth
    Kotak Mahindra Bank reported a 15 percent rise in fourth-quarter net profit
on higher interest and fee incomes and as its bad loans fell.
    • Two suitors for India's Fortis raise bids by Tuesday deadline
    Cash-strapped Indian hospital operator Fortis Healthcare said on Tuesday
that two of its five suitors had boosted their bids to invest in the company as
of a deadline for binding offers on Tuesday.
    • India to allow foreigners to invest in T-bills
    RBI said it will allow foreign portfolio investors to invest in treasury
bills issued by the federal government, in its latest move to ease foreign
investment rules.
    • Kuwait Petroleum eyes stake in India's Bina refinery 
    Kuwait Petroleum International is in talks to buy 24 percent of the Bina
joint venture refinery in central India, two Indian and two foreign sources
said, as the Middle East nation wants to increase its South Asian market share.

    • Hindustan Zinc March-qtr profit falls 18 percent
    Hindustan Zinc, a unit of Vedanta, on Monday posted an 18 percent fall in
fourth-quarter net profit, hurt by lower zinc sales.
    
    GLOBAL TOP NEWS
    • Apple's $100 billion stock buyback overshadows iPhone
    Apple on Tuesday reported resilient iPhone sales in the face of waning
global demand and promised $100 billion in additional stock buybacks, reassuring
investors that its decade-old smartphone invention had life in it
yet.
    • Japan April services activity grows fastest in 6 mths-PMI
    Activity in Japan's services sector expanded at the fastest pace in six
months in April as new orders picked up, a private survey showed on Wednesday,
suggesting the economy got off to a strong start in the second quarter.

    • Pushing to bury Iran deal, Israel says no one wants war with Tehran
    Israel said on Tuesday it does not seek war with Iran and suggested U.S.
President Donald Trump backed Israel's latest attempt to kill the 2015 Iran
nuclear deal by disclosing purported evidence of past Iranian nuclear arms work.

    
     LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • The SGX Nifty nearest-month futures were trading at 10,749.50, down 0.1
percent from its previous close. 
    • The Indian rupee is likely to open marginally lower as a jump in the
dollar index to four-month highs overshadows the central bank move to ease rules
for foreign investment in the nation’s bonds.
    • Indian government bonds are expected to rise today as the Reserve Bank of
India has allowed foreign investment in government securities with a residual
maturity of below three years.The yield on the 7.17 percent bond maturing in
2028 is likely to trade in 7.72 percent- 7.76 percent band today. 
    
    GLOBAL MARKETS
    • The S&P 500 edged higher on Tuesday after comments from a Trump
administration official on trade with China and the Mexican economy minister on
the renegotiation of the North American Free Trade Agreement provided cause for
optimism.
    • Asian equities held steady, while the dollar traded near a four-month high
as investors await the Federal Reserve's upcoming policy statement for clues on
the future pace of U.S. monetary tightening.
    • The dollar held near a four-month high against a basket of major
currencies, buoyed by the outlook for a strong U.S. economy and rising yields
amid signs of slowdown elsewhere, especially in Europe.
    • U.S. Treasury yields rose on Tuesday, with prices pressured ahead of a
quarterly refunding announcement that is expected to show more supply as the
government seeks to finance its massive tax cut program and increased fiscal
spending plan.
    • Oil prices were stable, supported by concerns that the United States may
re-impose sanctions on major exporter Iran, although soaring U.S. supplies
capped gains.
    • Gold prices edged up, having fallen almost one percent in the previous
session on the back of a stronger U.S. dollar to hit their lowest level this
year.
    
    
                   CLOSE        FII INVESTMENTS  EQUITIES  DEBT
 PNDF spot         66.37/66.40  April 30           -       $3.75 mln
 10-yr bond yield      -        Month-to-date      -       -$2.38 bln
                                Year-to-date       -       -$1.66 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 = 66.66 Indian rupees)
    
    

 (Compiled by Priyanka Das in Bengaluru)
  
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