May 29, 2018 / 3:19 AM / 3 months ago

Morning News Call - India, May 29

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    FACTORS TO WATCH
    10:30 am: Commerce Minister Suresh Prabhu at FICCI-Aditya Birla CSR event in
New Delhi.
    12:30 pm: TRAI Chairman R.S. Sharma to address a press conference in New
Delhi.
    2:00 pm: Federation of Indian Export Organisations (FIEO) press meet to
discuss current and future trade scenario in New Delhi.
    2:45 pm: Mahindra & Mahindra post earnings press conference in Mumbai.
    3:00 pm: Power Minister R.K. Singh to launch ‘PRAAPTI’ app for transparency
in power payments to generators in New Delhi.
    4:30 pm: Heavy Industries Minister Anant Geete at an event in New Delhi.
    
    GMF: LIVECHAT - CHARTING FX
    Take a look at the FX charts with Reuters technical analyst Martin Miller at
06:00 pm IST. To join the conversation, click on the link: here
    
    
    INDIA TOP NEWS
    India closes Vedanta copper smelter permanently after bloody protest
An Indian state on Monday ordered the permanent closure of a copper smelter
controlled by London-listed Vedanta Resources after 13 people protesting to
demand its shutdown on environmental concerns were killed last week.

    
    Fortis Healthcare undecided on reopening bidding process
India's Fortis Healthcare said on Monday it had not decided whether to re-open
bidding for itself, after an offer of funding that its board had accepted got a
tepid response from investors, prolonging a fierce takeover battle.
    
    Indian trader group objects to Walmart-Flipkart deal
An Indian trader body has raised objections to Walmart's $16 billion acquisition
of e-commerce firm Flipkart, though lawyers and sources said the complaint to
the country's antitrust regulator is unlikely to threaten the deal.
    
    India steps up hunt for origin of mysterious brain-damaging virus
India began a fresh round of tests to trace the origin of a rare brain-damaging
virus that has killed 13 people, a health official said on Monday, as initial
tests on animals suspected of carrying the Nipah virus showed no sign of the
disease.
    
    Larsen & Toubro Q4 profit up 4.7 percent, beats estimate
Industrial group Larsen & Toubro posted a nearly 5 percent rise in
fourth-quarter net profit on Monday, beating analysts' estimates, on higher
order intake during the period.
    
    India's NTPC Q4 profit jumps 46 percent, beats estimates
Indian power producer NTPC reported a 46 percent jump in fourth-quarter profit
on Monday, marginally beating analysts' estimates.
    
    Oil India Q4 profit beats estimates
State-owned Oil India posted a higher-than-expected fourth-quarter profit on
Monday due to higher crude realisations.
    
    Bank of India posts $589 million Q4 loss, misses estimates
Bank of India reported a net loss of 39.69 billion rupees for the fourth
quarter, as the state-owned lender set aside more funds for bad loans.

    
    
    GLOBAL TOP NEWS
    South Korea calls for more impromptu talks with North Korea as U.S. seeks to
revive summit
South Korean President Moon Jae-in said on Monday there could be more impromptu
talks and summits with North Korea's Kim Jong Un, as U.S. officials sought to
revive what would be a historic meeting between President Donald Trump and Kim.

    
    U.S. and China clash over "technology transfer" at WTO
Chinese and U.S. envoys sparred at the World Trade Organization on Monday over
U.S. President Donald Trump's claims that China steals American ideas, the
subject of two lawsuits and a White House plan to slap huge punitive tariffs on
Chinese goods.
    
    Japanese, U.S., German, Australian team targets big battery projects in
Asia-Pacific
Japan's JERA, a U.S.-German joint venture and an Australian firm have teamed up
to develop battery projects in the Asia-Pacific, including the world's biggest,
targeting a market expected to be worth several billion dollars by 2022.

    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    SGX Nifty nearest-month futures were trading down 0.1 percent at 10,659.00.
    
    The Indian rupee will likely open slightly lower against the dollar as the
local currency consolidates after its biggest two-day jump in more than a year.
    
    Indian government bonds are likely to edge higher in early trade tracking a
fall in U.S. Treasury yields, even as investors await fresh supply of securities
by state governments today. The yield on the benchmark 7.17 percent bond
maturing in 2028 is likely to trade in 7.72-7.77 percent band today.
    
    
    GLOBAL MARKETS
    • The S&P 500 and the Dow eased on Friday after a steep drop in oil prices
pressured energy stocks, but losses were limited by gains in chipmakers and
retail stocks.
    • Asian shares fell and the euro slipped back to 6-1/2 month lows as early
elections loomed in Italy, but a revival in diplomatic talks with North Korea
and a retreat in oil prices from recent highs supported sentiment.
    • The euro struggled near a 6-1/2-month low against the dollar, as the
bounce seen at the start of the week faded and investors took a grim view on the
prospect of fresh elections in Italy.
    • U.S. Treasury yields fell to their lowest level in three weeks on Friday
as concerns about Italy’s new government and a leadership challenge in Spain
boosted demand for low-risk debt.
    • Oil prices were mixed in Asian trading, but remained under pressure from
expectations that Saudi Arabia and Russia would pump more crude to ease a
potential shortfall in supply.
    • Gold prices inched up after falling for the two previous sessions, but
remained under pressure on hopes a U.S.- North Korean summit was back on track
and as the U.S. dollar hovered near 6-1/2-month peaks.
    
    
 CLOSE             FII INVESTMENTS  EQUITIES       DEBT          
 PNDF spot         67.42/67.45      May 28         -$118 mln     -$16.91 mln
 10-yr bond yield  7.94 pct         Month-to-date  -$1.32 bln    -$2.49 bln
                                    Year-to-date   -$139.48 mln  -$4.15 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 = 67.3950 Indian rupees)

 (Compiled by Nayyar Rasheed in Bengaluru)
  
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