November 1, 2017 / 3:26 AM / 2 months ago

Morning News Call - India, November 1

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    FACTORS TO WATCH
    10:00 am: DIPP Secretary Ramesh Abhishek, Maruti Suzuki India Executive
Advisor M.M. Singh, Haryana Chief Minister Manohar Lal Khattar, Punjab Chief
Minister Amarinder Singh at CII’s Invest North event in Mumbai.
    10:00 am: Transport Minister Nitin Gadkari at Assocham’s “A Global Way To
Manage Working Capital” event in New Delhi.
    10:00 am: Railway Minister Piyush Goyal, Environment Minister Harsh Vardhan,
J.K Paper Vice Chairman and MD Harsh Pati Singhania and other paper
manufacturing industry officials at Paperex 2017 in New Delhi.
    11:00 am: Trade Joint Secretary Sudhanshu Pandey at FICCI’s ‘E-commerce,
Digital Infrastructure, Trade Rules and WTO’ event in New Delhi.
    11:30 am: Food Processing Minister Harsimrat Kaur Badal and Junior Food
Processing Minister Sadhvi Niranjan Jyoti to address media ahead of World Food
India 2017, in New Delhi.
    02:30 pm: TVS Motors post-earnings conference call in Mumbai.
    04:30 pm: Labour Minister Santosh Kumar Gangwar at 65th Foundation Day of
Employees’ Provident Fund Organisation in New Delhi.
    04:30 pm: Aviation Minister P. Ashok Gajapathi Raju, Junior Aviation
Minister Jayant Sinha to brief media on the proposed Civil Aviation Requirements
regarding Unmanned Aircraft System, in New Delhi.
    05:00 pm: Godrej Consumer Products post-earnings conference call in Mumbai.
    06:00 pm: JSW Energy post-earnings conference call in Mumbai.
    06:00 pm: Mahindra Holidays & Resorts India post-earnings conference call in
Mumbai.
    06:30 pm: Tech Mahindra post-earnings conference call in Mumbai.
    06:30 pm: Shriram Transport Finance post-earnings conference call in Mumbai.
    
    GMF: LIVECHAT - FX FOCUS
    Independent economist Clifford Bennett will discuss the outlook of major
currency pairs amid the Federal Reserve chairman race, Turnbull government's
loss of majority, and the rise of Jacinda Ardern in New Zealand, at 09:00 am
IST. To join the conversation, click on the link: here
    
    
    INDIA TOP NEWS
    • India jumps to 100th spot on World Bank's Ease of Doing Business list
    India jumped into 100th place on the World Bank's ranking of countries by
Ease of Doing Business for the first time in its report for 2018, up about 30
places, driven by reforms in access to credit, power supplies and protection of
minority investors.
    • Bharti Airtel gets approach for controlling stake in mobile tower arm
    Bharti Airtel said on Tuesday it had been approached by global investors
interested in a controlling stake in its mobile masts unit Bharti Infratel.

    • IndiGo says profit helped by Pratt, Airbus payouts
    InterGlobe Aviation, the owner of India's biggest airline IndiGo, reported a
rise in quarterly profit, helped by compensation received from Pratt & Whitney
and Airbus on aircraft groundings and delivery delays.
    • Tata Steel elevates Narendran as global CEO & MD
    India's Tata Steel has promoted T.V. Narendran as chief executive officer
and managing director globally, the company said on Tuesday.
    • IDBI Bank betting on bad loan recovery, asset sales for turnaround
    India's state-run IDBI Bank is betting on slowing the pace of additional bad
loans, improving operating profit and selling non-core assets to help turn
around its fortunes after reporting its fourth-straight quarterly loss on
Tuesday.
    • State Bank of India cuts lending rates, first time in 10 months
    State Bank of India, the country's top lender by assets, will cut marginal
cost-based lending rates (MCLR) across maturities by 5 basis points, in what
will be its first lending rate cut in 10 months.
    • Dr. Reddy's Q2 profit beats estimates, shares rise
    Dr. Reddy's Laboratories posted a better-than-expected second-quarter net
profit on Tuesday, helped by higher revenue from its European business, driving
shares of the drugmaker up to a one-month high.
    • JSW Steel second quarter profit up 27 percent
    Indian steel producer JSW Steel reported a 27 percent rise in quarterly
profit on Tuesday, helped by higher steel sales.
    
    
    GLOBAL TOP NEWS
    • Eight dead in suspected terrorist truck attack on Manhattan bike path
    A man driving a rented pickup truck mowed down pedestrians and cyclists on a
bike path alongside the Hudson River in New York City on Tuesday, killing eight
people and injuring about a dozen others in what authorities said was an act of
terrorism.
    • U.S. pursues direct diplomacy with North Korea despite Trump rejection
    The United States is quietly pursuing direct diplomacy with North Korea, a
senior State Department official said on Tuesday, despite U.S. President Donald
Trump's public assertion that such talks are a waste of time.
    • Sony shares soar to 9-year high after forecast of record profit
    Shares in Sony soared to a nine-year high after it forecast record earnings,
underscoring the success of its restructuring efforts and raising expectations
of sustained momentum in profitability.
    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    The SGX Nifty Futures were at 10,416.50, trading up 0.37 percent from its
previous close.
    Indian government bonds are likely to trade steady ahead of the U.S. Federal
Reserve’s monetary policy decision due later today. The yield on the benchmark
6.79 percent bond maturing in 2027 may trade in a 6.84 percent-6.89 percent
band.
    The Indian rupee will likely be little changed against the dollar in early
trade, as investors await the conclusion of the Federal Reserve’s two-day policy
later today. Possibility of Republican lawmakers introducing a bill on tax cuts,
the U.S. Treasury Department’s refunding announcement and an imminent selection
of the Fed’s head also kept investors on the edge.
    
    
    GLOBAL MARKETS
    • A jump in shares of consumer companies Mondelez and Kellogg after their
quarterly reports on Tuesday, along with further gains for tech stocks, helped
Wall Street end October on a positive note.
    • Asian shares hit a 10-year high on the back of solid economic growth
globally, while oil prices extended a bull run on hopes that major oil producers
will maintain their output cuts.
    • The dollar edged higher, as investors awaited the outcome of the U.S.
Federal Reserve's two-day policy meeting later in the session for clues about
future tightening.
    • U.S. Treasury debt prices were steady on Tuesday as investors awaited a
heavy calendar of events that market participants expected could prompt volatile
prices moves for the rest of the week.
    • Brent crude oil prices were near two-year highs as OPEC has significantly
improved compliance with its pledged supply cuts and Russia is also seen keeping
to the deal.
    • Gold edged lower as the dollar firmed with investors awaiting hints on a
U.S rate hike following the Federal Reserve's two-day policy meeting.
   
                   CLOSE        FII INVESTMENTS  EQUITIES    DEBT
 PNDF spot         64.72/64.75  October 31       -$82.2 mln  $247.72 mln
 10-yr bond yield  6.99 pct     Month-to-date    $304.2 mln  $2.66 bln
                                Year-to-date     $5.66 bln   $25.95 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 = 64.7400 Indian rupees)

 (Compiled by Nayyar Rasheed in Bengaluru)
  

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