November 26, 2019 / 3:32 AM / 13 days ago

Morning News Call - India, November 26

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    FACTORS TO WATCH
    • 10:00 am: NITI Aayog CEO Amitabh Kant at FICCI conference in New Delhi.
    • 10:30 am: RBI Deputy Governor M.K. Jain to speak at SIDBI National
    Microfinance Congress in Mumbai.

    LIVECHAT - LATAM IN FOCUS
DWS head of Latin American equities Luiz Ribeiro will join us at 7:30 pm IST to
discuss his views on the region, as well as sectoral and country outlooks. To
join the conversation, click on the link: refini.tv/2P8N0Wp
    
    
    INDIA TOP NEWS
    • SoftBank's Oyo projects losses in India, China until 2022 -valuation
report
    SoftBank-backed Oyo Hotels and Homes' internal projections showed it may not
make a profit in India and China until 2022, even as the India-based hotel chain
revealed a six-fold rise in losses during fiscal year 2019.
    • IndiGo must step up efforts to replace aircraft with problem Pratt &
Whitney engines -regulator
    India's air safety watchdog said IndiGo must do more to fix its aircraft
fitted with Pratt & Whitney engines, linked to in-flight shutdowns, as it fears
the budget airline may not meet its Jan. 31 deadline to replace them.

    • SoftBank-backed Paytm raises $1 billion in fresh funding
    Indian digital payments company Paytm said on Monday it has raised fresh
funds from a group of investors including existing backers SoftBank's  Vision
Fund and China's Ant Financial Services in a deal valuing the firm at $16
billion.
    • Apple supplier Salcomp to invest $279 million in new Indian plant
    Finland's Salcomp, a supplier to U.S. tech group Apple, is to invest $278.67
million in India to make mobile chargers and other smartphone components from
March 2020, the country's technology minister said on Monday.
    • Vedanta warns it may have to process ore outside South Africa
    Vedanta, one of South Africa's biggest international investors, will process
its zinc ore elsewhere unless the country can fix its power problems, the CEO of
Vedanta unit Vedanta Zinc International said.
    • Brazil gunmaker Taurus Armas extends Jindal talks on possible India JV
    Brazilian gunmaker Taurus Armas SA said on Monday it is extending for six
months its memorandum of understanding (MoU) with Indian steelmaker Jindal Group
on a possible joint venture in India.
    
    
    GLOBAL TOP NEWS
    • Top U.S. and Chinese trade negotiators hold phone call, discuss core
issues
    Top trade negotiators from China and the United States held a phone call,
China's Commerce Ministry said, as the two sides try to hammer out a preliminary
"phase one" deal in a trade war that has dragged on for 16 months.
    • Australia's Westpac loses top two executives in money-laundering scandal
    Australia's Westpac Banking Corp said its CEO will step down and its
chairman will bring forward his retirement as a money-laundering scandal rocks
the country's second-largest retail bank.
    • Alibaba shares trading 7.7% higher in Hong Kong debut
    Alibaba Group's Hong Kong shares were trading 7.7% higher at HK$189.50 in
their debut, after marking the city's biggest share sale in nine years.

    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • SGX Nifty nearest-month futures were trading 0.1% higher at 12,122.00.
    • The Indian rupee is expected to open higher against the dollar after U.S.
equities climbed to record highs amid optimism over Sino-American trade.
    • Indian government bonds are likely to open lower, as state debt auction
    will add to supply. The yield on the benchmark 6.45% bond maturing in 2029
is likely to trade in a range of 6.45%-6.50%.
    
    
    GLOBAL MARKETS
    • Each of Wall Street's three major averages kicked off the trading week
with record closes on Monday as signs pointed to progress between the United
States and China on a trade truce, while a round of merger deals also helped
buoy sentiment.
    • Asian stocks rose, bolstered by Wall Street's record closing highs and
signs of new momentum in Beijing's and Washington's efforts to end their long
and acrimonious trade dispute.
    • The dollar held an upper hand against the yen as optimism on a trade deal
between the United States and China dented the allure of the safe-haven unit
while the British pound was supported by hopes of an end to a hung
parliament.
    • U.S. Treasury yields were little changed on Monday after the Treasury
Department sold $40 billion in two-year notes to solid demand, the first sale of
$113 billion in coupon-bearing supply this week.
    • Oil prices were steady, holding onto gains from the previous session,
after positive comments from the United States and China kept alive hopes that
the world's two largest economies are soon to agree an end their trade war.

    • Gold prices fell to a two-week low as the dollar firmed and equities rose
on increasing optimism that China and the United States could seal an interim
trade deal by year-end.
      
                   CLOSE        FII INVESTMENTS  EQUITIES        DEBT
 PNDF spot         71.69/71.72  November 25      606.94 crore    (408.45) crore
 10-yr bond yield  6.49%        Month-to-date    18,154 crore    584 crore
                                Year-to-date     86,707 crore    33,440 crore
 (FII investment numbers are in Indian rupees. Source: National Securities
Depository Limited)​

    
    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 = 71.67 Indian rupees)
 

 (Compiled by Pranay Prakash in Bengaluru)
  
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