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Morning News Call - India, November 8
November 8, 2017 / 3:33 AM / 11 days ago

Morning News Call - India, November 8

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    FACTORS TO WATCH
    10:00 am: Transport Minister Nitin Gadkari to brief media in Mumbai.
    10:00 am: GlaxoSmithKline Consumer Healthcare post-earnings analyst
conference call in Gurugram. 
    10:45 am: Labour Minister Santosh Kumar Gangwar to inaugurate session on
employment in New Delhi. 
    11:00 am: Tata Coffee post-earnings analyst conference call in Mumbai.
    11:00 am: Balrampur Chini Mills post-earnings analyst conference call in
Mumbai.
    12:00 pm: Tata Sons Chairman N. Chandrasekaran, Tata Consultancy Services
CEO Rajesh Gopinathan, Maharashtra Chief Minister Devendra Fadnavis at
inauguration of TCS Olympus center in Mumbai.
    12:30 pm: Arvind Chairman Sanjay Lalbhai to make strategic announcement in
Mumbai.

    
    LIVECHAT - FX MARKETS 
    We discuss FX markets with Derek Halpenny, European head of FX research,
Bank of Tokyo-Mitsubishi UFJ (BTMU) at 03:30 pm IST. To join the conversation,
click on the link: here
    
    
    
    INDIA TOP NEWS
    • India's Ola ties up with Microsoft for connected car platform
    Indian ride-hailing firm Ola said it has tied up with Microsoft to build a
connected-car platform and will use the U.S tech giant's Azure cloud-computing
service to power its in-car entertainment offering.
    • India investigating alleged assault of passenger by IndiGo airline staff
    A video allegedly showing security staff of India's IndiGo airline
manhandling a passenger went viral on Monday, prompting the federal government
to launch an investigation into the incident involving the country's biggest
airline.
    • India's state miner NMDC plans bid for $9 bln diamond mine - sources 
    India's state-owned miner NMDC Ltd plans to bid for a $9 billion diamond
project in the central state of Madhya Pradesh, three sources directly involved
with the plan told Reuters, competing against resources conglomerates Adani and
Vedanta.
    • Qatari investor selling $1.46 bln stake in India's Bharti Airtel 
    A Qatari investor plans to sell a 5 percent stake in top Indian telecoms
carrier Bharti Airtel Ltd on Friday for about 95 billion rupees, adding to the
Gulf nation's recent stake sales in foreign companies.
    • India's Cipla Q2 profit up 19 pct on higher domestic sales
    Cipla Ltd, India's second largest drugmaker by market capitalisation, posted
its second straight rise in quarterly profit, slightly above analysts' estimate,
boosted by strong domestic sales.
    • India's BHEL Q2 profit up 6 pct, misses estimates
    Power plant equipment maker Bharat Heavy Electricals Ltd posted a nearly 6
percent rise in quarterly profit, the company said on Tuesday, but missed
analysts' forecasts.
    • India's Titan sees jewellery sales rising more than 25 pct in 2017/18 -
CFO
    India's biggest-listed jeweller Titan Co expects jewellery sales to leap
more than a quarter this fiscal year as tighter rules on cash flows and a new
sales tax hurt the mom-and-pop firms that dominate the business, a senior
company official told Reuters.
    • India's ICICI Pru Life turns to IT, pharma after risky telecom bet payoff
    Fund managers at India's largest private sector life insurer, ICICI
Prudential Life Insurance, are turning their attention to the technology and
pharmaceutical sectors following bumper payoffs from a contrarian bet on the
country's telecommunications sector.

   
    GLOBAL TOP NEWS
    • Trump issues stern warning to N.Korea: "Do not try us" 
    U.S. President Donald Trump warned North Korea on Wednesday "do not
underestimate us and do not try us" as he vowed that the United States would
defend itself and its allies against Pyongyang’s nuclear threat. 
    • Shares in Tencent's China Literature double in Hong Kong debut
    Shares in China Literature Ltd doubled in their debut in Hong Kong , as the
online publishing arm of Tencent Holdings Ltd benefited from a rising tide of
local enthusiasm for tech stocks.
    • U.S. Republican tax plans gain speed; Fitch warns on deficit
    Republicans in the U.S. House of Representatives forged ahead on Tuesday
with legislation to reshape the federal tax code, while a top credit-ratings
agency said the bill would balloon the budget deficit and give only a temporary
boost to the economy.

    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
     • The SGX Nifty Futures were trading at 10,415.00, trading up 0.04 percent
from its previous close.
    • Indian government bonds are likely to rise in early trade, as investors
may step up purchases after the benchmark note closed at a record low yesterday.
The yield on the benchmark 6.79 percent bond maturing in 2027 is likely to trade
in a 6.90 percent-6.94 percent band.
    • The Indian rupee will likely open lower against the dollar, as weakness in
regional shares amid reports of a potential delay in U.S. tax plan may spill
over to local equities, raising concerns of foreign fund outflows.


    GLOBAL MARKETS
    • The Dow Jones Industrial Average eked out a fourth consecutive record high
close on Tuesday, while the S&P 500 ended marginally lower after a disappointing
profit forecast from Priceline and a drop in financials.
    • Asian shares paused at decade peaks and the dollar dipped amid concerns
Republican plans for major U.S. tax cuts were running into headwinds even before
the Senate releases its own version of the proposals.
    • The dollar slipped broadly, hurt by a media report that suggested the
implementation of a centrepiece corporate tax cut under discussion in U.S. tax
reforms plans could be delayed.
    • U.S. Treasury yields fell on Tuesday, flattening the yield curve to a
level not seen in a decade, as $24 billion worth of three-year government debt,
the first leg of this week's $64 billion quarterly refunding, fetched average
demand.
    •  Oil markets dipped as traders took profits after crude prices hit
two-year highs, but markets remained well supported by expectations of strong
Chinese demand and tightening supplies.
    • Gold inched higher, as the dollar slipped after a media report suggested
that the implementation of a major corporate tax cut under a crucial U.S. tax
reform plan could be delayed.
    
    
                   CLOSE        FII INVESTMENTS  EQUITIES     DEBT
 PNDF spot         65.02/65.05  November 7       $70.87 mln   $56.74 mln
 10-yr bond yield  7.02pct      Month-to-date    $583.03 mln  $172.84 mln
                                Year-to-date     $6.23 bln    $25.77 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 = 65.0500 Indian rupees)

 (Compiled by Nachiket Tekawade in Bengaluru)
  

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