October 25, 2018 / 3:29 AM / in a month

Morning News Call - India, October 25

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    FACTORS TO WATCH
    No major events are scheduled.
    
    GMF: OIL OUTLOOK
    Reuters correspondents Amanda Cooper and Jessica Resnick-Ault take your
questions at 1900 IST about energy markets in the rapid-fire, weekly segment
"Lock, Stock and Barrel". To join the conversation, click on the link: here
    
    
    INDIA TOP NEWS
    • Wipro sees challenges in U.S healthcare amid Obamacare uncertainties 
    Indian software services exporter Wipro on Wednesday called out its
healthcare services business in the United States as a challenge as
uncertainties over Obamacare meant insurers are holding off on big technology
expenditure.
    • Kraft Heinz to sell part of India business for about $630 million 
    Kraft Heinz will sell part of its Indian business, including brands such as
malt-based drink Complan and energy drink Glucon-D, for 45.95 billion rupees, at
a time when Indian consumers are demanding healthier, sugar-free alternatives.

    • IndiGo moves to preserve cash after first quarterly loss
    InterGlobe Aviation's IndiGo has pushed back plans to own Airbus A320neo
planes to preserve cash and will continue to lease them, its interim CEO said on
Wednesday after the company posted its first quarterly loss since 2015.

    • Kotak Mahindra Bank Q2 profit rises nearly 15 percent, misses estimates
    Kotak Mahindra Bank posted a 14.8 percent rise in second-quarter net profit
on Wednesday, boosted by higher interest and fee income, but missed analysts'
expectations.
    • Airtel Africa raises $1.25 billion from SoftBank, five other investors
    Airtel Africa, a subsidiary of Bharti Airtel, said on Wednesday it raised
$1.25 billion from six global investors including SoftBank, Warburg Pincus and
Temasek.
    • IDFC Bank posts first quarterly loss since market debut
IDFC Bank on Wednesday posted its first quarterly loss since its stock market
debut in November 2015, as the bank set aside funds to comply with regulatory
norms.
    • Bajaj Auto Q2 profit climbs, beating estimates
Bajaj Auto posted a 3.65 percent rise in September-quarter profit on Wednesday,
beating analyst estimates, helped by higher sales volume.
    • Bharti Infratel Q2 profit falls about 6 percent
Indian telecom tower company Bharti Infratel's second-quarter profit fell about
6 percent, hurt by higher expenses, but beat analysts' estimates.
    
    
    GLOBAL TOP NEWS
    • Obama, Clinton among targets of suspected bombs ahead of U.S. election
    Former U.S. President Barack Obama and former Secretary of State Hillary
Clinton were among the targets of suspected package bombs delivered to several
high-profile Democrats and CNN in what New York officials on Wednesday called an
act of terrorism.
    • FOCUS-Smartphones emerge as bright spot for Indian manufacturing 
    Smartphone-maker Lava is a small player in India's booming mobile
communications industry, but it has become a poster child for Prime Minister
Narendra Modi's ambitious effort to make India a global hub for electronics
manufacturing. Just a few years ago, Lava imported cheap phones from China. Now
it builds its own devices at two factories on the outskirts of New Delhi that
employ about 3,500 people, and expansion plans are in the works.
    • Saudi crown prince vows to bring Khashoggi killers to justice
    Saudi Arabia's powerful Crown Prince Mohammed bin Salman vowed on Wednesday
that the killers of Jamal Khashoggi would be brought to justice, in his first
public comments since the journalist's murder sparked global condemnation.

    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • SGX Nifty nearest-month futures were 1 percent lower at 10,136, from its
previous close.
    • The Indian rupee will likely open lower against the dollar after a selloff
in U.S. equities spilled over to Asian currencies and equities.
    • Indian government bonds may edge higher in early trade as crude oil prices
extended this week's fall, improving the inflation outlook. The yield on the
benchmark 7.17 percent bond maturing in 2028 may trade in a 7.84 percent-7.90
percent band today.
    
    GLOBAL MARKETS
    • U.S. stocks plunged again on Wednesday, confirming a correction for the
Nasdaq and erasing the Dow and the S&P 500's gains for the year, as
disappointing forecasts from chipmakers and weak home sales data fueled jitters
about economic and profit growth.
    • Asian shares dived as hundreds of billions of dollars haemorrhaged from
global markets after a rout in tech stocks inflicted the largest daily decline
on Wall Street since 2011, wiping out all its gains for the year.
    • The Japanese yen rose against the dollar as a rout on Wall Street and weak
European and U.S. economic data dented global risk sentiment, sending investors
scurrying to safe-haven assets including government bonds.
    • U.S. benchmark 10-year Treasury yields fell to three-week lows on
Wednesday, weighed down by weakness in stocks and ongoing political uncertainty
ahead of the U.S. congressional elections.
    • Oil prices fell by around one percent, coming under pressure from sharp
selloffs in global stock markets, with U.S. stocks posting the biggest daily
decline since 2011 to wipe out the year's gains.
    • Gold prices firmed early, hovering near a more than three-month high
reached earlier this week, as the U.S. dollar eased and Asian stocks slumped
after Wall Street surrendered all its gains for the year.
    
    
                   CLOSE        FII INVESTMENTS  EQUITIES      DEBT
 PNDF spot         73.18/73.21  October 24       -$279.57 mln  $182.97 mln
 10-yr bond yield  7.87 pct     Month-to-date    -$2.62 bln    -$1.74 bln
                                Year-to-date     -$4.79 bln    -$8.49 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 = 73.2200 Indian rupees)

 (Compiled by Debanjan Bose in Bengaluru)
  
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