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Morning News Call - India, October 25
October 25, 2017 / 3:14 AM / a month ago

Morning News Call - India, October 25

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    FACTORS TO WATCH
    9:00 am: National Company Law Tribunal President M.M. Kumar at a conference
in New Delhi.
    9:15 am: Government to sell up to 5 percent stake in NLC via offer for sale
on exchanges starting today in Mumbai.
    9:15 am: General Insurance Corp. lists on exchanges in Mumbai.
    10:00 am: Reliance Nippon Life Asset Management IPO opens for subscriptions
in Mumbai.
    10:00 am: Junior Defense Minister Subhash Bhamre at an event in New Delhi.
    11:00 am: Oil Minister Dharmendra Pradhan at Clean Cooking Forum in New
Delhi.
    11:00 am: Chief Economic Adviser to speak at an event in New Delhi.
    2:00 pm: Oil Minister Dharmendra Pradhan at MoU documents exchange between
Oil PSUs and innovators in New Delhi.
    2:00 pm: 9th Realty Plus Awards in Gurugram.
    3:30 pm: Raymond post-earnings conference call in Mumbai.
    3:45 pm: Kotak Mahindra Bank Joint MD Dipak Gupta and CFO Jaimin Bhatt at 2Q
results briefing in Mumbai.
    4:30 pm: RBL Bank analyst conference call in Mumbai.
    
    
    LIVECHAT - CHINA PARTY CONGRESS
    China's twice-a-decade Party Congress will conclude with the announcement of
new leaders in the powerful Politburo Standing Committee. Yukon Huang, senior
fellow of Carnegie Asia Program at Carnegie Endowment For International Peace,
will discuss the implications of the leadership selection at 7:30 am IST on
Thursday. To join the conversation, click on the link: here
    
    
    INDIA TOP NEWS
    • India embarks on $32.4 billion state bank recapitalisation to boost
economy
    India's cabinet approved a $32.43 billion plan on Tuesday to recapitalise
its state banks over the next two years, in a bid by Prime Minister Narendra
Modi to tackle a major drag on the economy that has frustrated his attempts to
boost growth.
    • Infosys posts strong profit, cuts full-year revenue forecast
    Indian software services company Infosys Ltd reported a larger-than-expected
quarterly profit but trimmed its revenue forecast for the year, sending its
U.S.-listed shares tumbling as much as 5 percent in early trade on Tuesday.

    • New India Assurance sets price range for up to $1.5 billion IPO - sources
    New India Assurance Co Ltd is targeting an IPO of up to $1.5 billion, as
sources who have direct knowledge of the matter told Reuters on Tuesday the
state-run company had set a price band of 770 rupees to 800 rupees a share for
the offer.
    • HDFC Bank posts record profit, bad loans stable
    HDFC Bank Ltd, India's second-biggest lender by assets, made a record
quarterly profit from higher interest and fee income and said retail and
wholesale lending was growing.
    • Asian Paints Q2 profit up 21 percent
    India's Asian Paints Ltd posted a 21 percent rise in second-quarter profit
on Tuesday, beating estimates.
    • Adidas-owned Reebok cleared to open own stores in India
    India on Tuesday approved Adidas AG-owned Reebok India's proposal to start
single-brand retail outlets across the country, paving the way for the shoes and
apparel maker to sell directly to consumers.
    • Ambuja Cements Q3 profit up 10 percent
    India's Ambuja Cements Ltd reported an about 10 percent increase in
quarterly profit on Tuesday, helped by higher cement sales volume.
    • Logos India to invest up to $800 million in Indian logistics 
    Logos India, a joint venture between Macquarie-backed Logos Property Group
and Singapore's Assetz Property Group, will invest up to $800 million in India's
logistics sector, the company said in a statement on Tuesday.
    
    
    GLOBAL TOP NEWS
    • Two Republican U.S. senators blast Trump as party feud deepens
    Tensions among Republicans about President Donald Trump boiled over on
Tuesday as two senators accused Trump of debasing U.S. politics and the
country's standing abroad, a rebellion that could portend trouble for his
legislative agenda.
    • China to unveil new leadership line-up as Xi cements power
    China's ruling Communist Party reveals its new leadership line-up today when
President Xi Jinping introduces his Politburo Standing Committee, culminating a
week-long party congress.
    • Trump consults U.S. Republican senators on Fed chief candidates
    U.S. President Donald Trump used a luncheon with Senate Republicans on
Tuesday to get their views on who he should tap to be the next leader of the
Federal Reserve, according to senators who attended.
    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • The SGX Nifty Futures were at 10,300.50, trading up 0.75 percent from its
previous close.
    • Indian sovereign bonds are likely to open lower amid concerns of
additional supply of notes after the government announced a bank
recapitalization plan that includes bank recap bonds. The yield on the benchmark
6.79 percent bond maturing in 2027 will likely trade in the range of 6.80
percent - 6.85 percent band.
    • The Indian rupee will likely edge lower against the dollar in early trade,
tracking most Asian peers, as the greenback rallied amid speculation that
hawkish Stanford University economist John Taylor was a favorite to be the next
Federal Reserve head. 

    
    GLOBAL MARKETS
    • The Dow rallied on Tuesday, registering its biggest daily percentage gain
in more than a month, as stronger-than-expected results and forecasts from
companies including 3M and Caterpillar fueled optimism about economic
strength.
    • Asian shares trod water in early trade, while U.S. Treasury yields and the
dollar got a lift following a report Republican senators were leaning towards
John Taylor to be the next Federal Reserve chief.
    • The dollar traded within sight of a three-month high against the yen,
underpinned by reports of Republican senators' support for John Taylor to become
the next Federal Reserve chief.
    • U.S. benchmark 10-year Treasury note yields rose to their highest in more
than five months on Tuesday, in line with gains in the European bond market,
with a strong U.S. equity performance also adding to overall risk appetite.

    • Oil prices were largely steady in early Asian trade, hovering near a
four-week high hit a day earlier after top exporter Saudi Arabia said it was
determined to end a supply glut.
    • Gold prices slipped, pressured by a firmer dollar amid speculation over
who will be the next U.S. Federal Reserve chief.
    
                   CLOSE        FII INVESTMENTS  EQUITIES      DEBT
 PNDF spot         65.01/65.04  October 24       -$200.68 mln  $201.51 mln
 10-yr bond yield  6.96 pct     Month-to-date    -$809.33 mln  $2.12 bln
                                Year-to-date     $4.54 bln     $25.40 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 = 65.0800 Indian rupees)
    
    

 (Compiled by Samrhitha Arunasalam in Bengaluru)
  

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