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Morning News Call - India, September 11
September 11, 2017 / 3:31 AM / 2 months ago

Morning News Call - India, September 11

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    FACTORS TO WATCH
    10:00 am: Environment Minister Harsh Vardhan to inaugurate a training
workshop in New Delhi.
    10:30 am: Heavy Industries Minister Anant Geete and Deputy Prime Minister of
Belarus to address ‘India-Belarus Business Forum’ in New Delhi.
    10:30 am: Society of Indian Automobile Manufacturers to release industry
sales figures for August in new delhi.
    11:30 am: Tata Motors Head of Commercial Vehicle Business Unit Girish Wagh
at round table session in Mumbai. 
    12:30 pm: ICICI Lombard General Insurance IPO briefing in New Delhi.
    
    LIVECHAT - NORTH KOREA CRISIS 
    As a new ICBM test by Pyongyang looms, some analysts have given up to a 60
percent chance of military conflict arising in Northeast Asia. Tristan Webb, who
was senior DPRK analyst for the British Foreign and Commonwealth Office, joins
us to discuss what can be expected next at 12 noon IST. To join the
conversation, click on the link: here
    
    
    INDIA TOP NEWS
    • ExxonMobil slashes 20-year LNG price to India in bad omen for producers
    India has won a big price cut on a 20-year liquefied natural gas (LNG) deal
with global giant ExxonMobil Corp in a rare contract renegotiation, a bad sign
for global producers in a heavily oversupplied market.
    • India's auto industry gears up for government's electric vehicles push
    India's aggressive push to electrify all new vehicles by 2030 is compelling
auto part manufacturers and carmakers to draw up early plans for
electrification, company executives said.
    • India raises GST tax rates for larger cars; pushes back filing deadlines  
    Finance Minister Arun Jaitley said on Saturday the government would increase
taxes for mid-sized, large, and sports utility vehicles under the recently
unveiled Goods and Services Tax (GST), and also extended the deadline to file
GST returns.
    • Carmakers bemoan flip-flopping India, urge stable policies to foster
investment 
    After 18 months of sudden rule changes that left many carmakers scrambling,
some of the industry's largest players are calling on the Indian government to
set clear, stable policies - or face the risk of delays to major investment.

    • Turkey's Celebi keen to buy Air India's ground handling unit
    Turkey's Celebi Aviation Holding has shown interest in buying state-owned
Air India's ground handling operations, India's aviation secretary Rajiv Nayan
Choubey said on Friday.
    • ICICI Lombard seeks to raise $892 million in IPO sale
    ICICI Lombard General Insurance Co Ltd's initial public offering of shares
opening next week aims to raise up to 57 billion rupees ($892 million), the
latest listing in what is expected to be a record-setting year for India.

    • Madhya Pradesh seeks to quash Goldman-backed solar project 
    India's second largest state has appealed to the country's top court to
quash a Goldman Sachs-backed solar project, highlighting the challenges faced by
solar companies looking to expand in Asia's third largest economy.
    • India market regulator proposes tighter ratings agency rules 
    India's capital markets regulator proposed additional changes to credit
ratings agencies on Friday, including a restriction on cross-holdings and
spinning off non-ratings businesses.
    
    
    GLOBAL TOP NEWS
    • Weakening but still potent Irma aims full force at Florida's Gulf Coast
    A weakening but still potent Hurricane Irma lashed Florida's Gulf Coast on
Sunday with tree-bending winds, pounding rain and surging surf, leaving millions
of homes and businesses without power while flooding streets and swaying
skyscrapers across the state in Miami.
    • N.Korea warns U.S. will pay due price for spearheading U.N. sanctions
    North Korea warned on Monday the United States would pay a "due price" for
spearheading a U.N. Security Council resolution against its latest nuclear test,
as Washington presses for a vote on a draft resolution imposing more sanctions
on Pyongyang.
    • Thousands of homes wrecked by huge Mexican quake, death toll at 90
    A massive earthquake off southern Mexico on Thursday night that killed at
least 90 people damaged tens of thousands of homes and afflicted upwards of two
million people in the poorer south, state officials said, as more details of the
disaster emerged.
    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • Indian sovereign bonds are likely to edge lower in early trade following
gains in U.S. Treasury yields.  The yield on the benchmark 6.79 percent bond
maturing in 2027 is likely to trade in a 6.52 percent-6.57 percent band today.
    • The Indian rupee will likely edge lower against the dollar, in line with
most other Asian currencies, as the greenback rebounded after Hurricane Irma
turned out to be less destructive than initially feared and North Korea held off
on another missile test.
    
    
    GLOBAL MARKETS
    • The S&P 500 ended slightly lower on Friday as investors braced for
potential damage from Hurricane Irma as it drove toward Florida, while a decline
in big tech names like Apple and Facebook pushed the Nasdaq down more sharply.

    • The U.S. dollar won a reprieve from risk aversion after North Korean
dictator Kim Jong Un decided to hold a party over the weekend rather than launch
another missile, tempering safe havens like the yen and Treasuries.
    • U.S. long-dated Treasury yields were little changed to slightly lower on
Friday, as investors squared positions ahead of next week's auction of
government debt.
    • Oil prices edged up after the Saudi oil minister discussed the possible
extension of a pact to cut global oil supplies beyond March 2018 with his
Venezuelan and Kazakh counterparts.
    • Gold fell early after hitting its highest level in over a year in the
previous session, with a recovery in the U.S. dollar reining in any upward
momentum in the metal.
    
    
                   CLOSE        FII INVESTMENTS  EQUITIES      DEBT
 PNDF spot         63.92/63.95  September 8      -$40.14 mln   $14.58 mln
 10-yr bond yield  6.8 pct      Month-to-date    -$531.88 mln  $328.68 mln
                                Year-to-date     $6.48 bln     $23.47 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 = 63.7800 Indian rupees)
    
    

 (Compiled by Erum Khaled in Bengaluru)
  

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