Indian FX/debt factors to watch - Nov 22

Thu Nov 22, 2012 8:44am IST

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GLOBAL MARKETS ROUNDUP
    *  The yen fell to a 7-1/2-month low versus the dollar on
Thursday, lifting Japan's Nikkei share average to a six-month
high, on mounting expectations of aggressive policy action under
a likely new government. 
    * The yen languished near eight-month lows versus the dollar
on Thursday as investors gave it a wide berth on expectations of
more policy action in Japan, while revived hopes of a Greek loan
deal saw the euro stage a dramatic turnaround. 
    * Oil ended higher after thin, volatile trading on
Wednesday, as late-day short-covering ahead of a U.S. holiday
offset earlier relief over a ceasefire that ended eight days of
fighting in the Gaza strip. 
    * U.S. Treasuries prices slipped for the third day on
Wednesday in light trading volume as investors took profits on a
recent rally that pushed yields to two-month lows, while the
Federal Reserve sold short-term debt and the Treasury auctioned
securities. 

    LOCAL MARKETS PREVIOUS CLOSE 
    * BSE index 18,460.38 points (0.72 pct)
    * NSE index 5,614.80 points (0.78 pct)
    * Rupee 55.11/12 per dollar (55.0950/1050)
    * 10-year bond yield 8.21 pct (8.20 pct) 
    * 5-year OIS rate 7.17 pct (7.17 pct) 
    * 1-year OIS rate 7.76 pct (7.76 pct) 
    * Call money 8.00/8.10 pct (8.05/8.10 pct)
    
    OVERNIGHT NEWS
    * India is to allow state-run Life Insurance Corp (LIC) to
triple the maximum stake it can hold in other companies to 30
percent in a move seen as helping a government sell-off of its
own holdings in a range of firms. 
    * India's central bank Governor Duvvuri Subbarao went
against the suggestion of most external members of an advisory
panel to keep the key repo rate steady on Oct. 30, minutes of
the quarterly meeting released on Wednesday showed.
 
             
    MAJOR DEALS/EXTERNAL COMMERCIAL BORROWINGS
    * Japan Bank for International Cooperation and Mizuho
Corporate Bank have completed a US$135m loan for Jamshedpur
Continuous Annealing & Processing Co Pvt Ltd, an Indian joint
venture between Japan's Nippon Steel & Sumitomo Metal Corp and
India's Tata Steel Ltd, JBIC said in a statement on Tuesday.
 
    * Indian drugmaker Cipla plans to offer $215
million for a majority stake in South Africa's Cipla Medpro
 to strengthen its presence in Africa's fast-growing
market for cheap, generic versions of branded drugs.
 
    * The Indian government will sell a 4 percent stake in
state-run Hindustan Copper Ltd through an auction of
shares on Friday, the official in charge of the government's
divestment program said on Wednesday. 
    * A jumbo 259 billion rupees (US$4.7bn) project finance loan
for Tata Steel Ltd is likely to be launched into syndication in
two weeks. The company's board approved the launch at a meeting
on November 9. The deal is likely to be launched in one go
instead of in phases, which was one of the possibilities.
    
    USD/INR NDFs (NY closing prices)  
    * For up-to-date prices, double click 
      Close      Open      High     Low      Volume 
    55.38-43    55.46     55.47    55.40      High

    FII INVESTMENTS-EQUITIES (Net dollars)                      
                        
    Nov. 21*                  $33.14 mln#
    Month-to-date**          $967.64 mln 
    Year-to-date**            $19.00 bln         
    * Provisional NSE data         
    ** Source: Data as per custodial filing as on Nov. 21 on
SEBI website.
    #(As per Reuters conversion, $1 = 55.10 rupees)     
             
    FII INVESTMENTS-DEBT (Net Dollars)  *  
                              Debt             
    Nov. 20                 $24.97 mln
    Month-to-date          -$57.37 mln
    Year-to-date             $6.21 bln                    
    * Source: Data as per custodial filing as on Nov. 21 on SEBI
website.
        
    GOVERNMENT SECURITIES TRADING (Net buy/sell, in rupees)
                                Nov. 21
    Foreign Banks                       -9.17 bln
    Public Sector Banks                  4.92 bln
    Private Sector Banks                 2.74 bln
    Mutual Funds                         1.32 bln 
    Others                              -0.55 bln
    Primary Dealers                      0.74 bln
    Source: Clearing Corp of India Ltd
    
    MONEY MARKET INFLOWS
INSTRUMENT               PAYMENT     DATE    AMT (IN MLN RUPEES)
SDL 09.12%, 2022         Interest   Nov 23           1368.00 
(3 States) 
SDL 09.13%, 2022         Interest   Nov 23            136.95 
(PUNJAB) 
SDL 09.15%, 2022         Interest   Nov 23            457.50 
(KERALA) 
SDL 09.17%, 2022         Interest   Nov 23            687.75 
(UTTAR PRADESH) 
SDL 09.19%, 2021         Interest   Nov 23             32.17 
(GOA) 
SDL 09.21%, 2021         Interest   Nov 23            115.13 
(PUNJAB) 
SDL 09.22%, 2021         Interest   Nov 23            479.44 
(3 States) 
SDL 09.22%, 2022         Interest   Nov 23            691.50 
(WEST BENGAL) 
SDL 09.23%, 2021         Interest   Nov 23            638.25 
(2 States) 
SDL 09.25%, 2021         Interest   Nov 23            693.75 
(2 States) 
SDL 09.28%, 2021         Interest   Nov 23            464.00 
(WEST BENGAL) 
SDL 09.33%, 2021         Interest   Nov 23             81.64 
(JAMMU & KASHMIR) 
12.60% 2018              Interest   Nov 23           7958.08 
91 days T-Bill           Redemption Nov 23         111220.00 
182 days T-Bill          Redemption Nov 23          50000.00
SDL 08.39%, 2020         Interest   Nov 24            891.44 
(3 States) 
SDL 08.40%, 2020         Interest   Nov 24            420.00 
(GUJARAT) 
9.00% 2013               Interest   Nov 24            788.10 
7.94% 2021               Interest   Nov 24          19453.00 
For full table: 
    
    WEEKLY GOVERNMENT AUCTIONS 
MATURITIES                   DATE        AMOUNT (In rupees)   
Bonds                      Nov. 23            130 bln
    
    LIQUIDITY
    * The Reserve Bank of India (RBI) said on Wednesday it
accepted all 39 bids for 1.07 trillion rupees at its one-day
repo auction, through which it injects liquidity into the
banking system. It also accepted the sole bid for 50 million
rupees at its reverse repo auction through which it injects
liquidity into the banking system. 
    * Indian banks' refinancing with RBI rises to 205.09 billion
rupees. 
    * Indian banks' cash balances with RBI rise to 3.03 trillion
rupees. 

 (Compiled by Swati Bhat)
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