Indian FX/debt factors to watch - Nov 30

Fri Nov 30, 2012 8:29am IST

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GLOBAL MARKETS ROUNDUP
    * Asian shares edged up on Friday on expectations a deal
will eventually be reached to avoid a U.S. fiscal crisis, but
investors wary about taking big positions before the year-end
were likely to take profits on the rises and buy on dips.
 
    * The euro held below a one-month high against the dollar on
Friday as the market worried about the prospects for a budget
deal seen as essential to preventing the U.S. economy from
slipping back into recession next year. 
    * Oil prices rose on Thursday for the first time this week
as investors grew more optimistic that U.S. lawmakers will
resolve a budget fight and increasing Middle East tensions
stoked fear about potential disruptions to oil supplies. 
    * U.S. government debt prices rose on Thursday on safe-haven
demand from investors nervous about the lack of progress in
budget talks in Washington. 

    LOCAL MARKETS PREVIOUS CLOSE 
    * BSE index 19,170.91 points (1.75 pct)
    * NSE index 5,825.00 points (1.7 pct)
    * Rupee 54.8350/8450 per dollar (55.45/46)
    * 10-year bond yield 8.21 pct (8.19 pct) 
    * 5-year OIS rate 7.14 pct (7.15 pct) 
    * 1-year OIS rate 7.73 pct (7.74 pct) 
    * Call money 8.05/8.10 pct (8.00/8.10 pct)
    
    OVERNIGHT NEWS
    * The Indian government bowed to intense opposition pressure
and agreed on Thursday to a vote on its decision to let foreign
supermarkets set up shop in India, taking a major step towards
ending a deadlock that has paralysed parliament for days.
 
    * India's central bank will buy 120 billion rupees ($2.2
billion) of federal government bonds on Dec. 4 through open
market operations (OMO), it said in a release on Thursday. 
 
 
    KEY FACTORS/EVENTS TO WATCH
    * Q3 GDP scheduled to be released at 0530 GMT. 
    * India will release infrastructure output data for October
- 0630 GMT
    * India will release infrastructure output data for October
- 1030 GMT 
    * India-Foreign reserves, bank lending data at 11.30 GMT

    MAJOR DEALS/ACQUISITIONS
    *  Bharti Infratel Ltd, the telecommunications tower unit of
top Indian phone carrier Bharti Airtel, is likely to
raise up to $825 million in what would be the country's biggest
IPO in two years, sources with direct knowledge said.
    * The standby letter of credit-backed $200 million financing
for Videocon Group, the diversified group controlled by
Venugopal Dhoot, has been increased to $400 million. (IFR)
    * Reliance Power and China Ming Yang Wind Power Group will
seek $3 billion in financings for renewable energy projects the
two companies jointly develop in India. (IFR)
    * Electrosteel Steels has signed a 19.48 billion rupees
nine-year loan with SBI Caps as the bookrunner. (IFR)
    * An 8.55 million share block trade in Apollo Hospitals
raised 7.05 billion rupees ($127 million) after pricing shares
at 824.0 rupees. The shares were priced at the bottom of the
824.0 rupees-876.6 rupees range and represented a discount of 6
percent to the Nov. 27 closing of 876.6. rupees (IFR)

    USD/INR NDFs (NY closing prices)  
    * For up-to-date prices, double click 
      Close      Open      High     Low      Volume 
    54.90-94    55.20     55.15    54.90     High

    FII INVESTMENTS-EQUITIES (Net dollars)                      
                        
    Nov. 29*                 $287.65 mln#
    Month-to-date**            $1.39 bln 
    Year-to-date**            $19.42 bln         
    * Provisional NSE data         
    ** Source: Data as per custodial filing as on Nov. 29 on
SEBI website.
    #(As per Reuters conversion, $1 = 54.9275 rupees)     
             
    FII INVESTMENTS-DEBT (Net Dollars)  *  
                              Debt             
    Nov. 27                 $33.46 mln
    Month-to-date          -$98.42 mln
    Year-to-date             $6.17 bln                    
    * Source: Data as per custodial filing as on Nov. 29 on SEBI
website.
        
    GOVERNMENT SECURITIES TRADING (Net buy/sell, in rupees)
                                Nov. 29
    Foreign Banks                       -2.79 bln
    Public Sector Banks                  5.49 bln
    Private Sector Banks                 8.38 bln
    Mutual Funds                        -3.15 bln 
    Others                               2.05 bln
    Primary Dealers                     -9.98 bln
    Source: Clearing Corp of India Ltd
    
    MONEY MARKET INFLOWS
INSTRUMENT               PAYMENT     DATE    AMT (IN MLN RUPEES)
 
9.81% 2013               Interest   Nov 30           5395.50 
10.00% 2014              Interest   Nov 30           1166.63 
10.25% 2021              Interest   Nov 30          13434.33 
91 days T-Bill           Redemption Nov 30          95109.00 
364 days T-Bill          Redemption Nov 30          40000.00 
For full table: 
    
    WEEKLY GOVERNMENT AUCTIONS 
MATURITIES               DATE          AMOUNT (In rupees)   
Dated securities        Nov. 30            130 bln 
OMO                     Dec. 2             120 bln
        
    LIQUIDITY
    * The Reserve Bank of India said on Thursday it accepted all
39 bids for 1.02 trillion rupees at its one-day repo auction,
through which it injects liquidity into the banking system. It
got 2 bids for 7.05 billion rupees at its reverse repo auction
through which it injects liquidity into the banking system.
 
    * Indian banks' refinancing with RBI rises to 215.7 billion
rupees. 
    * Indian banks' cash balances with RBI rise to 3.11 trillion
rupees. 

 (Compiled by Subhadip Sircar and Archana Narayanan)
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