Indian FX/debt factors to watch - Feb 18

Mon Feb 18, 2013 8:36am IST

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GLOBAL MARKETS ROUNDUP
    * Japanese shares rallied and the yen fell on Monday after
Tokyo escaped direct criticism from its G20 peers on its
aggressive reflationary plans that have weakened the currency. 
 
    * The yen started a fresh week on the backfoot after Japan
escaped direct criticism from its G20 peers on its aggressive
reflationary plans that have weakened the currency and raised
international complaints of competitive advantage. 
    * Oil prices sank on Friday and Brent futures finished their
first negative week since mid-January after an unexpected dip in
U.S. industrial production spurred concerns about lagging
economic activity. 
    * U.S. Treasuries prices slid on Friday on brighter outlooks
from consumers, with investors turning to fiscal talks in
Washington as a slate of budget cuts looms. 
       
    LOCAL MARKETS PREVIOUS CLOSE 
    * BSE index 19,468.15 (-0.15 pct)
    * NSE index 5,887.40 (-0.16 pct)
    * Rupee 53.22/23 per dollar (53.92/93)
    * 10-year bond yield 7.83 pct (7.82 pct) 
    * 5-year OIS rate 7.24 pct (7.24 pct) 
    * 1-year OIS rate 7.60 pct (7.60 pct) 
    * Call money 7.75/7.85 pct (7.80/7.90 pct)
    
    FACTORS TO WATCH
    * David Cameron's India visit begins.
    * India cbank deputy Anand Sinha at event. (1230 GMT)
                   
    OVERNIGHT NEWS
    * British Prime Minister David Cameron arrives in India on
Monday to try to win new investment in the face of fierce global
competition as a scandal engulfs an Anglo-Italian helicopter
deal. 
    * India is aggressively pursuing tax claims against
multinational firms operating in the country as the government
seeks to rein in its budget deficit, taking particular aim at IT
and back-office functions, tax officials say. 
    * India's finance minister plans to cut the public spending
target for fiscal 2013/14 by up to 10 percent from this year's
original target, in what would be the most austere budget in
recent history as he tries to avert a sovereign credit
downgrade. 
    * Investors are betting Indian bonds are set for their
biggest rally since the global financial crisis, wagering that a
government at risk of losing its investment-grade rating will
put fiscal discipline ahead of election largesse.
 
    * The head of India's central bank said on Saturday there
was room for monetary easing but it was limited, and there were
upside risks to inflation resulting from food and commodity
prices. 
    * India's state fuel retailers plan to raise gasoline prices
by about 2.7 percent and diesel by about 1 percent from Saturday
due to rising global crude prices, officials at the companies
said on Friday. 
 
    MAJOR DEALS/ACQUISITIONS
    * Indian state-run gas company GAIL, in a tie up
with EDF, has placed a non-binding bid for Repsol's
 LNG assets in Trinidad and Tobago, Canada and Peru, the
Indian company's chairman said. The bid value was not disclosed
 
    * Unichem Laboratories said it plans to sell a
drug manufacturing plant located in central India to a unit of
U.S.-based Mylan for 1.6 billion rupees ($29.7 million).
 
    * India's Mahindra Satyam, a software services unit of Tech
Mahindra, said it acquired a majority stake in
Brazil's Complex IT, a provider of consultancy on the use of SAP
AG's business management software.
    * Etihad Airways needs to revise its deal to buy a stake in
India's Jet Airways and it is too soon to say when a
final agreement will be struck, the Abu Dhabi airline's chairman
told Reuters on Sunday. 
  
     USD/INR NDFs (NY closing prices)    
    * For up-to-date prices, double click   
      Close      Open      High     Low      Volume   
    54.64-68    54.34     54.63     54.48      High
     
    FII INVESTMENTS-EQUITIES (Net dollars)                      
                        
    Feb. 15*                  $45.60 mln#
    Month-to-date**            $3.95 bln 
    Year-to-date**             $8.01 bln         
    * Provisional NSE data         
    ** Source: Data as per custodial filing as on Feb. 15 on
SEBI website.
    #(As per Reuters conversion, $1 = 54.17 rupees)     
             
    FII INVESTMENTS-DEBT (Net Dollars)  *  
                              Debt             
    Feb. 14                $12.09 mln
    Month-to-date         $170.36 mln
    Year-to-date          $721.40 mln                    
    * Source: Data as per custodial filing as on Feb. 15 on SEBI
website.
        
    GOVERNMENT SECURITIES TRADING (Net buy/sell, in rupees)
                                Feb. 15
    Foreign Banks                      -10.33 bln
    Public Sector Banks                 20.79 bln
    Private Sector Banks                 0.09 bln
    Mutual Funds                       -12.68 bln 
    Others                               7.70 bln
    Primary Dealers                    -16.98 bln
    Source: Clearing Corp of India Ltd
   
    MONEY MARKET INFLOWS                         (mln rupees) 
Instrument               Payment    Date              Amount  
SDL 07.40%, 2019         Interest   Feb 18             74.00
(2 States)
SDL 07.44%, 2019         Interest   Feb 18            148.80
(JHARKHAND)
SDL 07.45%, 2019         Interest   Feb 18           1773.93
(5 States)
SDL 07.50%, 2019         Interest   Feb 18           1125.00
(MAHARASHTRA)
SDL 07.93%, 2018         Interest   Feb 18             87.23
(RAJASTHAN)
SDL 07.96%, 2018         Interest   Feb 18            597.00
(2 States)
SDL 07.98%, 2018         Interest   Feb 18            319.20
(ANDHRA PRADESH)
SDL 08.00%, 2018         Interest   Feb 18           1346.83
(4 States)
SDL 08.01%, 2018         Interest   Feb 18            600.75
(UTTAR PRADESH)
SDL 08.02%, 2018         Interest   Feb 18            156.10
(4 States)
SDL 08.30%, 2017         Interest   Feb 18            124.50
(TAMIL NADU)
SDL 08.35%, 2017         Interest   Feb 18            256.56
(3 States)
SDL 08.36%, 2017         Interest   Feb 18            146.30
(KERALA)
SDL 08.39%, 2017         Interest   Feb 18            460.64
(WEST BENGAL)
SDL 08.40%, 2017         Interest   Feb 18            315.00
(MADHYA PRADESH)
SDL 08.50%, 2021         Interest   Feb 18            127.50
(TAMIL NADU)
SDL 08.51%, 2021         Interest   Feb 18           1881.02
(4 States)
SDL 08.52%, 2021         Interest   Feb 18            868.19
(4 States)
SDL 08.55%, 2021         Interest   Feb 18            320.63
(JAMMU & KASHMIR)
SDL 08.90%, 2017         Interest   Feb 18            165.48
(JAMMU & KASHMIR)
7.02% 2016               Interest   Feb 18          21060.00
12.40% 2013              Interest   Feb 20           7430.02
SDL 05.85%, 2015         Interest   Feb 21           1180.44
(17 States)
SDL 08.74%, 2016         Interest   Feb 22            349.60
(KARNATAKA)
SDL 08.74%, 2022         Interest   Feb 22            218.50
(KARNATAKA)
SDL 08.75%, 2022         Interest   Feb 22           1050.00
(2 States)
SDL 08.76%, 2022         Interest   Feb 22           1533.00
(2 States)
SDL 08.79%, 2022         Interest   Feb 22            190.30
(PUNJAB)
SDL 08.80%, 2022         Interest   Feb 22            616.00
(2 States)
SDL 08.88%, 2022         Interest   Feb 22            197.58
(HARYANA)
SDL 08.90%, 2022         Interest   Feb 22            400.50
(2 States)
SDL 08.91%, 2022         Interest   Feb 22            534.60
(GUJARAT)
SDL 08.92%, 2022         Interest   Feb 22            401.40
(2 States)
SDL 08.95%, 2022         Interest   Feb 22             85.03
(3 States)
SDL 08.96%, 2022         Interest   Feb 22            672.00
(WEST BENGAL)
91 days T-Bill           Redemption Feb 22          85000.00
364 days T-Bill          Redemption Feb 22          40000.00
For full table: 

    ISSUANCES
Instrument          Amount              Date
State loans       70.70 bln rupees    Feb. 18     
T-Bills           100   bln rupees    Feb. 20
    LIQUIDITY
    * The RBI said on Friday it accepted all 39 bids for 1.20
trillion rupees at its three-day repo auction, through which it
injects cash into the banking system. It also accepted the sole
bid for 150 million rupees at its reverse repo auction, through
which it absorbs cash from the system. 
    * Indian banks' refinancing with RBI rises to 217.19 billion
rupees. 
    * Indian banks' cash balances with RBI rise to 2.82 trillion
rupees. 

 (Compiled by Subhadip Sircar; Editing by Gopakumar Warrier)
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