February 7, 2017 / 3:24 AM / in 8 months

Morning News Call - India, February 7

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    FACTORS TO WATCH
    11:00 am: Budget session of parliament continues in New Delhi.
    
    2:00 pm: Japan External Trade Organisation Chief Director General Kazuya
Nakajo and Executive Vice President Shigeki Maedi to speak at 'Invest Japan' in
New Delhi.
    
    LIVECHAT-TRUMP IMPACT: ASIA TRADE
    What kind of deal could Japan cut with the U.S. after President Donald Trump
pulled out of the Trans-Pacific Partnership? Can South Korea rely on the U.S.
for trade as its relationship with China sours on the THAAD? Cliff Tan, Head of
East Asian Research, Bank of Tokyo Mitsubishi UFJ will discuss, at 10:30 am, the
outlook for changes in trade dynamics in Asia as Trump's policy takes shape. To
join the conversation, click on the link: here
    
    
    INDIA TOP NEWS
     Tata Sons' former chairman Mistry voted off the board
    Shareholders at Tata Sons Ltd, the Indian conglomerate's holding company,
have voted to remove estranged former chairman Cyrus Mistry as a
director. 
     SoftBank-backed Indian e-tailer Snapdeal predicts profits in 2 years
    E-commerce firm Snapdeal expects to turn profitable in the next two years,
its CEO said, as the company cuts costs and boosts efficiency in a market
currently dominated by homegrown Flipkart and U.S. internet giant Amazon.
 
     Supreme Court orders seizure of Sahara's Aamby Valley property
    The Supreme Court on Monday ordered the seizure of the Aamby Valley hill
city estate owned by the embattled Sahara conglomerate which has been ordered to
repay billions of dollars to investors in bonds that were ruled to have been
mis-sold. 
     BlackBerry inks hardware licensing deal covering India
    BlackBerry has signed a hardware licensing agreement covering India and
nearby countries, the Canadian company said on Monday, filling in the last
markets where a third-party will manufacture its once-ubiquitous devices as it
turns fully to software. 
     Qatar Holding to invest $250 mln in India affordable housing -fund manager
    Qatar Holding, a subsidiary of sovereign wealth fund Qatar Investment
Authority, plans to invest $250 million in an affordable housing fund run by
India's ArthVeda Fund Management, the Indian firm said on Monday. 
     Dwarikesh Sugar expects higher margins in Q4 as prices rise 
    Dwarikesh Sugar Industries expects its margins to improve in the March
quarter as prices of the sweetener rise due to a production shortfall, said a
senior company official. 
    
    
    GLOBAL TOP NEWS
     U.S. court to hear arguments Tuesday on Trump's travel ban
    A U.S. federal appeals court will hear arguments over whether to restore
President Donald Trump's temporary travel ban on people from seven
Muslim-majority countries, the most controversial policy of his two-week old
administration. 
     SK Hynix bids for Toshiba memory business stake-source
    South Korea's SK Hynix Inc has entered the running for a stake in Toshiba
Corp's memory chip business, seeing an opportunity to gain on rivals in the
booming NAND market, a person familiar with the matter said. 
     Twenty-First Century Fox profit tops estimates, revenue misses
    Twenty-First Century Fox reported a quarterly profit that beat analysts'
expectations, as its television and cable units benefited from hosting the World
Series and its cable news channel enjoyed strong ratings during the U.S.
presidential campaign. 
    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
     The SGX Nifty Futures were at 8,809.00, down 0.06 pct from its previous
close.
     The Indian rupee will likely open lower against the dollar, tracking its
Asian peers, as risk appetite dwindled amid global political and economic
uncertainty, even as local investors await the outcome of the central bank's
policy review. 
     Indian sovereign bonds are likely to trend higher in opening trade,
tracking a decline in U.S. yields, while some traders continue to expect the
country's Monetary Policy Committee to cut rates. The yield on the benchmark
6.97 pct bond maturing in 2026 is likely to trade in a 6.39 pct-6.44 pct band
today. The bond had closed at 103.94 rupees, yielding 6.41 pct, yesterday.
    
    
    GLOBAL MARKETS
     U.S. stocks slipped on Monday, led by the energy sector as oil prices
dropped, while investors awaited the next run of major earnings reports and
sought further clarity on President Donald Trump's economic policies. 
     Appetite for stocks and the euro ebbed as political and economic
uncertainty sent investors sheltering in the Japanese yen and gold, while
expectations China's foreign exchange reserves had fallen for a seventh month
added to nervousness. 
     The dollar stood near a 10-week low against the yen early as investors
sought refuge in the safe-haven Japanese currency, while the euro languished on
French political woes. 
     U.S. short- and medium-dated Treasury yields hit their lowest levels in at
least 13 days on Monday on mounting European political uncertainty and a dearth
of information on U.S. President Donald Trump's promised pro-growth policies.
 
     Oil steadied after falls the previous session, with markets torn between
mixed price indicators that have kept crude range-bound for much of the year.
 
     Gold inched away from three-month highs touched in the previous session,
although it was supported by safe-haven demand on the back of rising political
uncertainty globally. 

    
                   CLOSE        FII INVESTMENTS  EQUITIES     DEBT
 PNDF spot         67.19/67.22  February 6       -$60.14 mln  $367.95 mln
 10-yr bond yield  6.71 pct     Month-to-date    $207.40 mln  $596.19 mln
                                Year-to-date     $201.01 mln  $484.11 mln
 
    
    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 = 67.21 Indian rupees)
    
    

 (Erum Khaled in Bengaluru)

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