February 13, 2017 / 3:23 AM / 5 months ago

Morning News Call - India, February 13

7 Min Read

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    FACTORS TO WATCH
    9:30 am: Power Minister Piyush Goyal at NTPC event in New Delhi.
    
    5:30 pm: Government to release January consumer price inflation data in New
Delhi.
    
    LIVECHAT- FOREX WEEK AHEAD
    FX Buzz analyst Jeremy Boulton analyses G7 currencies at 4:30 pm. To join
the conversation, click on the link: here
    
    
    INDIA TOP NEWS
     Idea Cellular reports first-ever loss as telco price war rages
    Idea Cellular Ltd, India's third-biggest telecommunications operator,
reported its first quarterly loss after a new rival forced carriers to cut
prices in the highly competitive market. 
     Tata Steel, Thyssenkrupp merger talks face extensive delays
    Investors expecting a deal this year in Tata Steel's talks to merge its
European assets with Germany's Thyssenkrupp risk disappointment, given
complications associated with the Indian-owned firm's British pension scheme.
 
     Top Indian lender SBI sees credit growth accelerating
    State Bank of India predicted its credit growth will accelerate in the next
financial year driven by funding for new government projects, as the nation's
top lender by assets reported its first rise in quarterly profit in more than a
year. 
     Infosys board keen to avoid Tata-style row - source
    The Infosys Ltd board does not want a war of words with the Indian software
services company's former leadership to descend into the kind of damaging row
seen at Tata, an Infosys boardroom source said on Friday. 
     Finance ministry official to head capital markets regulator
    India has appointed senior finance ministry official Ajay Tyagi as the new
chairman of its capital markets regulator, the government said on Friday, at a
time when corporate governance issues have taken centre stage in the country.
 
     Aurobindo plans second U.S. plant as Trump calls for local production 
    Indian drugmaker Aurobindo Pharma plans to set up a factory in the United
States for injectable products, it said on Friday, days after U.S. President
Donald Trump called on pharmaceutical companies to make more drugs locally.
 
     Saab pitches modern combat jet plant in India in two-horse race with
Lockheed
   Sweden's SAAB has offered to build the world's most modern fighter aircraft
factory in India, it said on Friday, as it goes head-to-head with U.S. rival
Lockheed Martin to supply hundreds of locally produced planes to India's
military. 
     AIRSHOW-Boeing eyes more Indian orders with new business unit
    Boeing's new Indian unit will help the company win more business from local
customers and mean more employment in the South Asian country, the head of the
U.S. defence firm's Indian business said on Friday. 
     Vedanta says in talks with Indian govt over clean coal
    Indian mining company Vedanta Resources has held talks with the Indian
government on developing clean coal, as coal is "a core part" of the energy mix
despite its high level of carbon emissions, the firm's CEO said. 
    
    
    GLOBAL TOP NEWS
     Samsung chief appears for 2nd round of questions in graft probe
    Samsung Group leader Jay Y. Lee appeared at the South Korean special
prosecutor's office for questioning as part of a wider investigation into an
influence-peddling scandal that could topple President Park Geun-hye.
 
     Japan's economy gets trade boost in Q4, Trump poses risks
    Japan's economy grew for a fourth straight quarter in the final three months
of last year thanks to strong exports, though weak private consumption and
rising protectionism in the United States suggested a sustainable recovery could
be some way off. 
     China gets an early win off Trump, but many battles remain
    Combining public bluster with behind-the-scenes diplomacy, China wrested a
concession from the United States as the two presidents spoke for the first time
this week, but Beijing may not be able to derive much comfort from the win on
U.S. policy toward Taiwan. 
    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
     The SGX Nifty Futures were at 8,844.50, up 0.41 pct from its previous
close.
     The Indian rupee is poised to open little changed to slightly higher
against the dollar, as likely gains in local shares amid steadying risk appetite
will temper the impact of broad strength in the greenback. 
     Indian government bonds are likely to open largely unchanged ahead of the
release of key retail inflation data after market today. The yield on the
benchmark 6.97 pct bond maturing in 2026 is likely to trade in a 6.77 pct-6.83
pct band today. The bond had closed at 101.14 rupees, yielding 6.81 pct, on Feb.
10.
    
    
    GLOBAL MARKETS
     Wall Street's main stock indexes rose to fresh all-time closing highs on
Friday as a spike in oil prices supported energy shares and investors renewed
their optimism about President Donald Trump's economic agenda. 
     The dollar rose against the yen on relief that U.S. President Donald Trump
set aside tough campaign rhetoric over security and jobs in a smooth meeting
with Japanese Prime Minister Shinzo Abe, with no mention of currency policy.
 
     U.S. Treasury yields edged higher on Friday, boosted by solid monthly
import price data as investors acted largely on technical data. 
     Oil prices dipped on signs that global fuel markets remained bloated
despite OPEC-led crude production cuts that have been more successful than most
initially expected. 
     Gold slipped as the dollar strengthened against the yen, with the
greenback buoyed by a smooth meeting between U.S. President Donald Trump and
Japanese Prime Minister Shinzo Abe that saw no mention of currency policy.
 
    
    
                   CLOSE        FII INVESTMENTS  EQUITIES     DEBT
 PNDF spot         66.84/66.87  February 10      $75.58 mln   $48 mln
 10-yr bond yield  7.14 pct     Month-to-date    $243.11 mln  $760.72 mln
                                Year-to-date     $236.72 mln  $648.64 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 = 66.88 Indian rupees)
    
    

 (Erum Khaled in Bengaluru)

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