February 15, 2017 / 3:15 AM / 6 months ago

Morning News Call - India, February 15

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    FACTORS TO WATCH
    10:00 am: Power Minister Piyush Goyal and Mines Secretary Balvinder Kumar at
national conclave on mines and minerals 2017 in New Delhi.
    
    11:30 am: India Ratings briefs media on macroeconomic and banking sector
outlook for next fiscal year in Mumbai.
    
    4:00 pm: State Bank of India Head Arundhati Bhattacharya launches Korea Desk
in tie-up with Korea Development Bank in Mumbai.
    
    6:00 pm: Federal cabinet likely to meet in New Delhi.
    
    LIVECHAT- TRUMP IMPACT:CHINA FX RESERVES
    China's foreign exchange reserves have sunk to their lowest level in almost
six years, as the country took steps to defend the soft peg between the yuan and
dollar. At 9:00 am, Zhou Hao, Senior Emerging Markets Economist, Commerzbank,
will assess the effectiveness of this tactic, and the odds of China being
labelled 'currency manipulator' by U.S. President Donald Trump on the back of
it. To join the conversation, click on the link: here
    
    
    INDIA TOP NEWS
     Tata Motors posts 96 percent profit plunge
    Tata Motors has reported a worse than expected 96 percent fall in net profit
for its third quarter, citing sharply lower earnings at its British luxury
carmaker Jaguar Land Rover and losses in its domestic business. 
     Sun Pharma's profits drop as U.S. sales hit by pricing, supply issues
    Sun Pharmaceutical Industries, India's largest drugmaker, reported its first
fall in quarterly profits in a year on Tuesday, as pricing issues and supply
constraints affected sales in the United States, its largest market.
 
     Infosys seeks to reassure investors over governance
    IT services group Infosys on Tuesday reassured investors and analysts it was
not being distracted by a dispute with its founders over how it was being
managed. 
     Bank of Baroda sees growth in bad loans slowing
    Bank of Baroda Ltd, India's second-biggest state-controlled lender by
assets, expects the rate of growth in bad loans to slow in the coming financial
year, a senior banker said on Tuesday. 
     AIRSHOW-India clears plans to step up production of home-built combat jet 
    India will open a second production line for its light combat aircraft,
Defence Minister Manohar Parrikar said on Tuesday, pressing ahead with a
home-grown plane the military has had doubts over for years. 
     Pretender to India's Tamil Nadu leadership jailed for corruption 
    India's Supreme Court convicted a confidante of the late chief minister of
Tamil Nadu on Tuesday in a corruption case that will put her behind bars and
effectively end her bid to become chief minister of the southern state.
 
     Japan's JERA to invest $200 mln in India's ReNew Power 
The world's top buyer of liquefied natural gas JERA Co said on Tuesday it has
agreed to invest about $200 million to take a stake in Indian renewable power
producer ReNew Power Ventures Private Ltd. 
    
    
    GLOBAL TOP NEWS
     Trump knew for weeks that aide was being misleading over Russia -White
House
    U.S. President Donald Trump knew for weeks that national security adviser
Michael Flynn had misled the White House about his contacts with Russia but did
not immediately force him out, an administration spokesman said on Tuesday.
 
     S.Korea says believes half-brother of N.Korea leader was murdered
    South Korea said it believed the half-brother of North Korean leader Kim
Jong Un had been murdered, as Malaysian authorities moved the body to another
hospital for an autopsy to identify the cause of death, sources told Reuters.
 
     U.S. business in China warms to possible Trump trade policy shake-up
    "Reciprocity" has become the new buzzword in the U.S. business community in
China, with some industry leaders saying they would welcome a tougher approach
from the Trump administration in opening up the markets of the world's
second-largest economy. 
        
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
     The SGX Nifty Futures were at 8,836.00, up 0.19 pct from its previous
close.
     The Indian rupee is poised to open lower against the dollar, tracking its
Asian peers, as Federal Reserve Chair Janet Yellen's indication of an upcoming
rate increase boosted demand for the greenback. 
     Indian government bonds will likely edge higher in early trade after the
central bank said it would conduct a buyback of sovereign papers tomorrow. The
yield on the benchmark 6.97 pct bond maturing in 2026 is likely to trade in a
6.83 pct-6.89 pct band today. The bond had closed at 100.65 rupees, the lowest
level since Sep. 20, yielding 6.87 pct, yesterday.
    
    
    GLOBAL MARKETS
     Major U.S. stock indexes established record highs on Tuesday, led by bank
stocks after Federal Reserve Chair Janet Yellen said it would be unwise to wait
too long to raise interest rates. 
     Asian stocks rose early as Wall Street set record highs overnight after
Federal Reserve Chair Janet Yellen spoke in support of an interest rate hike
next month, while the dollar hovered near three-week highs. 
     U.S. Treasury yields jumped on Tuesday after Federal Reserve Chair Janet
Yellen said it would be unwise to wait too long to raise interest rates,
striking a more hawkish tone than investors expected. 
     Oil prices dipped over concerns that producer club OPEC would not be able
to maintain its high compliance so far with output cuts aimed at reining in a
global fuel supply overhang. 
     Gold prices edged lower on an uptick in the dollar after U.S. Federal
Reserve Chair Janet Yellen hinted at a hike in interest rates in an upcoming
meeting of the central bank. 
    
    
                   CLOSE        FII INVESTMENTS  EQUITIES     DEBT
 PNDF spot         66.77/66.80  February 14      -$965,424.3  $176 mln
                                                 4            
 10-yr bond yield  7.21 pct     Month-to-date    $373.53 mln  $1.05 bln
                                Year-to-date     $367.14 mln  $941.77 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 = 66.93 Indian rupees)
    
    

 (Erum Khaled in Bengaluru)

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