July 10, 2017 / 3:21 AM / 14 days ago

Morning News Call - India, July 10

7 Min Read

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    FACTORS TO WATCH
    9:15 am: AU Small Finance Bank listing ceremony in Mumbai.
    11:30 am: SIAM to release June sales data in New Delhi.
    
    LIVECHAT - FX WEEK AHEAD
    FX Buzz analyst Jeremy Boulton analyses G7 currencies at 3:30 pm IST. To
join the conversation, click on the link: here
    
    
    INDIA TOP NEWS
    • Reliance Jio investigating claims of alleged data breach
    India's newest telecoms entrant, Reliance Jio, said it was investigating
claims of customer personal data being leaked onto a website called "Magicapk."

    • Lupin sets off down Indian pharma's long road to redemption
    In 28 years in India's pharmaceuticals sector, Rajiv Desai has never been
busier. Most of the last six months on his desk calendar is marked green,
indicating visits to the 12 plants of, India's No. 2 drugmaker, where Desai is a
senior quality control executive. Only one day is red - a day off.
    • Cash-strapped Venezuela offers India's ONGC oil stake -sources
    Cash-hungry Venezuela has offered Indian oil company ONGC Videsh an
increased stake in an oil field, according to two sources close to the proposal,
as the country seeks to shore up its bruised energy industry and strengthen ties
with New Delhi.
    • India likely to raise sugar import tax to 50 percent
    India, the world's biggest sugar consumer, is likely to raise import duty on
the sweetener to 50 percent from 40 percent in an attempt to restrict cheaper
flows of the commodity from overseas, a government official said on Friday.

    • BPCL plans to buy first U.S. crude via tender - document
    Indian refiner Bharat Petroleum Corp Ltd plans to buy its first ever cargo
of crude oil from the United States, a tender document showed.
    • India in talks with Canada's Teck Resources to buy coking coal - sources
    India is in talks with Canada's Teck Resources Ltd, the largest North
American producer of coking coal used to make steel, for long-term purchase
agreements after a cyclonic disruption in Australia cut supplies earlier this
year.
    • HPCL taps offshore dollar bond market for first time, raises $500 million
    India's Hindustan Petroleum Corp Ltd has raised up to $500 million with its
first ever overseas bond sale, the company said in a statement late on Sunday.

    • Shriram Group agrees to sell units to IDFC
    India's Shriram Group said on Saturday it has reached agreement to merge
some of its financial service businesses with those of IDFC Group.
    
    
    GLOBAL TOP NEWS
    • Trump keeps it friendly with Xi at G20 on North Korea threat
    U.S. President Donald Trump took a conciliatory tone on Saturday at a
meeting with Chinese President Xi Jinping where the leaders agreed to keep
working on two pressing issues: the nuclear threat posed by North Korea and
bilateral trade irritants.
    • Japan's May machinery orders unexpectedly fall, government downgrades
outlook
    Japan's core machinery orders unexpectedly tumbled in May on persistent
weakness in the services sector, and the government downgraded the outlook for
orders for the first time in eight months, raising doubts about the strength of
the economic recovery.
    • Iraqi Prime Minister congratulates armed forces for Mosul "victory"
    Iraqi Prime Minister Haider al-Abadi arrived in Mosul on Sunday and
congratulated the armed forces for their "victory" over Islamic State after
nearly nine months of urban warfare, bringing an end to jihadist rule in the
city.
    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • The SGX Nifty Futures were at 9,662.50, down 0.10 percent from previous
close.    
    • The Indian rupee could edge lower against the dollar in early trade, as a
better-than-expected U.S. non-farm payrolls data spurred overnight gains in the
greenback, boosting bets of at least one more interest rate hike from the
Federal Reserve this year.
    • Indian government bonds are likely to trade lower as the Reserve Bank of
India announced another open market sale of bonds, prompting market participants
to bet the central bank may carry out more such operations to drain excess
liquidity from the banking system. The yield on the benchmark 6.79 percent bond
maturing in 2027 is likely to trade in a 6.51 percent-6.57 percent band today.
    
    
    GLOBAL MARKETS
    • Wall Street stocks closed on a high note Friday, with the S&P 500 index
posting its best gain in six sessions on the heels of a U.S. payrolls report
that gave investors more confidence in the strength of the U.S. economy.
    • Asian stocks rallied, lifted by Wall Street's strong performance late last
week, while the U.S. dollar extended gains made after much stronger than
expected June employment data.
    • The dollar was on solid footing in early Asian trading, after a
bigger-than-expected increase in U.S. jobs suggested the Federal Reserve would
stick with its tightening plans for the rest of this year.
    • Most U.S. Treasury yields rose on Friday, with longer-dated yields briefly
hitting multi-week highs, after U.S. jobs data came in strong enough to keep
expectations alive for tighter global central bank monetary policy.
    • Oil prices recovered some losses after a 3 percent fall in the previous
session, but markets remain under pressure from high drilling activity in the
United States and ample supplies from producer club OPEC.
    • Gold held steady, hovering around near four-month lows after stronger than
expected U.S. jobs data indicated that the Federal Reserve would maintain its
stance on monetary tightening.
   
    
                   CLOSE        FII INVESTMENTS  EQUITIES   DEBT
 PNDF spot         64.64/64.67  July 7           --         $112.87 mln
 10-yr bond yield  6.91 pct     Month-to-date    -$204.24   -$170.94 mln
                                Year-to-date     $8.39 bln  $17.83 bln
 
    
    
    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 = 64.59 Indian rupees)

 (Compiled by Benny Thomas in Bengaluru)
  

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