June 5, 2017 / 3:21 AM / 6 months ago

Morning News Call - India, June 5

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    10:30 am: Railways Minister Suresh Prabhu at event to mark world environment
day in New Delhi.
    How will the exit of the climate agreement by the U.S. change the demand and
supply of renewable energy and related equipments? Will that present an
opportunity or give a blow to those companies in Asia? Frank Yu, principal
consultant from Wood Mackenzie, will discuss potential impacts from the Paris
Accord 2.0 on APAC at 12:00 pm IST. To join the conversation, click on the link:
    • India's economy to turn around in April-June quarter - adviser
    India's economy is expected to recover in the current quarter as the pain
stemming from Prime Minister Narendra Modi's cash clampdown late last year has
ended, a top policy adviser of the government said on Friday.
    • India says to levy 3 percent tax on gold under new regime, industry
    India will tax gold at a rate of 3 percent under a new nationwide sales tax
that comes into effect on July 1, the government said on Saturday.
    • RCom gets reprieve on its debts until end 2017
    Anil Ambani, chairman of India's Reliance Communications, said on Friday its
lenders had agreed to a plan which gives the company a reprieve on its loans
until the end of the year, providing a much-needed breathing space.
    • JSW steel raises bid for Italy's troubled Ilva steel plant
    A consortium led by India's JSW Steel raised its bid for Italy's troubled
Ilva steel plant, a statement said on Saturday, in a challenge to a group that
was declared the winner of the tender process last month, but whose offer faces
labour union opposition.
    • India's market regulator sets up panel to improve corporate governance 
    India's market regulator has set up a committee to help improve corporate
governance of listed companies, it said on Friday, in the light of recent
high-profile corporate tussles.
    • Air India privatisation very difficult without debt write-off - govt
    Privatising state-owned airline Air India will be "very difficult" unless
the government writes off at least part of its debts, a senior government
economic adviser said on Friday after a top policy panel recommended selling off
the carrier.
    • State Bank of India head says Essar-Rosneft deal to close in June
    A $13 billion takeover by Russian oil major Rosneft of India's Essar Oil
should close this month after delays caused by debts to Indian lenders, the head
of State Bank of India said on Friday, adding she had "more or less" approved
the deal.
    • GVK Power to sell 10 percent stake in Bengaluru airport to Fairfax India
    Airport operator GVK Power and Infrastructure on Friday said it will sell 10
percent of its residual stake in Bangalore International Airport Limited in
southern India to Fairfax India Holdings Corp for 12.90 billion rupees.

    • "Enough is enough" PM May says after London attackers kill seven
    Prime Minister Theresa May said Britain must be tougher in stamping out
Islamist extremism after attackers killed at least seven people by ramming a van
into pedestrians on London Bridge and stabbing revellers in nearby bars.

    • South Korea launches $10 billion fiscal package to boost jobs, welfare
    South Korea's new government announced a 11.2 trillion won fiscal stimulus
package, increasing social welfare subsidies and taking steps to deliver on
President Moon Jae-in's election promise to create 810,000 public sector jobs.

    • Southeast Asian nations step up cooperation as Islamic State threat mounts
    Southeast Asian nations plan to use spy planes and drones to stem the
movement of militants across their porous borders, defence officials said at the
weekend, as concerns rise over the growing clout of Islamic State in the region.

    (As reported by NewsRise)
    • The SGX Nifty Futures were trading at 9,664.00, trading up 0.2 percent
from its previous close.
    • The Indian rupee is likely to open higher against the dollar, as
weaker-than-expected U.S. monthly employment data prompted investors to push
back expectations of Federal Reserve rate hikes.
    • Indian government bonds will likely edge lower, as the central bank will
auction 300 billion rupees of cash management bills today, weighing on demand
for dated securities. The yield on the benchmark 6.79 percent bond maturing in
2027 is likely to trade in a 6.60 percent-6.65 percent band today.
    • U.S. stocks closed at record levels for a second consecutive session on
Friday, as gains in technology and industrial stocks more than offset a lukewarm
jobs report.
    • Japan's Nikkei share average barely moved, capped by a stronger yen but
retaining enough momentum to stay close to a 22-month high scaled the previous
    • The dollar nursed losses, coming close to a seven-month low against a
currency basket plumbed after disappointing U.S. employment data prompted
investors to pare back their expectations of future U.S. Federal Reserve rate
    • U.S. benchmark and long-dated Treasury yields fell to nearly seven-month
lows, and short-dated yields touched their lowest in more than two weeks on
Friday after weaker-than-expected U.S. employment data suggested cautious
Federal Reserve policy beyond June.
    • Oil markets were subdued, with Brent struggling to maintain $50 per barrel
as efforts led by OPEC to tighten the market were undermined by persistently
rising U.S. production.
    • Gold held steady after hitting its highest in over six weeks earlier,
buoyed as a disappointing U.S. jobs report appeared to dilute the prospects for
an aggressive string of interest rate hikes in the United States.
    ADD TABLE.  
                   CLOSE        FII INVESTMENTS  EQUITIES     DEBT
 PNDF spot         64.48/64.51  June 2           -$9.18 mln   $398.67 mln
 10-yr bond yield  7.00         Month-to-date    -$69.93 mln  $514.38 mln
                                Year-to-date     $7.91 bln    $13.95 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 = 64.44 Indian rupees)

 (Compiled by Benny Thomas in Bengaluru)

Our Standards:The Thomson Reuters Trust Principles.
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