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Morning News Call - India, June 22
June 22, 2017 / 3:33 AM / 6 months ago

Morning News Call - India, June 22

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    8:30 am: Junior Finance Minister Arjun Meghwal and SEBI Chairman Ajay Tyagi
at listing ceremony of Pune Municipal Bonds in Mumbai.
    9:30 am: RBI Governor Urjit Patel and Junior Finance Minister Arjun Ram
Meghwal at banking conference in Mumbai.
    10:00 am: GoAir MD Wolfgang Prock-Schauer at an event in Mumbai.
    12:00 pm: Telecom Minister Manoj Sinha at an event in New Delhi.
    12:00 pm: NASSCOM to release annual outlook for IT industry.
    2:30 pm: ICRA webinar on banking sector outlook in Mumbai.
    3:00 pm: Telecom Minister Manoj Sinha to meet telecom companies in New
    TRADING INDIA FORUM with Tamal Bandyopadhyay
    India's NPA saga took a fresh turn last week when the RBI identified 12
accounts representing 25 percent of the gross bad loans in the banking system.
How far have we progressed in the NPA expedition and how much more do we have
left? We speak to Tamal Bandyopadhyay at 11:00 am IST, who is an author and an
advisor on strategy to India's newest bank, Bandhan Bank. To join the
conversation, click on the link: here
    After three failed attempts, MSCI finally decided to add mainland-listed
shares to its global indexes. The move will be a relief for Beijing, which got
egg on its face at previous annual reviews. But the move is largely symbolic and
will generate only modest inflows to the PRC. Bill Bowler from Forsyth Barr Asia
joins us to deconstruct the decision at 10:00 am IST. To join the conversation,
click on the link: here
    • RBI rate panel dissenter wanted 50 bp cut, rest watching inflation -
    The Reserve Bank of India's monetary policy committee wants more evidence
that inflation has sustainably fallen below its target before deciding whether
to lower interest rates, minutes from its last meeting showed on Wednesday.

    • SEBI tightens rules for offshore derivatives
    The Securities and Exchange Board of India (SEBI) on Wednesday tightened
regulations on offshore derivatives by increasing fees and banning the sale of
certain products, while at the same time easing registration rules for foreign
portfolio investors.
    • SEBI allows hedge funds to invest in commodity derivatives
    The Securities and Exchange Board of India (SEBI) on Wednesday allowed hedge
funds registered as category III Alternative Investment Funds (AIFs) to invest
in commodity derivatives as clients, opening up the market to institutional
investors for the first time.
    • Tata shows interest in buying majority stake in Air India - ET Now TV
    India's salt-to-software Tata conglomerate has shown an interest in buying a
majority stake in state-run carrier Air India Ltd, television channel ET Now
reported on Wednesday, citing unnamed sources.
    • Government sells $619 million stake in Larsen & Toubro
    India sold a 2.5 percent stake in engineering and construction group Larsen
& Toubro Ltd (L&T) on Wednesday, raising more than $619.27 million that will
help the government meet its annual fiscal deficit target.
    • India's Central Depository Services $81 million IPO subscribed 170 times
    Central Depository Services (India) Ltd's $81 million initial public
offering of shares was subscribed almost 170 times on the last day of sale on
Wednesday, making it the most oversubscribed IPO this year.
    • Air India, Jet start extra flights to Doha
    Air India and Jet Airways will start additional flights to Doha from this
week to bring back stranded Indian nationals, after some Gulf countries led by
Saudi Arabia cut ties with Qatar, a government statement said on Wednesday.

    • India allows banks, post offices to deposit old bank notes with RBI
    India on Wednesday allowed banks and post offices to exchange old, big bank
notes, which are no longer in circulation, with the Reserve Bank of India (RBI)
in a month, provided these notes were collected by Dec. 30, 2016, a finance
ministry statement said.
    • In high-level talks, U.S. asks China to do more to rein in North Korea
    The United States pressed China to exert more economic and diplomatic
pressure on North Korea to help rein in its nuclear and missile programs during
a round of high-level talks in Washington on Wednesday.
    • Saudi king empowers young reformer son in succession shake-up
    Saudi Arabia's King Salman made his son next in line to the throne on
Wednesday, handing the 31-year-old sweeping powers as the kingdom seeks a
radical overhaul of its oil-dependent economy and faces mounting tensions with
regional rival Iran.
    • Islamic State blows up historic Mosul mosque where it declared 'caliphate'
    Islamic State militants on Wednesday blew up the Grand al-Nuri Mosque of
Mosul and its famous leaning minaret, Iraq's military said in a statement, as
Iraqi forces seeking to expel the group from the city closed in on the site.

    (As reported by NewsRise)
    • The SGX Nifty Futures were trading at 9,676.00, up 0.14 percent from its
previous close.
    • The Indian rupee will likely open little changed to slightly lower against
the dollar, as crude oil prices continued their slide yesterday, hurting global
shares. However, dollar inflows will likely limit the losses.
    • Indian government bonds will likely surge, as the Monetary Policy
Committee's June meeting minutes showed one of the six members of the panel had
favoured a sharp rate reduction, boosting expectations a rate cut is in the
offing in coming months. The yield on the benchmark 6.79 percent bond maturing
in 2027 is likely to trade in a 6.39 percent-6.44 percent band today.
    • The S&P 500 and Dow stock indexes were weighed down by falling energy
shares as oil prices fell on Wednesday and added to investor concerns about low
inflation, while healthcare and technology stocks helped lift the Nasdaq
Composite index.
    • Asian stocks advanced as oil prices inched up after hitting a 10-month low
overnight on concerns over a supply glut and falling demand, dragging U.S. and
European shares lower.
    • The dollar held steady below a one-month high against a basket of
currencies, consolidating recent gains tied to bets the U.S. central bank could
increase rates once more later this year.
    • The U.S. Treasury yield curve flattened to almost 10-year lows on
Wednesday as investors evaluated the impact of hawkish Federal Reserve policy on
the economy even as inflation measures are deteriorating.
    • Oil prices rose after U.S. crude and gasoline stockpiles fell, but worries
over whether OPEC-led output cuts would be able to rein in a three-year glut
continued to drag.
    • Gold prices climbed as an easing U.S. dollar flattened U.S. Treasury
yields to their lowest in nearly a decade.
                   CLOSE        FII INVESTMENTS  EQUITIES     DEBT
 PNDF spot         64.57/64.60  June 21          --           $94.54 mln
 10-yr bond yield  6.79         Month-to-date    $268.21 mln  $3.82 bln
                                Year-to-date     $8.25 bln    $17.26 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 = 64.5300 Indian rupees)

 (Compiled by Nayyar Rasheed)

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