July 6, 2017 / 3:22 AM / 5 months ago

Morning News Call - India, July 6

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    10:00 am: Junior Finance Minister Arjun Ram Meghwal and Heavy Industries
Secretary Girish Shankar at auto industry event in New Delhi.
    10:00 am: Food Processing Secretary JP Meena, FSSAI Pawan Agarwal at an
event in New Delhi.
    11:00 am: Achal Kumar Joti to take over as Chief Election Commissioner of
India in New Delhi.
    2:00 pm: Earth Sciences Minister Harsh Vardhan at an event in New Delhi.
    2:30 pm: Commerce Minister Nirmala Sitharaman at SBI conclave in Mumbai. 
    The real estate market in India stands at the cusp of a major transformative
moment. On one hand you have the Real Estate (Regulation and Development) Act
and its far reaching implications while Goods and Services Tax aims to widen the
tax net and eventually reduce the cost of owning property. To discuss this and
more we have Anuj Puri, who was Chairman and Country Head at JLL India for 23
years before starting out on his own venture, Anarock Properties. To join the
conversation at 11:00 am IST, click on the link: here
    Yuki Arai, Founder, Well Investments Research joins GMF to discuss corporate
scandals and short-selling in Japan at 9:00 am IST. To join the conversation,
click on the link: here
    • June services activity hits 8-month high on solid new orders -PMI 
    Activity in India's dominant service sector expanded at its fastest pace in
eight months in June as new business orders surged, a private survey showed on
    • India considers private cars for ridesharing to cut traffic
    India is examining the use of private vehicles as shared taxis in an effort
to reduce car ownership and curb growing traffic congestion in major cities,
sources familiar with the matter told Reuters.
    • HMEL delays full start of Bathinda oil refinery to end-July
    India's HPCL-Mittal Energy Ltd, part-owned by steel tycoon L N Mittal, has
delayed the full-scale start-up of its Bathinda oil refinery in northern Punjab
state to the end of July, four sources familiar with the matter said.

    • Indian renewable firms plan $2.5 billion in offshore dollar bond issues
    Four Indian renewable power producers are planning to raise up to $2.5
billion via dollar bonds offshore because of caution among domestic lenders,
banking sources said.
    • London court hears Vedanta's challenge to Zambian villagers' pollution
    London's Court of Appeal began hearing legal arguments on Wednesday into
whether Zambian villagers have the right to make a claim for damages for
environmental pollution in the English courts against miners Vedanta Resources
and its Zambian subsidiary Konkola Copper Mines.
    • Jyoti Structures says tribunal OKs insolvency proceedings
    Indian power infrastructure company Jyoti Structures Ltd said on Wednesday
the National Company Law Tribunal admitted its application for bankruptcy
    • U.S. prepared to use force on North Korea 'if we must' -U.N. envoy
    The United States cautioned on Wednesday it was ready to use force if need
be to stop North Korea's nuclear missile program but said it preferred global
diplomatic action against Pyongyang for defying world powers by test launching a
ballistic missile that could hit Alaska.
    • Fed minutes suggest increasing tensions on inflation shortfall 
    Federal Reserve policymakers were increasingly split on the outlook for
inflation and how it might affect the future pace of interest rate rises,
according to the minutes of the Fed's last policy meeting on June 13-14 released
on Wednesday.
    • Philippines' Duterte proposed deal to end city siege, then backed out
    Philippine President Rodrigo Duterte was preparing to make a deal with
Islamic State-inspired militants in the days after they laid siege to a southern
city, but aborted the plan without explanation, an intermediary involved in the
process said.
    (As reported by NewsRise)
    • The SGX Nifty Futures were at 9,650.50, down 0.04 percent from previous
    • The Indian rupee will likely be little changed against the dollar in early
trade, as Asian markets remain cautious after the U.S. Federal Reserve’s June
meeting minutes showed difference amongst policymakers over future pace of
interest rate hikes amid softening inflation. 
    • Indian government bonds are likely to trade marginally lower amid auctions
of government securities by the Reserve Bank of India. The yield on the
benchmark 6.79 percent bond maturing in 2027 is likely to trade in a 6.52
percent-6.57 percent band.
    • A steep drop in oil prices dragged energy shares lower and kept the Dow
and S&P 500 in check on Wednesday, while the Nasdaq was buoyed by gains in tech
    • Asian shares were tentative after minutes from the Federal Reserve's last
meeting showed a lack of consensus on the future pace of interest rate
increases, while oil prices inched higher following the previous day's steep
    • The dollar steadied against its peers after the Federal Reserve's policy
meeting minutes took the wind out of its advance, with the market awaiting
comments by central bankers and U.S. data for its next cues.
    • U.S. Treasury yields edged lower on Wednesday as traders remained
concerned about weak U.S. factory orders data, reversing a jump on Federal
Reserve meeting minutes, while holding near recent peaks on views that global
central bank policy was turning more hawkish.
    • Oil prices nudged higher on strong demand in the United States, but
analysts cautioned that oversupply would continue to drag on markets.
    • Gold held steady after Federal Reserve minutes released the day before
showed the central bank was split on how inflation might affect the pace of
interest rate hikes.
                   CLOSE        FII INVESTMENTS  EQUITIES      DEBT
 PNDF spot         64.83/64.86  July 5           $35.19 mln    -$136.77 mln
 10-yr bond yield  6.94         Month-to-date    -$317.12 mln  -454.39 mln
                                Year-to-date     $8.27 bln     $17.55 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 = 64.78 Indian rupees)

 (Compiled by Benny Thomas in Bengaluru)

Our Standards:The Thomson Reuters Trust Principles.
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