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Morning News Call - India, February 8
February 8, 2017 / 3:28 AM / 10 months ago

Morning News Call - India, February 8

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    FACTORS TO WATCH
    11:00 am: Budget session of parliament continues in New Delhi.
    
    2:30 pm: RBI releases monetary policy statement in Mumbai.
    
    2:45 pm: RBI media interaction after release of monetary policy statement in
Mumbai.
    
    4:30 pm: RBI holds teleconference call with analysts in Mumbai.
    
    4:45 pm: Union Bank of India third quarter earnings conference in Mumbai.
    
    6:10 pm: Federal cabinet likely to meet in New Delhi.  
    
    LIVECHAT- CHARTING FOREX
    Take a look at the FX charts with Reuters technical analyst Martin Miller at
4:30 pm. To join the conversation, click on the link: here
    
    
    INDIA TOP NEWS
     Tata Steel reports first profit in five quarters, tops estimates
    Tata Steel Ltd reported its first profit in five quarters on Tuesday helped
by higher sales of industrial products and steel for the auto sector and a rise
in exports despite India's surprise ban on high-value currency notes which hurt
several sectors. 
     Punjab National Bank Q3 net profit surges; bad loans stable
    Punjab National Bank, India's fifth-biggest lender by assets, reported on
Tuesday a surge in third-quarter profit on lower provisions for bad loans, but
the profit fell short of analysts' expectations. 
     IDBI Bank sees bad loans rising in next quarters
    IDBI Bank expects bad loans will rise in the coming quarters and it may have
to go slow new lending to conserve capital, a senior executive said, as the
state-run lender reported a $335 million third-quarter loss. 
     India raises $995 mln from stake sale in ITC- sources
    India has sold a 2 percent stake in consumer goods and cigarettes maker,
raising about $995 million for the government, three sources with direct
knowledge of the deal said on Tuesday. 
     POLL-Indian rupee to weaken to record low over the coming year
India's rupee will reverse recent gains and sink to a record low in the coming
year on expectations for a rise in the dollar even though U.S. President Donald
Trump has made clear his dislike of a strong currency, a Reuters poll found.
 
     PREVIEW-India cenbank seen cutting rates, but it will be a close call 
India's falling inflation rate gives the central bank room to cut its policy
rate to a more than six-year low to help an economy hit by a crackdown on cash.
 
     IT firm Infosys' founders raise governance concerns with board - CNBC
The founders of Infosys Ltd, India's second-biggest software services exporter,
have informed the company's board that they have certain corporate governance
concerns, according to a CNBC-TV18 report late on Tuesday. 
     Modi says cash crackdown is a fight for the poor
    Indian Prime Minister Narendra Modi on Tuesday defended his decision to
abolish high denomination bank notes that has left the economy reeling, calling
it a "fight" for the poor. 
     Kia close to finalising Andhra Pradesh state for 1st India car plant
-source
    South Korea's Kia Motors Corp is close to finalising the southern Indian
state of Andhra Pradesh as the site for its first factory in the country, as it
speeds up efforts to start production in the fast-growing market, a source
familiar with the matter said. 
    
       
    
    GLOBAL TOP NEWS
     Appeals court presses Trump administration on travel ban
    President Donald Trump's order temporarily banning U.S. entry to people from
seven Muslim-majority countries came under intense scrutiny on Tuesday from a
federal appeals court that questioned whether the ban unfairly targeted people
over their religion. 
     BOJ sees improvements in economy but warns on inflation expectations
    Bank of Japan board members saw improvements in exports, consumer spending
and capital expenditure but warned that it may take time for inflation
expectations to pick up, a summary of opinions from their Jan. 30-31 meeting.
 
     Disney CEO Iger says he is open to extending his term
    Chief Executive Bob Iger said on Tuesday he is open to extending his term as
the head of Walt Disney Co, offering investors a sign of potential stability at
the media company as it reported a dip in quarterly advertising at ESPN.
 
    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
     The SGX Nifty Futures were at 8,777.00, down 0.24 pct from its previous
close.
     The Indian rupee is poised to open higher against the dollar, as
expectations of a rate cut by the nation's Monetary Policy Committee will likely
support domestic investor sentiment. 
     Indian sovereign bonds will likely trade steady ahead of the Monetary
Policy Committee decision later today. The yield on the benchmark 6.97 pct bond
maturing in 2026 is likely to trade in a 6.41 pct-6.45 pct band till the policy
decision at 2:30 p.m. today. The bond had closed at 103.80 rupees, yielding 6.43
pct, yesterday.
    
    
    GLOBAL MARKETS
     The S&P 500 ended barely higher on Tuesday while the Nasdaq managed to
scratch out a new record as gains in big tech names countered energy declines.
 
     Asian shares dipped from four-month highs and the euro was pressured as
lingering political and economic uncertainty in the United States and Europe
sapped investor confidence. 
     U.S. Treasury yields fell to their lowest in nearly three weeks on
Tuesday, drifting past significant technical levels, as fixed-income investors
worried that President Donald Trump's pro-growth policies could be hamstrung by
his focus on other issues. 
     Oil prices dropped to extend falls from the previous day, as a massive
increase in U.S. fuel inventories and a slump in Chinese demand implied that
global crude markets remain oversupplied despite OPEC-led efforts to cut output.
 
     Gold slipped from near three-month highs hit in the previous session,
easing on a stronger dollar amid political and economic uncertainty in the
United States and Europe. 
    
    
                   CLOSE        FII INVESTMENTS  EQUITIES      DEBT
 PNDF spot         67.34/67.37  February 7       $29.85 mln    $113.34 mln
 10-yr bond yield  6.75 pct     Month-to-date    $141.56 mln   $709.53 mln
                                Year-to-date     $135.17 mln   $597.45 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 = 67.41 Indian rupees)
    
    

 (Erum Khaled in Bengaluru)

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