April 27, 2017 / 3:18 AM / 7 months ago

Morning News Call - India, April 27

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    10:30 am: Junior Finance Minister Santosh Kumar Gangwar at an event in New
    11:30 pm: Bandhan Bank earnings press meet in Mumbai.
    12:30 pm: HUDCO's IPO conference in Mumbai.
    4:00 pm: Kotak Mahindra Bank earnings press meet in Mumbai
    4:30 pm: Trade Minister Nirmala Sitharaman at an event in New Delhi.
    As the oil price fluctuates, we ask what Middle East economies are doing to
diversify with economist Riad el Khouri, Director, GeoEconomica at 2:30 pm. To
join the conversation, click on the link: here
    • Kia Motors says to invest $1.1 billion to build first Indian factory
    South Korean carmaker Kia Motors Corp said it plans to sign a deal to invest
about $1.1 billion to build its first factory in India, aiming to tap a fast
growing market at a time when its China sales are sagging.
    • Axis Bank says "worst is behind" as Q4 beats estimates
    Axis Bank Ltd, India's third-biggest private sector lender by assets,
reported a smaller-than-expected 43 percent fall in fourth-quarter profit and
said the worst was over in terms of bad loans that have surged in the past year.

    • NSE's listing may 'take some time' - regulator
    The initial public offering of exchange operator NSE Ltd will "take some
time" after the company disclosed potential instances of unfair access by some
brokers to its servers, the new chairman of India's capital markets regulator
said on Wednesday.
    • Canadian pension fund CPPIB targets new investment avenues in India
    Canada Pension Plan Investment Board, the country's largest pension fund
manager, is exploring opportunities in India's financial services, telecoms and
logistics sectors to expand its bets in the South Asian economy, CPPIB's Asia
Pacific head Suyi Kim said on Wednesday.
    • India's finance minister says no plan to tax farm income
    India's finance minister Arun Jaitley said on Wednesday that the government
has no plans to tax agricultural income, a day after a senior economic adviser
touched a political nerve by proposing farmers pay income tax like people in
    • India's antitrust watchdog orders probe into Roche cancer drug
    India's antitrust regulator has ordered a probe into Swiss drugmaker Roche
for allegedly using anti-competitive practices to restrict cheaper copies of a
blockbuster cancer drug from reaching patients.
    • Trafigura buys more naphtha; snaps up Reliance cargo
    European trader Trafigura has bought 55,000 tonnes of naphtha from India's
Reliance Industries for end-May loading from Sikka, adding to its unusually high
purchases of the fuel from the Singapore cash market, traders said on Wednesday.

    • India govt think-tank backs local GM crop policy -document 
    India could prevent foreign firms monopolising the market for genetically
modified (GM) seeds by allowing the sale of only locally developed varieties, a
government think-tank has said, in a boost for transgenic mustard produced by a
Delhi group.    
    • S.Korea, U.S. warn of punishment for N.Korea; U.S. stresses sanctions 
    South Korea and the United States agreed on "swift punitive measures"
against North Korea in the event of more provocation, although the United States
signalled sanctions and diplomatic pressure were its priorities for now.

    • Trump's plan to slash business taxes seen as 'guidepost' by congressional
    President Donald Trump unveiled a one-page plan on Wednesday proposing deep
U.S. tax cuts, many for businesses, that would make the federal deficit balloon
if enacted, drawing a cautious welcome from fiscal conservatives and financial
    • BOJ to offer upbeat economic view at policy meeting, talk down early
stimulus exit
    The Bank of Japan is set to keep monetary policy steady and signal its
conviction the country's economic recovery is gaining momentum, taking heart
from renewed optimism over the global economy as political concerns in France
    (As reported by NewsRise)
    • The SGX Nifty Futures were trading at 9,336.50, trading down 0.1 pct from
its previous close.
    • The Indian rupee is likely to open a tad higher against the dollar, as
U.S. President Donald Trump’s much-awaited tax reform plans failed to boost
demand for the greenback.
    • Indian government bonds will likely edge higher, as U.S. Treasury yields
declined after President Donald Trump’s much-awaited tax reform plan failed to
excite investors. The yield on the benchmark 6.97 pct bond maturing in 2026 is
likely to trade in a 6.93 pct - 6.99 pct band today.
    • U.S. stocks ticked lower on Wednesday following two sessions of strong
gains as strong corporate earnings were offset by uncertainty over the
feasibility of a proposed business tax cut.
    • Asian shares ticked down from a near two-year high after a long-awaited
U.S. tax plan failed to inspire investors, though sentiment remains supported by
global growth prospects and receding worries about political risks in Europe.

    • The dollar clung to gains against the yen after U.S. President Donald
Trump's tax plan offered no fresh surprises, halting the greenback's rally,
while the market awaited the European Central Bank's upcoming monetary policy
    • U.S. Treasury prices rose on Wednesday, reversing steep losses sustained
the last few sessions, as President Donald Trump unveiled a tax reform plan that
largely underwhelmed the market.
    • Oil prices dipped, weighed down by a general sentiment of globally bloated
markets, though traders said that prices seemed to have found support around
current levels.
    • Gold edged away from two-week lows hit in the previous session on
scepticism over President Trump's proposed U.S. tax reform, with markets
awaiting central bank meetings in Europe and Japan.
                   CLOSE        FII INVESTMENTS  EQUITIES      DEBT
 PNDF spot         64.08/64.11  April 26         -$76.90 mln   $35.40 mln
 10-yr bond yield  7.19         Month-to-date    -$157.78 mln  $4.03 bln
                                Year-to-date     $6.63 bln     $9.50 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 = 64.12 Indian rupees)

 (Compiled by Sai Sharanya Khosla in Bengaluru)

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