May 17, 2017 / 3:20 AM / in 7 months

Morning News Call - India, May 17

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    10:00 am: Junior Finance Minister Arjun Ram Meghwal at an event in New
    11:15 am: Marico Chairman Harsh Mariwala at an event in New Delhi.
    3:30 pm: JSW Steel earnings press meet in Mumbai.
    4:00 pm: India Ratings Webinar on banking outlook in Mumbai.

    Take a look at the FX charts with Reuters technical analyst Martin Miller AT
3:30 pm. To join the conversation, click on the link: here
    • Tata Steel reports fourth-quarter loss on one-off charges
    Tata Steel Ltd on Tuesday reported an unexpected fourth-quarter loss due to
one-off exceptional items, including charges relating to a deal involving the
pension scheme at its businesses in Britain.
    • Small businesses suffer as India's bruised banks sit on deposits
    Businessman Vineet Pandey has 500 housekeepers, security guards,
electricians and plumbers on his books, servicing offices in India's booming
financial metropolis Mumbai. He would love to hire more to keep up with demand,
but cannot get a bank loan.
    • Non-bank finance firms cash in on Indian lenders' bad loan pain
    Indian banks' struggles with bad loans over the past three years have opened
an opportunity to ramp up lending for so-called non-banking financial companies
(NBFCs), which are not as strictly regulated as banks.
    • Punjab National Bank posts Q4 profit as bad loans ease
    India's Punjab National Bank reported on Tuesday a fourth-quarter net profit
of 2.62 billion rupees as its bad loans eased.
    • India's Future Group ties up with UAE firm for Gulf foray 
    India's Future Group on Tuesday said it had tied up with UAE's Khimji Ramdas
Group to sell garments in Oman, and eventually across the Gulf region, in its
first international foray.
    • Homes of Indian ex-finance minister, son searched in criminal probe 
    India's Central Bureau of Investigation (CBI) searched the homes of former
finance minister P. Chidambaram and his son on Tuesday, in a probe into
suspected criminal misconduct related to approvals of investment deals.

    • China, India dominate coal ownership as some shun climate risks - report
    Investors in China and India increasingly dominate ownership of coal
reserves amid campaigns for divestment in many rich nations to limit the risks
from climate change, a study showed on Tuesday.

    • Trump asked Comey to end investigation of Michael Flynn -source
    U.S. President Donald Trump asked then-FBI Director James Comey to end the
agency's investigation into ties between former White House national security
adviser Michael Flynn and Russia, according to a source who has seen a memo
written by Comey.
    • Cyber attack eases, hacking group threatens to sell code
    Governments turned their attention to a possible new wave of cyber threats
on Tuesday after the group that leaked U.S. hacking tools used to launch the
global WannaCry "ransomware" attack warned it would release more malicious code.

    • North Korea missile detected by THAAD, programme progressing faster than
    North Korea's missile program is progressing faster than expected, South
Korea's defence minister said on Tuesday, after the U.N. Security Council
condemned the weekend launch of a new long-range missile and demanded Pyongyang
halt weapons tests.

    (As reported by NewsRise)
    • The SGX Nifty Futures were trading at 9,509.50, down 0.06 pct from its
previous close.
    • The Indian rupee will likely open higher against the greenback, as rising
political turmoil in Washington and disappointing U.S. housing data dragged the
dollar index to six-month lows.
    • Indian government bonds will likely open steady to higher tracking U.S.
Treasuries, which rose after a weaker-than-expected housing data raised doubts
about the Federal Reserve’s ability to accelerate interest rate increases. The
yield on the benchmark 6.97 pct bond maturing in 2026 is likely to trade in a
6.82 pct-6.87 pct band today.

    • The S&P 500 and the Dow ended Tuesday's session flat after a mixed set of
economic data and retail earnings, while the Nasdaq hit another record closing
high with help from technology stocks.
    • Japanese stocks dropped after the dollar eased against the yen on weak
U.S. economic data, while financials stocks underperformed hit by lower U.S.
    • The dollar nursed its losses after taking a combination of punches - solid
eurozone economic data, a fall in U.S. yields on heightened turmoil in
Washington and downbeat housing data that reduced expectations of a Federal
Reserve rate hike next month.
    • U.S. Treasury yields fell on Tuesday after data showing U.S. homebuilding
unexpectedly fell in April, adding to recent economic weakness that has raised
new doubts about how many times the Federal Reserve will raise interest rates
this year.
    • Oil prices fell 1 percent after data showed an increase in U.S. crude
inventories, stoking concerns that markets remain oversupplied despite efforts
by top producers Saudi Arabia and Russia to cut output.
    • Gold prices hit a two-week high as Asian stocks slipped and the dollar was
pressured after underwhelming U.S. housing data and reports that U.S. President
Donald Trump sought an end to an FBI probe into his former security
                   CLOSE        FII INVESTMENTS  EQUITIES     DEBT
 PNDF spot         64.10/64.13  May 16           $134.00 mln  $268.73 mln
 10-yr bond yield  7.14         Month-to-date    $419.32 mln  $1.97 bln
                                Year-to-date     $6.86 bln    $11.36 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 = 64.08 Indian rupees)

 (Compiled by Pathikrit Bandyopadhyay in Bengaluru)

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