August 10, 2017 / 3:23 AM / 3 months ago

Morning News Call - India, August 10

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    FACTORS TO WATCH
    9:30 am: Road Minister Nitin Gadkari, Power Minister Piyush Goyal and Oil
Minister Dharmendra Pradhan at World Biofuel Day event in New Delhi. 
    11:00 am: Monsoon session of parliament continues in New Delhi
    11:00 am: NHPC earnings conference call in Mumbai.
    3:00 pm: Britannia Industries and Engineers India earnings conference call
in Mumbai.
    5:30 pm: GAIL India earnings conference call in Mumbai.
    
    
    LIVECHAT - OIL FOCUS 
    U.S. crude remains below $50 per barrel restrained by rising output from the
United States as well as producer club OPEC, but expectations of strong demand
prevented bigger drops. Goldman Sachs and BMI Research said last week that oil
companies were adapting to low oil prices, while Barclays said it expected a
downward price correction during this quarter, but saw Brent at an average of
$54/ bbl in Q4. Ekpen Omonbude, petroleum and mining economist, The Commonwealth
joins us at 11:30 am IST to share his outlook. To join the conversation, click
on the link: here
    
    
    INDIA TOP NEWS
    • One-off gain embellishes Tata Motors' first quarter profits 
    Tata Motors Ltd reported a 42 percent rise in quarterly profit thanks to a
one-off gain related to changes to Jaguar Land Rover's pension plans, masking a
fall in the carmaker's income.
    • POLL-India retail inflation seen picking up for first time in 4 months in
July 
    India's retail inflation is expected to have picked up slightly in July
after cooling in the previous three months, a Reuters poll showed, but likely
remained well below the central bank's 4 percent medium-term target.

    • Get ready for first filing deadline, GST chief says
    Millions of companies in India are still not ready to file their first
returns under the new Goods and Services Tax ahead of an Aug. 20 deadline, a top
official told Reuters, urging them not to leave things to the eleventh hour.

    • Aurobindo Pharma Q1 profit drops 11 percent, misses estimates 
    Aurobindo Pharma Ltd reported a 11 percent fall in quarterly profit, hurt by
lower sales from its formulations business in the U.S. and pre-launch
disruptions of a pan-India tax reform.
    • Bank of India swings to Q1 profit, bad loans fall
    Bank of India reported a first-quarter profit as its bad loan ratio narrowed
and loan-loss provisions fell.
    • Thousands of protesters disrupt traffic in India's financial capital
    More than 200,000 protesters poured into India's financial capital on
Wednesday, disrupting traffic and straining the railway network, to press their
demands for reserved quotas in government jobs and college places for students.

    
    
    GLOBAL TOP NEWS
    • N.Korea details Guam strike plan, calls Trump's warning a 'load of
nonsense'
    North Korea dismissed on Thursday warnings by U.S. President Donald Trump
that it would face "fire and fury" if it threatened the United States as a "load
of nonsense", and outlined detailed plans for a missile strike near the Pacific
territory of Guam.
    • Japan's June core machinery orders unexpectedly fall
    Japan's core machinery orders unexpectedly fell for a third consecutive
month in June, underscoring companies' reluctance to boost spending and
conflicting with recent signs that the economic recovery is gathering momentum.

    • Toshiba wins auditor sign-off, likely avoiding delisting for now
    Toshiba Corp has secured its auditor's sign-off on its financial results,
likely avoiding an immediate delisting, although its future hung in the balance
with no progress in talks to sell its chips business.
    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • The SGX Nifty Futures were trading at 9,906.50, trading down 0.1 percent
from its previous close.
    • Indian government bonds are likely to ease in early session as investors
await fresh supply of notes today and tomorrow.  The yield on the benchmark 6.79
percent bond maturing in 2027 is likely to trade in a 6.45 percent-6.49 percent
band.
    • The Indian rupee will likely open lower against the dollar, as mounting
tensions between North Korea and the United States continue to boost demand for
safe-haven assets.
    
    
    GLOBAL MARKETS
    • U.S. stocks clawed back losses late on Wednesday as investors appeared to
brush off geopolitical concerns after falling in the wake of U.S. President
Donald Trump's "fire and fury" warning to North Korea.
    • Asian stocks steadied and U.S. Treasury bond prices fell slightly as the
risk aversion triggered by the latest flare up of tensions between the United
States and North Korea began to settle.
    • Asian stocks steadied and U.S. Treasury bond prices fell slightly as the
risk aversion triggered by the latest flare up of tensions between the United
States and North Korea began to settle.
    • Oil futures inched down despite official figures showing U.S. crude
inventories fell more than expected, with an analyst saying the market had
settled into a range.
    • Gold prices edged lower, moving away from near two-month highs hit in the
previous session as safe haven demand triggered by rising tensions in the Korean
peninsula eased.
    
    
                   CLOSE        FII INVESTMENTS  EQUITIES      DEBT
 PNDF spot         63.81/63.84  August 9         -$131.70 mln  $247.53 mln
 10-yr bond yield  6.76 pct     Month-to-date    $89.13 mln    $1.23 bln
                                Year-to-date     $9.07 bln     $22.38 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 = 63.8550 Indian rupees)
    
    

 (Compiled by Erum Khaled in Bengaluru)
  

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