April 17, 2018 / 4:21 AM / 3 months ago

Morning News Call - India, April 17

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    FACTORS TO WATCH
    11:00 am: Transport Minister Nitin Gadkari to launch report on 'Insurance
Requirements of the Indian Logistics & Warehousing Industry' in New Delhi.
    11:00 am: JLL India and PwC India to launch report on impact of GST on
residential markets in Mumbai.
    11:30 pm: Trade Minister Suresh Prabhu to launch portal for Federation of
Indian Export Organisations in New Delhi.
    3:00 pm: Steel Minister Chaudhary Birender Singh to felicitate winners of
contest on 'Start-up India' in steel sector in New Delhi.
    
    
    INDIA TOP NEWS
    • Fortis Healthcare's board to consider options amid takeover battle
Fortis Healthcare Ltd said on Monday its board would meet on Thursday to
consider options after the hospital company became the target of rival takeover
bids.
    • Indian ride-hailing firm Ola to add 10,000 electric three-wheelers to
fleet 
    Indian ride-hailing firm Ola, backed by Japan's SoftBank Group, said it will
add 10,000 electric three-wheelers to its fleet over the next 12 months as part
of a plan to promote the use of electric vehicles.
    • Jaguar Land Rover to cut UK staff, output as diesel sales slump 
    Britain's biggest carmaker Jaguar Land Roversaid it will cut 1,000 jobs and
reduce production at two of its English factories as demand for diesel cars
slumps in the face of higher taxes and a regulatory crackdown.
    • Vedanta names South African miner AngloGold Ashanti's CEO to top job
    Diversified miner Vedanta Resources Plc on Monday named South African miner
AngloGold Ashanti Ltd's ANGJ.J Srinivasan Venkatakrishnan as chief executive
officer.
    • India's WPI inflation edges down to 2.47 pct year-on-year in March -
government
    India's annual wholesale price inflation slightly eased in March, helped by
a fall in food prices, government data showed on Monday.

    GLOBAL TOP NEWS
   • China Q1 GDP grows 6.8 pct year-on-year, slightly more than expected
    China's economy grew 6.8 percent in the first quarter of 2018 from a year
earlier, official data showed, slightly above expectations and unchanged from
the previous quarter.
    • U.S. bans American companies from selling to Chinese phone maker ZTE
    The U.S. Department of Commerce has banned American companies from selling
components to Chinese telecom equipment maker ZTE Corp for seven years after
breaking an agreement reached after it was caught illegally shipping goods to
Iran, U.S. officials said on Monday.
    • Fox's Hannity revealed as mystery client of Trump's personal lawyer
    U.S. President Donald Trump's personal lawyer was forced on Monday to reveal
in a New York federal court that Fox News personality Sean Hannity, one of
Trump's most ardent defenders, was also on his client list.
    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    SGX Nifty nearest-month futures at 10,546.50, little changed from its
previous close.
    The Indian rupee is expected to open higher against the dollar after
President Donald Trump's remarks pulled the U.S. currency to its lowest in three
weeks. 
    Indian sovereign bonds are likely to open little changed, ahead of state
debt supply and after monsoon forecast was on the expected lines. The yield on
the benchmark 7.17 pct bond maturing in 2028 may trade in a 7.45 pct-7.52 pct
band today.
    
    GLOBAL MARKETS
    • U.S. stocks closed higher on Monday, with the biggest boosts from
technology and healthcare sectors as investors were optimistic about earnings
season and appeared less worried about U.S.-led missile attacks in Syria.
    • Asia stocks edged higher, tracking Wall Street gains as the focus shifted
to corporate earnings and looming economic data from China amid signs
Western-led strikes on Syria weren't likely to escalate.
    • The dollar steadied as the market's focus shifted back to U.S. trade
policy as investors wagered U.S.-led attacks on Syria would not escalate into a
wider conflict in the Middle East.
    • The U.S. yield curve reached it flattest level in over a decade on Monday
afternoon as the White House said President Trump will nominate economist
Richard Clarida as Federal Reserve Vice Chairman.
    • Oil prices rose amid worries there could be a high risk of disruptions to
supply, especially in the Middle East.
    • Gold prices edged higher as the U.S. dollar slipped further, making
bullion less expensive for holders of other currencies.
    
    
    ADD TABLE.
                   CLOSE        FII INVESTMENTS  EQUITIES      DEBT
 PNDF spot         65.41/65.44  April 16         -$47.05 mln   -$128.11 mln
 10-yr bond yield  7.62 pct     Month-to-date    -$180.63 mln  -$113.79 mln
                                Year-to-date     $1.98 bln     $606.84 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 = 65.42 Indian rupees)
    
    

 (Compiled by Shradha Singh in Bengaluru)
  
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