April 26, 2018 / 3:48 AM / 8 months ago

Morning News Call - India, April 26

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    FACTORS TO WATCH
    10:00 am: Trade Minister Suresh Prabhu, Transport Minister Nitin Gadkari,
Oil Minister Dharmendra Pradhan, Telecom Secretary Aruna Sundararajan, Boeing
India President Pratyush Kumar, Bank of America President & Country Head (India)
Kaku Nakhate at annual general meeting of American Chamber of Commerce in India
in New Delhi.
    2:45 pm: Yes Bank MD & CEO Rana Kapoor to announce quarterly results in
Mumbai.
    4:30 pm: Trade Minister Suresh Prabhu and DIPP Secretary Ramesh Abhishek at
India Intellectual Property Convention in New Delhi.
    5:00 pm: Vice President Venkaiah Naidu and Health Minister J.P. Nadda at
PGIMER Annual Convocation in New Delhi.
    5:00 pm: Axis Bank Deputy MD V. Srinivasan and CFO Jairam Sridharan to
address media after quarterly results in Mumbai.
    
    TRADING INDIA FORUM- India Fixed-Income, Macros and RBI
    Rajeev Pawar, head of Balance Sheet and Investments at Edelweiss Financial
Services shares his views with us at 11:00 am IST.To join the Global Markets
Forum, click on the link: here
    LIVECHAT - COMMODITIES FOCUS
    Jonathan Barratt, economist and CIO at Ayers Alliance and principal at
Celsiusprocom at 09:30 am IST. To join the Global Markets Forum, click on the
link: here
    
    INDIA TOP NEWS
    • Bharti Infratel, Indus merging to form $14.6 billion telecom tower giant
    Bharti Infratel has agreed to merge with Indus Towers, in a deal that
creates the world's No. 2 telecom tower company with an estimated equity value
of $14.6 billion.
    • India shows jobs growth as more than 3 million join social security fund
    More than three million workers joined India's state-run social security
fund in six months through February, giving Prime Minister Narendra Modi some
ammunition to defend his record on creating jobs ahead of a general election due
next year.
    • Wipro sees weak first quarter revenue growth after clients go bust 
    India's third-biggest software services exporter Wipro on Wednesday forecast
weak growth in revenue during the current quarter after two clients went
bankrupt and it lost business in the U.S.
    • Where's the money, RBI? Data shows India's old habits die hard
    Having speeded up printing presses to refill banks' empty ATMs in some parts
of the country, the Reserve Bank of India released data on Wednesday showing
that people were still hoarding cash as withdrawals outpaced spending.

    • UltraTech Cement Q4 profit falls 39 percent
    UltraTech Cement,part of the Aditya Birla Group, posted a 38.5 percent fall
in fourth-quarter profit on Wednesday, as higher expenses weighed.
    • SoftBank to move ride-hailing stakes worth $20 billion to Vision Fund - FT
    Japan's SoftBank plans to shift more than $20 billion of its investments in
top ride-hailing companies including Uber, Ola, Grab and Didi Chuxing into its
Saudi-backed Vision technology fund, the Financial Times reported on Wednesday.

    • Ride-hailing firm Jugnoo eyes Singapore as Uber drives off 
    Ride-hailing firm Jugnoo plans to enter the Singapore market next month, its
chief executive said on Wednesday, joining other companies eyeing the city state
as Uber prepares to leave.
    
    GLOBAL TOP NEWS
    • Facebook's rise in profits, users shows resilience after scandals
    Facebook's shares rose on Wednesday after the social network reported a
surprisingly strong 63 percent rise in profit and an increase in users, with no
sign that business was hurt by a scandal over the mishandling of personal data.

    • Samsung Elec flags mobile weakness after record Q1 profit
    Samsung Electronics said weakness in the global smartphone market would slow
earnings growth, as it reported record quarterly profit thanks to strong demand
for semiconductors used in servers.
    • U.S. probing Huawei for possible Iran sanctions violations -sources
    U.S. prosecutors in New York have been investigating whether Chinese tech
company Huawei violated U.S. sanctions in relation to Iran, according to sources
familiar with the situation. Since at least 2016, U.S. authorities have been
probing Huawei's alleged shipping of U.S.-origin products to Iran and other
countries in violation of U.S. export and sanctions laws, two of the sources
said.

    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • The SGX Nifty nearest-month futures were trading at 10,549.50, down 0.2
percent from its previous close.
    • The Indian rupee is likely to edge lower against the dollar today as the
U.S. currency, supported by rising Treasury yields, has risen to its highest
level since mid-January.
    • Indian government bonds will likely open lower ahead of a fresh supply of
debt today, while higher U.S. Treasury yields and falling rupee continue to
weigh on sentiment. Yield on the benchmark 7.17 percent 2028 bond is likely to
trade in a 7.72 percent-7.78 percent band till the auction results today.
    
    
    GLOBAL MARKETS
    • Wall Street limped into positive territory on Wednesday on optimism over a
spate of upbeat earnings that was nearly offset by jitters over rising U.S. bond
yields and corporate costs.
    • Asian stocks rose as robust corporate earnings helped Wall Street quell
concerns about the surge in U.S. bond yields, while the dollar hovered near
3-1/2-month highs against a basket of currencies.
    • The dollar traded near a 3-1/2 month high against a basket of currencies,
bolstered by higher U.S. Treasury yields, led by the 10-year benchmark breaching
the 3 percent threshold this week for the first time in four years.
    • The benchmark U.S. Treasury 10-year yield edged above 3 percent on
Wednesday as jitters about growing federal borrowing spurred more selling in the
U.S. government bonds, paving the path for it to visit levels not seen since
July 2011.
    • Oil prices rose, supported by an expectation that the United States will
re-impose sanctions against Iran, a decline in output in Venezuela and ongoing
strong demand.
    • Gold prices stayed close to five-week lows hit in the previous session,
pressured by a stronger dollar, which hovered near more than three-month highs,
and a rise in U.S. Treasury yields.
    
    
                   CLOSE        FII INVESTMENTS  EQUITIES      DEBT
 PNDF spot         66.79/66.82  April 25         -$45.58 mln   -$90.88 mln
 10-yr bond yield  7.85 pct     Month-to-date    -$779.78 mln  -$1.79 bln
                                Year-to-date     $1.39 bln     -$1.07 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 = 66.9100 Indian rupees)
    
    

 (Compiled by Priyanka Das in Bengaluru)
  
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