August 11, 2017 / 3:21 AM / 4 months ago

Morning News Call - India, August 11

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    FACTORS TO WATCH
    8:45 am: Road Minister Nitin Gadkari at listing ceremony of Cochin Shipyard
in Mumbai.
    10:00 am: Inter-Ministerial Group to discuss and finalize report on telecom
sector in New Delhi.
    11:00 am: Last day of monsoon session of parliament in New Delhi.
    12:00 pm: Siemens earnings conference call in Mumbai.
    12:00 pm: Government to table Economic Survey in Parliament in New Delhi
    2:00 pm: Ashoka Buildcon earnings conference call in Mumbai.
    2:30 pm: State Bank of India earnings conference call in Mumbai.
    3:00 pm: Oriental Bank of Commerce earnings conference call in Mumbai.
    3:00 pm: Commerce Minister Nirmala Sitharaman at launch of 'Advantage
Healthcare India 2017' summit in New Delhi.
    3:00 pm: Cipla annual general meeting in Mumbai.
    4:00 pm: Blue Star annual general meeting in Mumbai.
    5:00 pm: RBI to release weekly foreign exchange data in Mumbai.
    5:30 pm: Government to release June Industrial output data in New Delhi.

   
    LIVECHAT - QUIZ EAST 
    The first of our Friday quizzes focuses on Asia and the week's top news.
Tests your wits and googling speed at 11:00 am IST. To join the conversation,
click on the link: here
    
    
    INDIA TOP NEWS
    • SoftBank bolsters Flipkart's firepower to challenge Amazon in India 
    Flipkart has secured nearly $2.5 billion in funding from Japan's SoftBank
Group, giving the online retailer more firepower to compete with Amazon in the
country's burgeoning e-commerce market.
    • VW Group, Tata end talks on emerging markets tie-up 
    Cooperation talks between Germany's Volkswagen Group and Tata Motors about
joint development of a car for emerging markets have ended amicably, the two
companies said.
    • Adani picks funding advisor for giant Australia coal mine -sources 
    Adani Enterprises has appointed corporate finance firm Grant Samuel to
advise on funding for its multi-billion dollar coal mine in the Australian
outback, two sources with knowledge of the matter said.
    • RBI dividend to government halves to $4.78 billion
    The Reserve Bank of India will pay 306.59 billion rupees as a dividend to
the government for the year ended June 2017, less than half the previous year's
levels as a ban on higher currency bills raised the central bank's expenses.

    • Thyssenkrupp won't be rushed on European steel tie-up with Tata 
    Thyssenkrupp will not be rushed into any deal with Tata Steel to merge their
European steel businesses, its chief financial officer said, pouring cold water
on investor hopes for a quick agreement.
    • SpiceJet Q1 profit up about 18 percent
    SpiceJet Ltd posted a rise of about 18 percent in quarterly net profit.

    • Union Bank of India Q1 profit dives, bad loans rise
    State-run Union Bank of India  reported nearly 30 percent fall in
first-quarter net profit as provisions for bad loans remained high.
    • SIS makes modest gains on market debut after $122 million IPO 
    Security and Intelligence Services Ltd shares made modest gains on their
market debut after a $122 million initial public offering, suggesting investors
were cautious of the stock's high valuations.
    
    
    GLOBAL TOP NEWS
    • Trump warns North Korea, says 'fire and fury' not tough enough
    President Donald Trump warned North Korea again on Thursday not to strike
Guam or U.S. allies, saying his earlier threat to unleash "fire and fury" on
Pyongyang if it launched an attack may not have been tough enough.
    • Growth in China's fiscal spending slows in July 
    Government spending in China rose 5.4 percent in July from a year earlier,
while revenue increased 11.1 percent, the Ministry of Finance said.
    • Uber investor sues to force former CEO Kalanick off board
    Venture capital firm Benchmark Capital is suing former Uber Chief Executive
Officer Travis Kalanick to force him off the board of the ride services company
and rescind his ability to fill three board seats, according to the lawsuit.

    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • The SGX Nifty Futures were trading at 9,757.50, trading down 1.08 percent
from its previous close.
    • Indian sovereign bonds are likely to fall in early trade after the Reserve
Bank of India said its dividend to the government this year will be less than
half of last year’s payout, raising concerns over New Delhi's fiscal management.
 The yield on the benchmark 6.79 percent bond maturing in 2027 is likely to
trade in a 6.47 percent-6.53 percent band.
    • The Indian rupee will likely open lower against the dollar, as escalating
tensions between North Korea and the United States further boosted demand for
safe-haven assets.
    
    
    GLOBAL MARKETS
    • The S&P 500 index had its biggest one-day drop in almost three months on
Thursday as investors fled riskier assets, with technology stocks leading the
charge, in response to an increasingly aggressive exchange of threats between
the United States and North Korea.
    • Asian equity markets extended a global slide as tensions ramped up between
the United States and North Korea, sending investors fleeing to less risky
assets such the yen, the Swiss franc and U.S. Treasuries.
    • The dollar set an eight-week low against the yen as escalating tensions
between the United States and North Korea triggered yet more investor flight to
safety.
    • U.S. Treasury long-dated yields dropped to six-week lows on Thursday,
pressured by continued tensions between the United States and North Korea as
well as weak economic data that reduced expectations of an interest rate hike in
December.
    • Oil prices were little changed in early Asian trading after retreating in
the previous session, weighed by ongoing global glut concerns despite a
bigger-than-expected draw in U.S. crude inventories.
    • Gold prices edged up to touch their highest in over two months, set for a
fourth consecutive day of gains as rising tensions between the United States and
North Korea stoked safe-haven buying.
    
   
                   CLOSE        FII INVESTMENTS  EQUITIES      DEBT
 PNDF spot         63.90/63.93  August 10        -$182.71 mln  -$74.91 mln
 10-yr bond yield  6.79 pct     Month-to-date    $21.88 mln    $1.16 bln
                                Year-to-date     $9.00 bln     $22.30 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 = 64.0900 Indian rupees)
    
    

 (Compiled by Erum Khaled in Bengaluru)
  

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