August 23, 2017 / 3:24 AM / a year ago

Morning News Call - India, August 23

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    9:30 am: Income Tax Principal Chief Commissioner Akhilesh Ranjan, National
Council of Direct Taxes Chairman Rahul Garg and others at 14th International Tax
Conference in New Delhi.
    12:30 pm: Reserve Bank of India Deputy Governor N.S. Vishwanathan at
national summit of NBFCs in New Delhi.
    1:00 pm: Niti Aayog CEO Amitabh Kant to launch online nationwide mentor
India campaign in New Delhi.
    2:00 pm: Insolvency and Bankruptcy Board of India Chairperson M.S. Sahoo at
conference on mergers and acquisitions in New Delhi.
    3:00 pm: Larsen & Toubro Technology Services annual general meeting in
    3:00 pm: IRB Infrastructure Developers annual general meeting in Mumbai.
    3:00 pm: Tata Power annual general meeting in Mumbai.
    4:00 pm: Energy Efficiency Services MD Saurabh Kumar, Central Electricity
Regulatory Commission Chairperson Gireesh Pradhan at Environment and Energy
Conclave in Kolkata.
    6:30 pm: Infosys Founder Narayan Murthy to address investors in conference
call in Mumbai.
We discuss the outlook for Greece in the context of Europe's economic recovery
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    • India grants Pfizer patent on pneumonia vaccine in blow to aid group
    India has granted Pfizer a patent for its powerful pneumonia vaccine
Prevenar 13, in a blow to some health groups that said this would put the
treatment out of reach of thousands in poorer nations.
    • India bonds, FX markets muted as bank strike hits settlement
    India's bonds and exchange rate markets saw low volumes on Tuesday as a
strike by most bank employees to protest bank consolidation and rise in bad
loans was expected to hit settlement of trades, dealers said.
    • Essar to pay $1.18/share to minority shareholders -statement 
    Essar Group will pay 75.48 rupees ($1.18) apiece to the minority
shareholders who tendered Essar Oil shares under a delisting offer ahead of the
company's sale to a consortium led by Russian oil major Rosneft, the company
    • Muslim divorce law "unconstitutional", rules India's top court
    India's Supreme Court on Tuesday ruled a Muslim instant divorce law
unconstitutional, a landmark victory for Muslim women who have spent decades
arguing that it violated their right to equality.
    • Trump's Afghan decision may increase U.S. air power, training
    The U.S. Air Force may intensify its strikes in Afghanistan and expand
training of the Afghan air force following President Donald Trump's decision to
forge ahead with the 16-year-old war, its top general told Reuters on Tuesday.

    • U.S. targets Chinese, Russia entities for helping North Korea
    The United States on Tuesday imposed new North Korea-related sanctions,
targeting Chinese and Russian firms and individuals for supporting Pyongyang's
weapons programs, but stopped short of an anticipated focus on Chinese banks.

    • Severe Typhoon Hato wreaks havoc in Hong Kong, flights cancelled, trading
    Hong Kong braced for Typhoon Hato, a maximum category 10 storm on Wednesday,
with hundreds of flights cancelled, trading in financial markets suspended and
schools and most businesses in the Asian financial hub closed.
    (As reported by NewsRise)
    • The SGX Nifty Futures was trading at 9,819.00, trading up 0.3 pct from its
previous close.
    • The Indian rupee will likely open slightly higher against the dollar, as
hopes that U.S. President Donald Trump’s administration may be able to pass tax
reforms supported risk appetite. 
    • Indian government bonds are likely to edge lower as the market prepares
for a fresh supply of notes this week. The yield on the benchmark 6.79 pct bond
maturing in 2027 is likely to trade in a 6.52 pct-6.57 pct band. 
    • U.S. stocks ended up on Tuesday, with each of the three major indexes
posting their best one-day percentage gains in over a week, as lawmakers'
comments on tax reform and the debt ceiling boosted investor optimism.
    • Asian stocks steadied, taking a breather after the previous day's surge
and unable to keep up with a global rally spurred by gains for tech shares on
Wall Street and miners in Europe.
    • The dollar edged higher against a basket of currencies, after getting a
boost the previous day as investors adjusted positions ahead of a global central
bankers' conference later this week.
    • U.S. Treasury yields rose on Tuesday as investors awaited speeches by top
central bankers later in the week for signals about monetary policy, and in the
absence of major economic data.
    • Oil prices fell, squeezed between concerns of oversupply, sparked by
rising Libya output, and fears of reduced future investment in the industry.

    • Gold edged lower on a firm dollar, with investors looking for direction
from geopolitical headlines and a key annual central banking conference this
week in Jackson Hole in the United States.
                   CLOSE        FII INVESTMENTS  EQUITIES     DEBT
 PNDF spot         64.11/64.14  August 22        -$129.4 mln  $183.93 mln
 10-yr bond yield  6.8 pct      Month-to-date    -$1.76 bln   $1.52 bln
                                Year-to-date     $7.22 bln    $22.67 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 = 64.10 Indian rupees)

 (Compiled by Nivedita Balu in Bengaluru)
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