August 7, 2018 / 3:10 AM / a month ago

Morning News Call - India, August 7

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    FACTORS TO WATCH
    11:00 am: Monsoon session of Parliament continues in New Delhi.
    
    TRADING INDIA FORUM – INDIA EQUITY MARKETS
We speak to Pankaj Murarka, Founder-Renaissance Investment Managers and former
Head of Equities at Axis MF, on his view on Indian markets.
    To join the conversation, click on the link: here
    Please note, Pankaj will not answer stock specific questions.
    
    
    INDIA TOP NEWS
    • Vedanta core profit rises as aluminium offsets copper weakness
Vedanta Resources, set to be taken private by Chairman Anil Agarwal, reported on
Monday a 26.3 percent rise in quarterly core earnings on higher aluminium
production and commodity prices, and said it was hopeful of restarting its
copper smelter in India.
    • HDFC AMC soars in blockbuster trading debut
HDFC Asset Management shares soared on the first day of trading on Monday after
a $408 million initial public offering last month, reflecting bullish investor
sentiment on Indian mutual fund managers who have seen record inflows in recent
months.
    • BPCL to shut Bina refinery for 45 days from mid-August -company source
Bharat Petroleum will shut its 120,000 barrels-per-day joint venture Bina
refinery from mid-August for 45 days, a month ahead of the previous plan after a
minor fire at the delayed coker, two sources said on Monday.
    • RCom, Ericsson reach $80 million settlement
Reliance Communications (RCom) said on Monday it had received approval from the
Supreme Court to proceed with the sale of its wireless assets to Reliance Jio
after it agreed to pay 5.5 billion rupees to settle dues with Swedish telecom
gearmaker Ericsson.
    • Britannia posts quarterly profit below estimates on higher expenses
Good Day biscuits maker Britannia Industries reported quarterly profit below
analysts' estimates on Monday, hurt by subdued growth in the dairy business and
an increase in expenses.
    
    
    GLOBAL TOP NEWS
    • Japan household spending falls but wage growth hits 21-year high
Japan's household spending fell for the fifth straight month in June but real
wages rose at their fastest pace in more than 21 years thanks to higher summer
bonuses, which could provide some support for consumer prices.
    • Chinese state newspaper says Trump's claims of winning trade war are
'wishful thinking'
A Chinese state newspaper described as "wishful thinking" U.S. President Donald
Trump's belief that a fall in Chinese stocks was a sign of his winning the trade
war and an example of his "ability to elasticise the truth."
    • PepsiCo veteran Ramon Laguarta to replace Indra Nooyi as CEO
PepsiCo has appointed Ramon Laguarta to take over as chief executive from Indra
Nooyi, handing the reins to a veteran who led the company's fast-growing
emerging markets business.
    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • SGX Nifty nearest-month futures were little changed at 11,429.
    • The Indian rupee is expected to open little changed against the dollar
amid expectations that the country’s central bank will step in to prevent its
further decline in the backdrop of weakness in emerging market currencies amid
rising trade tensions.
    • Indian government bonds are expected to open lower ahead of supply from
state papers, while traders will also eye the rupee’s movement through the day
for cues. Yield on the benchmark 7.17 percent bond maturing in 2028 is likely to
trade in a 7.74 percent-7.79 percent band today.
    
    
    GLOBAL MARKETS
    • The three major U.S. stock indexes closed higher on Monday as investors
applauded a strong U.S. earnings season with results from Berkshire Hathaway
impressing and Facebook lifting Nasdaq after a report it was planning new
services.
    • Asian stocks wobbled as simmering worries over the U.S.-China trade
conflict offset positive leads from earnings-led gains on Wall Street.

    • The pound remained weak after dropping to an 11-month low against the
dollar overnight on worries over a 'hard' Brexit from the European Union, while
simmering U.S.-China trade tensions helped support the greenback.
    • U.S. Treasury yields dipped on Monday, with the 10-year yield hitting a
two-week low on safe-haven demand stemming from the trade conflict between
United States and China, the world's two largest economies.
    • Oil prices rose ahead of the introduction of U.S. sanctions against major
crude exporter Iran.
    • Gold prices edged up on a steady U.S. dollar, but expectations for further
interest rate hikes in the United States supported the greenback and limited
interest in the metal.
    
    
                   CLOSE        FII INVESTMENTS  EQUITIES      DEBT
 PNDF spot         68.71/68.74  August 6         $36.19 mln    $57.53 mln
 10-yr bond yield  7.76 pct     Month-to-date    -$61.90 mln   $410.02 mln
                                Year-to-date     -$641.41 mln  -$5.34 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 = 68.8100 Indian rupees)

 (Compiled by Yoganand KN in Bengaluru)
  
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