March 14, 2018 / 3:21 AM / 4 days ago

Morning News Call - India, March 14

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9:30 am: Commerce and Civil Aviation Minister Suresh Prabhu, Junior Aviation Minister Jayant Sinha, Tech Mahindra MD C.P. Gurnani at 4th National Leadership Conclave in New Delhi.

10:00 am: Commerce Secretary Rita Teaotia, Ministry of Commerce & Industry Joint Secretary Sudhanshu Pandey, Ministry of MSME Additional Secretary & Development Commissioner Ram Mohan Mishra at FICCI CMSME event in New Delhi.

10:45 am: Farm Minister Radha Mohan Singh to address conference of Krishi Unnati Mela in New Delhi.

11:00 am: Budget session of parliament continues in New Delhi.

11:00 am: NCLT hearing on Bhushan Power & Steel to continue in New Delhi.

12:00 pm: Government to release February wholesale price inflation data in New Delhi.

2:00 pm: World Bank to launch the India Development report in New Delhi.

3:00 pm: Oil Minister Dharmendra Pradhan, Power Minister R.K. Singh and MoS Railways Rajen Gohain at Delhi Energy Dialogue 2018 event in New Delhi.


While the Mumbai rally might have heightened the decibel, the crisis in India's agriculture sector has been brewing for a while now. As many as 2,414 farmers committed suicide within 10 months last year in Maharashtra. Is there a way around this crisis and does a widespread loan waiver help? Devinder Sharma, an agriculture expert speaks on the subject at 1100 IST. To join the conversation, click on the link: here


American policy analyst and economist Pippa Malmgren served as special assistant to U.S. President George .W. Bush for economic policy on the National Economic Council and is former member of the U.S. President's Working Group on Financial Markets. We talk to her about U.S. tariffs and what more to expect on policy moves from U.S.President Donald Trump at 1300 IST. To join the conversation, click on the link: here


• RBI clamps down on credit guarantees as PNB fraud swells

The Reserve Bank of India on Tuesday barred all lenders from issuing letters of undertaking - a form of credit guarantee at the heart of a major fraud - as embattled Punjab National Bank disclosed its total exposure in the case had risen by another $145 million.

• Apple supplier Wistron secures land to build new site in southern India

A unit of Apple Inc’s Taiwanese contract manufacturer Wistron Corp has won approval from Karnataka to build a new assembly facility in the south Indian state, signalling a potential expansion of iPhone assembly work in India.

• INTERVIEW-U.S. steel import curbs could scuttle India’s export ambitions: minister

India’s ambition to become a major steel exporter could be disrupted by U.S. import curbs, Steel Minister Chaudhary Birender Singh said, underscoring the need for free trade.

• India cuts Monsanto’s GM cotton seed royalty, may trigger another row

India has cut royalties that local seed companies pay to Monsanto for the second time in two years, potentially fuelling another row with the U.S. company that threatened to leave the South Asian country in 2016.

• Solar financing may have peaked for now at $10 billion in 2017 -consultancy

India’s solar industry more than doubled its fund raising to $10 billion in 2017, clean energy consultancy Mercom said, but activity is likely to slow this year as New Delhi plans to slap high tariffs on imports.

• Soybean imports at record as domestic supply tightens-sources

Soybean imports have hit a record high this year and more buying is expected as domestic supplies tighten following lower production last year, two trade sources said on Tuesday.


• Trump fires Tillerson, a moderate; replaces him with hawkish spy chief Pompeo

U.S. President Donald Trump fired Secretary of State Rex Tillerson on Tuesday after a series of public rifts over policy on North Korea, Russia and Iran, replacing his chief diplomat with loyalist CIA Director Mike Pompeo.

• Trump eyes tariffs on up to $60 billion Chinese goods; tech, telecoms, apparel targeted

U.S. President Donald Trump is seeking to impose tariffs on up to $60 billion of Chinese imports and will target the technology and telecommunications sectors, two people who had discussed the issue with the Trump administration said on Tuesday.

• China Jan-Feb factory output, investment stronger than expected

China’s industrial output expanded faster than expected at the start of the year, suggesting the world’s second-biggest economy has sustained solid momentum despite a crackdown on polluting industries and a campaign to reduce risks in the financial system.


(As reported by NewsRise)

• The SGX Nifty Futures were trading at 10,395.50, down 0.3 percent from previous close.

• The Indian rupee is likely to edge higher against the dollar as tame U.S. inflation data and the ouster of the U.S. Secretary of State weighed on demand for the greenback.

• Indian government bonds are likely to edge higher tracking a fall in U.S. Treasury yields after U.S. retail inflation cooled in February, easing concerns over a faster pace of Federal Reserve rate hikes this year. The yield on the benchmark 7.17 percent bond maturing in 2028 is likely to trade in 7.60 percent - 7.65 percent band today.


• Wall Street’s major indexes fell on Tuesday as the dismissal of U.S. Secretary of State Rex Tillerson and the possibility of additional U.S. import tariffs against China dragged down stocks across sectors.

• Asian shares eased amid fears of rising U.S. protectionism as U.S. President Donald Trump fired his Secretary of State, regarded as a moderate in his administration, and eyes hefty tariffs on Chinese imports.

• The U.S. yield curve flattened on Tuesday as longer-dated bonds fell on strong demand for 30-year securities at auction, and on earlier news that February consumer price data cooled, suggesting the anticipated pickup in inflation is likely to be gradual.

• Oil prices edged up after posting two days of declines at the start of the week.

• Gold prices were largely steady on a weaker dollar following U.S. Secretary of State Rex Tillerson’s sudden dismissal and after consumer price data pointed towards a path of gradual hikes in U.S. interest rates.


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 = 64.8500 Indian rupees) (Compiled by Swathi Nair in Bengaluru)

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