March 27, 2019 / 3:19 AM / 4 months ago

Morning News Call - India, March 27

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    FACTORS TO WATCH
    No major events are scheduled.
    
    LIVECHAT - BREXIT SPECIAL SERIES
    Prof. Moorad Choudhry, London Metropolitan University and author of 'The
Principles of Banking', discusses various Brexit scenarios at 12:30 pm IST. To
join the conversation, click on the link: here
    
    
    INDIA TOP NEWS
    • India seeks bids for $5 billion in transmission lines to fuel renewables
growth
India will launch $5 billion of transmission-line tenders in phases, beginning
in June, to route a targeted 175 gigawatts of power from renewable sources into
the country's grid by 2022, the secretary at the ministry of renewable energy
said.
    • RBI fines PNB for non-compliance on SWIFT use
Reserve Bank of India has imposed a 20 million rupee penalty on Punjab National
Bank for failing to comply with its guidelines on the use of the global payments
network SWIFT, the state-run lender said on Tuesday.
    • Mindtree scraps share buyback plan after L&T open offer
Mindtree on Tuesday ditched a plan to buy back shares in a bid to counter
conglomerate Larsen & Toubro's (L&T) hostile takeover approach.
    • Jet Airways to fly 40 more planes by end April - official
Jet Airways will fly 40 more planes by the end of next month and is in talks
with leasing companies to restart operating several of its grounded aircraft,
the country's top aviation official said on Tuesday.
    • HCC to sell litigation claims to BlackRock-led investors
Hindustan Construction Company (HCC) said on Tuesday it would sell rights to a
portfolio of awards and claims on projects tied up in litigation to a consortium
of investors led by BlackRock for 17.50 billion rupees.
    • Reliance Industries buys ITC's menswear brand John Players
Reliance Industries said on Tuesday its unit Reliance Retail has acquired
consumer goods company ITC's menswear brand John Players.
    • India auctions fugitive billionaire's art, raises $8 million
Indian tax authorities raised about $8 million in an auction on Tuesday of rare
oil paintings that were once part of fugitive billionaire jeweller Nirav Modi's
collection and seized by the government.
    • Netflix pilots 250 rupee mobile plan in India to woo users
Netflix is testing a 250 rupee monthly subscription for mobile devices in India,
the video streaming giant said, aiming to boost its presence in a
price-sensitive market where data consumption on smartphones is surging.

    
    
    GLOBAL TOP NEWS
    • China's industrial profits shrink most since late 2011
Profits at China's industrial firms suffered their worst contraction since late
2011 in the first two months of this year, data showed, as increasing strains on
the economy in the face of slowing demand at home and abroad took a toll on
businesses.
    • Barr plans to issue Mueller report details within weeks
U.S. Attorney General William Barr plans to issue in a matter of weeks a public
version of the special counsel's report that found President Donald Trump's 2016
campaign team did not conspire with Russia, as Trump prepared to use the
findings against his political opponents.
    • Apple, Qualcomm gird for next phase of patent battle after mixed U.S.
rulings
Split decisions on Tuesday by a U.S. government panel in acrimonious patent
disputes between iPhone-maker Apple and chip supplier Qualcomm left their battle
lines largely unchanged ahead of a U.S Federal Trade Commission ruling and a
major trial next month.
    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • SGX Nifty nearest-month futures were trading 0.2 percent lower at
11,504.00, from its previous close.
    • The Indian rupee is expected to open lower against the dollar, in line
with most Asian currencies, as investor appetite for risk assets remained muted.
A jump in crude oil prices would also hurt the rupee.
    • Indian government bonds are likely to edge lower in early trade tracking
the rise in crude oil prices and as investors await the release of the federal
government's market borrowing calendar for April-September. The yield on the
benchmark 7.26 percent bond maturing in 2029 is likely to trade in a 7.32
percent-7.36 percent band today.
    
    
    GLOBAL MARKETS
    • U.S. stocks gained on Tuesday, with financials snapping a five-day losing
streak as Treasury yields stabilized above 15-month lows.
    • Asian shares slipped, giving up their small gains made the previous day,
as investors tried to come to terms with a sharp shift in U.S. bond markets and
the implications for the world's top economy.
    • The dollar held modest gains, as a recovery in investor risk appetite
arrested a decline in benchmark U.S. Treasury yields, which fell to 15-month
lows this week.
    • U.S. benchmark 10-year Treasury yields were steady on the day on Tuesday,
but above 15-month lows reached on Monday as risk assets showed signs of
stabilization after two days of weakness.
    • Oil prices edged lower after an industry report showed an unexpected rise
in U.S. crude inventories, but losses were capped by ongoing supply curbs and
issues affecting output from countries including Venezuela.
    • Gold inched up, after falling the most in nearly two weeks in the previous
session, as share markets retreated on worries about a possible U.S. recession
and weak data added to concerns about the economy.
    
    
                   CLOSE        FII INVESTMENTS  EQUITIES     DEBT
 PNDF spot         68.84/68.87  March 26         $144.72 mln  -$69.06 mln
 10-yr bond yield  7.34 pct     Month-to-date    $3.93 bln    $1.95 bln
                                Year-to-date     $6.01 bln    -$226.87 mln
 
    
    
    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 = 69.0290 Indian rupees)

 (Compiled by Yoganand KN in Bengaluru)
  
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