May 3, 2018 / 3:32 AM / 23 days ago

Morning News Call - India, May 3

To access the newsletter, click on the link:
 
 here
    
    
If you would like to receive this newsletter via email, please register at: here
    
    
    FACTORS TO WATCH
    2:00 pm: Marico post earnings conference call in Mumbai.
    3:00 pm: JSW Energy post earnings press conference in Mumbai.
    
    
LIVECHAT - U.S.-IRAN NUCLEAR DEAL
    As the May 12 deadline for U.S. President Donald Trump to decide on
restoring economic sanctions on Tehran looms, we discuss what to expect with
Richard Nephew, senior research scholar at the Center on Global Energy Policy,
Columbia SIPA at 11:30 am IST. To join the conversation, click on the link: here
    
    
    INDIA TOP NEWS
    • Amazon makes bid to spoil Walmart-Flipkart deal
Amazon.com has made a formal offer to buy 60 percent of Flipkart, CNBC-TV18
reported on Wednesday, potentially complicating Walmart's bid for majority
ownership of the Indian online retailer.
    • Jaguar appoints new manufacturing chief to transform plants for electric
future
    Britain's biggest carmaker Jaguar Land Rover is replacing its director for
manufacturing as it prepares its plants for an electrified future, the firm
said.
    • Hero MotoCorp Q4 profit rises 35 percent, beats estimate
    Hero MotoCorp, the world's largest selling two-wheeler maker, reported a
better-than-expected 35 percent rise in quarterly profit on
Wednesday.
    • Surging costs hit Indigo-owner InterGlobe's fourth-quarter profit
    InterGlobe Aviation, owner of India's top carrier IndiGo, reported a 73
percent slump in fourth-quarter profit on Wednesday, dragged down by higher
expenses and fuel costs.
    • Manipal-led bid for Fortis faces objections
    Two major investors in Fortis Healthcare, who have concerns over the bidding
process for the cash-strapped Indian hospital operator, plan to vote against a
Manipal Hospitals-led consortium if that group is selected as the winning
bidder.
    • ONGC sets $2.64 billion capex for drilling oil, gas wells in 2018/19
    India's top explorer Oil and Natural Gas Corp said on Wednesday it plans to
invest $2.64 billion on drilling in 2018/19, a growth of about 24 percent over
the last fiscal year.
    
    GLOBAL TOP NEWS
    • Trump has all but decided to withdraw from Iran nuclear deal 
    U.S. President Donald Trump has all but decided to withdraw from the 2015
Iran nuclear accord by May 12 but exactly how he will do so remains unclear, two
White House officials and a source familiar with the administration's internal
debate said on Wednesday.
    • Fed leaves interest rates unchanged, says inflation near goal
    The Federal Reserve held interest rates steady on Wednesday and expressed
confidence that a recent rise in inflation to near the U.S. central bank's
target would be sustained, leaving it on track to raise borrowing costs in
June.
    • China's Xiaomi files for mega Hong Kong IPO, lifts lid on financials
    Smartphone and connected device maker Xiaomi filed for a Hong Kong initial
public offering, in what is expected to be the largest listing by a Chinese tech
company in almost four years.
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • The SGX Nifty nearest-month futures were trading at 10,718.50, down 0.3
percent from its previous close.
    • The Indian rupee is expected to open little changed after the U.S. Federal
Reserve expressed more confidence in inflation moving higher, but continued to
signal a measured pace of interest rate increases.
    • Indian government bonds are likely to ease in early trade after the U.S.
Federal Reserve held interest rates steady late yesterday but expressed
confidence that a recent rise in inflation to near target would be sustained,
hinting at a rate hike in June.The yield on the benchmark 7.17 percent bond
maturing in 2028 is likely to trade in 7.71 percent -7.76 percent  band today.  
    
    GLOBAL MARKETS
    • U.S. stocks fell on Wednesday as potential U.S. restrictions on Chinese
telecom companies reinforced investor concerns about worsening trade relations
between the United States and China.
    • Asian shares were subdued ahead of anxiously-awaited Sino-U.S. trade
talks, while the U.S. dollar consolidated recent bumper gains after the Federal
Reserve reaffirmed the outlook for more rate hikes this year.
    • The dollar traded near a four-month high against a basket of currencies,
having recovered from a brief dip after the Federal Reserve kept interest rates
steady and said inflation had "moved close" to its target.
    • U.S. Treasury yields for most maturities fell on Wednesday as a quarterly
refunding program that aims to finance the country's massive fiscal deficit came
in short of expectations, reducing the pressure on prices caused by the increase
in debt supply.
    • Oil prices dipped, weighed down by swelling U.S. crude inventories and
record weekly U.S. production which is countering efforts by producer cartel
OPEC to cut supplies and prop up prices.
    • Gold prices edged higher for a second session ahead of much awaited U.S.-
China trade talks, where a breakthrough deal is viewed as highly unlikely.
    
    
                   CLOSE        FII INVESTMENTS  EQUITIES      DEBT
 PNDF spot         66.68/66.71  May 2            -$78.88 mln   -$240.92 mln
 10-yr bond yield  -            Month-to-date    -$983.03 mln  -
                                Year-to-date     $1.18 bln     -$1.91 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 = 66.68 Indian rupees)
    
    

 (Compiled by Priyanka Das in Bengaluru)
  
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below