May 8, 2018 / 3:37 AM / 17 days ago

Morning News Call - India, May 8

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    FACTORS TO WATCH
    9:30 am: Power Minister R.K. Singh to deliver keynote address at NTPC event
in New Delhi.
    3:00 pm: Oil Minister Dharmendra Pradhan at City Gas Distribution bidding
round event in New Delhi.
    4:00 pm: Godrej Consumer Products earnings conference call in Mumbai.
    4:15 pm: Power Minister R.K. Singh likely to meet RBI and finance ministry
officials in New Delhi.
    
    TRADING INDIA FORUM - INDIA EQUITY MARKETS
Pankaj Murarka, ex- Head of Equities- Axis MF and Founder, Renaissance
Investment Managers, shares his views at 11:00 am IST. To join the conversation,
click on the link: here

LIVECHAT- CHARTING FX
Take a look at the FX charts with Reuters technical analyst Martin Miller at
6:00 pm IST. To join the conversation, click on the link: here
    
    INDIA TOP NEWS
    • Walmart likely to announce Flipkart deal before end of week -sources
    Walmart is likely to announce its much-anticipated deal to buy a controlling
stake in Indian e-commerce player Flipkart before the end of this week, two
sources said, in what is likely to be the U.S. retail giant's biggest
acquisition of a business.
    • Cognizant cuts profit forecast due to tax hit
    IT services firm Cognizant lowered its forecast for annual earnings on
Monday saying that it now expected to pay higher taxes than previously thought,
driving its shares down 6 percent.
    • ICICI Bank posts smallest quarterly profit in 2 yrs on bad loan surge
    ICICI Bank reported its smallest quarterly profit in two years on Monday as
stricter central bank rules forced the country's third-biggest lender by assets
to account for more bad loans.
    • BlackRock exits mutual fund venture with India's DSP Group
    BlackRock on Monday agreed to sell its 40 percent interest in DSP BlackRock,
which manages a range of co-branded mutual funds in India, to the DSP
Group.
    • Latest bid for India's Fortis "more risky", says Manipal CEO
    India's privately held Manipal Hospitals had to take a "more risky" approach
in its latest bid for domestic rival Fortis to see off rival suitors, Manipal's
Chief Executive Ranjan Pai told Reuters.
    • India top court refuses to stay order against Monsanto on GM cotton
patents
    India's Supreme Court on Monday refused to grant a stay on a Delhi High
Court ruling that U.S. company Monsanto cannot claim patents on its GM cotton
seeds, but the world's largest seed maker said it is "confident on the merits"
of its case.
    
    GLOBAL TOP NEWS
    • EXCLUSIVE-Comcast prepares all-cash bid to gate-crash Disney-Fox deal
-sources
    U.S. cable operator Comcast is asking investment banks to increase a bridge
financing facility by as much as $60 billion so it can make an all-cash offer
for the media assets that Twenty-First Century Fox has agreed to sell to Walt
Disney for $52 billion, three people familiar with the matter said on
Monday.
    • Xerox loses bid for quick appeal of decision to block Fujifilm deal
    Xerox has lost its bid for a quick appeal of a decision to block its deal
with Fujifilm, according to a court filing on Monday, handing a victory to
activist investors Carl Icahn and Darwin Deason in the months-long
saga.
    • Trump proposes $15 billion spending cuts, targets children's health
program
    U.S. President Donald Trump will request a package of $15 billion in
spending cuts from Congress, including some $7 billion from the Children's
Health Insurance Program championed by Democrats, senior administration
officials said on Monday.
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • The SGX Nifty nearest-month futures were trading at 10,770.00, up 0.2
percent from its previous close.
    • The Indian rupee will likely extend losses against the dollar, weighed by
concerns over crude oil prices and as the greenback continued its climb against
emerging market currencies.
    • Indian government bonds are likely to trade little changed ahead of a
fresh supply of securities issued by state governments.The yield on the
benchmark 7.17 percent bond maturing in 2028 is likely to trade in a 7.59
percent -7.64 percent band today.
    
    GLOBAL MARKETS
    • Wall Street climbed on Monday, boosted by Apple's sixth straight day of
gains and by a surge in oil prices to their highest since 2014.
    • Asian shares firmed slightly in early trade with technology stocks
resilient after generally upbeat earnings despite weakness in the global
smartphone market and concerns about more regulation.
    • The dollar hovered near a four-month high, backed by rising Treasury
yields and broadly strong U.S. economic data, leaving its major rivals such as
the euro struggling and others including the Argentine peso down sharply.
    • Trading was light and Treasury yields were little changed on Monday ahead
of this week's auctions of $73 billion in U.S. government debt and Thursday's
release of the Consumer Price Index inflation metric, even as U.S. oil prices
reached their highest since 2014.
    • Oil prices retreated from three-and-a-half-year highs as investors waited
on an announcement by President Donald Trump on whether the United States will
reimpose sanctions on Iran.
    • Gold prices rose slightly, after easing in the previous session, as the
dollar held steady after marking a fresh 2018 peak.
    
    
                   CLOSE        FII INVESTMENTS  EQUITIES      DEBT
 PNDF spot         67.11/67.14  May 7            -$94.59 mln   -$174.29 mln
 10-yr bond yield  7.62 pct     Month-to-date    -$301.85 mln  -$402.52 mln
                                Year-to-date     $880.20 mln   -$2.07 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 = 67.13 Indian rupees)
    
    

 (Compiled by Priyanka Das in Bengaluru)
  
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