November 10, 2017 / 3:28 AM / 10 days ago

Morning News Call - India, November 10

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    FACTORS TO WATCH
    08:30 am: Aurobindo Pharma post-earnings analyst conference call in Mumbai.
    09:15 am: Mahindra Logistics lists on stock exchanges in Mumbai.
    10:00 am: Prime Minister Economic Advisory Council meets in New Delhi. 
    10:30 am: Auto association body SIAM to brief details of October auto sales
data in New Delhi. 
    11:00 am: Ashoka Buildcon Q2 post-earnings conference call in in Mumbai.
    12:30 pm: State Bank of India Q2 post-earnings conference call in Mumbai.
    01:00 pm: Bank of India Q2 post-earnings press conference in Mumbai.
    01:45 pm: Allahabad Bank earnings press conference in Kolkata.
    03:00 pm: Mahindra & Mahindra Q2 post-earnings press conference in Mumbai.
    03:00 pm: Skill Development and Oil Minister Dharmendra Pradhan delivers
keynote address at FICCI’s Private Security Industry Conclave 2017 in New Delhi.
    04:30 pm: Federal cabinet likely to meet, agenda not known in New Delhi. 
    05:00 pm: RBI releases weekly forex reserves data in Mumbai.
    05:30 pm: Government to release September Industrial output data in New
Delhi. 
    06:00 pm: Hindustan Copper earnings briefing in Kolkata.
    
    LIVE CHAT- QUIZ EAST 
    The first of our Friday quizzes focuses on Asia and the week's top
news.Tests your wits and googling speed at 11:00 am IST. To join the
conversation, click on the link: here
    
    
    INDIA TOP NEWS
    • Steel Authority of India posts 10th straight quarterly loss
Steel Authority of India Ltd posted a narrower second-quarter loss on Thursday,
the tenth straight loss in a row.
    • HDFC Life's $1.3 billion Indian IPO nearly five times subscribed
HDFC Standard Life Insurance Co. Ltd's initial public offering was subscribed
4.9 times on the last day of the sale on Thursday, in what was the fourth
billion dollar-plus IPO in India this year.
    • Tata Motors' Q2 profits boosted by rise in Jaguar Land Rover sales
India's Tata Motors reported a sharp rise in second-quarter profits on Thursday,
helped by higher sales of its Jaguar and Land Rover cars, but warned of
challenges ahead for its flagship British subsidiary.
    • India gold demand seen falling to lowest in 8 years in 2017 -WGC 
India's gold consumption is likely to drop to its lowest in eight years in 2017,
hit by government moves to make bullion trading more transparent and by
faltering demand from some rural areas, the World Gold Council (WGC) said on
Thursday.
    • Aurobindo Pharma Q2 profit rises 29 percent, beats estimates
India's Aurobindo Pharma Ltd posted a better-than-expected 29 percent rise in
quarterly profit on Thursday, helped by higher sales at its formulations
business in the United States.
    • India's Jindal Steel & Power Q2 loss narrows
Jindal Steel and Power Ltd reported a smaller-than-expected quarterly loss,
helped by higher revenue from its iron and steel business.
    • India's Hindustan Petroleum Q2 profit more than doubles, but misses
estimates
    State-owned oil refiner Hindustan Petroleum Corp Ltd's second-quarter net
profit more than doubled, but fell short of analysts' estimates.    
    • India's Petronet LNG turns focus to poorly supplied east coast 
    India's biggest gas importer Petronet LNG Ltd wants to build up its
liquefied natural gas (LNG) regassification capacity in the east of the country
where supply is limited, after focussing till now on the west, the CEO said on
Thursday.

    
    GLOBAL TOP NEWS
    • Dueling Republican tax plans advance in U.S. Congress
    U.S. Senate Republicans unveiled a tax plan on Thursday that differed from
the House of Representatives' version on several key fronts, including how they
treat the corporate tax rate, the tax deduction for state and local taxes, and
the estate tax.
    • Toshiba considering $5.3 billion capital injection - source
    Toshiba Corp, desperate for cash to avoid a possible delisting, is
considering raising about 600 billion yen by offering new shares in a
third-party allotment, a person briefed on the matter said on
Friday.    
    • Trump's CNN attacks may hobble legal case to block AT&T-Time Warner deal
    U.S. President Donald Trump's broadsides against cable network CNN may
complicate the U.S. government's legal case if it decides to block AT&T's deal
to buy media company Time Warner, according to legal experts.
    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • The SGX Nifty Futures were trading at 10,322.00, trading down 0.5 percent
from its previous close.
    • Indian government bonds are expected to edge higher in early trade after
the government announced a buyback of notes next week, raising hopes that such
purchases will help offset the supply of fresh papers. The yield on the
benchmark 6.79 percent bond maturing in 2027 is likely to trade in a 6.90
percent-6.95 percent band.
    • The Indian rupee will likely open lower against the dollar, as gains in
crude oil prices dent sentiment for the local assets, even as the greenback fell
overnight amid uncertainty over a potential delay in U.S. tax reforms.

    GLOBAL MARKETS
    • Wall Street stocks dropped on Thursday, weighed down by losses in
Microsoft and other technology issues, as investors turned their attention to a
U.S. Senate Republican plan that would delay expected corporate tax cuts.
    • Asian shares slipped on uncertainty about U.S. tax reforms after Senate
Republicans unveiled a plan that differed from the House of Representatives'
version in several key areas, including a delay in the timing of a corporate tax
cut.
    • The dollar licked its wounds, on track for weekly losses after dropping on
disappointment with a tax bill put forth by U.S. Senate Republicans that would
delay expected corporate tax cuts.
    • U.S. Treasury yields rose on Thursday, with 10-year yields bouncing from
near three-week lows, due to this week's government and corporate debt supply
which was partly offset by concerns about the passage of a federal tax plan
    • Oil markets were little changed, supported by ongoing supply cuts and
strong demand, although the prospect of rising U.S. shale output capped prices
around recent gains.
    • Gold inched up, holding near a three-week high amid uncertainty over U.S.
tax reforms, and was on track for its first weekly rise in a month.
    
                   CLOSE        FII INVESTMENTS  EQUITIES   DEBT
 PNDF spot         64.94/64.97  November 9       --         -$248.38 mln
 10-yr bond yield  7.03pct      Month-to-date    $1.61 bln  -$494.51 mln
                                Year-to-date     $7.26bln   $25.45bln
 
    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 = 64.9700 Indian rupees)

 (Compiled by Nachiket Tekawade in Bengaluru)
  

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