November 13, 2017 / 3:38 AM / 6 days ago

Morning News Call - India, November 13

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    FACTORS TO WATCH
    09:15 am: New India Assurance Company lists on stock exchanges in Mumbai.
    10:00 am: Communications Minister Manoj Sinha, Law Minister Ravi Shankar
Prasad and Human Resource Development Minister Prakash Javadekar at a conference
in New Delhi. 
    02:30 pm: Crisil MD & CEO Ashu Suyash and SIDBI CMD Mohammad Mustafa at the
MoU signing for launch of India's first 'MSME Sentiment Index in Mumbai.
    05:00 pm: Cadila Healthcare post-earnings analyst conference call in Mumbai.
    05:30 pm: Government to release October consumer price inflation data in New
Delhi.
    
    LIVECHAT- FX WEEK AHEAD
    FX Buzz analyst Jeremy Boulton analyses G7 currencies at 04:30 pm IST.. To
join the conversation, click on the link: here
    
    
    INDIA TOP NEWS
    • Top lender SBI's results signal Indian banks' record bad loans peaking
    State Bank of India (SBI) posted quarterly results that indicated the
nation's lenders may see a slower build-up of bad loans, but questions remain on
how quickly and smoothly they can get rid of $146 billion of such debt that has
already piled up.
    • India to slash sales tax on most goods subject to highest rate
    India will slash the sales tax next week on most goods subject to the
highest 28 percent rate, Finance Minister Arun Jaitley said Friday, as pressure
grows for the government to reduce the burden of the new nationwide tax on
businesses.
    • Mahindra Logistics shares fall 2.1 pct on market debut
    Shares of India's Mahindra Logistics Ltd fell as much as 2.1 percent on its
market debut on Friday after the company raised 8.3 billion rupees via an
initial public offering last week.
    • Larsen & Toubro beats estimates with 27 pct jump in Q2 profit 
    India's top engineering and construction company Larsen & Toubro Ltd
reported a higher than expected 27 percent rise in second quarter net profit,
helped by a one-off gain from the sale of a subsidiary.
    • Nestle India Q3 profit climbs 23 pct as domestic sales rise
    Noodles-to-chocolates maker Nestle India Ltd posted a 23 percent rise in
third-quarter profit on Friday, buoyed by higher domestic sales.
    Axis Bank to raise $1.8 bln from investors including Bain Capital, LIC
    • India's Axis Bank Ltd is to raise 116.26 billion rupees to further
strengthen its capital base by selling shares and warrants to a group of
investors including Bain Capital and top Indian insurer Life Insurance Corp
(LIC).
    • Oil India Q2 profit rises 11 pct, beats expectations
    State-run Oil India Ltd posted an 11 percent rise in second-quarter profit
on Friday, beating analysts' expectations, helped by improved margins in its
crude oil segment.
    • Miner Vedanta continues its recovery with robust first-half profits
    Diversified miner Vedanta Resources said it sees further upside for zinc
prices as it announced a 37.4 percent rise in half-year profit on Friday.


    
    
    GLOBAL TOP NEWS
    • S.E. Asian nations not taking South China Sea thaw for granted
    Southeast Asian nations will not take a relative calm in the dispute over
the South China Sea for granted, according to a draft of a statement to be
issued during a summit meeting in Manila on Monday.
    • Gaming firm Razer rises more than 40 pct in Hong Kong debut
    Shares in Razer Inc, backed by Intel Corp and Hong Kong billionaire Li
Ka-shing, surged as much as 42 percent in their Hong Kong stock market debut on
Monday, amid growing retail demand for new technology stocks.
    • Strong earthquake hits Iraq and Iran, killing more than 130
    More than 120 people were killed in Iran and at least several others in Iraq
on Sunday when a powerful magnitude 7.3 earthquake hit the region, state media
in the two countries said, as rescuers stepped up efforts overnight to find
dozens trapped under rubble.

    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • The SGX Nifty Futures were trading at 10,338.00, trading down 0.04 percent
from its previous close.
    • Indian government bonds are expected to edge lower in early trade after
the Reserve Bank of India announced yet another open market purchase of
bonds.The yield on the benchmark 6.79 percent bond maturing in 2027 is likely to
trade in a 6.93 percent-6.99 percent band.
    • The Indian rupee will likely open lower against the dollar, tracking
losses in most Asian currencies, as mounting concerns on British Prime Minister
Theresa May’s leadership and little progress on Brexit talks weighed on the
pound, lifting demand for the greenback.
    
    GLOBAL MARKETS
    • Wall Street ended marginally lower on Friday, with losses in Intel and
Apple as investors worried about the future of promised corporate tax cuts
following dueling plans unveiled by Republican lawmakers.
    • Asian shares stepped back in cautious early trade as investors look to see
whether U.S. Republicans can hammer a tax reform deal quickly, while the British
pound fell on growing doubts over Prime Minister Theresa May's leadership.

    • The pound slipped early as troubles mounted for British Prime Minister
May, with a report that 40 Conservative MPs are readying a leadership challenge,
while Brexit talks face a crucial deadline.
    • U.S. Treasury yields rose on Friday, with two-year yields at a nine-year
high as traders closed out some curve-flattener positions and dealers reduced
their holdings of longer-dated debt following this week's auctions.
    • Oil trading was cautious amid ongoing tensions in the Middle East and
after a rising rig count in the United States suggested producers there are
preparing to increase output.
    • Gold prices edged lower in the wake of their biggest one-day percentage
loss in about two weeks in the previous session, weighed down as the U.S. dollar
firmed.
    
    
                   CLOSE        FII INVESTMENTS  EQUITIES   DEBT
 PNDF spot         65.06/65.09  November 10      --         -$16.42 mln
 10-yr bond yield  7.05pct      Month-to-date    $1.51 bln  -$510.93 mln
                                Year-to-date     $7.15bln   $25.44bln
 
   
    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]
 

 (Compiled by Nachiket Tekawade in Bengaluru)
  

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