November 14, 2017 / 3:35 AM / a month ago

Morning News Call - India, November 14

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    FACTORS TO WATCH
    09:00 am: Science Minister Harsh Vardhan to inaugurate India-Canada
Technology Summit in New Delhi.
    10:00 am: Road Minister Nitin Gadkari to inspect NH-24 in New Delhi.
    10:00 am: Heavy Industries Minister Anant Geete at Capital Goods Summit in
New Delhi.
    10:00 am: Drinking Water Minister Uma Bharati at a workshop in New Delhi.
    10:00 am: Biotechnology Secretary K. Vijay Raghavan, Agriculture Secretary
S.K. Pattanayak at DBT Stakeholders meet  in New Delhi.
    11:00 am: Commerce Minister Suresh Prabhu at Indian International Trade Fair
in New Delhi.
    11:30 am: Road Minister Nitin Gadkari at 18th World Road Meeting in Noida.
    12:00 pm: India to release wholesale price index-based inflation data for
October in New Delhi.
    12:30 pm: NSE MD & CEO Vikram Limaye at an event in Mumbai.
    01:30 pm: Apollo Hospitals post-earnings analyst conference call in Mumbai.
    04:00 pm: Cadila Healthcare post-earnings analyst conference call in Mumbai.
    04:00 pm: Eicher Motors post-earnings conference call in Mumbai.
    04:00 pm: GMR Infrastructure post-earnings conference call in Mumbai.
    05:00 pm: NCC post-earnings conference call in Mumbai.
    05:30 pm: Bank of Baroda press meet in Mumbai.
    06:00 pm: Dilip Buildcon post-earnings analyst conference call in Mumbai.x
    
    Trading India Forum - Equity markets 
    Equity markets have een logging in multiple life highs and there seems to be
little on the anvil that can puncture the rally. While some macro clouds seem to
be forming, India still seems to enjoy the confidence of both FII and domestic
investors. After a stellar 2017, where are we headed in 2018? And what about the
never ending debate of active vs. passive? To discuss all of this and more, we
have well known investor Rakesh Jhunjhunwala with us today at 4:00 pm IST. To
join the conversation, click on the link: here
    
    
    INDIA TOP NEWS
    • India RCom's loss, missed payments send shares plunging to record low
    India's Reliance Communications posted a fourth straight quarterly loss and
said it failed to pay interest on some debentures, sending the debt-laden firm's
shares tumbling 14 percent to a record low and its bonds down on
Monday.
    • India's Oct retail inflation touches 7-month high
    India's retail inflation picked up in October to a seven-month high, driven
by faster rises in prices of food and fuel products, dampening chances of an
interest rate cut by the central bank next month.
    • India's Bharti Airtel unit selling $400 mln Bharti Infratel stake - term
sheet
    A unit of top Indian phone carrier Bharti Airtel Ltd will sell a stake worth
about 26.17 billion rupees ($400 million) in mobile masts operator Bharti
Infratel Ltd on Tuesday, according to a deal term sheet.
    • India seeks hefty dividends from state firms as its revenues falter
    India is demanding millions of dollars in dividends from 12 reluctant state
companies to make up for an expected tax revenue shortfall this fiscal year, as
a slump in economic growth risks New Delhi overshooting its fiscal deficit
target.
    • American Tower to buy Indian telecoms masts from Idea, Vodafone for $1.2
bln
    American Tower Corp has agreed to buy about 20,000 mobile phone masts for
78.5 billion rupees from Indian network operators Idea Cellular and Vodafone
India, who are seeking to merge.
    • New India Assurance shares slide on market debut after $1.5 bln IPO
    New India Assurance Co Ltd's shares tumbled 9 percent in their trading debut
on Monday after a $1.5 billion initial public offering (IPO), casting a shadow
over the government's plans to list three other state-run insurers.[nL3N1NJ1YR
    • India's SpiceJet posts 79 pct surge in Sept-qtr profit
    India's SpiceJet Ltd reported a 79 percent rise in quarterly profit on
Monday, helped by an increase in passenger yield.
    • India's NTPC Q2 profit falls, misses estimates
    NTPC Ltd, one of India's biggest power producers, reported a marginal fall
in quarterly profit on Monday, missing analysts' estimates.
    
    
    GLOBAL TOP NEWS
    • China Oct factory output growth slows, retail sales miss expectations
    China's industrial output cooled last month, while fixed asset investment
and retail sales grew slower than expected, suggesting the economy may be
loosing some steam as the government cracks down on debt risks and
pollution.
    • SoftBank says considering investment in Uber but no final agreement
reached
    Japan's SoftBank Group Corp said on Tuesday it was considering investing in
Uber Technologies Inc but there was no final agreement at this
stage.
    • Risks ahead for U.S. tax push as disputes linger, Trump returns
    Congressional Republicans pushed ahead on Monday on a U.S. tax code overhaul
as a Senate panel considered the issue, but risks lay ahead with major
intraparty disputes unsettled and President Donald Trump returning soon from
Asia as the debate heats up.

    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • The SGX Nifty Futures were trading at 10,256.00, trading down 0.05 percent
from its previous close.
    • Indian government bonds are likely to fall after retail inflation for     
  October accelerated at a faster-than-expected pace, diminishing chances of
interest rate cuts in coming months. The yield on the benchmark 6.79 percent
bond maturing in 2027 is likely to trade in a 6.96 percent-7.02 percent band.
    • The Indian rupee will likely open higher against the dollar, tracking
strength in most Asian currencies, as the greenback steadied after a rally amid
a rise in U.S. Treasury yields and a decline in pound.    
    
    GLOBAL MARKETS
    • U.S. stock indexes rose on Monday as a sharp drop in General Electric
shares was more than offset by gains in high dividend-paying sectors including
consumer staples and utilities.
    • Asian stocks faltered on Tuesday as Chinese economic data disappointed and
investors pondered whether a marked flattening in the U.S. yield curve might
ultimately be a harbinger of a slowdown there.

    • The dollar got support from higher U.S. Treasury yields in early Asian
trading, while sterling arrested a recent slide, which followed concerns about
Theresa May's ability to stay on as British prime minister.
    • U.S. Treasury two-year note yields hit a fresh nine-year high on Monday,
as the yield curve resumed its flattening and investors priced in a
25-basis-point interest rate hike by the Federal Reserve in December.
    • Oil markets were treading water, continuing the cautious trading seen over
the last week as bullish factors such as ongoing OPEC-led production cuts and
Middle East tensions are countered by rising U.S. output.

    • Gold prices were little changed, with the dollar supported by higher U.S.
Treasury yields and Asian stocks down amid uncertainty over tax reforms in the
United States.

    
                   CLOSE        FII INVESTMENTS  EQUITIES     DEBT
 PNDF spot         65.47/65.50  November 13      -$35.76 mln  -$5.81 mln
 10-yr bond yield  7.08pct      Month-to-date    $1.50 bln    -$516.74 mln
                                Year-to-date     $7.15 bln    $25.43 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 = 65.4300 Indian rupees)

 (Compiled by Nachiket Tekawade in Bengaluru)
  

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