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Morning News Call - India, November 23
November 23, 2017 / 3:40 AM / 19 days ago

Morning News Call - India, November 23

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    FACTORS TO WATCH
    09:30 am: UltraTech Cement Joint Executive President Rajesh Srivastava,
Indian Oil General Manager (HRD) Shailesh Tiwari at FICCI’s annual HR conference
in New Delhi.
    10:00 am: Junior Law Minister P.P. Chaudhary at “Paradigm Shift in
Valuation” workshop in New Delhi.
    10:00 am: Edelweiss Group Chairman Rashesh Shah, HDFC Executive Director V.
S. Rangan, PNB Housing Finance MD Sanjaya Gupta and other NBFC heads at CRISIL
Ratings’ seminar on NBFCs in Mumbai. 
    11:30 am: EPFO board meet in New Delhi.
    12:00 pm: Talwalkar Better Value Fitness CEO Prashant Talwalkar to announce
partnership with corporate life coach Mickey Mehta in Mumbai.
    02:00 pm: State Bank of India Chairman Rajnish Kumar at announcement of
bank’s digital innovation in Mumbai.
    03:30 pm: CRISIL Ratings media teleconference on NBFCs in Mumbai.x
    
    TRADING INDIA FORUM - THE FUTURE OF INDIAN BANKING 
    The Indian banking scene is in the throes of changes that will be felt for
years to come. With online, digital and wallets bringing more players into the
fray and the government's recapitalization plan for PSU banks up and running, a
variety of interesting scenarios have cropped up. Do customers win with lending
moving to small but niche players? Will marrying a good bank with a bad bank
result in a good bank? Trading India invites you to our Banking Day event to
discuss these questions and the future of Indian banking. To join the
conversation with H.R.Khan, Former Deputy Governor, Reserve Bank of India, at
12:00 pm IST; Renu Satti, CEO, PAYTM payments bank, at 2:30 pm IST and C.Venkat
Nageswar, Deputy Managing Director, Global Markets, State Bank of India, at 4:00
pm IST, click on the link: here
    
    
    INDIA TOP NEWS
    • Cabinet approves amendments to insolvency and bankruptcy code
    India's cabinet on Wednesday approved amendments to the Insolvency and
Bankruptcy Code, the finance minister said, changes that are designed to prevent
wilful defaulters from bidding for stressed assets.
    • Indian Oil Corp studies renewed Venezuelan crude purchases
    Indian Oil Corp is considering buying Venezuelan crude for the first time in
at least six years, in a move that could help the crisis-struck South American
nation settle unpaid bills with another state-owned Indian energy firm.

    • India's top court upholds ban on petroleum coke in New Delhi area
    India's top court on Wednesday upheld the ban on use of petroleum coke in
and around New Delhi as the country battles to clean the air in its capital, one
of the world's most polluted cities.
    • India's annual diesel consumption to rise by two-thirds by 2030
    India's annual diesel consumption could rise to 150 billion litres by 2030
from 90 billion litres now, Oil Minister Dharmendra Pradhan said on Wednesday.

    • Japan's JFE to bid for Bhushan Steel with India's JSW as partner -sources
    Japan's JFE Holdings Inc and India's JSW Steel Ltd are lining up a joint bid
with a private equity firm for the assets of India's insolvent Bhushan Steel
Ltd, two industry sources familiar with the matter said.


    
    
    GLOBAL TOP NEWS
    • Uber's messy data breach collides with launch of SoftBank deal
    A newspaper advertisement for an Uber Technologies Inc stock sale was
juxtaposed on Wednesday with a report that the ride-service provider had covered
up a data hack - something of a metaphor for Uber, a company with boundless
investor interest, but whose penchant for rule-breaking has led to a series of
scandals.
    • Chinese firms scrap plans for micro loan business amid crackdown on 'blind
borrowing'
    A Chinese menswear firm and a leading maker of POS terminals said late on
Wednesday they had given up plans to set up micro-loan units, one day after
policymakers took steps to tighten supervision of the lightly regulated sector.

    • Fed policymakers say rate increase likely warranted soon -minutes
    Many Federal Reserve policymakers expect that interest rates will have to be
raised in the "near term," according to the minutes of the U.S. central bank's
last policy meeting released on Wednesday.

    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • The SGX Nifty Futures were trading at 10,367.50, up 0.14 percent from its
previous close.
    • Indian government bonds are likely to rise in early trade tracking an
overnight fall in U.S. Treasury yields.However, higher crude oil prices and lack
of fresh cues may lead to some selling, a trader with a primary dealership said.
The yield on the benchmark 6.79 percent bond maturing in 2027 is likely to trade
in a 6.93 percent -6.98 percent band.
    • The Indian rupee will likely open higher against the dollar, on
weaker-than-expected U.S. data and after minutes of the Federal Reserve’s latest
meeting showed policymakers remained cautious about subdued inflation in the
world’s largest economy.

    
    
    GLOBAL MARKETS
    • U.S. stocks were little changed on Wednesday, with telecom services shares
among the biggest movers while the energy sector rose in line with gains in
crude oil.
    • Moves in Asian share markets were minor with Japanese markets closed for a
holiday and the United States off for Thanksgiving.
    • The dollar touched a two-month low against the yen, having tumbled after
the minutes of the Federal Reserve's latest meeting showed some policymakers
were concerned about persistently low inflation in a blow to rate hawks.
    • U.S. Treasury prices gained slightly after the minutes from the Federal
Reserve’s latest meeting on Wednesday affirmed market expectations that it will
hike rates in December, with trading volumes subdued before Thursday’s
Thanksgiving holiday.
    • U.S. oil prices remained near two-year highs as the shutdown of the
Keystone pipeline and a drawdown in fuel inventories pointed to a tightening
market, despite rising output.
    • Gold prices nudged lower, after gaining nearly one percent in the previous
session on weaker U.S. economic data and concerns by some Federal Reserve
policymakers about lower inflation.
    
  
                   CLOSE        FII INVESTMENTS  EQUITIES     DEBT
 PNDF spot         64.85/64.88  November 22      -$67.98 mln  -$14.17 mln
 10-yr bond yield  7.12 pct     Month-to-date    $2.36 bln    -$89.20 mln
                                Year-to-date     $8.01 bln    $25.86 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 = 64.8700 Indian rupees)

 (Compiled by Nachiket Tekawade in Bengaluru)
  

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