November 29, 2019 / 3:14 AM / 15 days ago

Morning News Call - India, November 29

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    FACTORS TO WATCH
    9:20 am: Chief Economic Adviser K.V. Subramanian and Prime Minister's
Economic Advisory Council Chairman Bibek Debroy at India Economic Forum in New
Delhi
    9:30 am: Junior Finance Minister Anurag Thakur at Commodity Derivatives
Market Summit in New Delhi.
    9:30 am: Assocham organizes seminar on Recent Developments under GST Regime
in New Delhi.
    5:00 pm: Government to release October Infrastructure output data in New
Delhi.
    5:30 pm: Government to release July-September GDP data in New Delhi.​​
    
    
    INDIA TOP NEWS
    • India's economy seen growing at 4.7% in September quarter
    India's economy probably expanded at its weakest pace in more than six years
in the quarter to September, a Reuters poll showed, as consumer demand and
private investment weakened further and a global slowdown hit exports.

    • India plans security audit of WhatsApp after hacking attempt
    India wants to conduct an audit of WhatsApp's security systems following
revelations that a spyware exploited vulnerabilities in the Facebook-owned
messaging platform, the country's technology minister said on Thursday.

    • India considers commissions cap for Uber, Ola, unsettling industry
    India plans to cap the commissions app-based taxi aggregators such as Uber
and home-grown Ola earn on rides to a maximum 10% of the total fare, according
to a draft proposal seen by Reuters, a move industry experts warned would hit
revenue and operations.
    • Reliance denies report of talks to sell news assets to Times Group
    Reliance Industries, controlled by Asia's richest man Mukesh Ambani, on
Thursday denied a Bloomberg report that it was in talks to sell its news assets
to local media conglomerate Times Group.
    • Indian government wants RBI to buy out stressed assets of shadow banks -
source
    India's federal government wants the Reserve Bank of India to set up a fund
to buy out stressed assets of the country's top 25 shadow lenders and revive the
financial sector, a government source told reporters on Thursday.
    • Carlyle Group set to make bumper profit from SBI Cards IPO
    SBI Cards and Payment Services, the credit card arm of State Bank of India
(SBI), aims to raise roughly 90 billion rupees in an initial public offering,
according to a source familiar with the matter, in a deal set to make a bumper
profit for U.S private equity firm Carlyle Group.
    • India pollution regulator threatens to shut coal-fired utilities around
New Delhi
    India's federal pollution regulator has warned coal-fired power plants
around New Delhi that they could be shut down for failing to comply with
deadlines to meet emissions standards, according to sources and a letter
reviewed by Reuters.
    • Indian refinery workers protest over Modi's privatisation plans
    Thousands of employees across India on Thursday protested an upcoming stake
sale at state owned refiner Bharat Petroleum Corporation, fearing loss of jobs
and benefits.


    ANALYSIS
    • After $13 billion levy ruling, future of India's tattered telecom sector
hinges on government aid
    The Indian government's win of a long-contested dispute over telecom fees
could end up a Pyrrhic victory, as the billions of dollars in levies now owed
are seen as burdens too big to bear for two of the country's three main
carriers.
    
    
    GLOBAL TOP NEWS
    • Trump makes surprise Afghanistan trip, voices hope for ceasefire
    President Donald Trump made a surprise Thanksgiving visit to U.S. troops in
Afghanistan on Thursday and said he believed Taliban insurgents would agree to a
ceasefire in America's longest war.
    • Japan's factory output posts biggest fall in almost 2 years
    Japan's industrial output slipped at the fastest pace since early last year
in October, exposing widening cracks in the economy which faces a decline in
domestic and foreign demand.
    • North Korea test fires rockets in Thanksgiving reminder of year-end
deadline for U.S.
    Breaking a month-long lull in missile tests, North Korea fired two short
range projectiles into the sea off its east coast on Thursday in what appeared
to be the latest try out of its new multiple rocket launchers, South Korea's
military said.

    
        
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • SGX Nifty nearest-month futures were flat at 12,177.00.
    • The Indian rupee is expected to open higher against the dollar amid focus
on month-end flows and third-quarter gross domestic product data.
    • Indian government bonds are likely to open higher, as bets of another rate
cut persisted ahead of the July-September gross domestic product growth data,
due post market hours today. The yield on the benchmark 6.45% bond maturing in
2029 is likely to trade in a range of 6.42%-6.48% today, a trader with a private
bank said. 
    
    
    GLOBAL MARKETS
    • Global shares ticked up, but hesitated to test an all-time peak as
investors worried a new U.S. law backing Hong Kong protests could derail
Washington's and Beijing's efforts to end their trade war.
    • The dollar headed for its highest weekly finish against the safe-haven yen
since May, as data showing the U.S. economy on a firm footing prompted investors
to scale back rate-cut bets.
    • Oil prices were steady in quiet trade with the U.S. Thanksgiving holiday
underway, while investors awaited a meeting of OPEC and its allies next week
that may result in the extension of a production cut agreement to support the
market.
    • Gold slipped and was set for its worst month in three years as hopes for a
U.S.-China trade deal supported demand for riskier assets and the dollar,
weighing on the safe-haven metal.
    
    
                   CLOSE        FII INVESTMENTS  EQUITIES          DEBT
 PNDF spot         71.62/71.65  November 28      (1,053.51) crore  506.59 crore
 10-yr bond yield  6.45%        Month-to-date    23,603 crore      (493) crore
                                Year-to-date     92,156 crore      32,363 crore
    
    (FII investment numbers are in Indian rupees. Source: National Securities
Depository Limited)​
    
    
    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 = 71.51 Indian rupees)
 

 (Compiled by Nidhi C Sai in Bengaluru)
  
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