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Morning News Call - India, November 6
November 6, 2017 / 3:41 AM / 15 days ago

Morning News Call - India, November 6

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    FACTORS TO WATCH
    9:15 am: Reliance Nippon Life Asset Management lists on exchanges in Mumbai.
    9:30 am: RBI Deputy Governor N.S. Vishwanathan, State Bank of India Chairman
Rajnish Kumar, ICICI Bank CEO Chanda Kochhar and other banking officials at
FIBAC event in Mumbai.
    10:30 am: Finance Minister Arun Jaitley at an event in New Delhi.
    11:15 am: Renault India Managing Director Sumit Sawhney at premium SUV
launch in New Delhi.
    12:00 pm: M&M Powerol and Spares Business President Hemant Sikka to announce
new development in New Delhi.
    5:00 pm: Larsen & Toubro Infotech MD Sanjay Jalona to brief media post 2Q
earnings in Mumbai.
    6:00 pm: KEC International post-earnings conference call in Mumbai.
      
    GMF: LIVECHAT- TRUMP IN ASIA
    Japan Institute of International Affairs Senior Visiting Fellow J.Berkshire
Miller will discuss what the 'golf diplomacy' by Prime Minister Abe may achieve
when Trump is visiting the country, at 09:00 am IST. To join the conversation,
click on the link: here
    
    
    INDIA TOP NEWS
    • India's antitrust watchdog approves DLF's $1 bln deal with Singapore's GIC
    India's antitrust regulator has approved Singapore's sovereign wealth fund
GIC's bid to acquire a stake in a firm owned by DLF for 89 billion rupees, the
country's biggest real estate developer said in a statement late Saturday.

    • Brookfield eyes mobile towers in India as deal with RCom stumbles
    A unit of Canada's Brookfield Asset Management said it is evaluating a
number of telecom tower portfolios in India to scale its presence after talks to
acquire over 40,000 towers from debt-laden Reliance Communications hit a snag.

    • India's PNB, Union Bank bad loan growth slows but provisions weigh
    Two of India's big state banks saw the pace of bad loan growth slow in the
second-quarter, but steep provisions for defaulters in bankruptcy proceedings
mean profits will stay under pressure until at least March.
    • New India Assurance's $1.5 bln IPO covered 1.2 times by subscriptions-data
    State-run New India Assurance Co Ltd's initial public offering of shares to
raise 96 billion rupees was covered 1.2 times by subscriptions on the last day
of the sale, showing relatively weak demand in what has been a record year for
IPOs in the country.
    • Torrent Pharma to buy Unichem Labs' India business for $558 mln
    Torrent Pharmaceuticals said on Friday it would buy more than 120 brands
from Unichem Laboratories in India and Nepal, and its manufacturing plant at
Sikkim.
    • Tata Power Q2 profit misses estimate, one-off items hurt
    India's Tata Power Co Ltd reported a nearly 44 percent slump in quarterly
profit, hurt by one-off charges related to its stake in Tata Teleservices Ltd
and its Rithala plant.
    • Hindalco Industries Q2 profit falls 11 pct, misses estimates
    India's top aluminium producer, Hindalco Industries Ltd HALC.NS, posted an
11 percent fall in second-quarter profit, missing street estimates.
    • India services activity rises in October on higher demand
    India's dominant services industry activity expanded at its fastest pace in
four months in October as demand continued to strengthen despite accelerating
price pressures, a business survey showed on Friday.
    • PM Modi says India may announce tax relief for traders next week
    India may announce measures next week to help traders and small businesses
who say a new nationwide goods and services tax (GST) has increased their tax
and administrative burden.

        
    GLOBAL TOP NEWS
    • Trump says to push Japan for more "reciprocal" trade, in a friendly way
    U.S. President Donald Trump, charging "Japan has been winning" on trade in
recent decades, said he would push for more reciprocal trade with Washington's
close U.S. ally - but in a friendly way.
    • Japan Oct services PMI rises to more than 2-yr high as new orders
accelerate
    Japan's services sector grew at the fastest pace in more than two years in
October as new orders accelerated sharply, suggesting the economy is picking up
momentum in the fourth quarter.
    • Gunman kills at least 26 worshipers at small-town Texas church
    A gunman dressed in black tactical gear massacred at least 26 worshipers and
wounded 20 others at a white-steepled church in Texas on Sunday, carrying out
the latest in a series of mass shootings that have plagued the United States.

    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • The SGX Nifty Futures were trading at 10,426.00, trading down 0.6 percent
from its previous close.
    • Indian government bonds are likely to edge lower in early trade as
investors may slow down purchases amid concerns rising crude oil prices may
stoke inflation. The yield on the benchmark 6.79 percent bond maturing in 2027
is likely to trade in a 6.84 percent-6.88 percent band.
    • The Indian rupee will likely open lower against the dollar, tracking Asian
peers, as better-than-expected U.S. factory orders and services sector data
boosted the greenback, outweighing the impact of tepid jobs report.
    
    
    GLOBAL MARKETS
    • A surge in shares of heavyweight Apple helped push up major Wall Street
indexes on Friday, as investors also assessed a mixed U.S. labor market report.

    • Asian shares stepped away from recent decade highs while the U.S. dollar
staged a broad-based rally and oil jumped to a more than two-year peak as Saudi
Arabia's crown prince cemented his power through an anti-corruption crackdown.

    • The dollar traded near a three-month high against a basket of currencies,
after the latest batch of U.S. data backed expectations for the Federal Reserve
to raise interest rates next month and tighten further in 2018.
    • U.S. Treasury yields were little changed on Friday after the government’s
jobs report for October showed that wages did not pick up in the month, raising
some concerns about continuing low inflation, though recent hurricanes were seen
as distorting the data.
    • Oil prices hit their highest levels since July 2015 as markets tightened,
while Saudi Arabia's crown prince cemented his power over the weekend through an
anti-corruption crackdown that included high profile arrests.
    • Gold edged lower as the dollar firmed after upbeat U.S. economic data
strengthened the prospect of further interest rate hikes by the Federal Reserve.

    
                   CLOSE        FII INVESTMENTS  EQUITIES     DEBT
 PNDF spot         64.61/64.64  November 3       -$1.5 bln    $3.25 mln
 10-yr bond yield  6.97 pct     Month-to-date    $399.57 mln  $8.67 mln
                                Year-to-date     $6.05 bln    $25.96 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 = 64.5500 Indian rupees)

 (Compiled by Nachiket Tekawade in Bengaluru)
  

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