October 13, 2017 / 3:24 AM / 2 months ago

Morning News Call - India, October 13

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    FACTORS TO WATCH
    10:00 am: DIPP Director Sushil Satpute and ITC India Tobacco Divisional
Chief Executive Sandip Kaul at FICCI event in New Delhi.
    10:00 am: Lloyd's India CEO Shankar Garigiparthy and SBI Life Insurance
Executive Vice President N.R.V. Roopkumar at NIA Insurance Summit in Mumbai.
    10:00 am: Chemicals and Fertilizers Minister Ananth Kumar at ASSOCHAM
conference on Generic Drugs in Bengaluru.
    10:30 am: Department of Financial Services Secretary Rajiv Kumar at National
Atal Pension Yojana conference in New Delhi. 
    5:00 pm: General Insurance Corp. IPO closes today in Mumbai.
    5:00 pm: RBI to release weekly foreign exchange data in Mumbai.
    5:30 pm: Reliance Industries Joint CFO Srikanth Venkatachari to brief media
post results in Mumbai.

    
    LIVECHAT- QUIZ EAST
    The first of our Friday quizzes focuses on Asia and the week's top news.
Tests your wits and googling speed at 11:00 am IST. To join the conversation,
click on the link: here
    
  
    INDIA TOP NEWS
    • Retail inflation remains steady in September, hopes for rate cut bleak
    India's annual consumer price inflation remained steady in September from
the previous month, but hopes of a rate cut by the Reserve Bank of India remain
bleak as it expects higher inflation in coming months.
    • Bharti Airtel to acquire Tata's money-losing mobile unit for nothing
    Bharti Airtel Ltd is acquiring the Tata conglomerate's consumer mobile
business virtually free of charge in a deal that gives India's top wireless
player a major subscriber base boost, while stemming the bleed for Tata from a
money-losing venture.
    • TCS positive on retail business turnaround, cautious on financial services
    India's top IT services firm Tata Consultancy Services Ltd said it expected
an uptick in the retail business segment in the coming quarters but remained
cautious about the banking and financial services segments that form the bulk of
its revenues.
    • IndusInd Bank Q2 profit rises 25 percent
IndusInd Bank Ltd posted a 25 percent rise in its second-quarter net profit,
helped by higher interest income.
    • Reliance Nippon Life AMC IPO seeks to raise up to $237 million
    Reliance Nippon Life Asset Management Ltd's initial public offering, the
first by an Indian mutual fund manager, seeks to raise up to 15.42 billion
rupees with the company on Thursday setting a price range of 247-252 rupees per
share.
    • Motilal Oswal, MMTC-PAMP launch digital gold service
    A subsidiary of Indian brokerage Motilal Oswal Financial Services Ltd and
MMTC-PAMP India, the biggest refiner in the country, launched a service on
Thursday allowing customers to buy gold on the brokerage's digital platform.

    • Allianz, Shapoorji Pallonji partner to set up $500 million India fund
    German insurer Allianz SE said it had partnered with Indian conglomerate
Shapoorji Pallonji Group to set up a $500 million real-estate fund aimed at the
office market in India.

    
    GLOBAL TOP NEWS
    •Samsung Electronics CEO Kwon Oh-hyun to step down from management 
    Samsung Electronics Co Ltd said its CEO and Vice Chairman Kwon Oh-hyun had
decided to step down from management, as it forecast record third-quarter
profits on the back of soaring memory chip prices.
    • Kuroda says BOJ to keep easy policy, tread different path from Fed, ECB
    Bank of Japan Governor Haruhiko Kuroda on Thursday stressed the central
bank's resolve to maintain its ultra-loose monetary policy, even as its U.S. and
European counterparts begin to dial back their massive, crisis-mode monetary
stimulus.
    • Frustrated by Congress, Trump signs order to weaken Obamacare
    President Donald Trump on Thursday signed an order to make it easier for
Americans to buy bare-bones health insurance plans, using his presidential
powers to undermine Obamacare after fellow Republicans in Congress failed to
repeal the 2010 law.

    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • The SGX Nifty Futures were at 10,110.00, trading down 0.15 percent from
its previous close.
    • Indian government bonds are likely to rise today, as lower-than-expected
retail inflation in September bolsters bets that there would be further monetary
easing in coming months. The yield on the benchmark 6.79 percent bond maturing
in 2027 is likely to trade in a 6.70 percent-6.75 percent band.
    • The Indian rupee will likely edge higher against the dollar in early
trade, in line with Asian peers, while greenback steadied ahead of the key U.S.
inflation data for further clues on the next interest rate hike in the world’s
biggest economy.

    
    GLOBAL MARKETS
    • U.S. stocks retreated from recent record highs on Thursday as AT&T shares
sank after it said it lost subscribers in the last quarter and banks slipped
following results from JPMorgan and Citigroup.
    • Asian stocks held firm near a 10-year high thanks to expectations of brisk
global growth, although investors held off chasing the shares higher ahead of
U.S. and Chinese economic data as well as the Chinese Communist Party congress
next week.
    • The dollar steadied, on track for weekly losses as investors awaited U.S.
inflation data to gauge the likelihood that the Federal Reserve will stick to
its plan to raise interest rates again this year.
    • U.S. Treasury prices gained on Thursday after the Treasury Department's
$12 billion bond sale drew strong demand, and as investors repositioned ahead of
inflation data due today.
    • Oil prices edged up as both U.S. crude production and inventories
declined, pointing towards a tightening market.
    • Gold prices were little changed amid a steady dollar, halting a five-day
rally as investors wait for key U.S. inflation data for clues on the outlook for
potential hikes in U.S. interest rates.
    
                   CLOSE        FII INVESTMENTS  EQUITIES      DEBT
 PNDF spot         65.07/65.10  October 12       -$102.69 mln  $69.61 mln
 10-yr bond yield  6.97 pct     Month-to-date    -$391.45 mln  $1.67 bln
                                Year-to-date     $4.96 bln     $24.95 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 = 65.05 Indian rupees)
    
    

 (Compiled by Shradha Singh in Bengaluru)
  

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