October 9, 2017 / 3:17 AM / 13 days ago

Morning News Call - India, October 9

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    FACTORS TO WATCH
    9:00 am: National Cyber Security Coordinator for PMO Gulshan Rai and SEBI
Whole Time Member Madhabi Puri Buch at inauguration of Next Gen Cyber Security
Operation Centre in Mumbai.
    1:45 pm: SIAM to announce auto industry sales figures for July-September
quarter in New Delhi.
    3:00 pm: Oil Minister Dharmendra Pradhan and oil industry officials at India
Energy Forum in New Delhi.
    4:00 pm: Saudi Aramco CEO Amin Nasser and BP deputy group chief executive
Lamar McKay to speak at India Energy Forum in New Delhi.
    4:30 pm: Sun Pharma Advanced Research conference call in Mumbai.
    4:50 pm: President Ram Nath Kovind at Vayoshreshtha Sammans award function
in New Delhi.
    6:10 pm: ONGC Exploration Director Ajay Kumar Dwivedi and BP India Head
Sashi Mukundan to speak at India Energy Forum in New Delhi.
    
    LIVECHAT- FX WEEK AHEAD
    FX Buzz analyst Jeremy Boulton analyses G7 currencies at 3:30 pm IST. To
join the conversation, click on the link: here
    
    
    INDIA TOP NEWS
    • Outgoing boss of SBI says credit growth is "unfinished agenda"
    Arundhati Bhattacharya, who ends four years at the helm of State Bank of
India on Friday, said reviving lending in the country was one of the major tasks
left unfinished.
    • PM Modi, under fire, eases burden on small companies
    Prime Minister Narendra Modi's government on Friday eased tax rules for
small and medium-sized companies, as it rushes to address growing criticism of
its stewardship of Asia's third-largest economy.
    • Saudi Aramco eyes joint venture deal in India by next year - CEO
    State-run oil giant Saudi Aramco is in talks with several Indian refiners
and hopes to land a joint venture deal by next year, the company's chief
executive told Reuters on Sunday.
    • Oriental Bank says under central bank 'corrective action' over bad loans
    Oriental Bank of Commerce Ltd, a mid-sized Indian state-run lender, said the
nation's central bank has initiated "prompt corrective action" against the bank
over its high amount of net non-performing assets.
    • Thousands protest across Australia against giant Adani coal mine
    Large protests were held across Australia on Saturday against Indian mining
giant Adani Enterprises' proposed Carmichael coal mine, which would be the
country's largest coal mine but has been delayed for years over environmental
and financing issues.
    • Future Retail, Shoppers Stop shares rise on $100 million Hypercity deal
    Shares in Indian retailer Shoppers Stop rose nearly 9 percent to a
three-year high on Friday, a day after it agreed to sell its supermarket chain
Hypercity to domestic rival Future Retail for 6.55 billion rupees.
    • India rethinks jewellery sales oversight after slump in gold demand
    Indian authorities withdrew on Friday an amendment that made jewellers
subject to anti-money laundering legislation and caused a drop in gold sales.

    • Godrej Agrovet $178 million IPO subscribed over 95 times
    Indian animal-feed producer Godrej Agrovet Ltd's initial public offering of
shares to raise 11.6 billion rupees was subscribed more than 95 times on the
last day of the sale on Friday, stock exchange data showed.

   
    GLOBAL TOP NEWS
    • Thousands protest in Barcelona against Catalan independence 
    Hundreds of thousands of people took to the streets of Catalonia's capital
Barcelona on Sunday to express their opposition to declaring independence from
Spain, showing how divided the region is on the issue.
    • EXCLUSIVE-Honeywell prepares to spin off businesses -sources
    Honeywell International Inc plans to spin off non-core assets and create at
least two new publicly listed companies, as the U.S. industrial conglomerate
seeks to streamline its business, according to people familiar with the matter.

    • Australia's CBA hit with class action suit over money-laundering rule
breaches
    An Australian lawfirm formally filed a class action suit against
Commonwealth Bank of Australia on behalf of shareholders, accusing it of failing
to disclose widespread breaches of anti-money-laundering rules.

    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • The SGX Nifty Futures were at 9,981.50, trading down 0.38 percent from its
previous close.
    • Indian government bonds are likely to edge lower in early session tracking
rise in U.S. Treasury yields, while heavy supply of notes in the local market
will further weigh on demand. The yield on the benchmark 6.79 percent bond
maturing in 2027 is likely to trade in a 6.72 percent - 6.78 percent band.
    • The Indian rupee will likely edge lower against the dollar in early trade,
as investors make a beeline for safe-haven assets amid reports North Korea is
preparing to test another long-range missile.

    
    GLOBAL MARKETS
    • The S&P 500 eased on Friday, ending a six-day run of record highs as the
first monthly decline in U.S. nonfarm jobs in seven years dampened sentiment and
pharmacy shares fell on Amazon competition fears.
    • Chinese shares climbed after a week-long break as a disappointing survey
on the country's service sector did little to dent optimism on global growth,
while political uncertainty caused turbulence for the Turkish and British
currencies.
    • The dollar held steady against the yen, having retreated from 12-week
highs set last week, due to renewed focus on geopolitical risks amid concerns
that North Korea may be preparing another missile test.
    • U.S. Treasury yields advanced on Friday after data showed the world's
largest economy lost jobs last month due to the impact of Hurricanes Harvey and
Irma, but details of the report on the unemployment rate and wage growth
suggested an improving labor market.
    • Oil prices edged up on expectations that Saudi Arabia would continue to
restrain its output in order to support prices, and as the amount of rigs
drilling for new oil in the United States dipped.
    • Gold prices rose, pulling further away from a two-month low, as fresh
concerns over North Korea's nuclear ambitions stoked safe-haven demand for the
precious metal and weighed on the dollar.
    
                   CLOSE        FII INVESTMENTS  EQUITIES      DEBT
 PNDF spot         65.36/65.39  October 6        -$159.05 mln  $202.81mln
 10-yr bond yield  6.99 pct     Month-to-date    -$249.28 mln  $1.44 bln
                                Year-to-date      $5.10 bln    $24.72 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 = 65.39 Indian rupees)
    
    

 (Compiled by Shradha Singh in Bengaluru)
  

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