September 14, 2017 / 3:28 AM / 10 months ago

Morning News Call - India, September 14

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    9:30 am: Adani Group Agri Business CEO Atul Chaturvedi, NCDEX CEO Samir
Shah, MCX President Parveen Kumar and other executives at Globoil India 2017
event in Mumbai. 
    10:00 am: HCL Infosystems annual general meeting in New Delhi. 
    10:00 am: Power Secretary A.K. Bhalla at CII event in New Delhi.
    10:30 am: Coal India annual general meeting in Kolkata. 
    11:00 am: Food Processing Industries Minister Harsimrat Kaur Badal, DIPP
Joint Secretary Rajiv Aggarwal at Food Expo in Mumbai. 
    12:00 pm: Government to release August wholesale price inflation data in New
    4:00 pm: Commerce Minister Suresh Prabhu, Road & Transport Minister Nitin
Gadkari and Maharashtra Chief Minister Devendra Fadnavis at Saraswat
Co-operative Bank's centenary year event in Mumbai.
    S Li Yuzhen, a native North Korean and an independent analyst of the Korean
Peninsula, will discuss the geopolitical tensions from her country's perspective
at 11:30 am IST. She will talk about why her government pursues nuclear
development, its relations with China, and the buzz in domestic North Korean
community. To join the conversation, click on the link: here
    As a new ICBM test by Pyongyang looms, some analysts have given up to a 60
percent chance of military conflict arising in Northeast Asia. Sue Mi Terry, who
was a former senior analyst for the CIA specialising in Korean issues, joins us
on Friday at 8:00 am IST to discuss the possibilities and options on the table
for various parties. To join the conversation, click on the link: here
    • As India Inc struggles to cut down debt, the economy suffers 
    India's cash crunch and confusion over the introduction of a national sales
tax were initially blamed for pulling economic growth down to its weakest pace
in more than three years. But that is masking a more debilitating factor
affecting the economy - corporate debt.
    • RBI looking into cryptocurrencies, "not comfortable" with bitcoin
    The Reserve Bank of India has a group looking into cryptocurrencies as legal
tender, a senior official said on Wednesday, but emphasised the central bank's
discomfort with bitcoin which has recently come under intense global regulatory
    • Ericsson files insolvency case against Reliance Communications
    Ericsson's Indian subsidiary has filed insolvency petitions against Reliance
Communications and two of its companies to recover unpaid dues, the Indian
mobile operator said in a stock exchange filing on Wednesday.
    • Indian matchmaker IPO draws flurry of suitors, the first pure-play Indian matchmaking website to launch a
stock market listing, drew heavy demand for its offering, benefiting from the
country's booming IPO market.
    • Thyssenkrupp's home state in favour of Tata Steel tie-up
    The government of North Rhine-Westphalia, home to engineering and steel
group Thyssenkrupp, has come out in favour of the group's planned merger of its
European steel operations with those of Tata Steel.
    • Capacit'e Infra IPO fully subscribed on first day of sale
    Indian construction company Capacit'e Infra Projects Ltd's initial public
offering, to raise up to 4 billion rupees, was fully subscribed on the first day
of the sale, stock exchange data showed.
    • InterGlobe Aviation aims to land $616 million share sale on Friday 
    InterGlobe Aviation Ltd, which runs the country's top airline IndiGo, will
conduct a share sale to institutional investors on Friday that will raise for
the company and its founders as much as 39.45 billion rupees.

    • China Aug factory output up 6.0 pct, investment up 7.8 pct, both miss
    China's factory output grew 6.0 percent in August from a year earlier, while
fixed-asset investment expanded 7.8 percent in the first eight months, both well
below economists' forecasts.
    • Trump says rich might pay more in taxes, talks with Democrats
    President Donald Trump said on Wednesday that taxes on rich Americans might
rise, as he pursues a tax code overhaul and reaches out to both Democrats and
Republicans in a push to win support for a plan still far from complete.

    • Trump bars Chinese-backed firm from buying U.S. chipmaker Lattice
    U.S. President Donald Trump blocked a Chinese-backed private equity firm
from buying a U.S.-based chipmaker on Wednesday, sending a clear signal to
Beijing that Washington will oppose takeover deals that involve technologies
with potential military applications.
    (As reported by NewsRise)
    • The SGX Nifty Futures were at 10,101.00, trading flat from its previous
    • Indian government bond prices are likely to edge lower tracking overnight
gains in U.S. Treasury yields, although purchases by state-run banks may cap the
decline, traders said. The yield on the benchmark 6.79 percent bond maturing in
2027 is likely to trade in a 6.57 percent-6.61 percent band.
    • The Indian rupee will likely edge lower against the dollar, as renewed
bets for a U.S. tax reform and a rebound in its producer prices ahead of the
release of consumer inflation data lifted demand for the greenback.

    • Wall Street edged up to a record high on Wednesday as gains in consumer
discretionary and energy stocks offset losses in technology heavyweight Apple
    • Asian stocks held steady on Thursday, consolidating after touching their
highest in a decade and appeared to take in stride a burst of Chinese data which
undershot market expectations.
    • The dollar held steady near a four-week high against the yen on Thursday,
with traders looking to U.S. consumer inflation data later in the day for clues
on the possible timing of the Federal Reserve's next rate rise.
    • U.S. Treasury yields rose on Wednesday with 10-year yield reaching a 2-1/2
week high as investors reduced their bond holdings to make room for this week's
government and corporate debt supply.
    • Oil prices eased, but held on to most of their gains in the previous
session when the market was buoyed by a forecast for firmer global oil demand by
the International Energy Agency.
    • Gold edged down to hover around its lowest in nearly two weeks, with
investors turning their attention to U.S. consumer inflation data later in the
day for clues on the timing of further interest rate hikes.
                   CLOSE        FII INVESTMENTS  EQUITIES      DEBT
 PNDF spot         63.99/64.02  September 13     -$129.22 mln  -$40.78 mln
 10-yr bond yield  6.83 pct     Month-to-date    -$809.54 mln  $325.63 mln
                                Year-to-date     $6.20 bln     $23.47 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 = 64.0000 Indian rupees)

 (Compiled by Samrhitha Arunasalam in Bengaluru)
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