September 19, 2017 / 3:16 AM / a year ago

Morning News Call - India, September 19

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    9:00 am: Railway Minister Piyush Goyal, NTPC Chairman Gurdeep Singh, Jain
Irrigation Systems CFO Anil Jain, UPL Regional Director Sameer Tandon and other
executives at IACC annual convention in Mumbai. 
    9:30 am: Department of Economics Affairs Additional Secretary Dinesh Sharma,
L&T Finance Holdings CEO Dinanath Dubhashi, Punj Lloyd Chairman Atul Punj and
others at Infra Focus annual summit in New Delhi.
    10:00 am: Farm Minister Radha Mohan Singh to inaugurate Rabi campaign in 
New Delhi. 
    11:00 am: Power Grid annual general meeting in  New Delhi.
    3:00 pm: Export committee constituted by GST Council to hold its first
meeting in  New Delhi.
    5:00 pm: SIDBI Deputy Managing Director Manoj Mittal at micro finance event
in Mumbai.
    Bitcoin action is catching everyone's attention, though regulation around it
seems murky. Central banks don't really hail it, while market leaders like Jamie
Dimon have explicitly dissed it. Are these just growing pains? Or are there
larger issues that need to be confronted? Join us at 10:00 am IST as we speak to
Arthur Hayes who is CEO of BitMEX, one of the most advanced bitcoin derivatives
exchange in the world. To join the conversation, click on the link: here
    • EXCLUSIVE-India eyes spending cuts as glitches in new tax hit revenue
    India could be forced to cut spending on key infrastructure such as railways
and highways as lower-than-expected tax collections and sluggish growth have
upset the government's budget calculations, two finance ministry officials said.

    • Ford, Mahindra alliance reflects pressures on automakers 
    Ford Motor Co and Indian vehicle maker Mahindra and Mahindra Ltd said on
Monday they will launch a strategic alliance to counter challenges posed by
fast-changing technology and global competition.
    • Google launches digital payments service in India 
    Alphabet Inc's Google on Monday launched a localised payments app for India
as it tries to gain a foothold in the country's rapidly-growing digital payments
    • Dixon Technologies soars on market debut after $94 million IPO
    Shares of Dixon Technologies (India) Ltd rose as much as 70 percent on their
trading debut on Monday as investors bet on the strong outlook for the contract
electronics manufacturer that counts some of the leading global names among its
    • SEBI allows realty, infrastructure trusts to issue bonds
    The Securities and Exchange Board of India on Monday permitted real estate
investment trusts (REITs) and infrastructure investment trusts (InvITs) to issue
bonds, as part of measures it has been taking to help attract investors to a
capital-starved property sector.
    • Japan's Mitsui OSK targets 26 percent stake in Swan's Indian LNG unit
    Japan's leading shipper Mitsui OSK Lines aims to buy at least a 26 percent
stake in a floating storage regassification unit (FSRU) in India, a company
official said, to boost its exposure in the west coast project of Swan Energy.

    • Book opens for buyer seeking $312 million stake in India's Tata Motors
    Citi is handling the process for a prospective buyer to acquire up to 20
billion rupees worth of shares in India's Tata Motors Ltd today, according to a
term sheet seen by Reuters.
    • Aviation company InterGlobe's share sale raises $591 million
    A share sale by India's InterGlobe Aviation, which runs the country's IndiGo
airline, raised 37.9 billion rupees for the company and some of its
shareholders, based on the final issue price announced on Monday.
    • Northrop Grumman to buy missile maker Orbital for $7.8 billion
    U.S. defense contractor Northrop Grumman Corp said on Monday it would buy
Orbital ATK Inc for about $7.8 billion in a deal that gives it greater access to
lucrative government contracts and expands its arsenal of missile defense
systems and space rockets.
    • Trump to speak in 'tough terms' about North Korea in first U.N. speech
    U.S. President Donald Trump will speak forcefully about the threat posed by
North Korea during his first address to the United Nations while knocking those
he sees as enabling Pyongyang.
    • EXCLUSIVE-Google offers to treat rivals equally via auction
    Google has offered to display rival comparison shopping sites via an
auction, as it aims to stave off further EU antitrust fines, four people
familiar with the matter said.
    (As reported by NewsRise)
    • The SGX Nifty Futures were at 10,153.50, trading down 0.25 percent from
its previous close.
    • Indian government bonds will likely open steady, as the nation’s state-run
banks continued buying notes for a fourth straight session yesterday. The yield
on the benchmark 6.79 percent bond maturing in 2027 is likely to trade in a 6.59
percent-6.63 percent band.
    • The Indian rupee will likely edge lower against the dollar, as the
greenback inched higher prompted by hardening U.S. Treasury yields before the
Federal Reserve’s two-day policy meeting that starts later today.
    • The S&P 500 ended slightly higher on Monday as financial stocks rose ahead
of a Federal Reserve meeting, but the Nasdaq pared gains sharply as technology
stocks lost ground late in the session.
    • Asian shares wavered, bolstered by record highs on Wall Street but hobbled
by uncertainty as traders waited on a Federal Reserve meeting for clues on U.S.
monetary policy.
    • The dollar hovered near an eight-week high against the yen, supported as
U.S. Treasury yields continued their sharp rebound from 10-month lows.
    • U.S. Treasury yields rose on Monday as investors prepared for a
potentially more hawkish Federal Reserve at its two-day policy meeting this
week, after the Bank of England surprised investors last week with talk of a
possible rate hike.
    • Oil markets were stable, supported by a fall in Saudi Arabian crude
exports but capped by an expected rise in U.S. shale output.
    • Gold inched up from its lowest in over two weeks as the dollar shed some
of its gains from the previous session, with market focus on a two-day Federal
Reserve meeting that kicks off later in the day.
                   CLOSE        FII INVESTMENTS  EQUITIES      DEBT
 PNDF spot         64.12/64.15  September 18     -$15.11 mln   $52.86 mln
 10-yr bond yield  6.89 pct     Month-to-date    -$365.74 mln  $450.41 mln
                                Year-to-date     $6.64 bln     $23.59 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 = 64.1530 Indian rupees)

 (Samrhitha Arunasalam)
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