September 27, 2017 / 3:17 AM / 23 days ago

Morning News Call - India, September 27

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    FACTORS TO WATCH
    8:30 am: S&P Global Ratings holds analyst conference call on Asia-Pacific
Credit Conditions on emerging vulnerabilities and risks from financial market,
macro-economic and sector perspective in Mumbai.
    9:00 am: ICICI Lombard General Insurance Chairperson Chanda Kochhar at
company’s listing ceremony in Mumbai.
    9:30 am: Farm Minister Radha Mohan Singh and Junior Farm Minister Gajendra
Singh Sekhawat at inauguration of workshop for agriculture knowledge management
in New Delhi.
    10:00 am: President Ram Nath Kovind, Telecom Minister Manoj Sinha, IT
Minister Ravi Shankar Prasad, Oil Minister Dharmendra Pradhan, Telecom Secretary
Aruna Sundararajan, Reliance Industries Chairman Mukesh Ambani, Bharti Airtel
Chairman Sunil Bharti Mitta, Aditya Birla Group Chairman Kumar Mangalam Birla
and other telecom company officials at “India Mobile Congress 2017” in New
Delhi.
    10:00 am: Oil and Natural Gas Corp. annual general meeting in New Delhi.
    10:00 am: Skill Development and Petroleum & Natural Gas Minister Dharmendra
Pradhan at women’s entrepreneurship and skill development workshop in New Delhi.
    10:30 am: Cabinet likely to meet in New Delhi.
    10:45 am: President Ram Nath Kovind will give away the “National Tourism
Awards” in New Delhi.
    11:00 am: Piramal Group and Shriram Group Chairman Ajay Piramal to address
media for strategic business announcement in Mumbai.
    11:00 am: NHPC annual general meeting in Faridabad. 
    11:30 am: Mahanagar Telephone Nigam annual general meeting in New Delhi.
    12:30 pm: Science & Technology and Earth Science Minister Harsh Vardhan at
inauguration of Swachhata Abhiyaan exhibition in New Delhi.
    4:00 pm: India Ratings & Research Corporate Ratings Associate Director Niraj
Rathi to speak on sectoral impact of GST in Mumbai.
    5:00 pm: Senior government officials at India Afghanistan Trade & Investment
show in New Delhi.
    6:00 pm: Harvard, NITI Aayog & NIPFP organize Symposium on “Building
Financial Systems of the 21st Century” in New Delhi.
    
    LIVECHAT - CHARTING FX
    Take a look at the FX charts with Reuters technical analyst Martin Miller at
3:30 pm IST. To join the conversation, click on the link: here
    
    
    INDIA TOP NEWS
    • Reliance foots chunk of bill for cut-price phone, bets on data 
    Reliance Industries' telecom upstart Jio is footing at least 40 percent of
the cost of its basic 4G phone, two sources familiar with the matter said, as it
bets on recovering the investment by luring in millions of new customers.

    • Thyssenkrupp raises $1.7 billion to fund industrial goods businesses
    Thyssenkrupp raised almost 1.4 billion euros ($1.7 billion) in a share
placing on Tuesday to help fund the industrial goods businesses that will stay
with the firm after the planned merger of its steel operations with Tata Steel
next year.
    • India sales tax collections dip in August 
    Collections from India's new nationwide goods and services tax fell 3.6
percent in August from July, data showed on Tuesday, the latest setback to
government's efforts to revive economic growth.
    • GE warns railway contract rejig to undermine 'Make in India' drive
    General Electric Co said on Tuesday that the Indian government's 'Make in
India' initiative would be undermined if the country's railway ministry went
ahead with changes to a joint venture with the conglomerate.
    • ArcelorMittal's focus on other assets may hit $1 billion Indian JV 
    ArcelorMittal's interest in buying debt-ridden Indian steel companies could
derail its planned $1 billion joint venture with Steel Authority of India Ltd, a
steel ministry report showed.
    • Lloyds bank to transfer 1,000 staff to India's Tata Consultancy Services 
    Lloyds Banking Group on Tuesday told about 1,000 staff in its insurance
division that they will be moving to Diligenta, a subsidiary of India's Tata
Consultancy Services, in a move criticised by trade union Unite.
    • Godrej Agrovet sets price range for up to $178 million IPO
    India's Godrej Agrovet Ltd has set a price range of 450-460 rupees a share
for its initial public offering to raise up to 11.6 billion rupees, according to
a public notice on Tuesday.

    
    GLOBAL TOP NEWS
    • Fed's Yellen says gradual hikes should continue, despite weak inflation
    The Federal Reserve needs to continue gradual rate hikes despite broad
uncertainty about the path of inflation, Fed Chair Janet Yellen said on Tuesday
in remarks that acknowledged the central bank's struggles to forecast one of its
key policy objectives.
    • Trump: military option for North Korea not preferred, but would be
'devastating'
    U.S. President Donald Trump warned North Korea on Tuesday that any U.S.
military option would be "devastating" for Pyongyang, but said the use of force
was not Washington's first option to deal with the country's ballistic and
nuclear weapons program.
    • Power blackout leaves darkened Puerto Rico isolated and paralyzed
    Broken electricity poles and streetlights list into the middle of highways.
Satellite images show an island devoid of light. Cellular phone service is
non-existent.
    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • The SGX Nifty Futures were trading at 9,875.50, trading up 0.2 percent
from its previous close.
    • Indian government bonds are expected to ease in early trade ahead of
auctions of sovereign notes through the rest of the week. The yield on the
benchmark 6.79 percent bond maturing in 2027 is likely to trade in a 6.65
percent-6.70 percent band.
    • The Indian rupee will likely open higher against the dollar, as local
shares are expected to strengthen, even as underlying sentiments remain weak
after Fed Chair Janet Yellen’s comments increased rate hike bets in December.
    
    
    GLOBAL MARKETS
    • The S&P 500 ended flat on Tuesday and the Nasdaq posted modest gains as
technology shares bounced from sharp losses in the prior session and comments
from Fed Chair Janet Yellen boosted expectations of a December rate hike.
    • The dollar climbed to a one-month high and bond yields rose as risks grew
for a U.S. interest rate hike in December, while Asian stocks hovered near
multi-week lows as tensions in the Korean peninsula remain elevated.
    • The U.S. dollar was underpinned by remarks from the Federal Reserve chief
on the need to continue with rate hikes, while the euro licked the wounds from
political uncertainty following the German election at weekend.
    • U.S. Treasury yields rose on Tuesday as Federal Reserve Chair Janet Yellen
stuck to the view that the central bank remains on track for gradual interest
rate increases even as inflation remains below its 2 percent goal.
    • Brent oil prices rose to sit not far off 26-month highs hit in the
previous session amid threats from Turkey that it could cut crude exports from
Iraq's Kurdistan region.
    • Gold prices were steady after falling over 1 percent in the previous
session on hawkish comments from U.S. Federal Reserve Chair Janet Yellen.
                   CLOSE        FII INVESTMENTS  EQUITIES      DEBT
 PNDF spot         65.33/65.36  September 26     -$292.72 mln  -$122.38 mln
 10-yr bond yield  6.97 pct     Month-to-date    -$777.61 mln  $291.94 mln
                                Year-to-date     $6.23 bln     $23.43 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 = 65.4550 Indian rupees)
    
    

 (Samrhitha Arunasalam)
  

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