September 8, 2017 / 3:19 AM / 10 months ago

Morning News Call - India, September 8

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    8:30 am: Heavy Industries Minister Anant Geete, Suzuki Motor Corp. President
T. Suzuki, Mahindra & Mahindra MD Pawan Goenka at ACMA event in New Delhi.
    9:30 am: Hindustan Aeronautics CEO Kaveru Renganathan, Saab India
Technologies Marketing Director Sudhir Varma, TRIGO Managing Director Ajay Pande
at energizing Indian aerospace industry event in New Delhi.
    10:00 am: State Bank of India Chairman Arundhati Bhattacharya, Insolvency
and Bankruptcy Board of India Chairperson M.S. Sahoo at India SME Manufacturing
Summit in Mumbai.
    10:30 am: Vice President of India Venkaiah Naidu, Human Resource Development
Minister Prakash Javadekar at 51st International Literacy Day program in New
    12:00 pm: ICICI Lombard General Insurance Company Chairperson Chanda Kochhar
and Chief Executive Bharav Dasgupta at IPO presser in Mumbai.
    3:30 pm: Mahindra & Mahindra President of Automotive Sector Rajan Wadhera at
e-rickshaw launch in New Delhi.
    4:30 pm: Civil Aviation Minister Ashok Ganpathi Raju, Minsiter of State for
Civil Aviation Jayant Sinha, Science & Technology Minister Y.S. Chowdhary at
Silver Jubilee of GMR Varalaskhmi Foundation in New Delhi.
    5:00 pm: RBI to release weekly foreign exchange data in Mumbai.
    6:00 pm: Former RBI Governor Raghuram Rajan at a book launch function in
    6:30 pm: Standard Chartered Chief - Investment Strategy, Steve Brice, to
share H2 market outlook in Mumbai.

    The first of our Friday quizzes focuses on Asia and the week's top news.
Tests your wits and googling speed at 1100 am IST. To join the conversation,
click on the link: here
    • INTERVIEW-RBI's ex-head pitches for state asset sales to bail out banks 
    India could sell stakes in state-owned companies to fund a bank
recapitalisation and revive growth without straying from the path of fiscal
consolidation, a former head of the Reserve Bank of India said on Thursday.

    • Eicher ready to bid up to $2 billion for Ducati - paper 
    Eicher Motors is set to offer $1.8 billion-$2 billion for Italian motorcycle
manufacturer Ducati, the Economic Times newspaper reported on Thursday, although
German owner Volkswagen has put the sale process on hold, sources have said.

    • Hotel aggregator Oyo raises $250 million from SoftBank fund, others 
    Hotel aggregator Oyo said on Thursday it has raised $250 million from new
and existing investors in a fresh round of funding led by Japanese conglomerate
SoftBank's Vision Fund.
    • ICICI Lombard seeks to raise up to $891 million in IPO 
    ICICI Lombard General Insurance Co. Ltd. set a price range of 651 rupees to
661 rupees a share for its initial public offering, which will run Sept. 15-19,
according to a stock exchange filing on Thursday.
    • Indian government urged to inject more funds into lenders
    Deputy central bank governor Viral Acharya called on the government to
inject "substantial additional capital" into state-owned lenders, saying the
country had to urgently address the weak balance sheets in its banking sector.

    • India needs to find allies to tap cheap funds for clean coal - trade body 
    India needs to partner with other countries to tap cheaper funds for cleaner
coal technologies as the South Asian nation is expected to use the fuel to
produce over half of its power in the next two decades, the World Coal
Association chief said on Thursday.
    • India, China regulators ask Potash to sell stake for merger with Agrium 
    Fertilizer companies Agrium Inc and Potash Corp of Saskatchewan Inc said on
Thursday they were told by regulators in India and China that they need to
divest Potash's offshore interests for their merger to be approved.
    • Monstrous Hurricane Irma kills 14 in Caribbean, heads for Florida
    The eye of Hurricane Irma grazed the Turks and Caicos Islands on Thursday
shaking buildings after it smashed a string of Caribbean islands as one of the
most powerful Atlantic storms in a century, killing 14 people on its way to
    • Euro strength worries ECB as Oct stimulus decision looms
    The euro's strength is already weighing on inflation and will be a key
factor for the European Central Bank next month when it decides how to proceed
with its massive stimulus programme in 2018, ECB President Mario Draghi said on
    • Japan's Q2 economic growth revised down from stellar first reading 
    Japan's economic growth in the second quarter was much slower than seen in a
stellar preliminary reading, government data showed, confounding hopes for a
long awaited pick-up in domestic demand.
    (As reported by NewsRise)
    • The SGX Nifty Futures were at 9,977.50, trading up 0.2 percent from its
previous close
    • Indian government bonds are likely to trade steady ahead of a fresh supply
of notes through a weekly auction today. The yield on the benchmark 6.79 percent
bond maturing in 2027 is likely to trade in a 6.50 percent-6.54 percent band.
    • The Indian rupee will likely edge higher against the dollar, in line with
most other Asian currencies, tracking gains in the euro after the European
Central Bank hinted at winding down its stimulus from October.
    • Wall Street ended little changed on Thursday after a moderate late-day
rally as media stocks, which slumped on negative business updates from Walt
Disney and Comcast, were offset by gains in healthcare shares.
    • Asian shares edged up as investors kept a wary eye on another U.S. storm,
while the dollar skidded after European Central Bank chief Mario Draghi
suggested the bank may begin tapering its massive stimulus programme this
    • The euro hovered below a 2-1/2-year high versus the dollar, as a policy
meeting by the European Central Bank did little to support the beleaguered U.S.
    • U.S. long-dated Treasury yields fell to 10-month lows on Thursday as U.S.
jobless claims data and worries about the impact of hurricanes Irma and Harvey
on the world's largest economy stoked safe-haven demand for government debt.

    • Oil prices were little changed as the international petroleum industry
remains in the grip of Caribbean hurricanes which have pummelled the region for
the last two weeks.
    • Gold prices hit a fresh one-year high early as the dollar sagged on the
back of weaker-than-expected U.S. jobs data and the euro firmed.
                   CLOSE        FII INVESTMENTS  EQUITIES      DEBT
 PNDF spot         64.00/64.03  September 7      -$88.11 mln   $126.62 mln
 10-yr bond yield  6.8 pct      Month-to-date    -$484.61 mln  $314.10 mln
                                Year-to-date     $6.52 bln     $23.46 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 = 64.0100 Indian rupees)

 (Compiled by Erum Khaled in Bengaluru)
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