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FACTORS TO WATCH
10:00 am: RBI Deputy Governor S.S. Mundra at an event in New Delhi.
10:00 am: Junior Consumer Affairs Minister C.R. Chaudhary, HCL Infosystems
Executive Vice Chairman & MD S. Premkumar at an event in New Delhi.
11:00 am: IT Minister Ravi Shankar Prasad at an event in New Delhi.
12:00 pm: Ashok Leyland Global Trucks President Anuj Kathuria at a company
event in New Delhi.
3:30 pm: Tata Consultancy Services annual shareholders meeting in Mumbai.
3:30 pm: Information & Broadcasting Minister M. Venkaiah Naidu at an event
in New Delhi.
5:00 pm: RBI to release weekly foreign exchange data in Mumbai.
GMF: LIVECHAT - QUIZ EAST
The first of our Friday quizzes focuses on Asia and the week's top news.
Test your wits and googling speed at 11:00 am IST. To join the conversation,
click on the link: here
INDIA TOP NEWS
• BP, Reliance to invest in Indian gas block, cooperate downstream
BP and Reliance Industries said on Thursday they would invest $6 billion to
boost India's gas output from an east coast block and expanded their tie-up to
feed the South Asian nation's rising fuel and renewable energy demand.
• India's GST launch spawns tech cottage industry for compliance
India's new Goods and Services Tax (GST), its biggest tax reform since
independence, will unify a $2 trillion economy into a single market - and demand
massive changes for small businesses that will have to go online to file their
• Warburg Pincus to buy 43 percent in India's Tata Tech for $360 million
An affiliate of private equity firm Warburg Pincus will buy an about 43
percent stake in Indian engineering outsourcing provider Tata Technologies Ltd
for $360 million.
• India's trade deficit widens to two-and-a-half year high in May
India's trade deficit further widened to $13.84 billion in May, its highest
in two-and-a-half years, on higher gold imports, government data showed on
• India's current account deficit widens in Jan-Mar - cenbank
India's current account deficit widened to $3.4 billion, or 0.6 percent of
gross domestic product, in the January-March quarter from the same period a year
earlier, the Reserve Bank of India said in a statement on Thursday.
• Rape victim sues Uber, claiming it wrongly obtained her medical records
A woman sued Uber Technologies Inc on Thursday claiming top executives at
the ride-hailing company improperly obtained her medical records after she was
raped by a driver in India, according to court documents.
• India's poultry producers cash in on feed cost slump, beef slaughter curbs
India's poultry producers are posting record profits as feed costs have
dropped to a five-year low and on rising chicken demand after cattle
slaughtering restrictions were enacted in the majority Hindu
GLOBAL TOP NEWS
• U.S. Vice President Pence hires his own lawyer for Russia probes
U.S. Vice President Mike Pence has hired a lawyer known for defending
government officials in high-profile investigations to help him with probes into
whether there were ties between the election campaign of U.S. President Donald
Trump and Russia, his office said on Thursday.
• BOJ keeps policy steady, revises up view on consumption
The Bank of Japan kept monetary policy steady on Friday and offered a more
upbeat view on private consumption and overseas economies, signalling its
confidence that the recovery was gaining momentum.
• Air bag maker Takata to file for bankruptcy this month -sources
Takata Corp, the Japanese company facing billions in liabilities stemming
from its defective air bag inflators, is preparing to file for bankruptcy as
early as next week as it works toward a deal for financial backing from U.S.
auto parts maker Key Safety Systems Inc, sources said on Thursday.
LOCAL MARKETS OUTLOOK
(As reported by NewsRise)
• The SGX Nifty Futures was trading at 9,604.50, trading up 0.1 percent from
its previous close.
• The Indian rupee is poised to open lower against the dollar, as strong
U.S. economic data increased expectations of another rate hike by the Federal
Reserve this year, boosting demand for the greenback.
• Indian government bonds will likely open steady and trade in a narrow
range, as investors may slow purchases after a recent rally driven by
expectations of monetary easing, even as U.S. yields remain depressed despite a
rate hike by the Federal Reserve. The yield on the benchmark 6.79 percent bond
maturing in 2027 is likely to trade in a 6.46 percent-6.51 percent band today
• A recent slump in technology stocks worsened on Thursday, dragging on
major U.S. indexes, while investors fretted about the economy's health after the
Federal Reserve lifted interest rates.
• Asian stocks were steady, appearing to take in stride the resumption of
the U.S. technology rout overnight, while the dollar held near a two-week high
after solid economic data backed the case for tighter U.S. monetary policy.
• The dollar stood tall in Asia, on track for weekly gains against a
currency basket, after upbeat U.S. economic data gave investors reason to hope
the U.S. central bank will stick with its plan to hike rates.
• Most U.S. Treasury yields edged higher on Thursday after
stronger-than-expected U.S. economic data and as traders weighed hawkish Federal
Reserve and Bank of England signals, but remained depressed as they did not
fully reverse their biggest plunge in a month Wednesday.
• Oil prices dipped and were not far off six-months lows as an ongoing
supply overhang weighed on markets despite an OPEC-led effort to cut production
and prop up prices.
• Gold held steady near a three-week low hit in the previous session on a
firmer dollar and strong U.S. economic data, and was headed for a second
straight weekly fall.
CLOSE FII INVESTMENTS EQUITIES DEBT
PNDF spot 64.41/64.44 June 15 -- $98.70 mln
10-yr bond yield 6.82 Month-to-date $542.97 mln $3.33 bln
Year-to-date $8.52 bln $16.77 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= 64.54 Indian rupees)
(Compiled by Pathikrit Bandyopadhyay in Bengaluru)