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Morning News Call - India, May 23

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    FACTORS TO WATCH
    10:00 am: NITI Aayog CEO Amitabh Kant at an event in New Delhi.
    11:00 am: Power Minister Piyush Goyal at an event in New Delhi.
    11:45 am: Steel Minister Birender Singh to brief media in New Delhi.
    12:30 pm: Law & IT Minister Ravi Shankar Prasad to brief media in New Delhi.
    3:00 pm: GAIL India press briefing in Mumbai.
    4:00 pm: Tata Motors earnings press meet in Mumbai.

    
    GMF: LIVECHAT - EMERGING MARKETS
    With developed markets still weathering some political risk factors, we take
a look at the impact on emerging markets with Kaan Nazli, senior economist at
Neuberger Berman at 2:30 pm. To join the conversation, click on the link: here
    
    
    INDIA TOP NEWS
    • India central bank outlines broad plans on $150 billion bank bad loan
resolution
    The Reserve Bank of India outlined on Monday the broad contours of a plan to
resolve the $150 billion bad debt problem plaguing the country's banks.

    • Indian automakers say proposed tax could make hybrids unviable
    Indian automakers will this week urge the government to lower a proposed
sales tax on hybrid vehicles, as they fear the planned rate could make
development of the technology unviable, industry sources and executives told
Reuters on Monday.
    • India moving beyond oil as seeks alternatives to OPEC
    OPEC production cuts and the prospect of more expensive oil are pushing
India to consider U.S. and Canadian suppliers, as well as encouraging it to turn
to renewable energy, the country's petroleum and natural gas minister said on
Monday.
    • Adani defers Australian coal project investment decision
    India's Adani Enterprises on Monday deferred a final investment decision on
its long-delayed Australian Carmichael coal project as the Queensland state
government has yet to sign off on a royalty deal for the mine.
    • INTERVIEW-India could invest in Aramco IPO to strengthen ties 
    India said on Monday its state refiners could become cornerstone investors
in Saudi Aramco when it floats its shares next year, as New Delhi seeks to
strengthen ties with the world's largest oil producer.
    • Indian digital payments firm Paytm launches niche payments bank
    Indian digital payments firm Paytm launched a niche payments bank, aiming to
acquire 500 million customers in the next three years, the company said in a
statement.
    • India's GAIL Q4 profit falls on impairment charge
    State-run gas utility GAIL (India) Ltd posted a 69 percent fall in
fourth-quarter profit on account of impairment charge on an investment.

    • Bank of India posts Q4 loss of 10.46 billion rupees
    Bank of India Ltd, the country's sixth-biggest lender by assets, reported a
fourth-quarter net loss of 10.46 billion rupees as provisions for bad loans
remained high.
    
    
        
    GLOBAL TOP NEWS
    • At least 19 killed in blast at Ariana Grande concert in British arena
    At least 19 people were killed in a blast at a concert in the English city
of Manchester on Monday where U.S. singer Ariana Grande had been performing and
two U.S. officials said a suicide bomber was suspected in the explosion.

    • Flynn declines U.S. Senate subpoena in Russia probe
    Former White House national security adviser Michael Flynn declined on
Monday to comply with a subpoena from the Senate Intelligence Committee as it
investigates possible Russian interference in the 2016 U.S. election.

    • North Korea says missile ready for mass production, U.S. questions
progress
    North Korea said on Monday it successfully tested what it called an
intermediate-range ballistic missile, which met all technical requirements and
could now be mass-produced, although U.S. officials and experts questioned the
extent of its progress.

    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • The SGX Nifty Futures were trading at 9,472.00, up 0.25 pct from its
previous close.
    • The Indian rupee will likely open little changed against the dollar, as
the greenback came under pressure after German Chancellor Angela Merkel’s
comments lifted the euro, even as a deadly explosion in Britain’s Manchester
city weighed on risk appetite.
    • Indian government bonds will likely open higher, as talks that
implementation of the proposed goods and services tax will further ease
inflation sparked optimism the central bank will be less hawkish when it details
the monetary policy outlook next month. The yield on the benchmark 6.97 pct bond
maturing in 2026 is likely to trade in a 6.73 pct-6.78 pct band today.

    
    
    GLOBAL MARKETS
    • U.S. stocks rose on Monday, boosted by technology shares and by defense
companies, which gained after the United States and Saudi Arabia signed a
multi-billion dollar arms deal.
    • Japanese stocks were flat as a risk-averse mood kept investors sidelined
following an explosion in the English city of Manchester, which lifted the
safe-haven yen and depressed some export-oriented shares.
    • The euro hovered near a six-month high against the dollar after German
Chancellor Angela Merkel said the currency was "too weak," while the pound
sagged against the yen after a blast at a concert in Britain's city of
Manchester killed at least 19 people.
    • U.S. Treasury yields were marginally higher on Monday as light selling
tied to this week's government and corporate bond supply overrode safe-haven
bids underpinned by worries about probes into U.S. President Donald Trump's 2016
campaign.
    • Oil prices fell after U.S. President Donald Trump proposed the sale of of
half of the country's strategic oil reserves in his budget plan, just as
producer club OPEC and its allies are cut back output to tighten the market.

    • Gold prices were steady despite a blast at a concert in the English city
of Manchester that left at least 19 people dead in what British police said was
being treated as a terrorist incident.
    
     
                   CLOSE        FII INVESTMENTS  EQUITIES     DEBT
 PNDF spot         64.56/64.59  May 22           -$49.78 mln  $123.78 mln
 10-yr bond yield  7.09         Month-to-date    $1.39 bln    $2.53 bln
                                Year-to-date     $7.75 bln    $11.93 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 = 64.55 Indian rupees)

 (Compiled by Pathikrit Bandyopadhyay in Bengaluru)
  
我们的标准: 汤森路透“信任原则

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