June 30, 2017 / 3:18 AM / a year ago

Morning News Call - India, June 30

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    9:15 am: CDSL Listing ceremony in Mumbai.
    11:00 am: Central Bank of India annual shareholders meet in Mumbai.
    11:00 am: Singapore Airlines event in Mumbai.
    2:30 pm: SpiceJet to launch its first SpiceStyle Store in Gurgaon.
    3:30 pm: Earth Sciences Minister Harshvardhan at an event in New Delhi.
    3:30 pm: Hindustan Unilever annual shareholders meet in Mumbai.
    5:00 pm: India government to release May infrastructure output data in New
    5:00 pm: RBI to release weekly foreign exchange data in Mumbai.
    6:00 pm: Earth Sciences Minister Harsh Vardhan, World Bank Team at an event
in New Delhi.
    6:30 pm: RBI Deputy Governor Viral Acharya, Banks Board Bureau Chairman
Vinod Rai at an event in Mumbai.
    Reuters EMEA markets editor Mike Dolan discusses the upcoming week's main
market inflection points at 3:30 pm IST. To join the conversation, click on the
link: here
    • Fast forward; GST set to transform face of Indian logistics industry
    India's greatest tax reform - replacing an array of provincial duties with a
nationwide goods and services tax - is transforming the logistics industry in a
country where moving stuff around is notoriously difficult to do, executives
    • IndiGo eyes Air India stake in possible privatisation
    India's biggest airline, IndiGo, has expressed unsolicited interest in
buying a stake in state-owned Air India, the junior aviation minister said on
Thursday, a day after the cabinet approved plans to privatise the carrier.

    • Eris Lifesciences edges lower after $264 million IPO
    Indian drug maker Eris Lifesciences Ltd's shares swung between gains and
losses in a tepid market debut on Thursday, after raising $263.8 million in an
initial public offering.
    • Coal India betting big on renewables, says minister
    Coal India Ltd, the world's largest miner of the dirty fuel, will generate 1
gigawatt of renewable electricity this year as part of its plan to produce as
much as 10 GW clean power in total, a federal minister said on Thursday.

    • India could raise import taxes on crude, refined veg oils- government
    India is likely to raise import duty on refined and crude vegetable oils,
like palm and soyoil, as local oilseed prices slumped below the government
support levels, a government official told Reuters on Thursday.
    • Mutual funds managers need to improve due diligence: SEBI
    Indian mutual funds need to improve their due diligence before investing in
corporate bonds and not rely only on credit ratings given rising concerns about
potential defaults, the chairman of the country's capital markets regulator said
on Thursday.
    • CRISIL Ratings buys 8.9 percent stake in rival CARE for $68 million
    CRISIL Ltd, majority owned by S&P Global Inc, bought a 8.9 percent stake in
rival CARE Ratings for 4.36 billion rupees $67.55 million, expanding into the
country's ratings business at a time of surging corporate bond issuance.

    • China factory growth fastest in 3 months as new orders, output rise
    China's manufacturing sector expanded at the quickest pace in three months
in June, buoyed by strong production and new orders, reassuring news for
authorities trying strike a balance between deleveraging and keeping the economy
on an even keel.
    • Trump administration reverses policy on fiancés as travel ban takes effect
    U.S. President Donald Trump's administration reversed a decision late on
Thursday as its revised travel ban took effect and said fiancés would be
considered close family members and therefore allowed to travel to the United
    • Their fortunes enmeshed, Trump and Putin to hold first meeting next week
    U.S. President Donald Trump will meet with Russian President Vladimir Putin
next week at a summit in Germany that brings two world leaders whose political
fortunes have become intertwined face-to-face for the first time.
    (As reported by NewsRise)
    • The SGX Nifty Futures were at 9,504.50, little changed from its previous
    • The Indian rupee will likely fall against the dollar on expectations local
shares will follow regional peers lower, as bond yields harden in developed
nations amid bets interest rates are headed higher in the U.S. and Europe.
    • Indian government bonds are likely to edge higher today as some banks may
boost debt purchases on the last day of the fiscal first quarter. However, fresh
supply of bonds and higher U.S. yields may lead to selling by some investors.
The yield on the benchmark 6.79 percent bond maturing in 2027 is likely to trade
in a 6.49 percent-6.54 percent band today.
    • Wall Street fell sharply on Thursday, with the S&P 500 and the Dow
industrials suffering their worst daily percentage drops in about six weeks, as
a recent decline in technology shares deepened and outweighed strength in bank
    • Japan's Nikkei share average stumbled to two-week lows morning after
investors turned risk-averse as major central banks signalled that the era of
cheap money was coming to an end, which hurt both U.S. and European markets
    • The dollar languished near a nine-month low against a basket of
currencies, bogged down by growing expectations of more hawkish monetary
policies in Europe and Canada and doubts about another U.S. interest rate
increase this year.
    • Benchmark U.S. Treasury yields rose to six-week highs on Thursday on the
likelihood that central banks in Europe will become less accommodative, before
bonds pared price losses as stocks declined.
    • Crude oil futures were on track for their biggest weekly gain since
mid-May, ending five weeks of losses with prices underpinned by a decline in
U.S. output.
    • Gold prices steadied, supported by an easing dollar and falling equities
even as comments from global central banks suggested monetary tightening in
Europe and Canada.
                   CLOSE        FII INVESTMENTS  EQUITIES      DEBT
 PNDF spot         64.56/64.59  June 29          -$176.48 mln  $145.75 mln
 10-yr bond yield  6.87         Month-to-date    $498.85 mln   $4.55 bln
                                Year-to-date     $8.48 bln     $17.99 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 = 64.63 Indian rupees)

 (Compiled by Benny Thomas in Bengaluru)
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