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Morning News Call - India, November 20
November 20, 2017 / 3:34 AM / in 22 days

Morning News Call - India, November 20

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    FACTORS TO WATCH
    10:45 am: Transport Minister Nitin Gadkari, IL&FS Transportation Networks MD
K. Ramchand, NITI Aayog Advisor Anil Srivastav, Mahindra Electric Mobility CEO
Mahesh Babu at Smart Mobility Conference in New Delhi.
    11:00 am: Minister of State for Space and Atomic Energy Jitendra Singh,
Bharat Electronics CMD M. V. Gowtama, Larsen & Toubro Product and Technology
Vice-President Arun Ramachandani at Indian Space Programme in New Delhi.

    
    LIVECHAT - ZIMBABWE FOCUS.
    Independent geo-strategic analyst and Geopolitical Monitor contributor Neil
Thompson joins us at 12:30 pm IST to discuss the political fate of Zimbabwe
after the country's military seized power last week saying it was holding
President Robert Mugabe  and his family safe while targeting "criminals" in the
entourage of the man whohas ruled the nation since independence 37 years ago. To
join the conversation, click on the link: here
    
    
    INDIA TOP NEWS
    • Indian bond market euphoria seen short-lived as mood bearish prevails
    Bond market euphoria over an unexpected India sovereign rating upgrade is
expected to fizzle out, as concern over rising inflation, hawkish central bank
rhetoric and fiscal discipline resurfaces.
    • HDFC Life shares buck trend, soar on debut after $1.3 billion IPO 
    HDFC Standard Life Insurance Co's shares soared by more than a fifth in
their trading debut on Friday after a $1.3 billion initial public offering,
bucking a trend of tepid market debuts by Indian insurers due to worries over
their valuations.
    • NHPC could bid for Nepal's $2.5 billion power project pulled from China
    Indian power company NHPC Ltd could bid for a $2.5 billion hyrdropower
project in Nepal, its chairman told Reuters, after Kathmandu cancelled a deal
with China Gezhouba Group Corp.
    • Indian state oil firms betting on natural gas as next big thing
    India's state oil refiners are planning an aggressive push into natural gas
in coming years to meet Prime Minister Narendra Modi's goal of making the fuel a
bigger part of the country's energy mix.
    • SEBI to investigate possible leaks of company earnings
    The Securities and Exchange Board of India will investigate possible leaks
of company earnings in social media chatrooms, its chief Ajay Tyagi said on
Friday, following a Reuters report this week that revealed prescient messages
being posted in private groups.
    • L&T wins $1.3 billion construction contract - statement
    India's top engineering and construction company Larsen & Toubro Ltd has
secured a contract to build a $1.3 billion Mumbai Trans Harbour Link, the
company said in a statement, in a big boost for the firm.
    • India raises import tax on edible oils to highest in a decade
    India has raised import tax on edible oil to the highest level in more than
a decade, the government said in an order, as the world's biggest importer of
edible oils tries to support its farmers.
    • Aircel delays debt servicing, says ratings agency
    Indian mobile carrier Aircel Ltd has delayed servicing its debt obligations,
a ratings agency said, adding to the woes of the country's telecoms sector that
has been rattled by a price war and high debt levels.

    
    GLOBAL TOP NEWS
    • President Mugabe stuns Zimbabwe by defying pressure to resign
    President Robert Mugabe stunned Zimbabwe on Sunday by making no mention of
resignation in a television address, defying his own ZANU-PF party, which had
sacked him hours earlier, and hundreds of thousands of protesters who had
already hailed his downfall.
    • Toshiba shares drop after plan to issue $5.4 billion in new shares
    Shares of Toshiba Corp fell, a day after the troubled conglomerate said it
would raise 600 billion yen from a sale of new shares in a key step that would
allow it to stay publicly traded.
    • Alibaba goes offline with $2.9 billion stake in China's top grocer
    Internet giant Alibaba Group Holding Ltd said it would invest HK$22.4
billion for a major stake in China's top hypermart operator, Sun Art Retail
Group Ltd, part of a wider push into offline retail.

    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • The SGX Nifty Futures were trading at 10,280.50, trading down 0.2 percent
from its previous close.
    • Indian government bonds are likely to rise in early trade after the
Reserve Bank of India scrapped an open market sale of bonds scheduled for this
week. The yield on the benchmark 6.79 percent bond maturing in 2027 is likely to
trade in a 7.01 percent-7.06 percent band. 
    • The Indian rupee will likely open little changed against the dollar, in
line with most Asian currencies, as German Chancellor Angela Merkel's failed
attempt to form a three-way coalition government increased Eurozone political
concerns, weighing on euro and lifting the greenback.

    
    GLOBAL MARKETS
    • Wall Street ended the week on a sour note on Friday, with major indexes
slipping modestly as investors weighed the fate of the Republicans' tax overhaul
plan.
    • Asian shares started the week on the back foot, pressured by a retreat on
Wall Street amid tax reform uncertainty while the euro skidded after German
coalition talks hit an impasse.
    • The euro hit a two-month low against the yen, as German Chancellor Angela
Merkel's efforts to form a three-way coalition government failed, raising
concerns over political uncertainty in the euro zone's largest economy.
    • U.S. Treasury yields edged lower on Friday, in line with weakness on Wall
Street and declines in German 10-year bond yields, as the yield curve continued
to flatten following strong U.S. housing starts data for October.
    • Oil markets were tepid as traders were reluctant to take on big new
positions ahead of an OPEC meeting at the end of the month, when the producer
club is expected to decide whether to continue output cuts aimed at propping up
prices.
    • Gold prices dipped, weighed down by a stronger U.S. dollar, but held close
to a one-month high hit in the previous session.
    
                   CLOSE        FII INVESTMENTS  EQUITIES     DEBT
 PNDF spot         64.94/64.97  November 17      $196.43 mln  -$97.06 mln
 10-yr bond yield   -           Month-to-date    $2.21 bln    -$426.47 mln
                                Year-to-date     $7.86 bln    $25.25 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 = 65.01 Indian rupees)
    

 (Compiled by Shradha Singh in Bengaluru)
  

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