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Morning News Call - India, November 24
November 24, 2017 / 3:48 AM / in 17 days

Morning News Call - India, November 24

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    FACTORS TO WATCH
    09:30 am: Housing and Urban Affairs Minister Hardeep Singh Puri at National
Consultation on Implementation of Urban Missions event in New Delhi.
    03:00 pm: Power Minister R.K. Singh at the signing of Power Sale Agreements
with state utilities in New Delhi.
    
    LIVECHAT - WEEKAHEAD
    Reuters EMEA markets editor Mike Dolan discusses the upcoming week's main
market inflection points at 04:30 pm IST. To join the conversation, click on the
link: here
    
    
    INDIA TOP NEWS
    • India bars defaulting company owners from bidding to buy back assets
    India tightened its fledgling bankruptcy and insolvency rules on Thursday,
potentially barring owners of 12 of the country's biggest loan defaulters from
bidding to buy back their assets when they are auctioned as part of bankruptcy
proceedings.
    • India pares back planned funding for crucial public health scheme
    India has approved a three-year budget for its flagship public health
programme almost 20 percent lower than what the health ministry said was needed,
according to sources and previously unreported government documents reviewed by
Reuters.
    • SBI Life bets on metals, oil and gas sectors for investment growth
    India's SBI Life Insurance Co. Ltd has increased investments in the metals,
oil and gas sectors as a rise in energy and metals prices is set to drive growth
in commodity stocks, the insurer's chief investment officer told Reuters.

    • Insurer Aviva India turns to state-run banks on recapitalisation plan
boost
    Aviva Plc's India life insurance joint venture is raising its exposure to
the country's state-run banks as it bets the government's $32 billion plan to
rescue lenders burdened with record bad loans will boost their prospects.

    • Bharat Petroleum launches two new LNG tenders for supply-trade sources
    Bharat Petroleum launched a tender seeking a spot liquefied natural gas
(LNG) cargo for delivery in January and a separate tender for three cargoes for
May, August and October, trade sources said.
    • Indian refiners processed record oil volume in October -govt 
    Indian refiners processed a record 5.2 million barrels per day of oil in
October as the world's third biggest oil consumer added extra capacity to meet
the rising fuel demand, government data showed on Thursday.
    • India sets curbs on onion exports as prices surge
    India set a minimum price of $850 per tonne for overseas sale of onions, a
government order said on Thursday, as the price of the politically-sensitive
vegetable surged to its highest in two years in the local market.
    • India cotton exports to drop as pink bollworms eat crop
    India is likely to export nearly one-fifth less cotton than previously
estimated as pink bollworms are set to eat into the south Asian country's output
which was expected to hit a record, industry officials told Reuters on Thursday.


    
    
    GLOBAL TOP NEWS
    • Uber told SoftBank about data breach before telling public
    Uber Technologies Inc said on Thursday that it discussed a massive data
breach with potential investor SoftBank Group Corp ahead of going public with
details of the incident on Tuesday.
    • Japan Nov manufacturing activity grows at fastest pace in over 3 years -
flash PMI
    Japanese manufacturing activity expanded at the fastest pace in more than
three years in November as output, new orders, and new export orders all
accelerated in a sign the economy will continue its growth streak, a preliminary
survey showed on Friday.
    • Mnangagwa the "Crocodile" to be sworn in as Zimbabwe's president
    Emmerson Mnangagwa will cap a stunning political comeback when he is sworn
in as Zimbabwe's president on Friday, bringing the final curtain down on the
37-year rule of Robert Mugabe.

    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • The SGX Nifty Futures were trading at 10,365.00, down 0.06 percent from
its previous close.
    • Indian government bonds are likely to fall today ahead of a fresh supply
of bonds, even as the central bank’s bond conversions weigh on demand, traders
said. The yield on the benchmark 6.79 percent bond maturing in 2027 is likely to
trade in a 6.95 percent -7.01 percent band until some news on the ratings.
    • The Indian rupee will likely open little changed against the dollar, as
investors await fresh cues from global and domestic markets.

    
    
    GLOBAL MARKETS
    • U.S. stocks were little changed on Wednesday, with telecom services shares
among the biggest movers while the energy sector rose in line with gains in
crude oil.

    • Asian shares hovered below their 10-year peak on Friday while investors
viewed Chinese shares with caution after their big fall the previous day.

    • The dollar wobbled in thin trading on Friday, on track for losses against
most rivals in a holiday-shortened week as it remained under pressure on the
Federal Reserve's cautious view on low U.S. inflation.
    • U.S. Treasury prices gained slightly after the minutes from the Federal
Reserve’s latest meeting on Wednesday affirmed market expectations that it will
hike rates in December, with trading volumes subdued before Thursday’s
Thanksgiving holiday.
    • U.S. crude oil hit fresh two-year highs on Friday, as the shutdown of a
major crude pipeline from Canada to the United States tightened North American
markets.
    • Gold prices inched up on Friday as the dollar remained under pressure
after minutes of the U.S. Federal Reserve's meeting revealed that some
policymakers were concerned over lower inflation.
    
   
                   CLOSE        FII INVESTMENTS  EQUITIES    DEBT
 PNDF spot         64.74/64.77  November 23      $11.34 mln  -$42.43 mln
 10-yr bond yield  7.12 pct     Month-to-date    $2.33 bln   -$131.63 mln
                                Year-to-date     $7.97 bln   $25.81 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 = 64.5550 Indian rupees)

 (Compiled by Nachiket Tekawade in Bengaluru)
  

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