April 12, 2018 / 3:32 AM / 3 months ago

Morning News Call - India, April 12

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    FACTORS TO WATCH
    10:00 am: Oil Minister Dharmendra Pradhan and other energy industry
officials at International Energy Forum in New Delhi.
    10:00 am: Commerce & Civil Aviation Minister Suresh Prabhu, Air India CMD
Pradeep Singh Kharola, Railway Board Chairman Ashwani Lohani at an event in New
Delhi.
    12:30 pm: Kotak Mahindra Bank MD Uday Kotak and Bharti Enterprises
Vice-Chairman Rakesh Bharti Mittal to brief media in New Delhi.
    3:00 pm: Kotak Mahindra Bank Senior EVP & Head - Retail Liabilities,
Investment and Payment Products Ambuj Chandna to brief media in Mumbai. 
    5:00 pm: Rural Development and Mines Minister Narendra Singh Tomar to brief
media on ‘Gram Swaraj Abhiyan’ and annual achievements of rural development
ministry in New Delhi.
    5:30 pm: Government to release March consumer price inflation data in New
Delhi.
    5:30 pm: Government to release February Industrial output data in New Delhi.
    
    LIVE CHAT - BALKAN OUTLOOK
Cvete Koneska, senior analyst at Control Risks assesses the progress of the
Western Balkan countries towards EU membership, the unresolved problems in
Kosovo and Russia's influence in the region at 2:30 pm IST. To join the
conversation, click on the link: here
    
    
    INDIA TOP NEWS
    • India, Aramco to partner on $44 bln refinery-petchem project
    Saudi Aramco on Wednesday signed an initial deal with a consortium of Indian
refiners to build a $44 billion refinery and petrochemical project on India's
west coast, as the kingdom moves to secure buyers for its crude in a market
awash with oil.
    • India's PNB says internal probe into $2 bln fraud ongoing; more heads
could roll 
    India's state-run Punjab National Bank is conducting an internal
investigation into an alleged $2 billion fraud and more heads could roll, its
chief executive said in an interview on Wednesday.
    • Tata Group unlikely to bid for Air India as terms too onerous -sources
    India's steel-to-autos conglomerate Tata Group, widely seen as a potential
suitor for Air India, is unlikely to consider a bid for the state-run carrier as
the government's terms are just too onerous, two sources familiar with the
matter said.
    • Monsanto loses Indian legal battle over GM cotton patents
    A court ruled on Wednesday that Monsanto cannot claim patents on its
genetically modified cotton seeds in India, the Indian company that brought the
case said.
    • Indian, Chinese oil companies look to invest in Ecuador, minister says
    Indian oil company ONGC Videsh is looking at buying a stake in oil fields in
Ecuador and may also participate in an upcoming tender for the Intercampos
blocks, Ecuador's oil minister Carlos Perez said on Wednesday.
    • India's Tata Sons to consolidate aerospace, defence businesses
    Indian conglomerate Tata Sons Ltd TATAS.UL on Wednesday said that it is in
the process of consolidating its businesses across aerospace and defence sectors
to form a single entity, Tata Aerospace & Defence.
    • Vedanta Resources expects supply constraints to sustain zinc prices
    Zinc prices are expected remain buoyant in the coming years after reaching
their highest levels in a decade because of a shortfall caused by years of
underinvestment, the founder and chairman of Vedanta Resources said on
Wednesday.
    • Kuwait hopes to boost oil sales to India through buying refinery stake
    Middle Eastern oil producer Kuwait hopes to sell an additional 200,000
barrels per day of crude oil to India through the purchase of a stake in an oil
refinery in the country, Kuwait Petroleum International (KPI) Chief Executive
Officer Nabil Bourisli said on Wednesday.
        
    
    GLOBAL TOP NEWS
    • Trump signals strikes against Syria, lays into Assad ally Russia
    U.S. President Donald Trump warned Russia on Wednesday of imminent military
action in Syria over a suspected poison gas attack, declaring that missiles
"will be coming" and lambasting Moscow for standing by Syrian President Bashar
al-Assad.
    • Facebook's Zuckerberg unscathed by congressional grilling, stock rises
    Facebook Inc Chief Executive Mark Zuckerberg fielded 10 hours of questions
over two days from nearly 100 U.S. lawmakers and emerged largely unscathed and
considerably richer.
    • House Speaker Ryan to quit, shaking Republicans as U.S. elections near
    U.S. House of Representatives Speaker Paul Ryan will not seek re-election
and will leave his post at the start of 2019, dealing a blow to fellow
Republicans and President Donald Trump ahead of fast-approaching congressional
elections.
    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    SGX Nifty nearest-month futures at 10,443.50, up 0.3% from its previous
close.
    The Indian rupee is likely to weaken against the dollar today as crude oil
prices rally amid the possibility of a U.S. military strike on Syria.
     Indian government bonds are likely to fall in early trade tracking further
gains in crude oil prices, that may boost domestic inflation going ahead.  The
yield on the 7.17 percent bond maturing in 2028 is likely to trade in a 7.53
percent-7.58 percent band today, a trader with a private bank said. The note
closed at 97.49 rupees, lowest since Mar. 26, yielding 7.54 percent, yesterday. 

    
    
    GLOBAL MARKETS
    • Wall Street stocks fell on Wednesday as possible U.S. military action
against Syria stoked investor concerns about geopolitical risk to the American
economy and minutes from the Federal Open Market Committee sparked worries about
a more hawkish view on interest-rate increases.
    • Asian stocks came under pressure as the threat of imminent U.S. military
action in Syria rattled investors and sent oil prices to their highest levels
since late 2014 on concerns about supply.
    • The dollar struggled against the yen as investors sought shelter in the
safe-haven Japanese currency on concerns over the possibility of Western
military action against Syria.
    • U.S. Treasury yields declined on escalating geopolitical tensions after
President Donald Trump warned Russia of imminent military action in Syria over a
suspected poison gas attack.
    • Oil markets remained tense on concerns of a military escalation in Syria,
although prices remained some way off Wednesday's highest since late 2014 as
bulging American supplies weighed.
    • Gold prices eased off multi-week highs as minutes from the Federal
Reserves's last policy meeting raised expectations for a faster pace of U.S.
rate hikes.
        
 CLOSE             FII INVESTMENTS  EQUITIES       DEBT           
 PNDF spot         65.22/65.25      April 11       $55.47 mln     -$225.85
                                                                  mln
 10-yr bond yield  7.62 pct         Month-to-date  - $307.78 mln  $1.6 mln
                                    Year-to-date   $1.86 bln      $722.23 mln
  
    
    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 = 65.2550 Indian rupees)
0 : 0
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