April 25, 2018 / 3:32 AM / 7 months ago

Morning News Call - India, April 25

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    FACTORS TO WATCH
    10:30 am: Housing Minister Hardeep Singh Puri at foundation day of HUDCO in
New Delhi.
    11:30 am: India’s federal cabinet to meet. May discuss modifications to
bankruptcy code in New Delhi.
    2:00 pm: Farm Minister Radha Mohan Singh to address National Conference on
Agriculture for Kharif Campaign in New Delhi.
    
    LIVECHAT - EQUITIES WATCH
    Join our Reuters correspondents in London and New York for a discussion on
the stock markets and company earnings at 06:30 pm IST. To join the
conversation, click on the link: here
    
    
    INDIA TOP NEWS
    • Bharti Airtel posts lowest quarterly profit in nearly 15 years
    Bharti Airtel posted its lowest quarterly profit in nearly 15 years on
Tuesday, as a price war in the telecoms sector continued to hurt, while revenue
was hit by a regulatory cut in international termination charges.
    • IDFC Bank Q4 profit falls 76 pct as bad loan provisions surge
    Private sector lender IDFC Bank on Tuesday reported a 76 percent plunge in
its quarterly profit, hurt by a jump in provisions to cover bad
loans.
    • Reliance Naval and Engineering auditors raise going concern doubts
    Auditors of Reliance Naval and Engineering have raised doubts about the Anil
Ambani-led company's ability to continue as going concern, with shares
plummeting to a record low on Tuesday.
    • KKR-backed Radiant revises offer for Fortis
    Radiant Life Care revised its offer for Fortis Healthcare on Tuesday,
proposing to buy one of its hospitals in Mumbai immediately, as a five-way
takeover battle for the hospital chain intensifies.
    • Microsoft denies auditing partner KPMG's anti-piracy work in India
    Microsoft is not auditing how its partner KPMG cracks down on illegal use of
Microsoft software in India, the companies said in a joint statement on
Tuesday.
    • Lenovo eyes making smart wearables in India, higher market share
    Lenovo is looking to make smart wearables in India and raise its share of
the local market by three-fold, in a plan that will help boost Prime Minister
Narendra Modi's scheme to promote the country an electronics manufacturing hub.


        
    GLOBAL TOP NEWS
    • Shire says willing to recommend Takeda's $64 bln offer to shareholder
    London-listed drugmaker Shire said it was willing to recommend a deal with
Takeda Pharmaceutical to its shareholders, after the Japanese company sweetened
its acquisition offer to $64 billion.
    • Trump and France's Macron seek new measures on Iran as deadline looms
    U.S. President Donald Trump and French President Emmanuel Macron pledged on
Tuesday to seek stronger measures to contain Iran,but Trump refrained from
committing to staying in a 2015 nuclear deal and threatened Tehran with
retaliation if it restarted its nuclear program.
    • South Korea's LG Display looks up after posting first loss in 6 yrs
    South Korea's LG Display forecast higher panel shipments and more stable
prices in the second quarter as it reported its first operating loss in six
years on Wednesday, hit by a flood of supply from Chinese rivals.

    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • The SGX Nifty nearest-month futures were trading at 10,555.50, down 0.6
percent from its previous close.
    • The Indian rupee is seen lower against the dollar today as Wall Street’s
overnight slide and higher U.S. yields hurt demand for regional assets.
    • Indian government bonds will likely trade lower in early session as U.S.
Treasury prices fall, while higher crude oil prices may continue to weigh on
investor sentiment. The yield on the 7.17 percent bond maturing in 2028 is
likely to trade in a 7.65 percent - 7.71 percent band today.
    
    
    GLOBAL MARKETS
    • Wall Street dropped sharply on Tuesday as warnings by bellwether companies
of higher costs reverberated as the benchmark U.S. 10-year Treasury yield
pierced the 3 percent level for the first time in four years.
    • Asian shares were under pressure, with a rise in U.S. bond yields above
the 3 percent threshold and warnings from bellwether U.S. companies of higher
costs driving fears that corporate earnings growth may peak soon.
    • The dollar was steady, just below a four-month high reached after the U.S.
10-year bond yield hit 3 percent for the first time since early 2014, as a slide
in Wall Street stocks slowed the pace of the greenback rally.
    • The U.S. benchmark 10-year Treasury yield rose to 3 percent for the first
time in more than four years on Tuesday, reflecting the durability of the U.S.
economic expansion and stoking views the three-decade-old bull market in bonds
is coming to an end.
    • Oil prices fell back from more than three-year highs reached the previous
session as rising U.S. fuel inventories and production weighed on an otherwise
bullish market.
    • Gold prices edged higher as most global stock markets fell and as the U.S.
dollar eased below an over three-month high hit in the previous session.
    
    
                   CLOSE        FII INVESTMENTS  EQUITIES      DEBT
 PNDF spot         66.34/66.37  April 24         -$102.41 mln  $12.81 mln
 10-yr bond yield  7.80 pct     Month-to-date    -$697.23 mln  -$1.70 bln
                                Year-to-date     $1.47 bln     -$982.28 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 = 66.40 Indian rupees)
    
    

 (Compiled by Priyanka Das in Bengaluru)
  
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