May 10, 2018 / 3:21 AM / 15 days ago

Morning News Call - India, May 10

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    FACTORS TO WATCH
    10:00 am: Telecom Minister Manoj Sinha and Telecom Secretary Aruna
Sundararajan at CII Broadband Summit in New Delhi.
    10:00 am: Society of Indian Automobile Manufacturers releases April sales
and production data in New Delhi.
    3:15 pm: NITI Aayog Vice Chairman Rajiv Kumar at an awards event in New
Delhi.
    5:00 pm: Union Bank of India post results media conference in Mumbai.
    
    TRADING INDIA FORUM - INDIA EQUITY MARKETS
    Andrew Holland, CEO at Avendus Capital Alternate Strategies, shares his
views at 11:00 am IST. To join the conversation, click on the link: here
    
    LIVECHAT- THE INVESTOR VIEW. 
    We get a view on buyside thinking with Charles Diebel, head of rates at
Aviva Investors at 2:30 pm IST. To join the conversation, click on the link: here
   
  
    
    INDIA TOP NEWS
    • Walmart to pay $16 billion for control of India's Flipkart
    Walmart said on Wednesday it will pay $16 billion for a roughly 77 percent
stake in Indian e-commerce firm Flipkart, the U.S. retailer's largest-ever deal
as it copetes with Amazon.com in an important growth market.
    • Indian refiners in no rush to seek alternatives to Iranian oil
    Indian refiners said on Wednesday they were in no hurry to replace Iranian
oil with alternatives, counting on the fact that many Western countries have so
far declined to join the United States in pulling out of a nuclear deal with
Tehran.
    • CPPIB, Allianz buy into Indian infrastructure trust set to list 
    Canada Pension Plan Investment Board (CPPIB) and Allianz Capital Partner has
agreed to take 55 percent of the units in an infrastructure investment trust
backed by a subsidiary of Larsen & Toubro.
    • ArcelorMittal hires Bank of America to sell European steel assets 
    The world's largest steelmaker ArcelorMittal has hired Bank of
America-Merrill Lynch to sell a number of its steel assets to secure antitrust
clearance to acquire Italian peer Ilva.
    • Saudi's SABIC eyes 50 percent stake in ONGC's west India petchem plant -
sources 
    Saudi Basic Industries Corp (SABIC), the world's No.4 petrochemical company,
wants to buy about half of the $4.6-billion Indian petchem project backed by Oil
and Natural Gas Corp (ONGC), two sources familiar with the matter
said.
    • Federal Bank Q4 profit slides, misses forecast
    Federal Bank reported on Wednesday a 43 percent drop in fourth-quarter
profit, hurt by higher provisions for bad loans.
    • Jindal Steel and Power Q4 loss widens
    Steel producer Jindal Steel and Power on Wednesday said its quarterly net
loss widened, hurt by a one-time expense due to certain demands and claims from
regulatory authorities.
    • Vedanta's Konkola Copper Mines disputes $18 million Zambia tax bill -
industry source 
    Vedanta Resources' Zambia unit, Konkola Copper Mines (KCM), is disputing a
bill of almost $18 million slapped on it by tax authorities after an audit, an
industry source familiar with the matter, told Reuters on Wednesday.

    
    GLOBAL TOP NEWS
    • Singapore likely summit venue after N.Korea releases prisoners - U.S.
official
    Singapore is the most likely venue for a summit between U.S. President
Donald Trump and North Korean leader Kim Jong Un, a U.S. official said, after
Pyongyang cleared a major obstacle to the meeting with the release of three
American prisoners.
    • Malaysia's Mahathir, 92, to be sworn in as prime minister after historic
poll win
    Malaysia's Mahathir Mohamad will be sworn in as the world's oldest elected
leader on Thursday after his opposition alliance pulled off a stunning election
win, ending six decades of rule by a coalition he once led.
    • China April producer inflation picks up for first time in 7 months
China's producer inflation picked up for the first time in seven months in
April, bolstered by surging commodities prices and suggesting industrial demand
remains resilient even as trade tensions ratchet up with the United
States.

  
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • The SGX Nifty nearest-month futures were trading almost flat at 10,766.50
    • The Indian rupee is expected to open little changed today as the dollar
index halted its three-day gains, helping offset the impact from fresh
three-year high crude oil prices.
    • Indian government bonds are likely to ease in early trade amid concerns
that higher global crude oil prices may fan domestic inflation going ahead. The
yield on the benchmark 7.17 percent bond maturing in 2028 is likely to trade in
7.69 percent - 7.75 percent band today.

    
    GLOBAL MARKETS
    • Wall Street surged on Wednesday as surging oil prices boosted energy
stocks following U.S. President Donald Trump's decision the previous day to quit
a nuclear agreement with Iran.
    • Asian stocks rose, with energy shares leading the way as crude oil prices
bolted higher after U.S. President Donald Trump's decision to pull out of a
nuclear deal with Iran.
    • The dollar held firm after the 10-year U.S. bond yield rose back to the
psychologically important 3 percent mark and investors looked to U.S. consumer
price data due later to show a acceleration in inflation.
    • The yield on the benchmark U.S. government note rose back above the
psychologically significant level of 3 percent on Wednesday afternoon following
fair investor demand at auction for $25 billion in new 10-year notes.
    • Oil prices clocked up more multi-year highs as traders adjusted to the
prospects of renewed U.S. sanctions against major crude exporter Iran amid an
already tightening market.
    • Gold prices nudged lower as the dollar held near its 2018-peak on firm
U.S. bond yields, with investors also keeping an eye out for any further impact
from U.S. President Donald Trump's decision to pull out of a nuclear deal with
Iran.
   
    
                   CLOSE        FII INVESTMENTS  EQUITIES      DEBT
 PNDF spot         67.40/67.43  May 9            -$104.54 mln  -$114.78 mln
 10-yr bond yield  7.86 pct     Month-to-date    -$337.40 mln  -$829.17 mln
                                Year-to-date     $844.65 mln   -$2.49 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 = 67.35 Indian rupees)
    
    

 (Compiled by Shradha Singh in Bengaluru)
  
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