September 12, 2018 / 3:36 AM / 2 months ago

Morning News Call - India, September 12

(Morning News Call - India edition will not be published on Thursday, September
13 as markets are closed for Ganesh Chaturthi)
    
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    FACTORS TO WATCH
    10:00 am: IBBI Chairperson M.S. Sahoo at the National Conference on
Insolvency & Bankruptcy Code in New Delhi.
    5:30 pm: Government to release August consumer price inflation data in New
Delhi.
    5:30 pm: Government to release July Industrial output data in New Delhi.
    
    TRADING INDIA FORUM – INSOLVENCY AND BANKRUPTCY CODE
    The IBC is counted as one of the biggest reforms under the current   
government. An India Ratings report expects around 45 percent of the total   
bad loans (10.2 trillion) to be resolved by the end of 2018 under the IBC.   
With such huge strides in debt resolution, we speak to Vinod Kothari,   
Director - Vinod Kothari Consultants, on the way forward at 11:00 am IST.
Kothari is noted financial consultant and trainer. He is focused on several
areas in finance and is also a practitioner on corporate laws for over 25 years.
To join the conversation, click on the link: here
    
    LIVECHAT - EQUITIES WATCH
    Our Reuters correspondents in London and New York will be having a
discussion on the stock markets and company earnings at 6:30 pm IST. To join the
conversation, click on the link: 
    here
    
    
    INDIA TOP NEWS
    • U.S. to probe India's Mahindra over Fiat Chrysler Jeep complaint
    A U.S. regulator said on Tuesday it would launch an investigation into an
off-road utility vehicle produced by Mahindra and Mahindra following a complaint
by Fiat Chrysler Automobiles NV that it infringed upon the  intellectual
property rights of its Jeep design.
    • Indian rupee pulls back from record low after RBI intervention
    The Indian rupee hit a life-time low yet again on Tuesday amid strong dollar
demand from foreign banks, but the currency pared some of its losses later in
the day following a Reserve Bank of India (RBI) intervention, dealers
said.
    • Wrong Brexit will cost tens of thousands of car jobs, warns Jaguar boss
    The wrong Brexit deal could cost tens of thousands of car jobs and risks
production at Britain's biggest carmaker Jaguar Land Rover, its boss warned,   
adding he had no idea if his plants could function after Britain quits the   
European Union.
    • Paytm bets on local expertise to fend off rivals
    Paytm is betting on its local expertise and a deep pool of backers to fuel
business growth and fight off global rivals in a rapidly growing market, its
chief executive said on Tuesday.
    • ArcelorMittal's sweetened offer for Essar Steel knocks shares
    ArcelorMittal shares fell on Tuesday after the company raised its offer for
India's debt-laden Essar Steel, prompting concerns that it was paying too much.

    • Tata Power to offer suite of services in rooftop solar drive
    Tata Power Company plans to offer a range of services from advice and
financing to installation and maintenance as it strives to increase its share of
the market for rooftop solar panels, a senior executive said on
Tuesday.
    • BPCL to skip Iran oil purchases in October
    Bharat Petroleum will skip purchase of Iranian oil in October due to
turnaround at its plants, a source privy to the plan said on Tuesday   



    GLOBAL TOP NEWS
    • Trump to target foreign meddling in U.S. elections with sanctions order
-sources
    President Donald Trump plans to sign an executive order as soon as Wednesday
that will slap sanctions on any foreign companies or people who interfere in
U.S. elections, based on intelligence agency findings, two sources familiar with
the matter said.
    • HSBC to bolster Asia private banking headcount, double client assets
    HSBC aims to increase its Asia private banking headcount by two-thirds in   
five years and double client assets in eight as it eyes a bigger share of the
business in the world's fastest-growing wealth market, top executives said.

    • S.Korea jobless rate hits highest since global financial crisis, adds to
    president's woes
    South Korea's unemployment rate rose to an eight-year high in August as   
mandatory minimum wages rose, worsening economic policy frustrations for   
President Moon Jae-in whose approval rating is now at its lowest since   
inauguration.

    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • SGX Nifty nearest-month futures were trading at 11,338, up 0.1 percent.
    • The Indian rupee is likely to open little changed against the dollar amid
expectations the Reserve Bank of India may step in to avert further losses in
the currency after Brent crude climbed by the most in three weeks to near $80 a
barrel.
    • Indian government bonds will likely fall today tracking a sharp overnight
rise in crude oil prices and U.S. Treasury yields. The yield on the benchmark
7.17 percent bond maturing in 2028 may trade in a 8.17 percent-8.22 percent band
today, a dealer with a private bank said.

    
    
    GLOBAL MARKETS
    • U.S. stocks rose on Tuesday as Apple led a jump in technology shares and a
   gain of more than 2 percent in oil prices drove up energy shares.
    • Asian stocks slipped to 14-month lows, as investor confidence was chilled
by the latest round of verbal threats in an intensifying U.S.-China trade
conflict.
    • The dollar dipped as Canada signalled it was ready to make a concession to
   the United States to resolve their talks over reworking the North American   
Free Trade Agreement, though lingering anxiety over U.S.-China trade tensions
weighed.
    • U.S. Treasury bond yields rose on Tuesday following a report of a record  
 number of job openings in July as $144 billion in new supply on offer this   
week weighed on prices.
    • Oil prices rose after a report of falling crude inventories and the   
looming sanctions against Iran fuelled expectations of a tightening market   

    • Gold prices inched down after touching two-week lows in the previous   
session, with investors staying away from bullion on fears the U.S.-China   
trade war could escalate.
    
                   CLOSE            FII INVESTMENTS  EQUITIES      DEBT
 PNDF spot         72.70/72.73      September 11     -$200.19 mln  -$2.77 mln
 10-yr bond yield  8.2 pct          Month-to-date    $153.34 mln   $695.43 mln
                                    Year-to-date     -$704.12 mln  -$5.84 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 = 72.63 Indian rupees)

 (Compiled by Siddharth Athreya V in Bengaluru)
  
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