January 29, 2019 / 3:08 AM / 4 months ago

Morning News Call - India, January 29

To access the newsletter, click on the link:
 
here
 
    
    
If you would like to receive this newsletter via email, please register at: here
 
    
    
    FACTORS TO WATCH
    10:00 am: Prime Minister Narendra Modi at an interactive session with
students in New Delhi.
    
    LIVECHAT - FRONTIER MARKETS 
    We will chat with Gavin Serkin, Managing Editor of Frontier Funds Media &
Intelligence at 4:30 pm IST, to discuss all things frontier markets. To join the
conversation, click on the link: refini.tv/2P8N0Wp
    
    
    INDIA TOP NEWS
    • JSW Steel, Duferco in talks on landmark steel pre-payment deal 
    Indian conglomerate JSW Steel and global trading firm Duferco are in
advanced talks on a five-year cash-for-steel prepayment deal, four sources
familiar with the matter said, in a rare move for the industry.
    • Jet Airways seeks shareholder approval for debt to equity swap
    Jet Airways said on Monday it would seek shareholder approval next month to
convert existing debt into equity, part of efforts by the cash-strapped Indian
airline to resolve its financing problems.
    • Snapdeal backs India's e-commerce curbs, assures compliance 
    Even as India's new e-commerce curbs sting global giants Amazon.com and
Walmart-owned Flipkart, their local rival Snapdeal is cheering the move.

    • Bank of India aims for Q4 profit as it tackles bad loans 
    Bank of India aims to return to profit in the January-March quarter as it
focuses on reducing bad loans, its chief executive said on Monday, after the
state-run lender logged its biggest quarterly loss since at least 2005.

    • Canara Bank December-quarter profit soars 152 percent
    Canara Bank reported a 152.5 percent surge in quarterly net profit on
Monday, buoyed by higher interest income and a write-back of provisions made for
mark-to-market losses.
    • Tata Power quarterly profit dives nearly 79 percent
    Tata Power Co's quarterly profit plunged nearly 79 percent, well below
market expectations, dented by higher expenses.
    • Zee Entertainment rebounds as co denies demonetisation-linked deposits
    Shares of Zee Entertainment Enterprises clawed back on Monday from a 33.5
percent plunge in the previous session, after the company denied any role in
demonetisation-related transactions that are being probed by an Indian watchdog.

    • India's Modi seen appeasing voters, putting reforms aside in pre-election
budget 
    Desperate for five more years in power, India's Hindu nationalist government
will woo rural and urban middle-class voters with farm relief measures and tax
cuts, said officials privy to plans for the final budget before a general
election.
    
    
    GLOBAL TOP NEWS
    • U.S. charges China's Huawei with conspiring to violate Iran sanctions
    The United States on Monday announced criminal charges against China's
Huawei Technologies Co Ltd, escalating a fight with the world's biggest
telecommunications equipment maker and coming days before trade talks between
Washington and Beijing.
    • Japan cuts view of exports as U.S.-China trade war hurts trade
    Japan has cut its assessment of exports in January for the first time in
three months due to the trade war between the United States and China in a
warning that the fallout is spreading to the world's third-largest economy.

    • U.S. shutdown costs pegged at $3 billion as government reopens
    The U.S. economy was expected to lose $3 billion from the partial federal
government shutdown over President Donald Trump's demand for border wall
funding, congressional researchers said on Monday as 800,000 federal employees
returned to work after 35 days without pay.
    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • SGX Nifty nearest-month futures were trading 0.2 percent lower at
10,665.00 from its previous close.
    • The Indian rupee is likely to open little changed against the dollar after
Brent crude suffered the biggest decline in a month, offsetting the expected
month-end dollar demand and tepid risk appetite.
    • Indian government bonds are expected to edge higher in early trade
tracking an overnight plunge in crude oil prices although trade may remain
choppy ahead of the nation's interim budget due this week. The yield on the
benchmark 7.17 percent bond maturing in 2028 is likely to trade in a 7.52
percent - 7.57 percent band today.
    
    
    GLOBAL MARKETS
    • U.S. stocks tumbled on Monday after warnings from Caterpillar Inc and
Nvidia Corp added to concerns about a slowing Chinese economy and tariffs taking
a bite out of U.S. corporate profits.
    • Asian shares stumbled and the dollar hovered near two-week lows as
prospects for a long-awaited Sino-U.S. trade deal was dealt another blow after
the United States levelled sweeping criminal charges against China's telecom
giant Huawei.
    • The safe-haven yen firmed after the U.S. Justice Department charged
China's Huawei Technologies Co Ltd with fraud, ratcheting up U.S.-Sino trade
tensions and prompting investors to ditch risky assets.
    • U.S. Treasury bond prices rose on Monday, sinking yields, after $162
billion of new debt sold to strong demand.
    • Oil prices crept higher after the U.S. government slapped sanctions on
Venezuela's state-owned oil firm PDVSA in a move aimed at severely curbing the
OPEC member's crude exports to the United States.
    • Gold edged up, as the dollar weakened ahead of a two-day U.S. Federal
Reserve meeting, which will likely keep interest rates steady, and on worries
over a rise in Sino-U.S. trade tensions.    
    
                   CLOSE        FII INVESTMENTS  EQUITIES      DEBT
 PNDF spot         71.08/71.11  January 28       $31.36 mln    -$101.42 mln
 10-yr bond yield  7.54 pct     Month-to-date    -$446.38 mln  -$728.97 mln
                                Year-to-date     ---           ---
 
    
    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 = 71.10 Indian rupees)
    
    

 (Compiled by Samrhitha Arunasalam in Bengaluru)
  
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below