March 19, 2019 / 3:19 AM / 5 months ago

Morning News Call - India, March 19

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    FACTORS TO WATCH
    10:00 am: NITI Aayog Vice Chairman Rajiv Kumar and NITI Aayog CEO Amitabh
Kant at a conference in New Delhi.
    7:00 pm: RBI Governor Shaktikanta Das at a book launch event in Mumbai.
    
    LIVECHAT - BREXIT SPECIAL SERIES
    With the UK scheduled to leave the European Union on March 29, time is
running out and May needs to officially request for an extension of Article 50
from the EU. As this would need to be approved by all 27 remaining states, their
next opportunity to get an extension is the March 21 EU Council meeting. On
Global Markets Forum, we have a special line-up of guests over the next two
weeks to weigh in on the various Brexit scenarios. We begin today with Patrick
L. Young, executive director at DV Advisors. To join the conversation at 12:30
pm IST, click on the link: here
    
    
    INDIA TOP NEWS
    • Brotherly love at Reliance? India's Mukesh Ambani provides 'support' to
brother Anil as debt paid off
India's richest man Mukesh Ambani, who controls oil-to-telecoms powerhouse
Reliance Industries that is now worth many times the troubled business group run
by his younger brother Anil, appears to have offered some kind of support to
ensure Anil paid off a 5.5 billion rupees debt.
    • L&T buys 20 percent of IT company Mindtree, targets more
Larsen & Toubro (L&T) is buying a 20.32 percent stake in IT services company
Mindtree for 32.69 billion rupees, it said on Monday.
    • Two die in clashes outside Vedanta's Indian alumina refinery
A protester and a policeman died in clashes outside Vedanta's eastern Indian
alumina refinery, a police official said on Monday, less than a year after
police killed 13 anti-Vedanta protesters in south India.
    • Hotel Leela Venture to sell assets to Brookfield for $576 million
Hotel Leela Venture will sell four of its hotels and a property to a fund
sponsored by Canada's Brookfield Asset Management for 39.50 billion rupees, as
part of its restructuring, it said on Monday.
    • RBI officials meet bankers, seek feedback on new liquidity tool - sources
Senior officials from the Reserve Bank of India met about two dozen bankers on
Monday for feedback on the central bank's new cash infusion tool, according to
two bankers who attended the meeting.
    • Jet Airways delays interest payments, grounds more planes
Jet Airways said on Monday it has grounded four more planes and would delay
paying interest on maturing debt in a fresh sign of deepening liquidity crisis
engulfing the Indian carrier saddled with over $1 billion debt.
    
    
    GLOBAL TOP NEWS
    • May's Brexit deal in chaos as Speaker sparks 'constitutional crisis'
Prime Minister Theresa May's Brexit plans were thrown into further turmoil on
Monday when the speaker of parliament ruled that she could not put her divorce
deal to a new vote unless it was re-submitted in fundamentally different form.

    • China says played 'constructive role' in reducing Pakistan, India tension
China played a "constructive role" in reducing tension between Pakistan and
India, the foreign ministry said, after the nuclear-armed rivals almost came to
blows last month following an attack on an Indian paramilitary convoy in
disputed Kashmir.
    • Ethiopia and Indonesia crash parallels heap pressure on Boeing
Investigators into the Boeing 737 MAX crash in Ethiopia have found striking
similarities in a vital flight angle with an airplane that came down off
Indonesia, a source said, piling pressure on the world's biggest planemaker.

    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • SGX Nifty nearest-month futures were trading up 0.1 percent at 11,521.50,
from its previous close.
    • The Indian rupee is likely to open lower against the U.S. currency amid
dollar demand from importers after the domestic unit rose to a seven-and-a-half
month high.
    • Indian government bonds are likely to open slightly lower, as traders may
look to book profits ahead of a state debt auction later today and fresh supply
of federal papers later this week. The yield on the benchmark 7.17 percent bond
maturing in 2028 is likely to trade in a 7.47 percent-7.53 percent band today.
    
    
    GLOBAL MARKETS
    • Banks and tech helped lead Wall Street higher on Monday, while Boeing and
Facebook were a drag and investors eyed this week's U.S. Federal Reserve meeting
for affirmation of its commitment to "patient" monetary policy.
    • Asian shares treaded water ahead of a U.S. Federal Reserve policy meeting,
hovering near six-month highs, while sterling was choppy as the speaker of
Britain's parliament banned another vote on same Brexit deal.
    • The dollar was under pressure, weighed by growing expectations the Federal
Reserve would shift to a more accommodative policy stance this week and concerns
about slower U.S. economic growth.
    • U.S. Treasury debt yields ticked up on Monday but made no significant
moves as traders held off placing large positions ahead of the Federal Reserve's
policy-setting meeting this week at which the U.S. central bank is expected to
keep interest rates steady.
    • Oil prices hovered just below 2019 highs, supported by ongoing supply cuts
led by producer club OPEC.
    • Gold prices rose for a third consecutive session as the dollar weakened on
expectations that the U.S. Federal Reserve will maintain a dovish tone at its
monetary policy meeting this week.
    
    
                   CLOSE        FII INVESTMENTS  EQUITIES     DEBT
 PNDF spot         68.57/68.60  March 18         $265.69 mln  $77.43 mln
 10-yr bond yield  7.48 pct     Month-to-date    $2.94 bln    $1.29 bln
                                Year-to-date     $5.01 bln    -$880.27 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 = 68.6140 Indian rupees)

 (Compiled by Yoganand KN in bengaluru)
  
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