October 29, 2019 / 3:15 AM / in 7 months

Morning News Call - India, October 29

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    10:30 am: Finance Minister Nirmala Sitharaman at National CSR Awards event
in New Delhi.
    David Beckworth, former international economist for the U.S. Treasury and
current senior research fellow at George Mason University's Mercatus Center,
discusses the upcoming Fed meeting and the possible paths of monetary policy in
the rest of 2019. To join the conversation at 6:30 pm IST, click on the link: refini.tv/2P8N0Wp
    • Indian regulator orders IndiGo to modify Pratt & Whitney engines within 15
    India's civil aviation regulator on Monday ordered IndiGo to modify its 16
Airbus A320neo aircraft fitted with Pratt & Whitney engines, linked to in-flight
shutdowns, within 15 days to avoid their grounding.
    • SBI profit beats on higher interest income, better asset quality
    State Bank of India (SBI) reported a three-fold jump in quarterly profit and
beat market expectations on Friday as asset quality at the country's largest
lender improved, sending shares up more than 7%.
        • Reliance to create $15 billion digital unit to pare telecom debt 
    Reliance Industries on Friday said it would invest nearly $15 billion to
create a digital services company as it seeks to cut debt at its telecom
venture, potentially making way for the entry of a strategic investor.

    • ICICI Bank quarterly profit falls 28%
    India's second-largest private-lender, ICICI Bank, reported a 28% fall in
net profit in the quarter ended Sept. 30 due to a one-time charge related to
deferred taxes.
    • JLR parent posts smaller loss as China demand picks up
    Jaguar Land Rover owner Tata Motors posted a smaller-than-expected loss in
the second quarter on Friday as a pick up in sales of its luxury car in China
helped it ride out weak vehicles sales in India, its home market.
    • Vodafone Idea to seek waiver after court ruling on overdue payments
    Loss-making Indian mobile carrier Vodafone Idea said on Friday it will ask
the federal government for relief on payments of at least $4 billion after a
court ruling required it to pay overdue levies and interest.
    • India probe finds AB InBev, Carlsberg, United Breweries colluded on prices
- sources 
    The investigations unit of India's Competition Commission has concluded that
Anheuser-Busch InBev, Carlsberg and United Breweries colluded to fix beer
prices, two people with direct knowledge told Reuters.
    • Trump: 'ahead of schedule' on China trade deal
    U.S. President Donald Trump said on Monday he expected to sign a significant
part of the trade deal with China ahead of schedule but did not elaborate on the
    • Google's search for sales in cloud, hardware clip Alphabet profit 
    Google parent Alphabet reported quarterly results on Monday that show costs
continue to rise faster than revenue as the web search leader seeks to broaden
its business, dampening Wall Street's enthusiasm despite Google's continued
dominance in advertising sales.
    • EU agrees Brexit delay as British parliament blocks December election 
    The European Union agreed to a Brexit delay of up to three months on Monday,
as Prime Minister Boris Johnson said he would push on with his bid to end
Britain's political paralysis with an election on Dec. 12.
    (As reported by NewsRise)
    • SGX Nifty nearest-month futures were trading 0.1% higher at 11,678.00. 
    • The Indian rupee is expected to open higher against the dollar amid signs
of progress in U.S.-China trade talks. 
    • India government bonds are expected to fall in early trade, tracking a
sharp uptick in U.S. Treasury yields as demand for safe-haven assets eased after
the European Union agreed to delay Brexit by three months. The yield on the
benchmark 7.26% bond maturing in 2029 is likely to trade in a range of
6.66%-6.72% today. 
    • The S&P 500 hit a record high on Monday, while the Nasdaq fell just short
of its lifetime high touched in late July as a more civil tone between the
United States and China lifted hopes for a possible trade deal and investors
looked toward a Federal Reserve rate cut later this week.
    • Asian shares rose to a three-month peak after Wall Street hit all-time
highs amid hopes of progress in Sino-U.S. trade talks and for another dose of
policy stimulus from the Federal Reserve this week.
    • Both the dollar and riskier Asian currencies held on to modest overnight
gains, amid hopes for an easing in Sino-U.S. trade tensions and as investors
waited for direction from this week's Federal Reserve meeting.
    • U.S. Treasury yields were higher on Monday ahead of an expected interest
rate cut at this week's Federal Reserve policy meeting and as the latest Brexit
developments boosted the British pound and market appetite for risk.
    • Oil prices edged lower in quiet trade as concerns about slower economic
growth overshadowed signs of a thawing in the trade war between Washington and
Beijing, while investors awaited U.S. inventory data.
    • Gold prices tread water, after a sharp fall in the previous session, as
markets awaited the U.S. Federal Reserve's rate decision, while optimism over a
U.S.-China trade deal boosted demand for riskier assets.
                   CLOSE        FII INVESTMENTS  EQUITIES        DEBT
 PNDF spot         70.93/70.96  October 25       (193.38) crore  (383.13) crore
 10-yr bond yield  6.67%        Month-to-date    3,662 crore     (261) crore
                                Year-to-date     59,847 crore    28,925 crore
    (FII investment numbers are in Indian rupees. Source: National Securities
Depository Limited)

    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 = 70.74 Indian rupees)

 (Compiled by Samrhitha Arunasalam in Bengaluru)
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