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Morning News Call - India, May 26
May 26, 2017 / 3:21 AM / in 7 months

Morning News Call - India, May 26

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    FACTORS TO WATCH
    11:00 am: Container Corporation earnings conference call in New Delhi.
    5:00 pm: RBI to release weekly foreign exchange data in Mumbai.
        
    GMF: LIVECHAT - OPEC REVIEW
    Gavin Maguire, Reuters Asia Editor-In-Charge for Commodities, and Henning
Gloystein, Reuters Asia Deputy Editor for Commodities, join us to deconstruct
OPEC's May 25 decision, and what it might mean for supply and prices going
forward at 9:30 am IST. To join the conversation, click on the link: here
    
    
    INDIA TOP NEWS
    • Modi's generics-only drugs plan worries health experts, Indian pharma
sector
    India's plan to bring in a law to ensure doctors prescribe medicines only by
their generic names risks proliferating the sale of substandard drugs in a
country where regulation is already lax, doctors and pharmaceutical executives
say.
    • Coal India wins tax-cut boost as environmentalists fret
State-run Coal India Ltd, saddled with millions of tonnes of unsold coal, is
expected to be the biggest beneficiary of a controversial government decision to
more than halve the local sales tax on the fuel after a jump in local supplies.

    • Cipla lowers bio drugs investment, sharpens focus on respiratory
Cipla Ltd, India's fifth-largest drugmaker by sales, plans to reduce investment
in biosimilars to sharpen its focus on building a portfolio of high-margin
respiratory products, the company's chief executive said on Thursday.

    • IDBI Bank unveils turnaround plan amid fears of debt default 
    India's IDBI Bank on Thursday set out a turnaround plan that includes
raising additional capital and selling non-core assets to help the state-run
lender to improve its financial position and reassure investors anxious about a
possible debt default.
    • Infosys touts plan to hire Americans in face of visa pressures
Infosys Ltd, the India-based computer services giant, on Wednesday touted its
new strategy to hire and train 10,000 American workers over the next two years
at the company's annual leadership meeting in San Francisco.
    • Thyssen, Tata see 400-600 million euros of potential savings - report
    German industrial group Thyssenkrupp and India's Tata Steel expect a merger
of their European steel businesses to yield annual savings of 400 to 600 million
euros, a German magazine reported on Thursday.
    • India's IOC March-qtr profit jumps 85 percent
    Indian Oil Corp said on Thursday net profit rose 85 percent in the fourth
quarter, in line with analysts' expectations, as revenue from operations grew.

    • Mexico's Bimbo enters India with 65 percent stake in Ready Roti
    Mexican breadmaker Grupo Bimbo said on Thursday it has entered the Indian
market through a joint venture to acquire 65 percent of shares in Indian's Ready
Roti India Private Limited.


    
    
    GLOBAL TOP NEWS
    • EXCLUSIVE-Kim's rocket stars: The trio behind North Korea's missile
programme
    After successful missile launches, North Korean leader Kim Jong Un often
exchanges smiles and hugs with the same three men and shares a celebratory smoke
with them.
    • In blow to Trump, U.S. appeals court refuses to reinstate travel ban
    In a stinging rebuke to President Donald Trump, a U.S. appeals court refused
on Thursday to reinstate his travel ban on people from six Muslim-majority
nations, calling it discriminatory and setting the stage for a showdown in the
Supreme Court.
    • OPEC, non-OPEC extend oil output cut by 9 months to fight glut
    OPEC and non-members led by Russia decided on Thursday to extend cuts in oil
output by nine months to March 2018 as they battle a global glut of crude after
seeing prices halve and revenues drop sharply in the past three
years.
    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • The SGX Nifty Futures were trading at 9,480.00, down 0.15 pct from its
previous close
    • The Indian rupee will likely edge higher in early trade as the dollar
remains rangebound ahead of the second reading of first-quarter U.S. gross
domestic product. However, tepid risk sentiment following a drop in oil prices
is expected to weigh on the currency, dealers said.
    • Indian government bonds will likely edge higher in early trade, tracking a
fall in global crude oil prices, though fresh supply of notes may limit the
gains. The yield on the benchmark 6.97 pct bond maturing in 2026 is likely to
trade in a 6.77 pct-6.83 pct band today.

    
    
    GLOBAL MARKETS
    • The S&P 500 and Nasdaq hit record closing highs on Thursday, with the
market propped up by gains in the consumer discretionary sector after strong
reports from Best Buy and other retailers.
    • Japan's Nikkei share average remained solidly on track for a winning week
on Friday, underpinned by record closing highs on Wall Street even as a firmer
yen put a damper on sentiment.
    • Commodity currencies got off to a shaky start on Friday, having tracked
oil prices lower, after a meeting of OPEC countries disappointed some investors
who had hoped for larger production cuts.
    • U.S. Treasury yields fell slightly on Thursday on doubts whether the
Federal Reserve would raise interest rates more than once by the end of 2017 as
it signaled it is preparing to shrink its $4.5 trillion balance sheet later this
year.
    • Oil markets remained weak after tumbling in the previous session when OPEC
and allied producers extended output cuts but disappointed investors betting on
longer or larger supply curbs.
    • Gold edged lower as the dollar steadied due to weakness in commodity
currencies after an extension of output curbs by OPEC and other producing
nations left investors hoping for bigger cuts disappointed.
    
    
                   CLOSE        FII INVESTMENTS  EQUITIES    DEBT
 PNDF spot         64.54/64.57  May 25           $91.25 mln  $3.25 mln
 10-yr bond yield  7.08         Month-to-date    $1.45 bln   $3.15 bln
                                Year-to-date     $7.88 bln   $12.55 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 = 64.61 Indian rupees)

 (Compiled by Pathikrit Bandyopadhyay in Bengaluru)
  

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