August 8, 2017 / 3:21 AM / a year ago

Morning News Call - India, August 8

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    10:00 am: Eicher Motors annual general meeting in New Delhi. 
    11:00 am: Monsoon session of parliament continues in New Delhi.
    12:30 pm: Power Minister Piyush Goel at FICCI event in New Delhi.
    2:30 pm: Indian Oil earnings conference call in Mumbai.
    3:00 pm: Tata Steel annual general meeting in Mumbai.
    3:00 pm: CEAT annual general meeting in Mumbai.
    Rahul Karunakar, polling editor in charge, Reuters, will walk through the
findings of the monthly Reuters currency poll and highlight what they signal.To
join the conversation at 9:30 am IST, click on the link: here
    • Bollywood lures Apple, Amazon and Netflix in Eros library sale 
    Indian movie production house Eros is in early talks with Apple, Amazon and
Netflix to sell its film and music library, a source familiar with the matter
    • Tata Steel swings to profit in first quarter 
    Tata Steel Ltd returned to profit in the first quarter of this year after a
loss a year ago, helped by the ramp up of its Kalinganagar plant in the Indian
state of Odisha.
    • Bharti Airtel subsidiary selling stake in Bharti Infratel for up to $400
million - term sheet 
    Bharti Airtel Ltd has launched a sale of a 3.7 percent stake in tower arm
Bharti Infratel Ltd for up to 25.52 billion rupees, according to a deal term
    • India's plan for higher rate luxury car tax to hit sales - Mercedes-Benz  
    Mercedes-Benz on Monday said India's proposal to increases taxes on luxury
cars and sport-utility vehicles could impact the carmaker's expansion plans in
the country and hurt sales.
    • GIC Re files for IPO, seen raising over $1 billion
    State-owned reinsurer General Insurance Corp of India filed for an initial
public offering which bankers have said could raise more than $1 billion, as
part of the government's plans to list five non-life insurers in which it holds
    • China says willing to pay the price for new N.Korea sanctions
    China will pay the biggest price from the new United Nations sanctions
against North Korea because of its close economic relationship with the country,
but will always enforce the resolutions, Chinese Foreign Minister Wang Yi said.

    • China July exports rise 7.2 percent, imports up 11 percent both well below
    China's July exports rose 7.2 percent from a year earlier, while imports
grew 11.0 percent, both well below analysts' forecasts, official data showed.

    • Google fires employee behind anti-diversity memo 
    Alphabet Inc's Google has fired an employee who wrote an internal memo that
ascribed gender inequality in the technology industry to biological differences.

    (As reported by NewsRise)
    • The SGX Nifty Futures were trading at 10,088.00, trading little changed
from its previous close.
    • Indian government bonds are likely to trade steady ahead of state debt
auctions today, even as a regular supply of notes this week is expected to keep
prices under pressure. The yield on the benchmark 6.79 percent bond maturing in
2027 is likely to trade in a 6.44 percent-6.48 percent band.
    • The Indian rupee will likely open higher against the dollar, in-line with
most Asian currencies, after cautious remarks from some Federal Reserve
officials on U.S. inflation weighed on demand for the greenback.
    • The Dow edged up to its ninth record closing high in a row while the S&P
ended slightly higher on Monday, with consumer and technology sector gains
offsetting losses in energy.
    • Asian shares neared decade peaks thanks to optimism on the global economy
and a rash of records on Wall Street, while major currencies were becalmed ahead
of Chinese trade data.
    • The dollar steadied in Asian trading, maintaining most of the gains it
made on last week's robust employment data that kept hope alive that the U.S.
Federal Reserve could still increase interest rates this year.
    • U.S. Treasury yields slipped on Monday after a stronger-than-expected U.S.
non-farm payrolls report the previous session, with no major market drivers
ahead of a slew of government bond and corporate supply this week.
    • Oil prices slipped further in Asian trading following a recovery in output
at Libya's largest oil field and amid ongoing doubts about OPEC-led production
    • Gold prices were steady, hovering around nearly two-week lows hit on
Friday, with the U.S. dollar buoyed by hopes of another interest rate hike this
year after robust U.S. employment data.
                   CLOSE        FII INVESTMENTS  EQUITIES      DEBT
 PNDF spot         63.76/63.79  August 7         -$31.18 mln   $218.81 mln
 10-yr bond yield  6.74 pct     Month-to-date    -$182.56 mln  $831.09 mln
                                Year-to-date     $8.80 bln     $21.97 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 = 63.8200 Indian rupees)

 (Compiled by Erum Khaled in Bengaluru)
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