August 31, 2017 / 3:17 AM / a year ago

Morning News Call - India, August 31

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    9:15 am: Finance Minister Arun Jaitley, Power Minister Piyush Goyal, NITI
Aayog CEO Amitabh Kant, Vedanta Resources Chairman Anil Agarwal, Laurus Labs CEO
Satyanarayana Chava and other corporate executives to speak at India Summit 2017
in New Delhi.
    10:00 am: Power Minister Piyush Goyal, Railway Minister Suresh Prabhu,
Finance Secretary Ashok Lavasa and other government officials at Business &
Climate Summit 2017 in New Delhi
    11:45 am: Automotive Component Manufacturers Association of India President
Pratham Kapur to release the performance report of auto component industry for
FY17 in New Delhi. 
    5:00 pm: Government to release July Infrastructure output data in New Delhi.
    5:30 pm: Government to release April-June GDP data in New Delhi.
    Professor Reto Foellmi, professor of international economics at the
University of St. Gallen joins us for a view of the economic outlook at 2.30 pm
IST. To join the conversation, click on the link: here
    • India seen posting stronger economic growth as shock from cash clampdown
    India's economy likely showed further signs of recovery in the latest
quarter from a shock cash squeeze late last year, but the rebound is not
expected to be strong enough to help it reclaim the crown of the world's
fastest-growing major economy.
    • India cabinet approves raising levy on luxury cars, SUVs
    India's cabinet on Wednesday approved raising the maximum levy on luxury
cars and sports utility vehicles (SUVs), drawing criticism from several car
    • India central bank recovers almost all banned currency notes -report 
    Indians returned almost all of the estimated 15.4 trillion rupees in
high-currency bills removed from circulation in a shock move late last year, the
Reserve Bank of India said in its annual report out on Wednesday.
    • Bird Group says keen to buy Air India's ground-handling unit
    Bird Group on Wednesday said it is interested in buying state-owned carrier
Air India's ground-handling business, making it the second company to formally
show interest in bidding for a part of the ailing airline.
    • India raises $1.4 billion from NTPC share sale - stock exchange data 
    The Indian government has raised 91.36 billion rupees from a share sale in
state-run utility NTPC Ltd , according to Reuters calculations based on stock
exchange data.
    • Death toll from Mumbai floods jumps to 14, rain eases up 
    Two toddlers were among 14 people killed in Mumbai after floods caused by
heavy monsoon rains destroyed homes and disrupted traffic in India's financial
capital, police said, but lighter-than-feared rain on Wednesday helped relief
    • Faced with new bid, Toshiba looks set to miss chip sale deadline
    Toshiba Corp looks set to miss its own deadline of Aug 31 to agree an $17.3
billion sale of its chips business, a deal that would plug a gaping balance
sheet hole and help the group avoid an embarrassing and potentially costly
    • Harvey moves into Louisiana with at least 25 dead, 17 missing
    Tropical Storm Harvey spun across southeastern Texas into Louisiana on
Wednesday, sending more people fleeing for shelter after swamping Houston with
record rains and flooding that killed at least 25 and drove tens of thousands
from their homes.
    • China factory sector growth unexpectedly speeds up in August, services
slows - official PMIs 
    Growth in China's manufacturing sector unexpectedly accelerated in August,
suggesting the world's second-largest economy is still expanding at a healthy
clip despite rising financing costs and a cooling housing market.
    (As reported by NewsRise)
    • The SGX Nifty Futures were trading at 9,860.50, trading down 0.2 percent
from its previous close.
    • Indian government bonds are likely to fall in early trade as investors
await fresh supply of notes from a weekly debt auction tomorrow. The yield on
the benchmark 6.79 percent bond maturing in 2027 is likely to trade in a 6.52
percent-6.57 percent band.
    • The Indian rupee will likely open little changed against the dollar, as
upbeat economic data from the U.S and China lifted regional shares, offsetting
broad strength in the greenback.    
    • U.S. stocks rose on Wednesday after stronger-than-expected U.S. economic
growth outweighed concerns about escalating tensions between the United States
and North Korea and uncertainty in the aftermath of Hurricane Harvey.
    • Investors rediscovered a taste for the dollar and Asian shares as upbeat
Chinese and U.S. economic news whetted appetite for riskier assets globally,
even as tensions over North Korea simmered in the background.
    • U.S. Treasury yields held near nine-month lows on Wednesday as concerns
about rising tensions with North Korea kept a bid for the bonds, and offset data
that showed solid economic momentum.
    • Gasoline prices hit fresh 2-year highs as flooding from tropical storm
Harvey knocked out almost a quarter of U.S. refineries, while crude oil prices
fell again on the resulting drop in demand.
    • Gold prices edged lower early as the dollar gained on positive U.S.
economic data, but the yellow metal was buoyed by safe haven demand amid a
standoff over North Korea.
                   CLOSE        FII INVESTMENTS  EQUITIES    DEBT
 PNDF spot         63.89/63.92  August 30        -$1.95 mln  $82.32 mln
 10-yr bond yield  6.8 pct      Month-to-date    -$2.05 bln  $1.96 bln
                                Year-to-date     $6.92 bln   $23.10 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 = 63.9850 Indian rupees)

 (Compiled by Erum Khaled in Bengaluru)
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