September 18, 2017 / 3:24 AM / a year ago

Morning News Call - India, September 18

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    9:15 am: Dixon Technologies and Bharat Road Network list on stock exchanges
in Mumbai.
    9:30 am: Finance Secretary Ashok Lavasa, Road Minister Nitin Gadkari and
other ministers at IACC annual convention in Mumbai.
    10:00 am: Road Minister Nitin Gadkari, Commerce Minister Suresh Prabhu,
Maharashtra State government officials and others at Progressive Maharashtra
Summit in Mumbai.
    10:00 am: ICICI Lombard initial public offering subscription continues in
    10:30 am: NBCC annual general meeting in New Delhi. 
    12:00 pm: Finance Minister Arun Jaitley at launch of Google digital payment
app ‘Tez’ in New Delhi.
    12:00 pm: Andrew Yule & Co. annual general meeting in Kolkata.
    FX Buzz analyst Jeremy Boulton analyses G7 currencies at 3:30 pm IST. To
join the conversation, click on the link: here
    • China's Fosun Pharma to buy smaller stake in Indian firm for $1.1 billion
    Shanghai Fosun Pharmaceutical Group has agreed to cut the size of the stake
it will buy in India's Gland Pharma to 74 percent, it said on Sunday, paying
about $1.1 billion for what is still set to be China's biggest acquisition in
    • Small creditors use India's new bankruptcy rules to put the squeeze on big
    In late June, one of India's top wind power equipment makers, Inox Wind Ltd,
was dragged into insolvency courts by a logistics handler over unpaid dues of
$88,000. Two weeks on, the matter was settled, with dues paid off.
    • Labour leaders warn of breakup of Thyssenkrupp - leaflet
    Labour representatives warned of the dangers of a break-up of Thyssenkrupp,
one of the alternatives to a merger of the German group's European steel
operations with those of Tata Steel.
    • Protesters set to rally against Australia's biggest coal project
    Environmental activists are due to start a week of protests on Sunday
against a major coal mining project they say will damage Australia's Great
Barrier Reef and contribute to global warming.
    • June quarter current account widens to 4-year high as imports surge
    India's April-June current account deficit widened to its highest in four
years as imports surged, but strong capital inflows comfortably financed the
gap, data from the Reserve Bank of India showed on Friday.
    • JSW Steel aims to increase own iron ore production 
    JSW Steel Ltd, India's biggest local steelmaker, aims to be producing 80
percent of the iron ore needed for its flagship plant in south India in three
years time as it seeks to cut costs, a senior executive said.
    • U.S. Ambassador Haley: U.N. has exhausted options on North Korea
    U.S. Ambassador to the United Nations Nikki Haley said on Sunday the U.N.
Security Council has run out of options on containing North Korea's nuclear
program and the United States may have to turn the matter over to the Pentagon.

    • Tillerson says U.S. could stay in Paris climate accord
    The United States could remain in the Paris climate accord under the right
conditions, Secretary of State Rex Tillerson said on Sunday, signaling a shift
in tone from the Trump administration, which angered allies with its decision to
pull out of the agreement.
    • China home price growth slows slightly in August as curbs bear down 
    China's property price growth slowed but remained firm in August despite
stiff curbs to dampen speculative demand, suggesting the sector held up well
with few risks of a severe correction many fear would blight the economy.
    (As reported by NewsRise)
    • The SGX Nifty Futures were at 10,151.50, trading up 0.6 percent from its
previous close.
    • Indian government bonds are likely to fall in early trade after the
Reserve Bank of India announced a sale of notes through its open market
operations. The yield on the benchmark 6.79 percent bond maturing in 2027 is
likely to trade in a 6.58 percent-6.63 percent band.
    • The Indian rupee will likely open little changed to slightly lower against
the dollar, as the nation’s current account deficit and trade gap widened.
    • Wall Street reached record highs on Friday, with the S&P 500 surpassing
2,500 points as telecommunications shares rose and technology bounced back after
two days of declines.
    • Asian shares hit decade highs and the dollar held firm early in a week in
which the U.S. Federal Reserve is likely to wrestle with its bloated balance
sheet as part of a long reversal of super-cheap money worldwide.
    • The dollar held firm near a seven-week high versus the yen, supported by
recent rises in U.S. Treasury yields, while sterling stood tall, buoyed by
growing expectations the Bank of England could raise interest rates soon.
    • Yield spreads between shorter-dated and longer-dated Treasuries contracted
on Friday as traders added to bets the Federal Reserve would wait until the end
of the year to raise rates and focus on its balance sheet at next week's policy
    • Oil markets were firm and remained near multi-month highs reached late
last week as the number of U.S. rigs drilling for new production fell and
refineries continued to start up after getting knocked out by Hurricane Harvey.
    • Gold slipped to its lowest level in over two weeks amid a firmer dollar,
while prospects of monetary policy tightening in the United States ahead of the
Federal Reserve's two-day meeting starting on Tuesday also weighed on the
                   CLOSE        FII INVESTMENTS  EQUITIES      DEBT
 PNDF spot         64.07/64.10  September 15     $65.36 mln    $41.20 mln
 10-yr bond yield  6.87 pct     Month-to-date    -$550.67 mln  $397.55 mln
                                Year-to-date     $6.46 bln     $23.54 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 = 64.1050 Indian rupees)

 (Samrhitha Arunasalam)
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