September 21, 2017 / 3:13 AM / a year ago

Morning News Call - India, September 21

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    9:15 am: lists on stock exchanges in Mumbai.
    9:15 am: State Bank of India MD Rajnish Kumar, BSE CEO Ashish Chauhan, DLF
Group MD Rajiv Talwar, Maharashtra Chief Minister Devendra Fadnavis and other
real estate executives at Real Estate & Infrastructure Investors’ Summit 2017 in
    9:30 am: Railway Minister Piyush Goyal, Niti Aayog CEO Amitabh Kant and DIPP
Secretary Ramesh Abhishek at Quality Council Of India event in New Delhi.
    10:00 am: SBI Life Insurance IPO subscription continues in Mumbai.
    10:00 am: Finance Minister Arun Jaitley at J.P. Morgan Investors Summit in
New Delhi.
    10:30 am: Civil Aviation Minister P. Ashok Gajapathi Raju at inauguration of
Indian Aviation Academy’s new campus in New Delhi.
    11:00 am: Tata Motors to launch Tata Nexon SUV in Mumbai.
    11:00 am: Rural Electrification Corp. annual general meeting in New Delhi. 
    After the latest rate decision from the central bank, the markets now turn
their attention to see if an interest rate hike in December will materialise.
Robert Carnell, head of research for ING Asia, will discuss the latest FOMC
decision and its implications at 9:00 am IST. To join the conversation, click on
the link: here
    • EXCLUSIVE-Reliance plans major expansion at world's largest oil refinery
    The Reliance Industries, operator of the world's largest refining complex,
is considering expanding its oil processing capacity by over 40 percent by 2030,
according to two sources familiar with the matter.
    • Thyssenkrupp, Tata Steel agree to forge Europe's No. 2 steelmaker
    Germany's Thyssenkrupp and India's Tata Steel agreed on Wednesday to merge
their European steel operations, creating the continent's No.2 steelmaker with
revenues of 15 billion euros ($18 billion).
    • Arun Jaitley vows "necessary" measures to revive slowdown-hit economy
    India is considering ways to revive its slowdown-hit economy and will unveil
the "necessary" steps once Prime Minister Narendra Modi signs off on them,
Finance Minister Arun Jaitley said on Wednesday.
    • Indian telecoms fee cut seen boosting upstart operator Reliance Jio 
    The Indian telecoms regulator's decision to reduce a fee operators pay each
other for calls made from one network to another could help upstart operator
Reliance Jio to step up its aggressive push for market share.
    • Face of Tata group to change in next decade, Ratan Tata says 
    The face of salt-to-software conglomerate Tata will change in the next 10
years as it moves forward with adopting new technologies and responds to the
needs of a fast-growing nation, former chairman Ratan Tata said in a CNBC TV18
interview on Wednesday.
    • ONGC strikes 'good' offshore oil, gas find -sources 
    The latest discovery of India's largest oil explorer, Oil and Natural Gas
Corp, to the west of its Mumbai High offshore fields is estimated to hold
in-place reserves of about 20 million tonnes, sources with knowledge of the
matter said.
    • Indian billionaire Agarwal to buy bigger stake in Anglo American
    Volcan Investments, the family trust of the chairman of diversified miner
Vedanta, on Wednesday said it was increasing its stake in Anglo American but did
not intend to make a bid for the entire company.

    • Fed keeps U.S. rates steady, to start portfolio drawdown in October
    The U.S. Federal Reserve left interest rates unchanged on Wednesday but
signaled it still expects one more increase by the end of the year despite a
recent bout of low inflation.
    • BOJ set to keep monetary spigot open, political risk looms
    The Bank of Japan is expected to reassure markets today that it will lag
well behind its U.S. counterpart in scaling back its massive stimulus, as an
improving economy has yet to boost inflation anywhere near its elusive 2 percent
    • Toshiba to sell chip unit to Bain Capital-led group for $18 billion
    Japan's Toshiba Corp agreed on Wednesday to sell its prized semiconductor
business to a group led by U.S. private equity firm Bain Capital LP, a key step
in keeping the struggling Japanese conglomerate listed on the Tokyo
    (As reported by NewsRise)
    • The SGX Nifty Futures were at 10,143.00, trading down 0.25 percent from
its previous close.
    • Indian government bonds are likely to open lower as the U.S. Federal
Reserve signaled one more rate hike by the end of the year after keeping
interest rates unchanged as expected at this week’s policy review. The yield on
the benchmark 6.79 percent bond maturing in 2027 is likely to trade in a 6.57
percent-6.62 percent band.
    • The Indian rupee will likely edge lower against the dollar, after the U.S.
Federal Reserve said it will begin tapering its massive bond holding next month
and hinted at raising the policy interest rate in December.
    • The S&P 500 and the Dow ended slightly higher on Wednesday, adding to
their string of closing records, after the Federal Reserve signaled it expects
another interest rate hike by year-end and disclosed timing for reducing its
balance sheet.
    • The U.S. dollar shone while Asian shares slipped slightly after the U.S.
Federal Reserve announced a plan to start shrinking its balance sheet and
signalled one more rate hike later this year.
    • The dollar rose to a two-month high against the yen and extended its gains
against the euro after a hawkish-sounding Federal Reserve heightened
expectations for an interest rate hike in December.
    • Benchmark U.S. Treasury yields jumped to their highest levels in six weeks
on Wednesday after the Federal Reserve’s statement from its policy meeting was
interpreted as keeping a December interest rate hike on the table.
    • Oil markets dipped, weighed down by rising U.S. crude inventories and
production as well as a stronger dollar, which potentially hampers fuel
consumption in countries that use other currencies at home.
    • Gold fell to its lowest level in over three weeks as a stronger U.S.
dollar and the increasing likelihood of another Federal Reserve interest rate
hike this year curbed demand.
                   CLOSE        FII INVESTMENTS  EQUITIES      DEBT
 PNDF spot         64.32/64.35  September 20     -$184.33 mln  $1.09 mln
 10-yr bond yield  6.87 pct     Month-to-date    -$623.92 mln  $583.79 mln
                                Year-to-date     $6.38 bln     $23.72 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 = 64.2880 Indian rupees)

 (Samrhitha Arunasalam)
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