September 28, 2017 / 3:32 AM / a year ago

Morning News Call - India, September 28

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    10:00 am: Telecom Secretary Aruna Sundararajan at signing of MoU between
BSNL and VNL at India Mobile Congress 2017 in New Delhi.
    10:00 am: Harvard, NITI Aayog & NIPFP organize Symposium on “Building
Financial Systems of the 21st Century” in New Delhi.
    11:00 am: Dish TV India annual general meeting, in Mumbai.
    12:00 pm: DSP Black Rock to announce launch of its new fund offer, in
    6:30 pm: Finance Minister Arun Jaitley to speak at book release function, in
New Delhi.
    A second ballistic missile flew over Japan from North Korea in less than
three weeks, and this time the range of the test demonstrated that the North
could reach Guam with its weapon. Steffen Dyck, Vice President and Senior Credit
Officer, Moody's will discuss the potential impacts on the Peninsula from a
conflict at 11:30 am IST. 
    To join the conversation, click on the link: here
    • EXCLUSIVE-India's plan to sell stakes in producing fields to hit state
explorers' profit - sources
    India plans to offer stakes of up to 60 percent in oil and gas fields owned
by state energy companies that are already in production to private firms, five
sources with knowledge of the matter said, a move that would hit revenues of
state explorers.
   • India's ICICI Lombard makes tepid trading debut after $871 million IPO
    India's ICICI Lombard General Insurance fell as much as 3.4 percent in its
market debut on Wednesday after raising $871 million in an initial public
offering, amid worries about valuations for the country's top private non-life
    • Policy flip-flops risk harming 'Make in India' drive - company execs
    Surprise policy shifts, such as an apparent U-turn over a locomotive deal
with General Electric, risk undermining Prime Minister Narendra Modi's flagship
'Make in India' initiative, which aims to create millions of jobs and boost
growth, industry executives say.
    • Gold smuggling likely to rise in India as festive buyers try to avoid new
    Gold smuggling in India, the world's second-biggest consumer of the metal,
is likely to rise during the country's peak holiday season as buyers try to
avoid paying a new sales tax and to dodge new transparency rules.
    • India needs to double refining capacity by 2040 to meet fuel demand growth
    India needs to double its refining capacity by 2040 to meet rising fuel
demand as an expanding middle class buys more passenger vehicles and its economy
grows, a top refinery official said on Wednesday.

   • Trump proposes U.S. tax overhaul, stirs concerns on deficit 
    President Donald Trump proposed on Wednesday the biggest U.S. tax overhaul
in three decades, calling for tax cuts for most Americans, but prompting
criticism that the plan favors business and the rich and could add trillions of
dollars to the deficit.
    • Bombardier overshadows NAFTA talks as Quebec, Britain threaten retaliation
    Stiff U.S. duties imposed on Bombardier Inc's CSeries jet sparked
retaliation threats from Britain and Canada's Quebec province on Wednesday as
the dispute, which may affect thousands of jobs, overshadowed North American
trade talks.
    • Puerto Rico seeks waiver of shipping restrictions to speed hurricane
    Puerto Rico officials pressed the Trump administration on Wednesday to lift
a ban on foreign shipping between American ports while the U.S. island territory
struggled with fuel, water and medical shortages one week after Hurricane Maria
    (As reported by NewsRise)
    • The SGX Nifty Futures were trading at 9,720.50, trading down 0.2 percent
from its previous close
    • Indian government bonds are likely to fall in early trade tracking a rise
in U.S. Treasury yields, triggered by a better-than-expected reading on U.S.
durable goods orders. The yield on the benchmark 6.79 percent bond maturing in
2027 is likely to trade in a 6.65 percent - 6.70 percent band.
    • The Indian rupee will likely open little changed to slightly lower against
the dollar, as U.S. President Donald Trump’s tax overhaul proposal underpinned
strength in the greenback.

    • U.S. stocks rose on Wednesday as gains in financial shares were powered by
growing expectations for a December interest rate hike and on hopes President
Donald Trump's administration may be making progress on a tax plan.
    • Asian shares were firm while U.S. bond yields and the dollar held sizable
gains made the previous day after President Donald Trump proposed the biggest
U.S. tax overhaul in three decades.
    • The dollar traded near a one-month high against a basket of currencies,
underpinned by hopes that U.S. President Donald Trump's administration may be
making progress on fiscal reforms.
    • U.S. Treasury yields rose to months- and years-long highs on Wednesday
after a better-than-expected reading on U.S. durable goods orders that suggested
inflation may be picking up and the Federal Reserve may be taking a stronger
path of rate increases than currently priced into the market.
    • Oil prices fell, with U.S. crude giving up some of the previous session's
gains that were driven by a surprise fall in inventories, while Brent moved
further away from recent 26-month highs.
    • Gold rose after falling to one-month lows on expectations of a rise in
U.S. interest rates this year, while platinum fell to a discount against
palladium for the first time since 2001 on waning demand for diesel cars.
                   CLOSE        FII INVESTMENTS  EQUITIES      DEBT
 PNDF spot         65.68/65.71  September 27     -$130.27 mln  -$51.44 mln
 10-yr bond yield  6.97 pct     Month-to-date    -$1.03 bln    $240.50 mln
                                Year-to-date     $5.89 bln     $23.38 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 = 65.7100 Indian rupees)

 (Compiled by Shradha Singh in Bengaluru)
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