October 16, 2017 / 3:31 AM / a year ago

Morning News Call - India, October 16

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    9:15 am: Godrej Agrovet lists on exchanges in Mumbai.
    12:00 pm: Government to release September wholesale price inflation data in
New Delhi.
    While expectations of a rate hike in December are running high, it appears
that both the Fed and the market remain rather doubtful that inflation will be
an issue for some time and thus rate hikes will be gradual and more driven by
financial stability concerns. Greg Gibbs, Portfolio Manager, Amplifying Global
FX Capital joins us to discuss Fed's path and the takeaways for FX markets at
8:00 am IST on Tuesday. To join the conversation, click on the link: here
    • IndusInd Bank seals $2.4 billion deal to buy Bharat Financial
    IndusInd Bank Ltd agreed an all-share deal on Saturday to buy microlender
Bharat Financial Inclusion Ltd for close to 155 billion rupees, boosting its
presence in microfinance lending and rural banking.
    • Reliance sees telecoms arm Jio turning profitable "shortly"
    Reliance Industries Ltd's telecoms arm Jio will turn profitable "shortly,"
the Indian conglomerate said on Friday, while adding it would continue to pump
around $1 billion into the venture for each of the next few quarters.

    • India raises $1.5 billion in IPO of reinsurer GIC Re
    The Indian government raised about 98 billion rupees on Friday by selling
some of its shares in General Insurance Corp of India, the nation's top
reinsurer, in the country's biggest listing in seven years.
    • Workers remain sceptical about Thyssen-Tata steel deal
    Labour leaders remain sceptical about a planned merger of Thyssenkrupp's
    European steel operations with those of Tata Steel, following the first
meeting of a working group set up to convince workers to back the deal.

    • NSL to pursue intellectual property litigation with Monsanto
    Nuziveedu Seeds Ltd said on Saturday it will not settle a long-standing
intellectual property dispute with Monsanto Co over genetically modified cotton,
despite some other Indian companies doing so in recent weeks.
    • Deadline nears for Catalan leader to clarify independence stance
    Catalan leader Carles Puigdemont has until 10:00 a.m. local (0800 GMT) on
Monday to clarify whether he is calling for the region's independence from
Spain, with Madrid threatening a return to direct rule if his stance remains
    • EXCLUSIVE-T-Mobile, Sprint aim to announce merger without asset
    T-Mobile U.S. Inc and Sprint Corp plan to announce a merger agreement
without any immediate asset sales, as they seek to preserve as much of their
spectrum holdings and cost synergies as they can before regulators ask for
concessions, according to people familiar with the matter.
    • China September producer prices jump most in 6 months in boost for global
    China's producer price inflation unexpectedly accelerated to a six-month
high in September as a construction boom shows no signs of abating and a
government crackdown on air pollution triggers fears of winter shortages and
frenzied jumps in commodity prices.

    (As reported by NewsRise)
    • The SGX Nifty Futures were at 10,247.00, trading up 0.4% from its previous
    • Indian government bonds are likely to open higher tracking gains in U.S.
Treasury prices, even as the Reserve Bank of India announced another open market
sale of bonds. The yield on the benchmark 6.79 percent bond maturing in 2027 is
likely to trade in a 6.71 percent-6.76 percent band.
    • The Indian rupee will likely edge higher against the dollar in early
trade, as trade deficit narrowed at home, while slower-than-expected U.S.
inflation data weighed on the greenback.

    • U.S. stocks rose on Friday following upbeat economic data and gains in
technology shares, pushing the Dow and the S&P 500 to a fifth straight week of
    • Asian shares advanced to a decade high, while U.S. oil futures jumped to
hover near a six-month top as escalating tensions between the Iraqi government
and Kurdish forces threatened supply.
    • The euro was on the defensive early after Austria's election and on
concerns over Catalonia's confrontation with Madrid, though the dollar also
lacked momentum after soft U.S. inflation data.
    • U.S. Treasury yields fell to two-week lows on Friday after consumer price
data showed still benign inflation, disappointing investors who had expected it
to improve.
    • Oil markets jumped on concerns over potential renewed U.S. sanctions
against Iran as well as conflict in Iraq, while a falling U.S. rig count
supported prices there.
    • Gold prices eased a touch, weighed down by a firm dollar and stronger
Asian equities.
                   CLOSE        FII INVESTMENTS  EQUITIES      DEBT
 PNDF spot         64.86/64.89  October 13       -$262.62 mln  $108.58 mln
 10-yr bond yield  6.95 pct     Month-to-date    -$437.04 mln  $1.77 bln
                                Year-to-date     $4.92 bln     $25.06 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 = 64.6950 Indian rupees)

 (Compiled by Shradha Singh in Bengaluru)
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