October 18, 2017 / 3:19 AM / a year ago

Morning News Call - India, October 18

(India Morning Newsletter will not be published on Thursday, October 19 and
Friday, October 20, as markets are closed for Diwali)   
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    9:15 am: MAS Financial Services lists on exchanges in Mumbai.
    11:00 am: Bajaj Auto conference call to discuss 2Q results in Mumbai.
    11:45 am: Money Trade Coin Director Amit Lakhanpal to announce
cryptocurrency trading platform in Mumbai. 
    We get insights on the upcoming snap elections in Japan with Fung Siu, lead
Asia analyst at the Economist Insight Unit at 2:30 pm IST. To join the
conversation, click on the link: here
    • EXCLUSIVE-India likely to stick to deficit target, may step up bank reform
-Modi adviser
    India is likely to stick to its fiscal deficit target of 3.2 percent of GDP,
and may accelerate sales of government stakes in lenders and other companies as
part of an effort to recapitalise banks, an adviser to the prime minister said
on Tuesday.
    • Wipro Q2 profit beats estimates
    India's third-largest software services exporter Wipro Ltd posted a better
than expected second-quarter profit on Tuesday, adding that it would match
industry growth rates by the fourth quarter.
    • Axis Bank Q2 profit rises around 36 percent
    Axis Bank Ltd, India's third-biggest private sector lender by assets, said
on Tuesday second-quarter net profit jumped by about 36 percent, as provisions
for bad loans eased from a year earlier.
    • Bajaj Auto Q2 profit falls about 1 percent
    Bajaj Auto Ltd, India's fourth biggest automaker by market capitalisation,
on Tuesday reported a 1 percent fall in quarterly profit, in line with analysts'
    • MCX launches India's first gold options contract
    India's Multi Commodity Exchange on Tuesday launched the country's first
gold options contract in New Delhi to coincide with the gold-buying festival of
    • Cement maker ACC's September-quarter profit more than doubles
    Cement maker ACC Ltd's quarterly profit more than doubled, beating analysts'
expectations, helped by strong cement sales volume growth.
    • India's Renuka fires 900 workers at Brazil sugar mills -sources
    Renuka do Brasil, a subsidiary of India's sugar maker Shree Renuka Sugars
Ltd, has fired around 900 people from its two cane mills in Brazil and returned
to owners most of the land it used to lease to plant cane, three sources close
to the situation told Reuters on Tuesday.
    • Andhra Pradesh investigates planting of Monsanto's unapproved GM cotton
    One of India's biggest cotton-growing states has formed a panel to
investigate how 15 percent of the state's cotton acreage has been planted with a
non-approved genetically modified strain developed by Monsanto and may bring
criminal charges.
    • China's Xi says anti-graft campaign has "overwhelming momentum"
    China's campaign against corruption has achieved "overwhelming momentum",
President Xi Jinping said at the start of a critical Communist Party congress
expected to cement his authority.
    • Boeing says Bombardier CSeries jets may face hefty duties despite Airbus
    Boeing Co said on Tuesday that Bombardier Inc's CSeries jets could still be
hit with high U.S. import duties, even if they are assembled in Alabama through
an industry-changing deal with Airbus.
    • Nissan used uncertified inspectors even after misconduct found -sources
    Nissan Motor Co had conducted uncertified vehicle checks as recently as last
week even after revealing the widespread misconduct at its domestic factories,
two sources with direct knowledge of the matter said.

    (As reported by NewsRise)
    • The SGX Nifty Futures were trading at 10,220.50, trading down 0.4 percent
from its previous close.
    • Indian government bonds are likely to trade steady in early session amid a
lack of fresh cues, as investors remain cautious ahead of holidays during the
week. The yield on the benchmark 6.79 percent bond maturing in 2027 is likely to
trade in a 6.74 percent-6.79 percent band.
    • The Indian rupee will likely open higher against the dollar in early
trade, in line with most Asian currencies, as the greenback halted gains on
NAFTA trade pact developments, while traders are also expected to cut positions
in thin-volume trade ahead of a long weekend.
    • The Dow Jones Industrial Average briefly broke above the 23,000-point mark
for the first time on Tuesday, driven by strong earnings from UnitedHealth and
Johnson & Johnson, but finished the session just below that milestone.
    • Asian shares consolidated recent gains and currencies kept to tight ranges
as investors waited to see what policies might emerge from China's Communist
Party conference.
    • The dollar held an upper hand against other major currencies as investors
weigh the possibility that U.S. President Donald Trump will choose a more
hawkish Federal Reserve chief with than the current chair, Janet Yellen.
    • The U.S. Treasury yield curve flattened on Tuesday as 2-year yields rose
to their highest level since November 2008 and yields on longer-dated maturities
    • Oil prices rose, lifted by a fall in U.S. crude inventories and concerns
that tensions in the Middle East could disrupt supplies.
    • Gold prices inched up from a one-week low with the dollar holding steady,
but speculation that President Donald Trump might pick a policy hawk to lead the
U.S. Federal Reserve weighed on the metal.
                   CLOSE        FII INVESTMENTS  EQUITIES      DEBT
 PNDF spot         64.90/64.93  October 17           -         -$1.85 mln
 10-yr bond yield  6.94 pct     Month-to-date    -$649.64 mln  $1.80 bln
                                Year-to-date     $4.70 bln     $25.08 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 = 65.0250 Indian rupees)

 (Compiled by Shradha Singh in Bengaluru)
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