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Morning News Call - India, October 26
2017年10月26日 / 凌晨3点22分 / 25 天前

Morning News Call - India, October 26

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    FACTORS TO WATCH
    9:15 am: NLC India offer for sale retail portion opens for subscription in
Mumbai.
    10:00 am: Reliance Nippon Life IPO subscription continues in Mumbai.
    10:00 am: Prime Minister Narendra Modi, Food Minister Ram Vilas Paswan and
Junior Food Minister C.R. Chaudhary at an international conference in New Delhi.
    10:00 am: Road & Transport Minister Nitin Gadkari at New India-Vision 2022
conference in New Delhi.
    1:00 pm: Railway Minister Piyush Goyal at New India-Vision 2022 conference
in New Delhi.
    2:30 pm: Tata Communications post-earnings conference call in Mumbai.
    2:30 pm: Department of Industrial Policy & Promotion Secretary Ramesh
Abhishek and Principal Economic Advisor Sanjeev Sanyal at New India-Vision 2022
conference in New Delhi.
    4:30 pm: Jubilant FoodWorks post-earnings conference call in Mumbai.
    5:00 pm: Jubilant Life Sciences post-earnings conference call in Mumbai.
    6:30 pm: Realtors and Estate Consultants event in Kolkata.
    
    
    LIVECHAT - OIL FOCUS
    The OPEC-led production cut deal has helped lift oil from the $30-$40 per
barrel range in late 2016/early 2017. But traders say supplies remain ample
despite these cuts, thanks in large part to surging U.S. production. OPEC is now
widely expected to extend production cuts beyond March 2018. Maher, at commodity
merchant RCMA Group, joins us at 9:00 am IST to discuss when the market is
likely to balance out and what's next for prices. To join the conversation,
click on the link: here
    
    
    INDIA TOP NEWS
    • Indian state-run GIC Re falls on market debut after $1.72 billion IPO
    State-run General Insurance Corp of India slumped as much as 14.5 percent on
market debut on Wednesday after raising 111.76 billion rupees in the country's
biggest initial public offering in seven years.
    • India's $32 billion bank recap plan spurs share gains and questions
    Indian banking shares soared on Wednesday, sending indexes to record highs
after the cabinet approved a $32.4 billion plan to recapitalise its state banks
over the next two years, although it was unclear how the injections will be
structured.
    • RCom says to focus strategy on 4G mobile broadband service
    Debt-laden Indian telecoms network operator Reliance Communications Ltd said
on Wednesday it will concentrate on offering a 4G mobile broadband service in a
bid to turn the heavily indebted business around.
    • Hindustan Unilever Q2 profit up 16 percent
    India's Hindustan Unilever Ltd posted a 16 percent rise in quarterly profit
on Wednesday, beating estimates.
    • Kotak Mahindra Bank Q2 profit rises, meets estimates
    Kotak Mahindra Bank, India's fourth-largest private sector lender by assets,
posted a 22 percent rise in second-quarter profit on Wednesday, helped by higher
interest income and lower bad loans ratio.
    • HCL Tech Q2 net profit rises, beats estimates 
    HCL Technologies Ltd, India's fourth-largest software services exporter,
posted a 9.5 percent rise in second-quarter net profit, helped by higher revenue
from its software services sector.
    • IDFC Bank Q2 profit falls about 40 percent
    India's IDFC Bank reported a 40 percent fall in second-quarter profit on
Wednesday.
    • India defends ties with North Korea in talks with Tillerson 
    India's foreign minister defended the country's ties with North Korea and
Iran during talks on Wednesday with Secretary of State Rex Tillerson aimed at
building robust relations between the two giant democracies.
    
    
    GLOBAL TOP NEWS
    • Republican tax fight complicates plan to pass budget in U.S. House
    A budget plan crucial to President Donald Trump's hopes for large-scale tax
cuts looked set for a close vote in the U.S. House of Representatives on
Thursday after some Republicans vowed opposition in an effort to protect a
popular tax break.
    • Beginning of the end for Europe's loose money? ECB to curb stimulus
    The European Central Bank is all but certain to cut back on its bond-buying
stimulus today, taking its biggest step yet in unwinding years of loose monetary
policy.
    • S.Korea GDP grows at fastest pace in 7 years, brushes off geopolitical
tensions 
    South Korea's economy clocked its fastest growth in seven years last
quarter, as global demand for the country's electronics more than offset the
impact of regional geopolitical strains on trade and boosted expectations for an
imminent interest rate rise.
    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • The SGX Nifty Futures were at 10,270.00, trading down 0.19 percent from
its previous close.
    • Indian sovereign bonds are likely to extend their decline amid concerns
that New Delhi’s recapitalization plan for state-run lenders that includes bank
recap bonds will lower investor appetite for government notes. The yield on the
benchmark 6.79 percent bond maturing in 2027 may trade in a 6.78 percent -6.84
percent band. 
    • The Indian rupee will likely edge higher against the dollar in early
trade, tracking most Asian peers, as the greenback slipped overnight on
profit-taking despite strong economic data while the euro was stronger ahead of
the European Central Bank meet today.
    
    
    GLOBAL MARKETS
    • U.S. stocks fell on Wednesday, with the Dow Industrials and S&P 500
indexes suffering their worst day in seven weeks, on a batch of soft quarterly
earnings and a rise in bond yields.
    • Asian stocks stalled, weighed as Wall Street shares pulled back from
record highs, while the euro stretched gains ahead of a European Central Bank
policy meeting at which it could take a major step away from accommodative
policy.
    • The euro inched higher, as investors awaited details of the European
Central Bank's plans for scaling back its bond-buying stimulus programme, while
the dollar took a breather after its recent rally.
    • U.S. Treasury yields climbed on Wednesday, boosted by strong U.S. durable
goods and new home sales data as well as speculation about President Donald
Trump's nominee to head the Federal Reserve.
    • U.S. oil prices extended declines after government data showed a surprise
climb in U.S. crude inventories.
    • Gold prices inched up, after marking a 2-1/2 week low in the previous
session, with the dollar easing ahead of a key European Central Bank meeting
later in day.
    
                   CLOSE        FII INVESTMENTS  EQUITIES      DEBT
 PNDF spot         65.12/65.15  October 25       $551.91 mln   $40.84 mln
 10-yr bond yield  6.98 pct     Month-to-date    -$992.85 mln  $2.16 bln
                                Year-to-date     $4.36 bln     $25.44 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 = 64.9200 Indian rupees)
    
    

 (Compiled by Samrhitha Arunasalam in Bengaluru)
  

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