October 31, 2017 / 3:27 AM / a year ago

Morning News Call - India, October 31

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    5:00 pm: Government to release September Infrastructure output data in New
    Takuji Okubo, managing director and chief economist at Japan Macro Advisors,
will discuss market and economic impacts from the election victory by Prime
Minister Shinzo Abe and preview the potential agenda in upcoming meeting between
Abe and Trump, at 11:00 am IST. To join the conversation, click on the link: here
    • India's RCom says has agreed new loan repayment plan
    Debt-laden Indian telecoms company Reliance Communications Ltd has agreed a
new debt repayment plan with lenders, including a pledge to raise up to 170
billion rupees by selling assets such as mobile towers, it said on Monday.

    • Tata Steel posts Q2 profit, misses estimates
    India's Tata Steel Ltd posted a Sept-quarter profit, boosted by strong
volume growth following the ramp-up of its Kalinganagar plant in India.

    • India's Bharti Infratel considers buying rest of Indus Towers
    Indian mobile masts operator Bharti Infratel Ltd will consider buying the
rest of Indus Towers, it said on Monday, as its two partners in the joint
venture look to sell their stakes as part of their merger deal.
    • India's Lupin Q2 profit falls on lower U.S. sales, but beats estimates
    Indian drugmaker Lupin Ltd said on Monday second-quarter net profit fell
more than 30 percent, as regulatory scrutiny and pricing pressure in the United
States, its biggest market, dampened sales.
    • Lightsource and Macquarie team up on Indian solar projects
    British solar power projects developer Lightsource Renewable Energy and
Australian bank Macquarie  will jointly fund the development of large solar
power projects in India, the bank said on Monday.
    • State Bank of India to lend $357 mln to solar projects
    State Bank of India, the nation's biggest lender by assets, said it will
lend 23.17 billion rupees to six companies for 575 megawatts of grid-connected
rooftop solar projects under a World Bank programme.
    • Aster DM Healthcare to raise $150 million in minority listing on India's
    United Arab Emirates-based Aster DM Healthcare expects to raise around $150
million from listing a 10 percent stake on the Bombay Stock Exchange by March
2018, its managing director said on Monday.
    • IDFC, Shriram call off merger talks
    India's IDFC Group said on Monday that talks to acquire some of Shriram
Group's financial services businesses have been called off.
    • India's 76 percent LED bulbs found to be spurious - survey
    Three-fourths of light emitting diode (LED) bulbs sold in India's $1 billion
market were found non-compliant with government's consumer safety standards,
market research firm Nielsen said in a survey on Monday.
    • Two ex-Trump aides charged in Russia probe, 3rd pleads guilty
    Federal investigators probing Russian interference in the 2016 U.S. election
charged President Donald Trump's former campaign manager Paul Manafort and
another aide, Rick Gates, with money laundering on Monday.
    • Samsung Elec Q3 profit nearly triples to new record
    Samsung Electronics said it will pay dividends of about 29 trillion won in
the 2018-2020 period as it reported record operating profit for the three months
through September, lifted by its largest-ever memory chip earnings.
    • BOJ set to hold fire; focus on dissenter's stimulus preference
    The Bank of Japan is set to keep monetary policy steady and roughly maintain
its ambitious price forecasts, pointing to signs of growing strength in the
economy that policymakers hope will accelerate inflation towards its elusive 2
percent target.
    (As reported by NewsRise)
    • The SGX Nifty Futures were at 10,379.00, trading down 0.19 percent from
its previous close.
    • Indian government bonds are likely to edge lower in early session ahead of
a state supply of notes. Rising crude oil prices that could stoke inflation also
damp demand for debt. The yield on the benchmark 6.79 percent bond maturing in
2027 may trade in a 6.85 percent-6.90 percent band.
    • The Indian rupee will likely edge higher against the dollar in early
trade, in line with Asian peers, tracking the greenback’s overnight decline
after the U.S. President Donald Trump's previous campaign manager was charged
with money laundering. Investors were also cautious ahead of the Federal
Reserve’s two-day policy meeting that starts later today and imminent selection
of the head at the U.S. central bank.
    • Wall Street pulled back from record-high territory on Monday, weighed down
by a drop in Merck shares and a report that U.S. lawmakers are discussing a
gradual phase-in of much-anticipated corporate tax cuts.
    • Asian stocks were mostly sluggish after weakness on Wall Street, while the
dollar sagged following news that investigators probing Russian interference in
the 2016 U.S. election had charged President Donald Trump's former campaign
    • The dollar set a one-week low against the yen as investors turned cautious
after U.S. President Donald Trump's former campaign manager was charged with
money laundering in the federal probe into Russian meddling in the 2016
presidential election.
    • U.S. Treasury debt yields fell on Monday on news reports that U.S.
President Donald Trump is likely to appoint Federal Reserve Governor Jerome
Powell, who is viewed as more dovish than other contenders, as head of the
Federal Reserve.
    • Oil prices were stable, supported by a tightening market due to ongoing
OPEC-led efforts to cut supplies, although the prospect of rising U.S. shale
output dragged.
    • Gold held steady early as the dollar eased after reports that two former
aides of U.S. President Donald Trump were charged by federal authorities probing
Russian interference in the 2016 election.
                   CLOSE        FII INVESTMENTS  EQUITIES    DEBT
 PNDF spot         64.80/64.83  October 30       -$28.7 mln  $145.72 mln
 10-yr bond yield  7.01 pct     Month-to-date    $295.6 mln  $2.42 bln
                                Year-to-date     $5.65 bln   $25.70 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 = 64.8500 Indian rupees)

 (Compiled by Nayyar Rasheed in Bengaluru)
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