November 3, 2017 / 3:31 AM / a year ago

Morning News Call - India, November 3

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    9:30 am: Biocon President Ravi Limaye, Abbott MD Ambati Venu, RPG Life
Sciences MD C.T. Renganathan, Novartis Country President Jawed Zia, Alkem Vice
President Ambrish Kumar at pharma event in Mumbai.
    10:00 am: Prime Minister Narendra Modi, Finance Minister Arun Jaitley, Food
Processing Minister Harsimrat Kaur Badal at World Food India 2017 in New Delhi.
    10:15 am: NHAI Chief General Manager at Standards for Technical Textiles
event in New Delhi.
    10:15 am: State Bank of India MD of Associates and Subsidiaries Dinesh Kumar
Khara, Former RBI Deputy Governor H.R. Khan at Financial Market Conclave in
    11:00 am: Natco Pharma post-earnings conference call in Mumbai
    11:45 am: Food Minister Ram Vilas Paswan at Standards Make Cities Smarter
event in New Delhi.
    12:00 pm: Power Grid 2Q results briefing in Mumbai.
    12:00 pm: Punjab National Bank 2Q results briefing in New Delhi.
    3:30 pm: Telecom Minister Manoj Sinha to launch Deendayal SPARSH scheme in
New Delhi.
    5:00 pm: Union Bank of India to brief on 2Q results in Mumbai.
    5:00 pm: RBI releases weekly forex reserves data in Mumbai.
    • Indian power plant blast death toll climbs to 29
    The death toll from a blast at a coal-fired power plant in northern India
rose to at least 29 on Thursday, as authorities launched an investigation into
the cause of one of the country's worst industrial accidents in years.

    • Adani in talks with Chinese engineering firm for Carmichael financing -
    Adani Enterprises is in talks with China Machinery Engineering Corp for the
financing of a controversial coal mine project in Australia, two sources with
knowledge of the situation said on Thursday.
    • Mahindra Logistics $129 million IPO oversubscribed nearly 8 times
    Mahindra Logistics Ltd's initial public offering of shares to raise 8.3
billion rupees was oversubscribed nearly eight times on the last day of the sale
on Thursday, stock exchange data showed.
    • Vedanta posts 47 pct rise in Q2 profit, but misses estimates
    Vedanta Ltd, the Indian unit of diversified mining group Vedanta Resources
Plc, posted a 47 percent rise in second-quarter profit, helped by improved
commodity prices and higher zinc and copper production.
    • ONGC seeking oil assets in other regions amid Iran gas row
    ONGC Videsh has turned its focus to buying stakes in overseas producing oil
and gas assets to meet output targets after a delay by Iran in awarding
development rights for a gas field, its managing director said on Thursday.

    • Suzuki frets about India's electric shift despite sales boom
    A sudden move to electric cars in India, which is considering electrifying
all vehicles over the next 15 years, could catch Japan's Suzuki Motor out in its
largest market.
    • India could raise import duty on vegetable oil -govt sources
    India, the world's biggest buyer of vegetable oils, is considering raising
import taxes on crude and refined edible oils to protect local farmers, two
government officials told Reuters.
    • BPCL ramps up run rate at Kochi refinery after expansion
    Bharat Petroleum Corp Ltd (BPCL) has ramped up the operating rate of its
Kochi oil refinery after completing an expansion at the plant in southern India,
two sources with direct knowledge of the matter said on Thursday.
    • Trump taps Fed centrist Powell to lead U.S. central bank
    President Donald Trump on Thursday tapped Fed Governor Jerome Powell to
become head of the U.S. central bank, breaking with precedent by denying Janet
Yellen a second term but signaling a continuation of her cautious monetary
    • Apple sees strong holiday sales, smooth sailing for iPhone X
    Apple Inc on Thursday reported better-than-expected earnings and offered a
rosy forecast for the holiday shopping season, allaying investor concerns about
production delays on the new iPhone X and demonstrating remarkable strength
across its growing line of products and services.
    • U.S. bombers train over S.Korea ahead of Trump visit
    Two U.S. strategic B-1B bombers conducted drills over South Korea on
Thursday, the U.S. Air Force said, days before President Donald Trump arrives in
the country amid high tensions with North Korea over its nuclear weapon
    (As reported by NewsRise)
    • The SGX Nifty Futures were at 10,465.50, up 0.10 percent from its previous
    • Indian government bonds are likely to trade steady in early session as
investors await a weekly debt auction later in the day. The yield on the
benchmark 6.79 percent bond maturing in 2027 may trade in a 6.83 percent-6.89
percent band.
    • The Indian rupee will likely edge higher against the dollar in early
trade, in line with Asian peers, as demand for the greenback damped amid
disappointment over the tax bill proposed by Republicans in the U.S. House of
Representatives yesterday. However, caution ahead of the U.S. jobs data should
keep the rupee in a tight range.

    • Wall Street's Dow industrials climbed to a record high on Thursday while
losses in Facebook kept the S&P 500 and the Nasdaq in check as investors
assessed the long-awaited tax cut plan unveiled by U.S. President Donald Trump's
fellow Republicans.
    • Asian shares took a breather on Friday as investors gave a guarded
reception to Republican plans for massive U.S. tax cuts, while welcoming the
appointment of a centrist at the helm of the Federal Reserve.
    • The dollar held steady versus a basket of currencies on Friday, as focus
shifted to U.S. jobs data, with President Donald Trump's nomination of Federal
Reserve Governor Jerome Powell to be the next Fed chair coming as no surprise.

    • U.S. Treasuries were little changed on Thursday after President Donald
Trump nominated Federal Reserve Governor Jerome Powell to head the Federal
Reserve, as expected, and prices ended the day higher.
    • Oil markets firmed on Friday, supported by confident sentiment as
OPEC-lead supply cuts help tighten the market, but analysts cautioned that the
cuts would need to be extended to counter rising U.S. output.
    • Gold firmed on Friday but held below the previous session's highs as the
dollar steadied following modest losses after the unveiling of U.S. tax reforms.

                   CLOSE        FII INVESTMENTS  EQUITIES    DEBT
 PNDF spot         64.64/64.67  November 2       $160.0 mln  $10.37 mln
 10-yr bond yield  6.98 pct     Month-to-date    --          $5.42 mln
                                Year-to-date     $5.81 bln   $25.95 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 = 64.5700 Indian rupees)

 (Compiled by Nachiket Tekawade in Bengaluru)
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