March 7, 2018 / 3:33 AM / 3 months ago

Morning News Call - India, March 7

To access the newsletter, click on the link:
 
 here
    
    
If you would like to receive this newsletter via email, please register at: here
    
    
    FACTORS TO WATCH
    9:30 am: Oil Minister Dharmendra Pradhan at “EU-India Conference on Advanced
Biofuels” in New Delhi.
    10:00 am: Telecom Minister Manoj Sinha, Telecom Secretary Aruna Sundarajan,
TRAI Chairman R.S. Sharma and other telecom industry officials at Convergence
India event in New Delhi. 
    11:00 am: Budget session of Parliament continues in New Delhi.
    11:30 am: S&P Global Ratings to provide industry credit outlook for the
Asia-Pacific banking sector in Mumbai.
    12:00 pm: TVS Motor Company launches TVS NTORQ 125 scooter in Kolkata.
    3:45 pm: Power Minister R.K. Singh at launch of ‘Electric Mobility
Programme’ in New Delhi. 
    6:00 pm: Federal cabinet likely to meet in New Delhi.
    
    LIVECHAT - FX OUTLOOK
    We take a look at FX markets with Ilya Spivak, currency strategist at IG at
1530 IST. To join the conversation, click on the link: here
    
    
    INDIA TOP NEWS
    • PNB bank fraud likely to swell beyond $2 billion mark
    The extent of the unravelling fraud at state-run Punjab National Bank could
rise beyond the nearly $2 billion mark so far outlined by the lender, according
to a source involved in the probe and court documents reviewed by
Reuters.
    
    • Markets watchdog tells Tata Motors to investigate results leak
    Markets watchdog ordered Tata Motors on Tuesday to launch an inquiry into
the past leak of price-sensitive financial information.    
    
    • Reliance Communications launches appeal against order banning asset sales
    Reliance Communications said on Tuesday it had appealed at the Bombay High
Court against a ruling by an arbitration tribunal that barred the indebted firm
from selling assets without the tribunal's permission.
    
    • Jaguar Land Rover needs Brexit detail before building electric cars in
Britain
    Jaguar Land Rover is waiting for more information on trading conditions
after Brexit before it decides whether to make electric cars in its home market,
the boss of Britain's biggest carmaker told Reuters.
    
    • Development bank EBRD adds India to sprawling membership
    The European Bank for Reconstruction and Development has added India to its
growing list of members, it said on Tuesday, its latest move to harness
increasing emerging market spending power two years after China joined the
bank.
    
    • By rewriting history, Hindu nationalists aim to assert their dominance
over India
    During the first week of January last year, a group of Indian scholars
gathered in a white bungalow on a leafy boulevard in central New Delhi. The
focus of their discussion: how to rewrite the history of the nation.
    
    • Indian tax officials raid properties linked to wealthy Gupta family
    Indian tax inspectors raided on Tuesday premises of the Gupta family at the
centre of a corruption scandal involving South Africa's former president, Jacob
Zuma, on suspicion they were bringing money into their native country, an
official said.  
    
    • Malaysia's FGV eyes new palm oil markets as India, Europe curb imports
Felda Global Ventures Holdings Bhd, the world's biggest crude palm oil producer,
is looking to new markets as traditional customers India and Europe take steps
to curb purchases, the company's chief executive said on Tuesday.
    
    
    GLOBAL TOP NEWS
    • Trade skeptics gain upper hand in White House as Cohn quits
    Economic nationalists appeared to gain the upper hand in a White House
battle over trade with the resignation of US President Donald Trump's top
economic adviser, Gary Cohn, on Tuesday in a move that could ramp up 
protectionist measures that risk igniting a global trade war.
    
    • Australia's central bank chief slams U.S. tariffs, confident on domestic
growth
    The head of Australia’s central bank is upbeat about domestic economic
growth despite a disappointing end to last year, but fears the specter of a
trade war calling threatened U.S. tariffs “highly regrettable.”  
          
    • Australia, East Timor sign deal on maritime border, gas field
    East Timor and Australia signed a treaty at the United Nations in New York
on Tuesday to resolve a long-running dispute over their maritime border and
struck a deal on how to share revenue from the offshore Greater Sunrise gas
field.
    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • SGX February Nifty Futures were trading down 0.1 pct at 10,224.
    • The Indian rupee is likely to edger higher against the dollar, as
resignation of U.S. President Donald Trump’s economic advisor Gary Cohn, a free
trade advocate, weighed on the U.S. currency.  
    • Indian government bonds are likely to trade steady amid lack of fresh cues
even as the nation's central bank takes steps to help meet banks' liquidity
needs in the last month of the financial year. The yield on the 7.17 pct bond
maturing in 2028 is likely to trade in a 7.74 pct-7.79 pct band today.    
    
    GLOBAL MARKETS
    • U.S. stock futures fell more than 1 percent late Tuesday after the
resignation of U.S. President Donald Trump's top economic adviser, Gary Cohn,
fueled fears that the administration would follow through with plans to impose
steel and aluminum tariffs, possibly triggering a trade war.
    • Global stocks and the dollar slumped after a key advocate for free trade
in the White House announced his resignation, fanning fears US President Donald
Trump would go ahead with tariffs and risk a trade war.
    • The dollar extended its latest retreat after a key advocate for free trade
in the White House announced his resignation, fanning fears President Donald
Trump would go ahead with tariffs and risk a trade war.
    • U.S. Treasury yields were little changed on Tuesday in choppy trading as
optimism grew that U.S. President Donald Trump may back down from proposed steel
and aluminum tariffs that have prompted concerns about a global trade war.
    • Oil prices fell, pulled down by weaker sharemarkets after a key advocate
for free trade in the U.S. government resigned, triggering concerns that
Washington would go ahead with import tariffs and risk a trade war.
    • Gold prices inched higher to their highest in a week as U.S. equities and
the dollar weakened after US President Donald Trump said he would push ahead
with punitive tariffs on steel and aluminium imports, rekindling fears of a
potential trade war.
        
                   CLOSE        FII INVESTMENTS  EQUITIES     DEBT
 PNDF spot         65.04/65.07  March 6          $95.54 mln   -$33.10 mln
 10-yr bond yield  7.74 pct     Month-to-date    $12.05 mln   -$174.39 mln
                                Year-to-date     $119.91 mln  $916.51 mln
   
    
    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 = 64.8950 Indian rupees)

 (Compiled by Swathi Nair in Bengaluru)
  
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below