July 26, 2018 / 3:07 AM / 5 months ago

Morning News Call - India, July 26

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    FACTORS TO WATCH
    10:15 am: Canara Bank annual general meeting in Bengaluru.
    11:00 am: Monsoon session of Parliament continues in New Delhi.
    02:00 pm: IndusInd Bank annual general meeting in Pune.
    02:00 pm: NITI Aayog CEO Amitabh Kant at launch of “Innovate India” platform
in New Delhi.
    
    TRADING INDIA FORUM - STARMINE
StarMine provides a suite of proprietary alpha-generating analytics and models
spanning sectors, regions, and markets. We speak to Steven Carroll, Head of
Market Development, Investment and Advisory, Asia Pacific at Thomson Reuters,
who will explain to us how he expects the current and next quarterly earnings to
pan out and how one can use StarMine to enhance estimates. 
    To join the conversation at 11:00 am IST, click on the link: here
    
    LIVECHAT - COMMODITIES FOCUS
Clyde Russell, Reuters Asia commodities and energy columnist discusses
commodities at 09:30 am IST.
    To join the conversation, click on the link: here
    
    
    INDIA TOP NEWS
    • JSW Steel Q1 profit surges nearly four-fold on domestic sales
JSW Steel reported a better-than-expected first-quarter net profit on Wednesday,
boosted by higher steel prices and robust domestic demand.
    • IndiGo grounds five Airbus planes after P&W engine glitches
IndiGo Airlines has grounded five Airbus A320neo planes at New Delhi airport
after issues with Pratt & Whitney aircraft engines, India's biggest low-cost
carrier said on Wednesday.
    • Hero MotoCorp Q1 profit misses estimates
The world's largest two-wheeler maker, Hero MotoCorp, posted a
lower-than-expected quarterly profit on Wednesday, hit by higher cost of
materials.
    • NSE, SGX resume talks to collaborate at international finance hub in India
Singapore Exchange Ltd (SGX) and India's National Stock Exchange (NSE) said on
Wednesday they had resumed talks on a potential collaboration at an
international financial centre in western India.
    • Larsen & Toubro June-qtr profit beats estimates
Larsen & Toubro on Wednesday posted a 36 percent rise in June-quarter net
profit, beating street estimates, helped by strong performance in its
infrastructure business.
    • Dead baby found on AirAsia India flight - police
A dead baby was found abandoned inside the lavatory of an AirAsia India flight
that landed in New Delhi on Wednesday, police and the airline said.
    • Bharti Infratel Q1 profit falls
Indian telecom tower company Bharti Infratel's first-quarter profit fell 3.9
percent, hurt by higher expenses and exits from co-location sites where a tower
is used by more than one wireless carrier.
    • Ambuja Cements posts 27 pct rise in Q2 profit, beats expectations
Ambuja Cements posted a 27 percent growth in second-quarter profit on Wednesday,
beating market estimates, helped by higher cement sales and lower expenses.

    
    
    GLOBAL TOP NEWS
    • Trump eases car tariff threat as U.S., EU launch talks to quell trade
tensions
In what the EU chief called a "major concession," U.S. President Donald Trump
agreed on Wednesday to refrain from imposing car tariffs while the two sides
launch negotiations to cut other trade barriers, easing the threat of a
transatlantic trade war.
    • Facebook's grim forecast: privacy push will erode profits for years
Facebook's shares lost as much as a quarter of their value on Wednesday after
executives said that profit margins would plummet for several years due to the
costs of improving privacy safeguards and slowing usage in the biggest
advertising markets.
    • Qualcomm investors cheer end of NXP deal doomed by China-U.S. tensions
Qualcomm, the world's biggest maker of chips for mobile phones, said on
Wednesday it would drop its $44 billion bid for NXP Semiconductors after failing
to secure regulatory approval from China against a backdrop of widening trade
tensions.
    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • SGX Nifty nearest-month futures were trading at 11,169.00, up 0.3 percent
from its previous close.
    • The Indian rupee is expected to open higher against the dollar after the
European Union and the U.S. voiced a desire to lower trade barriers, boosting
regional currencies.
    • Indian government bonds are likely to open lower, as a third straight
session of gains in crude oil prices further intensified inflationary concerns.
The yield on the benchmark 7.17 percent bond maturing in 2028 is likely to trade
in a 7.76 percent-7.82 percent band today.
    
    
    GLOBAL MARKETS
    • Wall Street rose on Wednesday as U.S. President Donald Trump secured
concessions from the European Union on trade, while a disappointing quarterly
report from Facebook after the bell slammed its stock and threatened to put the
brakes on a tech rally.
    • Asian stocks edged higher, taking comfort from gains on Wall Street after
U.S. President Donald Trump and European Commission President Jean-Claude
Juncker agreed to work toward eliminating trade barriers on industrial goods.

    • The dollar sagged and the euro advanced, as the United States and the
European Union agreed to begin talks to lower tariffs, easing immediate concerns
about worsening global trade tensions.
    • U.S. Treasury yields hits session highs across maturities on Wednesday
afternoon after President Donald Trump and European Commission President
Jean-Claude Juncker announced they had agreed to work on lowering trade barriers
at a meeting in Washington.
    • Brent crude led oil prices higher, extending gains into a third day after
Saudi Arabia suspended crude shipments through a strategic Red Sea shipping lane
and as data showed U.S. inventories fell to a 3-1/2 year low.
    • Gold prices inched up early as the dollar eased after U.S. President
Donald Trump and European Commission President Jean-Claude Juncker agreed to
work towards eliminating trade barriers.
    
    
                   CLOSE        FII INVESTMENTS  EQUITIES      DEBT
 PNDF spot         68.71/68.74  July 25          -$174.03 mln  $14.18 mln
 10-yr bond yield  7.78 pct     Month-to-date    -$297.56 mln  -$27.16 mln
                                Year-to-date     -$1.08 bln    -$5.81 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 = 68.7250 Indian rupees)

 (Compiled by Yoganand KN in Bengaluru)
  
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