July 31, 2018 / 3:12 AM / 22 days ago

Morning News Call - India, July 31

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    FACTORS TO WATCH
    10.30 am: NITI Aayog Principal Adviser Ratan P. Watal to address seminar on
"Digital Payments” in New Delhi.
    10:30 am: IDFC Bank annual general meeting in Chennai.
    11:00 am: Monsoon session of Parliament continues in New Delhi.
    5:00 pm: Government to release June Infrastructure output data in New Delhi.
    
    
    INDIA TOP NEWS
    • HDFC Bank launches up to $2.26 billion share sales in U.S. and India
HDFC Bank launched separate share sales on Monday in the United States and its
home Indian market in a bid to raise as much as 155 billion rupees.
    • Axis Bank sees further recovery after smaller-than-expected profit drop
Axis Bank expects a further revival in the second half of the year after
reporting a smaller-than-expected drop in first-quarter net profit and an
improvement in asset quality on Monday.
    • Air India seeks additional equity from govt to pay vendors - source
State-owned carrier Air India has sought 21.21 billion rupees of additional
equity from the government for the fiscal year 2018-19 to make pending payments
to its vendors, a source at the airline told Reuters on Monday.
    • Tech Mahindra Q1 profit falls short of estimates
Software services exporter Tech Mahindra posted on Monday a lower-than-expected
first-quarter profit, dented by higher expenses.
    • Idea Cellular turns in Q1 profit on tower sale gain
Idea Cellular reported a surprise quarterly profit on Monday on a one-time gain
from the sale of telecom towers, but an aggressive pricing war set in motion by
deep-pocketed rival Reliance Jio continued to dent its topline.
    • Fuel costs, plane delivery delays hit InterGlobe profit
InterGlobe Aviation, which operates top Indian airline IndiGo, on Monday
reported its lowest quarterly profit in three years, with earnings hit by
surging fuel costs and forex losses.
    • India looking to compel e-commerce, social media firms to store data
locally
India is considering asking e-commerce and social media firms to exclusively
store customer data locally, a move that could affect global giants that operate
in the country such as Amazon, Facebook and its messaging service WhatsApp.

    • Anil Agarwal given more time to make firm offer for Vedanta Resources
Billionaire Anil Agarwal has been given more time to make a firm offer or walk
away from a deal to buy out minority shareholders in Vedanta Resources for $1
billion, the London-listed miner said on Monday.
    
    
    GLOBAL TOP NEWS
    • BOJ to mull ways to make stimulus sustainable amid weak inflation
The Bank of Japan will likely trim its inflation forecasts and consider changes
to its massive stimulus programme to make it more sustainable, reflecting a
growing recognition it will take longer than expected to meet its elusive price
goal.
    • China's July manufacturing growth slows on U.S. trade dispute, bad weather
Growth in China's manufacturing sector slowed more than expected in July, as the
worsening trade dispute with Washington and bad weather weighed on factory
activity.
    • Samsung Electronics profit growth slows despite stellar chip sales
Samsung Electronics posted its slowest quarterly profit growth in more than a
year as the sluggish global smartphone market weighed on earnings, although the
chip business continued to perform well.
    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • SGX Nifty nearest-month futures were trading at 11,333.00, down 0.1
percent from its previous close.
    • The Indian rupee is expected to open lower against the U.S. currency after
crude oil prices climbed to their highest in two weeks, eclipsing the dollar
index’s decline.
    • Indian government bonds are likely to open slightly lower tracking higher
crude oil prices as well as fresh supply of state debt. Yield on the benchmark
7.17 percent bond maturing in 2028 is likely to trade in a 7.77 percent-7.82
percent band today.
    
    
    GLOBAL MARKETS
    • A broad sell-off of technology stocks pushed the three major U.S. stock
indexes lower on Monday, with the Nasdaq Composite posting its third consecutive
loss of more than 1 percent for the first time in three years just days after
hitting a record high.
    • Asian share markets weakened, taking cues from the rout in global
technology shares while the yen edged higher ahead of the Bank of Japan's rate
review, at which it could flag a shift away from its massive monetary stimulus.

    • The yen edged up against the U.S. dollar as investors braced for the
highly-anticipated policy decision later in the day from the Bank of Japan.

    • U.S. Treasury bond yields on Monday afternoon were back to where they
started the day as investors traded cautiously in the lead up to Tuesday's
interest-rate policy decision from the Bank of Japan.
    • Oil prices slipped after a report showed that OPEC production reached a
2018 high in the month of July, although the losses were limited as concerns
about supply lingered.
    • Gold prices crept higher early, supported by the dollar's slight fall
against the yen ahead of a monetary policy decision from the Bank of Japan.

    
    
                   CLOSE        FII INVESTMENTS  EQUITIES      DEBT
 PNDF spot         68.64/68.67  July 30          -$34.11 mln   $106.31 mln
 10-yr bond yield  7.79 pct     Month-to-date    $97.24 mln    -$85.88 mln
                                Year-to-date     -$690.19 mln  -$5.87 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 = 68.6000 Indian rupees)

 (Compiled by Yoganand KN in Bengaluru)
  
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