November 13, 2018 / 3:35 AM / a month ago

Morning News Call - India, November 13

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
    No major events are scheduled.
    
        
    INDIA TOP NEWS
    • India's retail inflation rate drops, giving RBI a breathing space
India’s retail inflation rate dropped sharply in October, giving the central
bank leeway to allow easier lending policies, but plunging farm prices sent a
stark warning to Prime Minister Narendra Modi about the challenges he faces in
rural areas in next year’s general election.
    • RBI governor met PM, RBI may review lending curbs - media 
Urjit Patel, the governor of India's central bank, met Prime Minister Narendra
Modi on Friday to discuss flash points between the Reserve Bank of India and the
government, CNBC-TV18 tweeted late on Monday, citing sources.
    • India's debt-laden IL&FS begins work on assets sales
Debt-laden Infrastructure Leasing and Financial Services (IL&FS) has started
work on plans to sell off assets, part of a wider restructuring of the group,
the company said on Monday.
    • Jet Airways to cut flights on some routes after further losses
Debt-laden Indian carrier Jet Airways will cut flights on less profitable routes
and add capacity to more lucrative markets, as part of its effort to lower costs
and boost revenues as it struggles to stay aloft.
    • Coal India's Q2 profit jumps eight-fold as output rises
Coal India's quarterly profit jumped more than eight-fold as the world's biggest
coal miner produced more of the dry fuel, but profit fell slightly below
analysts' expectations, its financial results showed on Monday.
    • Aurobindo Pharma Q2 profit falls nearly 22 percent
Aurobindo Pharma, India's second-largest drugmaker by market capitalisation,
posted a 21.7 percent fall in its second-quarter profit on Monday, hurt by
higher expenses, but beat analysts' estimates.
    • Britannia Industries Q2 profit rises 16 percent
Packaged-food maker Britannia Industries posted a 16.1 percent rise in
second-quarter profit on Monday, in line with estimates, boosted by higher
sales.
    • Oil India Q2 profit rises over 33 percent, but misses estimates
State-controlled Oil India posted a 33.4 percent rise in its second-quarter
profit on Monday, helped by strong gains from its crude oil segment, but missed
analysts' estimates.
    
    
    GLOBAL TOP NEWS
    • White House to consider Commerce Dept auto tariff recommendations
-officials
The U.S. Commerce Department has submitted draft recommendations to the White
House on its investigation into whether to impose tariffs of up to 25 percent on
imported cars and parts on national security grounds, two administration
officials said.
    • China calls for open world economy but work remains on landmark trade pact
China will further open its economy in the face of rising protectionism, Premier
Li Keqiang said as he arrived in Singapore on Monday for meetings with
Asia-Pacific leaders that will focus on speeding up work on a major new trade
pact.
    • Apple shares drop on iPhone suppliers' warnings
Apple shares fell to their lowest in more than three months on Monday as three
suppliers issued warnings on results that pointed to weakness in iPhone sales.

    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • SGX Nifty nearest-month futures were trading 0.4 percent lower at
10,462.00, from its previous close. 
    • The Indian rupee is expected to open little changed against the U.S.
currency as a selloff on Wall Street and fresh 16-month highs on the dollar
index would likely be offset by falling crude oil and lower-than-expected
domestic retail inflation. 
    • Indian government bonds are likely to open higher, as local retail
inflation grew at its slowest pace in over a year, further raising speculations
that rate hikes may be some time away. The yield on the benchmark 7.17 percent
bond maturing in 2028 is expected to trade in a 7.74 percent-7.82 percent band
today.

     
    GLOBAL MARKETS
    • Wall Street's major indexes tumbled on Monday as shares of Apple and
Goldman Sachs Group dragged down the technology and financial sectors.
    • Asian shares skidded after a rout in tech stocks put Wall Street to the
sword, while a sharp drop in oil prices and political risks in Europe pushed the
dollar to 16-month highs as investors dumped riskier assets.
    • The dollar traded just below a 16-month high versus a basket of peers,
benefiting from save-haven flows as investors shunned riskier assets because of
political uncertainties in Europe and fears of a global economic slowdown.

    • Oil prices fell by around 1 percent, with Brent crude sliding below $70
and WTI below $60 per barrel, after U.S. President Donald Trump put pressure on
OPEC not to cut supply to prop up the market.
    • Gold prices edged higher, as investors looked for bargains after the metal
fell to a more than one-month low on a stronger U.S. dollar.
    
    
                   CLOSE        FII INVESTMENTS  EQUITIES     DEBT
 PNDF spot         72.93/72.96  November 12      $114.20 mln  -$3.26 mln
 10-yr bond yield  7.80 pct     Month-to-date         -       $563.39 mln
                                Year-to-date          -       -$7.54 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 = 72.8550 Indian rupees)

 (Compiled by Hrithik Kiran Bagade 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