November 15, 2018 / 3:30 AM / a month ago

Morning News Call - India, November 15

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
    10:00 am: Finance Minister Arun Jaitley, Banking Secretary Rajiv Kumar and
SBI Chairman Rajnish Kumar attend World Congress of Savings and Retail Banks in
New Delhi.
    LIVECHAT - MARKETS AFTER MIDTERMS
    Jim Walker, Founder and MD, Asianomics, discusses markets at 0930 IST. To
join the conversation, click on the link: here
    
    
    INDIA TOP NEWS
    • Modi government, Indian central bank set for uneasy truce -sources
India's government and its central bank are getting close to ironing out some of
their policy differences, said two sources familiar with the discussions, as
they seek to defuse worsening tensions that had threatened to unnerve investors.
 Meanwhile, the finance ministry wants the Reserve Bank of India to
address credit and liquidity related issues at its board meeting scheduled for
November 19, Indian TV channels reported on Wednesday, citing unidentified
sources.
    • Mahindra & Mahindra Q2 profit rises about 24 percent, beats estimates
India's Mahindra & Mahindra Ltd posted a 23.9 percent rise in quarterly profit
on Wednesday, beating street estimates, helped by higher revenue from its
automotive segment.
    • Vodafone Idea posts quarterly loss, says to raise $3.5 billion
India's telecom operator Vodafone Idea reported a second-quarter loss on
Wednesday and said it is looking to raise about 250 billion rupees.
    • IDBI Bank posts 8th straight quarterly loss as provisions surge
IDBI Bank posted its eighth straight quarterly loss on Wednesday, as the
state-run lender set aside more funds for bad loans.
    • Indian tribunal rules UltraTech's bid for Binani Cement valid
An Indian tribunal has ruled that UltraTech Cement's more than $1 billion bid
for the cement unit of Binani Industries was valid, UltraTech said on Wednesday.

    • SpiceJet posts 2nd quarterly loss on higher fuel costs, weak rupee
Low-cost carrier SpiceJet reported its second straight quarterly loss on
Wednesday, hurt by higher fuel costs and a weaker rupee.
    • Zee surges; promoter Essel mulls selling stake, strategic review
Shares of Zee Entertainment Enterprises jumped on Wednesday, a day after its
promoter planned to sell some of its stake in the company and hired advisers to
help transform the business into a global tech-media company.
    • Yes Bank chairman Ashok Chawla resigns
Yes Bank said on Wednesday its non-executive independent chairman, Ashok Chawla,
was resigning from the bank's board, effective immediately.
    
    
    GLOBAL TOP NEWS
    • China sends written response to U.S. trade reform demands -U.S. govt
sources
China has delivered a written response to U.S. demands for wide-ranging trade
reforms, three U.S. government sources said on Wednesday, a move that could
trigger negotiations to bring an end to a withering trade war between the
world's top economies.
    • After cabinet backing, May girds for Brexit battle in UK parliament
British Prime Minister Theresa May won the backing of her senior ministers for a
draft European Union divorce deal on Wednesday, freeing her to tackle the much
more perilous struggle of getting parliament to approve the agreement.

    • Uber posts $1 billion loss in quarter as growth in bookings slows
Uber Technologies said on Wednesday that growth in bookings for its ride-hailing
and delivery services rose 6 percent in the latest quarter, the third quarter in
a row that growth has remained in the single digits after double-digit growth
for all of last year.
    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • SGX Nifty nearest-month futures were trading 0.2 percent higher at
10,626.00, from the previous close. 
    • The Indian rupee is expected to open higher against the dollar, helped by
Brent crude hovering near eight-month lows and lower U.S. yields. 
    • Indian government bonds are likely to open little changed, as traders
await the central bank’s open market purchase of notes later today, while they
also may look to book profits after the recent rally. The yield on the benchmark
7.17 percent bond maturing in 2028 is expected to trade in a 7.70 percent-7.77
percent band today. 
    
    
    GLOBAL MARKETS
    • Wall Street stocks fell on Wednesday, with the S&P 500 notching a fifth
straight day of losses as financial stocks were hit by fears that regulations on
the banking industry would tighten once the Democratic Party takes control of
the U.S. House of Representatives.
    • Asian stocks rose, taking heart from a bounce in Chinese shares on news
that China has delivered a written response to U.S. trade demands, while oil
prices resumed their retreat on fears of oversupply. 

    • The dollar weakened against the pound and euro, which rose after Britain's
prime minister won cabinet approval for her draft Brexit plan, although concerns
about whether the proposal can clear parliamentary hurdles capped broader gains.

    • U.S. Treasury yields fell on Wednesday, as investors fretted about renewed
weakness on Wall Street, which could signal much deeper problems in the world's
largest economy.
    • Oil prices fell, pressured by rising supply going into a market in which
consumption is expected to slow down amid a glum economic outlook.
    • Gold prices held steady, after rising nearly a percent in the previous
session, as the dollar retreated further from a 16-month peak against a basket
of currencies.
    
    
                   CLOSE        FII INVESTMENTS  EQUITIES     DEBT
 PNDF spot         72.37/72.40  November 14      $38.31 mln   $132.70 mln
 10-yr bond yield  7.73 pct     Month-to-date    $167.96 mln  $667.01 mln
                                Year-to-date     -$5.76 bln   -$7.44 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 = 72.3050 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