July 5, 2019 / 3:03 AM / 2 months ago

CORRECTED-Morning News Call - India, July 5

 (Corrects to remove Livechat event for the day)
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    FACTORS TO WATCH
    11:00 am: Finance Minister Nirmala Sitharaman presents annual budget in
Parliament in New Delhi.    
    
    
    INDIA TOP NEWS
    • India forecasts GDP growth will edge up to 7% this year, sees fiscal
challenges
    India's government forecast on Thursday that economic growth could get back
up to 7% percent this year, but cautioned it will face challenges keeping its
fiscal deficit in check.
    • India to investigate Jet Airways over alleged funds mismanagement
    India ordered an investigation on Thursday into alleged mismanagement of
funds at Jet Airways, which halted operations in April after running out of
cash.
    • India plans $330 billion renewables push by 2030 without hurting coal
    India said on Thursday it needs $330 billion in investments over the next
decade to power its renewable energy dream, but coal would remain central to its
electricity generation.
    • United States adds India to steel tariff dispute at WTO
    The United States has complained at the World Trade Organization about
Indian tariffs imposed in response to U.S. steel and aluminium tariffs last
year, a WTO filing showed on Thursday.
        • France's Mersen investigated by India's antitrust body -sources
    India's antitrust body on Thursday raided the local unit of French firm
Mersen SA and an Indian company over allegations they colluded on prices of
equipment supplied to Indian Railways, two sources told Reuters.
    • India antitrust body to probe Maruti Suzuki for discounting practices
-order
    India's antitrust body on Thursday said it had ordered an investigation into
how the country's biggest carmaker Maruti Suzuki controls discounts its dealers
offer.
    • GRAPHIC-India's blue-chip, small-cap shares on dual path as economy cools
    India's blue-chip shares are vastly outperforming those of smaller companies
as investors avoid risky bets in a slowing economy, with the gap between the two
groups at its widest in more than a decade.
    • India's log-jammed courts hitting economy hard, govt report says,
suggesting easy fixes
    India's grid-locked courts are a major hurdle to doing business and faster
growth in Asia's third-largest economy, a government report said on Thursday,
calling for the hiring of thousands of new judges to clear a huge backlog of
cases in just five years.
    • Indian court rejects plea against ArcelorMittal's bid for Essar Steel
    An Indian court rejected on Thursday a petition challenging ArcelorMittal
SA's proposed takeover of debt-ridden Essar Steel, removing a hurdle in
billionaire Lakshmi Mittal's entry into the country's fast-growing steel market.

    • Ola gets green light for London launch
    London's transport regulator has permitted Indian ride-hailing company Ola
to launch its service in the city, the company said on Thursday.
    
    
    GLOBAL TOP NEWS
    • Tehran fumes as Britain seizes Iranian oil tanker over Syria sanctions
    British Royal Marines seized a giant Iranian oil tanker in Gibraltar on
Thursday for trying to take oil to Syria in violation of EU sanctions, a
dramatic step that drew Tehran's fury and could escalate its confrontation with
the West.
    • Samsung Electronics profit guidance beats expectations on one-off gains,
outlook weak
    Samsung Electronics Co Ltd forecast a steep plunge in its second-quarter
operating profit as the U.S.-China trade war wreaks havoc in global chip and
smartphone markets, although one-off gains helped it beat analyst expectations.

    • Japan's May household spending rises at fastest pace in 4 years
    Household spending in Japan rose at the fastest pace in four years in May,
in a sign improving domestic demand will offer some support for an economy
facing growing external pressure.
    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • SGX Nifty nearest-month futures were little changed at 11,975.00.
    • The Indian rupee is expected to open little changed against the dollar as
investors await the nation’s federal budget and a key U.S. employment data due
later in the day.
    • Indian government bonds are likely to trade little changed in early
session, as traders await cues from today’s federal budget announcement. The
yield on the benchmark 7.26% bond maturing in 2029 is likely to trade in a range
of 6.72% - 6.78% today.
    
    
    GLOBAL MARKETS
    • Asian shares hovered near two-month highs, holding recent gains as
investors awaited U.S. employment data, a key release that could make or break
market expectations about aggressive policy easing by the Federal Reserve.

    • The dollar was steady as traders held off on making big bets ahead of the
closely-watched U.S. non-farm jobs report that could influence the course of
near-term Federal Reserve policy.
    • Crude oil prices fell, pressured by concerns over the outlook for global
economic growth.
    • Gold prices inched up and were heading for their seventh consecutive
weekly gain, with investors waiting for U.S. non-farm payrolls data later in the
day for clues on the outlook for interest rate cuts.
    
                   CLOSE        FII INVESTMENTS  EQUITIES      DEBT
 PNDF spot         68.61/68.64  July 4           -$4.22 mln    $27.67 mln
 10-yr bond yield  6.75%        Month-to-date    -$536.25 mln  $71.58 mln
                                Year-to-date     $10.80 bln    -$1.33 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 = 68.5340 Indian rupees)
    
    

 (Compiled by Samrhitha Arunasalam in Bengaluru)
  
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