February 14, 2020 / 3:24 AM / 15 days ago

Morning News Call - India, February 14

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    FACTORS TO WATCH
    11:00 am: Finance Minister Nirmala Sitharaman is likely to meet economists
and senior officials of NITI Aayog in New Delhi.
    12:00 pm: Government is likely to release January wholesale price inflation
data in New Delhi.
    6:00 pm: PMEAC Member Ashima Goyal will be present at a roundtable
discussion on Budget in Mumbai.
    
    
    INDIA TOP NEWS
    • India offers U.S. dairy, chicken access in bid for elusive trade deal with
Trump
    India has offered to partially open up its poultry and dairy markets in a
bid for a limited trade deal during U.S. President Donald Trump's first official
visit to the country this month, people familiar with the protracted talks
say.
    • Vodafone's India venture reports sixth straight quarterly loss
    Vodafone Idea reported a third-quarter loss on Thursday, as the troubled
Indian telecom company shed millions of mobile subscribers due to intense
competition.
    • Yes Bank delays quarterly results; shares up amid fresh fund raise talks
    Troubled Indian lender Yes Bank said it will delay disclosing its
October-December earnings by at least a month, and that it was in talks with
potential investors for a cash infusion, sending its shares up almost 6% in
Thursday trade.
    • Indian generic drugmakers may face supply shortages from China if
coronavirus drags on
    Shortages and potential price increases of generic drugs from India loom if
the coronavirus outbreak disrupts suppliers of pharmaceutical ingredients in
China past April, according to industry experts.
    • Economists eye silver lining in India's rising rural inflation numbers
    India's rural inflation rate surged faster than urban inflation for the
first time in 19 months in January, and economists are optimistic that signals
something the country desperately needs - a revival in demand in the rural
economy.
    • Canada urges India to pursue consistent farm trade policies 
    India should pursue consistent farm trade policies to help to avoid
uncertainty among Canada's farmers, big suppliers of pulses to New Delhi, a
Canadian government minister said on Thursday.
        • India to woo businesses to Kashmir in planned investment summit 
    India plans to offer around 6,000 acres (2,400 hectares) of land in Kashmir
as part of a business summit planned for April or May to help the Himalayan
region after withdrawing its special rights and making sweeping administrative
changes.

    
    GLOBAL TOP NEWS
    • China coronavirus deaths slow, cruise ship disembarks in Cambodia 
    The daily death toll in the Chinese province at the centre of the
coronavirus outbreak halved, officials said, while passengers on a cruise ship
blocked from five countries due to virus fears finally disembarked in
Cambodia.
    • U.S. accuses Huawei of stealing trade secrets, assisting Iran
    U.S. prosecutors on Thursday accused Huawei of stealing trade secrets and
helping Iran track protesters in its latest indictment against the Chinese
company, escalating the U.S. battle with the world's largest telecommunications
equipment maker.
    • Judge grants Amazon motion for pause in Microsoft's Pentagon contract work
    A U.S. judge on Thursday granted Amazon.com request to temporarily halt the
U.S. Department of Defense and Microsoft from moving forward on an up-to-$10
billion cloud computing deal that Amazon says reflected undue influence by
President Donald Trump.
    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • SGX Nifty nearest-month futures were trading 0.3% higher at 12,188.00. 
    • The Indian rupee is expected to trade little changed against the dollar
amid a further rebound in crude oil prices and a fall in the number of new virus
cases in China. 
    • The Indian federal government bonds are expected to gain in early trade
following strong purchases by foreign investors despite a rise in inflation to a
near-six-year high in January.The yield on the benchmark 6.45% bond maturing in
2029 is likely to trade in a 6.40%-6.45%. 


    
    GLOBAL MARKETS
    • Wall Street lost ground on Thursday, backing away from record highs as
investors digested new coronavirus developments and mixed corporate earnings
    • Global shares eased, as investors were spooked by a sharp rise in the
number of coronavirus cases in China this week while oil prices extended gains
on hopes of more production cuts.
    • The Japanese yen held onto gains against the dollar, as fresh doubts about
the scale of the coronavirus outbreak supported demand for safe-haven
currencies.
    • U.S. Treasury yields were slightly lower on Thursday as traders balanced
worsening news about the coronavirus epidemic in China with positive U.S.
economic reports.
    • Oil prices were steady but are set for their first weekly gain in six
weeks on the assumption major producers will implement deeper output cuts to
offset slowing demand in China, the world's second-largest crude user.
    • Gold prices held steady near a one-week high, as a mounting coronavirus
death toll supported safe-haven buying, while a stronger dollar kept a lid on
gains.
    
    
                   CLOSE        FII INVESTMENTS  EQUITIES        DEBT
 PNDF spot         71.35/71.38  February 13      (663.01) crore  (743.32) crore
 10-yr bond yield  6.42 pct     Month-to-date    9,763 crore     9,420 crore
                                Year-to-date     21,886 crore    (2,228) crore
 
    (FII investment numbers are in Indian rupees. Source: National Securities
Depository Limited)

    
    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 = 71.32 Indian rupees)
 



 (Compiled by Prajakta Gadgil in Bengaluru)
  
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