Morning News Call – India, November 8
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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: Transport Minister Nitin Gadkari to brief media in Mumbai. 10:00 am: GlaxoSmithKline Consumer Healthcare post-earnings analyst conference call in Gurugram. 10:45 am: Labour Minister Santosh Kumar Gangwar to inaugurate session on employment in New Delhi. 11:00 am: Tata Coffee post-earnings analyst conference call in Mumbai. 11:00 am: Balrampur Chini Mills post-earnings analyst conference call in Mumbai. 12:00 pm: Tata Sons Chairman N. Chandrasekaran, Tata Consultancy Services CEO Rajesh Gopinathan, Maharashtra Chief Minister Devendra Fadnavis at inauguration of TCS Olympus center in Mumbai. 12:30 pm: Arvind Chairman Sanjay Lalbhai to make strategic announcement in Mumbai. LIVECHAT - FX MARKETS We discuss FX markets with Derek Halpenny, European head of FX research, Bank of Tokyo-Mitsubishi UFJ (BTMU) at 03:30 pm IST. To join the conversation, click on the link: here INDIA TOP NEWS • India's Ola ties up with Microsoft for connected car platform Indian ride-hailing firm Ola said it has tied up with Microsoft to build a connected-car platform and will use the U.S tech giant's Azure cloud-computing service to power its in-car entertainment offering. • India investigating alleged assault of passenger by IndiGo airline staff A video allegedly showing security staff of India's IndiGo airline manhandling a passenger went viral on Monday, prompting the federal government to launch an investigation into the incident involving the country's biggest airline. • India's state miner NMDC plans bid for $9 bln diamond mine - sources India's state-owned miner NMDC Ltd plans to bid for a $9 billion diamond project in the central state of Madhya Pradesh, three sources directly involved with the plan told Reuters, competing against resources conglomerates Adani and Vedanta. • Qatari investor selling $1.46 bln stake in India's Bharti Airtel A Qatari investor plans to sell a 5 percent stake in top Indian telecoms carrier Bharti Airtel Ltd on Friday for about 95 billion rupees, adding to the Gulf nation's recent stake sales in foreign companies. • India's Cipla Q2 profit up 19 pct on higher domestic sales Cipla Ltd, India's second largest drugmaker by market capitalisation, posted its second straight rise in quarterly profit, slightly above analysts' estimate, boosted by strong domestic sales. • India's BHEL Q2 profit up 6 pct, misses estimates Power plant equipment maker Bharat Heavy Electricals Ltd posted a nearly 6 percent rise in quarterly profit, the company said on Tuesday, but missed analysts' forecasts. • India's Titan sees jewellery sales rising more than 25 pct in 2017/18 - CFO India's biggest-listed jeweller Titan Co expects jewellery sales to leap more than a quarter this fiscal year as tighter rules on cash flows and a new sales tax hurt the mom-and-pop firms that dominate the business, a senior company official told Reuters. • India's ICICI Pru Life turns to IT, pharma after risky telecom bet payoff Fund managers at India's largest private sector life insurer, ICICI Prudential Life Insurance, are turning their attention to the technology and pharmaceutical sectors following bumper payoffs from a contrarian bet on the country's telecommunications sector. GLOBAL TOP NEWS • Trump issues stern warning to N.Korea: "Do not try us" U.S. President Donald Trump warned North Korea on Wednesday "do not underestimate us and do not try us" as he vowed that the United States would defend itself and its allies against Pyongyang’s nuclear threat. • Shares in Tencent's China Literature double in Hong Kong debut Shares in China Literature Ltd doubled in their debut in Hong Kong , as the online publishing arm of Tencent Holdings Ltd benefited from a rising tide of local enthusiasm for tech stocks. • U.S. Republican tax plans gain speed; Fitch warns on deficit Republicans in the U.S. House of Representatives forged ahead on Tuesday with legislation to reshape the federal tax code, while a top credit-ratings agency said the bill would balloon the budget deficit and give only a temporary boost to the economy. LOCAL MARKETS OUTLOOK (As reported by NewsRise) • The SGX Nifty Futures were trading at 10,415.00, trading up 0.04 percent from its previous close. • Indian government bonds are likely to rise in early trade, as investors may step up purchases after the benchmark note closed at a record low yesterday. The yield on the benchmark 6.79 percent bond maturing in 2027 is likely to trade in a 6.90 percent-6.94 percent band. • The Indian rupee will likely open lower against the dollar, as weakness in regional shares amid reports of a potential delay in U.S. tax plan may spill over to local equities, raising concerns of foreign fund outflows. GLOBAL MARKETS • The Dow Jones Industrial Average eked out a fourth consecutive record high close on Tuesday, while the S&P 500 ended marginally lower after a disappointing profit forecast from Priceline and a drop in financials. • Asian shares paused at decade peaks and the dollar dipped amid concerns Republican plans for major U.S. tax cuts were running into headwinds even before the Senate releases its own version of the proposals. • The dollar slipped broadly, hurt by a media report that suggested the implementation of a centrepiece corporate tax cut under discussion in U.S. tax reforms plans could be delayed. • U.S. Treasury yields fell on Tuesday, flattening the yield curve to a level not seen in a decade, as $24 billion worth of three-year government debt, the first leg of this week's $64 billion quarterly refunding, fetched average demand. • Oil markets dipped as traders took profits after crude prices hit two-year highs, but markets remained well supported by expectations of strong Chinese demand and tightening supplies. • Gold inched higher, as the dollar slipped after a media report suggested that the implementation of a major corporate tax cut under a crucial U.S. tax reform plan could be delayed. CLOSE FII INVESTMENTS EQUITIES DEBT PNDF spot 65.02/65.05 November 7 $70.87 mln $56.74 mln 10-yr bond yield 7.02pct Month-to-date $583.03 mln $172.84 mln Year-to-date $6.23 bln $25.77 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 = 65.0500 Indian rupees) (Compiled by Nachiket Tekawade in Bengaluru)
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