Morning News Call - India, March 12
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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 5:30 pm: Government to release January Industrial production data in New Delhi. 5:30 pm: Government to release February consumer price inflation data in New Delhi. LIVECHAT - FX FOCUS Jeffrey Halley, Senior Market Analyst at Oanda, discusses foreign exchange markets at 9:30 am IST. To join the conversation, click on the link: here INDIA TOP NEWS • DGCA orders new checks on Boeing 737 MAX 8 planes India's air safety regulator on Monday ordered additional maintenance checks on Boeing 737 MAX 8 aircraft operating in the country and said a review found "no significant concern" after an Ethiopian Airlines plane crashed on Sunday. • In fresh blow to Monsanto, India cuts GM cotton seed royalty India has cut the royalties that local seed companies pay to German drugmaker Bayer's Monsanto unit for the third time in four years. • Jet Airways denies report of new $293 million loan from PNB Jet Airways denied a media report on Monday that it had secured a 20.50 billion rupee loan from state-owned Punjab National Bank (PNB) to help pay overdue plane leasing fees and salaries. • Software firm Ebix offers to buy ticketing firm Yatra U.S. software firm Ebix said on Monday it has offered to buy Indian travel services company Yatra Online for $336 million in a cash-and-stock deal to add to its portfolio of Indian travel companies with a focus on a niche segment. • Godfrey Phillips says not violating country's foreign investment rules Cigarette manufacturer Godfrey Phillips on Monday said it was in compliance with the country's foreign direct investment rules, following a Reuters article that alleged it circumvented the laws. • Modi government advertising blitz dries up as Indian poll rules kick in An advertising blitz by Indian Prime Minister Narendra Modi's administration, which saw more than 150 newspaper ads in the past 10 days lauding its performance, stopped on Monday, a day after the schedule for the next general election was announced. • NHPC aims to boost capacity to 10 GW by 2022 Hydroelectricity producer NHPC plans to raise its capacity by about 30 percent to 10 gigawatts (GW) by 2022, its Chairman Balraj Joshi said on Monday. GLOBAL TOP NEWS • U.S. to mandate design changes on Boeing 737 MAX 8 after crashes The United States will mandate that Boeing implement design changes by April that have been in the works for months for the 737 MAX 8 fleet after a fatal crash in October but said the plane was airworthy and did not need to be grounded after a second crash on Sunday. • Last chance? Theresa May wins Brexit assurances from EU on eve of crucial vote Prime Minister Theresa May won legally binding Brexit assurances from the European Union on Monday in a last ditch attempt to sway rebellious British lawmakers who have threatened to vote down her divorce deal again. • In shadow of Ghosn, Nissan, Renault and Mitsubishi meet to hash out future When the three leaders of the world's top car-making alliance gather in Japan, they will be looking to secure a partnership that was built by former Nissan boss Carlos Ghosn and then possibly imperilled by his ouster. LOCAL MARKETS OUTLOOK (As reported by NewsRise) • SGX Nifty nearest-month futures were trading up 0.5 percent at 11,262, from its previous close. • The Indian rupee is expected to open higher against the U.S. currency, buoyed by an upbeat risk mood and a further decline in the dollar index. • Indian government bonds are likely to trade little changed in early session as investors await the retail inflation data for February due after market today. The yield on the benchmark 7.17 percent bond maturing in 2028 is likely to trade in a 7.49 percent-7.54 percent band today. GLOBAL MARKETS • U.S. stocks jumped on Monday as the technology sector led a broad-based rebound following five straight sessions of losses, but a fall in Boeing's shares limited the Dow's advance after a deadly airline crash in Ethiopia. • The pound jumped and Asian shares rose after the European Commission agreed to changes in a Brexit deal ahead of a vote in the British parliament on a divorce agreement. • Sterling rose sharply as speculation swirled that British Prime Minister Theresa May might be closer to securing approval for her Brexit deal. • U.S. Treasury yields rose on Monday after falling for four straight sessions, as overall risk appetite improved and equity markets stabilized, with investors bracing for this week's slate of corporate supply and government debt auctions. • Oil prices rose, lifted by healthy demand and output cuts led by producer group OPEC. • Gold edged lower as appetite for risk improved after the European Commission agreed additional assurances in an updated Brexit deal, while stronger than expected U.S. data eased some fears about an economic slowdown. CLOSE FII INVESTMENTS EQUITIES DEBT PNDF spot 69.92/69.95 March 11 $546.07 mln $146.19 mln 10-yr bond yield 7.51 pct Month-to-date $833.27 mln $816.03 mln Year-to-date $2.91 bln -$1.63 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 = 69.7900 Indian rupees) (Compiled by Yoganand KN in Bengaluru)
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