Morning News Call - India, March 27

Last Updated: Mon, Mar 27, 2017 09:00 hrs

To access the newsletter, click on the link: If you would like to receive this newsletter via email, please register at: FACTORS TO WATCH 11:00 am: Budget session of Parliament continues in New Delhi. 06:00 pm: RBI Deputy Governor S. S. Mundra to speak at an event in Mumbai. 07:45 pm: Prime Minister Narendra Modi to speak at Economic Times event in New Delhi LIVECHAT- INVESTOR BEHAVIOUR We take a look at the psychology of financial planning with Victor Ricciardi, author of "Investor Behaviour" and Assistant Professor of Financial Management at Goucher College at 8.30 pm. To join the conversation, click on the link: INDIA TOP NEWS • Vedanta to invest $1 billion in Zambian copper mine Indian mining company Vedanta Resources said on Friday it will invest $1 billion in its Zambian mining unit Konkola Copper Mines, creating 7,000 jobs. • Short of track, Indian Railways eyes private suppliers in blow to state steel firm Indian Railways is considering ending state-owned Steel Authority of India Ltd's virtual monopoly on supplying steel for standard rail tracks, opening up annual purchases worth up to $700 million to the private sector, people close to the matter told Reuters. • State Bank of India says to begin process for life insurance arm IPO State Bank of India, the nation's top lender by assets, said on Friday it would begin the process for an initial public offering of its life insurance arm, with plans to sell a 10 percent stake. • India's market regulator accuses Reliance of wrongful share trading India's market regulator accused Reliance Industries on Friday of having committed a "fraud" in taking a short trading position at the time of selling a stake in a subsidiary in 2007, ordering it to surrender 4.5 billion rupees plus interest in "unlawful gains". • India's Shankara Building Products up to $53 mln IPO sees strong demand India's Shankara Building Products Ltd's initial public offering to raise up to 3.45 billion rupees was subscribed more than 41 times, stock exchange data showed on Friday. • Indian airlines push for no-fly list to ban unruly passengers Several Indian airlines, including the country's biggest carrier IndiGo, on Friday proposed creating a no-fly list to ban unruly passengers, a day after a lawmaker admitted assaulting an official from state-owned carrier Air India. GLOBAL TOP NEWS • OPEC, non-OPEC to look at extending oil-output cut by six months A joint committee of ministers from OPEC and non-OPEC oil producers has agreed to review whether a global pact to limit supplies should be extended by six months, it said in a statement on Sunday. • White House looks past conservatives on tax reform - to Democrats Fresh off a defeat on U.S. healthcare legislation, the White House warned rebellious conservative lawmakers that they should get behind President Donald Trump's agenda or he may bypass them on future legislative fights, including tax reform. • Japanese companies plan lower pay hike this year - Reuters poll An overwhelming majority of Japanese companies say they will raise wages at a slower pace than they did last year, a Reuters poll found, stymieing Prime Minister Shinzo Abe's attempts to boost the sluggish economy through higher wages and consumption. LOCAL MARKETS OUTLOOK (As reported by NewsRise) The SGX Nifty Futures were trading at 9,104.50, trading down 0.08 pct from its previous close. The Indian rupee will likely open higher against the dollar, as the defeat of U.S. President Donald Trump’s healthcare bill fuelled doubts about prospects of his economic plans, hurting demand for the greenback. Indian sovereign bonds are likely to edge lower in early trade ahead of an auction of state government debt. The yield on the benchmark 6.97 pct bond maturing in 2026 is likely to trade in a 6.80 pct-6.86 pct band today, a dealer with a state-run bank said. The bond had closed at 100.97 rupees, yielding 6.83 pct, on Mar. 24. India’s money markets will be shut tomorrow for a local holiday. GLOBAL MARKETS • U.S. equity index futures fell to a six-week low on Sunday in a sign Wall Street would start the week defensively after Republicans pulled legislation to overhaul the U.S. healthcare system in a stunning setback for President Donald Trump. • U.S. stock futures and the dollar fell while Asian markets struggled as President Donald Trump's failure on healthcare reform raised questions about his ability to push through tax cuts and fiscal spending to boost the economy. • The dollar slid to a near two-month low against a basket of currencies early as concerns mounted about the chances of U.S. fiscal stimulus after the stinging defeat of President Donald Trump's healthcare package. • U.S. 10-year Treasury note futures prices were higher at the open on Sunday, after President Donald Trump's stunning political setback on Friday when Republican leaders pulled legislation to overhaul the U.S. healthcare system. • Oil prices dipped as rising U.S. drilling activity outweighed talks that an OPEC-led production cut initially due to end in mid-2017 may be extended. • Gold rose to a near one-month high as the dollar slid after President Donald Trump's failure to pass healthcare reform raised doubts over his ability to push through his economic agenda. CLOSE FII INVESTMENTS EQUITIES DEBT PNDF spot 65.41/65.44 March 24 $83.03 mln $428.37 mln 10-yr bond yield 7.12 pct Month-to-date $3.21 bln $2.93 bln Year-to-date $4.76 bln $4.25 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 = 65.4000 Indian rupees) (Reporting by Pradip Kakoti in Bengaluru) ))

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