Morning News Call - India, November 23

Last Updated: Wed, Nov 23, 2016 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 10:15 am: Economic Affairs Secretary Shaktikanta Das to brief media in New Delhi. 11:00 am: Winter session of parliament continues in New Delhi. 6:00 pm: Federal cabinet likely to meet in New Delhi. Agenda not given. LIVECHAT - TRADING INDIA FORUM - Impact of black money on real estate with Rajesh Krishnan, Founder & CEO, BrickEagle The biggest impact of the black money war has expectedly been the real estate sector. While listed stocks seem to have settled (at least momentarily), the pain in the sector could go on for a long time. We speak to Rajesh at 11:00 a.m. BrickEagle was founded with a vision to deliver 1 million affordable homes in India. Rajesh has incubated 5 developers and 6 service providers in the affordable housing sector till date. He was an investment banker with Lehman Brothers, Nomura and later worked as Regional Head (South Asia), Structured Solutions Group for StandardChartered bank. To join the conversation, click on the link: LIVECHAT - CHARTING FX with Martin Miller, Reuters technical analyst Take a look at the FX charts with Martin Miller, at 3:30 p.m. To join the conversation, click on the link: INDIA TOP NEWS  Mistry says Tata's $12 billion Corus purchase made despite doubts by some board members Ratan Tata's decision to acquire steelmaker Corus for more than $12 billion, when a year earlier it was available at half the price, went against the reservations of some board members and senior executives, Cyrus Mistry said on Tuesday.  Bharat Pteroleum to export light diesel oil in rare move -industry sources India's Bharat Petroleum Corp Ltd will export a 35,000-tonne light diesel oil cargo from Kochi in southern India in a rare move, industry sources said on Tuesday.  Scrap gold supply to halve in India as cash crunch bites Scrap gold supplies in India, the world's second-biggest consumer of bullion, are likely to halve this quarter as the cash crunch and falling prices make it difficult for consumers to liquidate their holdings.  Ola adds entertainment features as ride-hailing competition rages Indian ride-services start-up Ola unveiled on Tuesday a new car entertainment platform that allows passengers to listen to the music of their choice, as it seeks to woo riders with gizmos in a bid to outmanoeuvre global giant Uber in a fast-growing market.  India doubles balance limit for digital wallets to help merchants The Indian central bank on Tuesday doubled the balance that can be kept in prepaid wallets and cards to 20,000 rupees to help small merchants get paid electronically after the government withdrew high value bills.  India cenbank eases crop loan rules as demonetisation hits farmers India's central bank on Tuesday relaxed rules on loans to farmers, asking the National Bank for Agriculture and Rural Development to disburse up to 230 billion rupees to district cooperative banks for crop loans.  India may ease rules for cash withdrawals for weddings -official India may soon relax conditions for cash withdrawals for weddings, a top government official said on Tuesday, the day after the central bank issued rules for such bank transactions widely criticised as unworkable. GLOBAL TOP NEWS  HP Inc forecasts adjusted profit largely below estimates Hewlett Packard Enterprise Co, the corporate hardware and enterprise software business of Hewlett-Packard Co, forecast a current-quarter adjusted profit largely below analysts' estimates, sending its shares down 1.9 percent after the bell.  Five years after the boom, battle rages over mining wages in Australia Coal prices may be recovering, but there are no celebrations in the mining town of Collie, Western Australia, where workers are fighting Indian conglomerate Lanco Infratech over plans to slash their wages almost in half.  South Korea prosecutors raid Samsung Group offices, pension fund South Korean prosecutors raided the offices of Samsung Group, Yonhap news agency reported, over its alleged link with Choi Soon-sil, President Park Geun-hye's confidant who has been indicted in an influence-peddling scandal. LOCAL MARKETS OUTLOOK (As reported by NewsRise)  The SGX Nifty Futures were at 8,057.00, up 0.84 pct from its previous close.  The Indian rupee is poised to open lower against the dollar, in line with its Asian peers, as upbeat U.S. housing data reinforced expectations of a Federal Reserve rate increase next month and raised chances of further tightening going ahead.  Indian sovereign bonds will likely open higher, as banks remain flush with funds, while investors eye a policy rate cut as early as next month. The yield on the benchmark 6.97 pct bond maturing in 2026 is likely to trade in a 6.27 pct - 6.33 pct band. GLOBAL MARKETS  U.S. stocks extended their post-U.S. election rally on Tuesday with moderate gains that pushed the Dow above 19,000 for the first time and the three major indexes to record closing levels for a second straight day.  Asian stocks bounced to one-week highs as investors tried to share in the exuberance of Wall Street's record run, while high U.S. bond yields kept the dollar well underpinned.  The dollar traded within sight of a 13 1/2-year peak, bolstered by strong U.S. housing data that further cemented expectations for a Federal Reserve rate hike in December and more tightening next year.  Most U.S. Treasuries were steady on Tuesday after the U.S. Treasury Department saw solid demand for its $34 billion sale of five-year notes, the second sale of $88 billion in new supply this week.  Oil prices edged up in anticipation of an OPEC-led crude production cut that is planned to be finalised by the end of the month, through trading was thin ahead of the U.S. Thanksgiving holiday on Thursday.  Gold held steady as markets await minutes from the November Federal Reserve policy meeting for more clues on an anticipated interest rate hike. CLOSE FII INVESTMENTS EQUITIES DEBT PNDF spot 68.38/68.41 November 21 -$101.32 mln -$83.96 mln 10-yr bond yield 6.47 pct Month-to-date -$1.77 bln -$1.16 bln Year-to-date $4.99 bln -$2.21 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 = 68.25 Indian rupees) (Compiled by Sai Sharanya Khosla in Bengaluru)

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