Morning News Call - India, November 29

Last Updated: Tue, Nov 29, 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 10:00 am: Rural Development Minister Narendra Singh Tomar at an event in New Delhi. 11:00 am: Winter session of parliament continues in New Delhi. 5:00 pm: Oil Minister Dharmendra Pradhan at safety awards event in New Delhi. LIVECHAT - TRADING INDIA FORUM - India's Cashless Transformation with Naveen Surya, MD, ItzCash Cards India's financial future seems cashless, and who better to speak than the MD of ItzCash. Launched in 2006, ItzCash Card Ltd has evolved from being India's first and largest non-bank entity to offer prepaid cash cards to becoming the leading holistic payments solutions company. ItzCash Card Ltd is the first company which has been issued the Certificate of Authorization by the (RBI) under the Payment and Settlement area. Join Naveen at 11:00 a.m. To join the conversation, click on the link: INDIA TOP NEWS  India launches new tax evasion amnesty scheme to unearth unaccounted cash Indian Finance Minister Arun Jaitley on Monday unveiled a scheme to give tax dodgers another chance to come clean, as he sought to bring billions of dollars worth of undeclared income into the mainstream economy.  Digital payment firms cash in on India's money mess, but can it last? Digital payment providers in India have mobilised hundreds of extra workers to enrol small merchants and offered their services for free, betting that severe cash shortages will prove to be the opportunity of a lifetime.  EXCLUSIVE-Tata Steel, Thyssenkrupp looking at reducing Port Talbot's capacity Tata Steel and Thyssenkrupp are looking at reducing the size of Britain's largest steel plant in Port Talbot, Wales, industry sources said, as the two firms press ahead with plans to merge their European steel operations and deal with the overcapacity afflicting the industry.  JSW Steel joins bid to buy Italy's Ilva plant -source India's JSW Steel Ltd has joined one of two investor groups vying to take over Italy's loss-making Ilva steel plant, a source with knowledge of the matter said on Monday.  Tata Steel UK to enter talks with Liberty House on sale of speciality operations Tata Steel UK, the British arm of India's Tata Steel, will hold exclusive talks with trading firm Liberty House to sell its speciality steel business as its parent seeks to offload loss-making assets and restructure European operations.  India govt considering issuing more market stabilisation bonds The Indian government is considering increasing the amount of bonds issued under the so-called market stabilisation scheme (MSS) to drain out excess cash from the banking system, economic affairs secretary Shaktikanta Das said on Monday. GLOBAL TOP NEWS  Samsung Electronics says reviewing shift to holding company structure Tech giant Samsung Electronics Co Ltd said it will consider whether to transition to a holding company structure, a move long expected as the next succession step for the founding Lee family's heirs.  Japan jobs, household spending hint at pick up in domestic demand Japan's unemployment rate held steady in October as the availability of jobs improved and household spending fell at a slower pace, a tentative sign that a robust labour market is lending support to domestic demand.  EXCLUSIVE-Chinese government money backs buyout firm's deal for U.S. chip maker Canyon Bridge Capital Partners, a buyout fund that agreed to acquire U.S.-based chip maker Lattice Semiconductor Corp for $1.3 billion earlier this month, is funded partly by cash originating from China's central government and also has indirect links to its space program, Chinese corporate filings show. LOCAL MARKETS OUTLOOK (As reported by NewsRise)  The SGX Nifty Futures were trading at 8,157.50, up 0.10 pct from its previous close.  The Indian rupee is poised to open higher against the U.S. dollar, as the greenback took a breather from its recent rally ahead of quarterly gross domestic product numbers from world's largest economy.  Indian government bonds may open slightly lower, as the central bank's move to squeeze liquidity by temporarily increasing the cash reserve requirement for lenders will damp demand for debt. A tepid response yesterday at an auction of foreign investment limits in sovereign debt will also hurt sentiment. The yield on the benchmark 6.97 pct bond maturing in 2026 is likely to trade in a 6.30 pct - 6.36 pct band. GLOBAL MARKETS  U.S. stocks declined on Monday for their worst performance in nearly a month, weighed down by a pullback in the financial and consumer discretionary sectors as some investors booked profits on the heels of a record-setting week.  The U.S. dollar took a breather as global bonds steadied from their recent rout, while equities flatlined as political risk resurfaced in Europe ahead of a referendum in Italy this weekend.  The dollar nursed losses as U.S. Treasury yields came off of their multi-month highs, while volatile crude oil prices ahead of this week's oil producers' meeting kept investors' risk appetite in check.  U.S. Treasury yields fell on Monday from last week's highs on month-end buying and views that a selloff that followed the surprise U.S. presidential election victory of Donald Trump may have gone too far.  Oil prices dipped on doubts that producer cartel OPEC will be able to hammer out a meaningful output cut during a meeting on Wednesday aimed at reining in a global supply overhang and propping up prices.  Gold steadied after rising 0.9 percent in the previous session, as the U.S. dollar held on to losses after bond yields came off of their multi-month highs. CLOSE FII INVESTMENTS EQUITIES DEBT PNDF spot 68.55/68.58 November 28 -$209.33 mln -$436.74 mln 10-yr bond yield 6.46 pct Month-to-date -$2.26 bln -$2.07 bln Year-to-date $4.50 bln -$3.12 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 = 68.76 Indian rupees) (Compiled by Sai Sharanya Khosla in Bengaluru)

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