Morning News Call - India, October 19

Last Updated: Wed, Oct 19, 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 11:30 am: Trade Minister Nirmala Sitharaman to launch CIPAM logo in New Delhi. 5:00 pm: Power Minister Piyush Goyal at an event in New Delhi. LIVECHAT - COMMODITIES FOCUS with Gavin Maguire, Reuters Asia Editor-In-Charge for Commodities and Henning Gloystein, Reuters Asia Deputy Editor for Commodities Commodities have made some unexpected moves this year. With oil prices surging around 40 percent in 2016 and coal up by more than 50 percent, many argue that a slump in commodities since the global financial crisis is over. Gavin and Henning join us at 0930 IST to talk about what lies ahead. To join the conversation, click on the link: INDIA TOP NEWS  India's MakeMyTrip expands in fast-growing market with ibibo buy India's oldest travel website operator MakeMyTrip Ltd said it would buy rival ibibo Group to create the biggest player in the fast-growing flight, hotel and bus bookings market in the country.  India rate panel eyed growth concerns; took solace in low inflation - minutes The minutes of the Indian central bank's maiden monetary policy committee meeting, released on Tuesday, showed that broad concerns over economic growth and relief from the pullback in inflation spurred the bank's recent rate cut decision.  India panel gathers to set rate for new sales tax Finance ministry and state finance ministry officials gathered in New Delhi on Tuesday for a three-day meeting that will seek to finalise the main rate of the Goods and Services Tax and pave the way for its introduction next April.  India's Varun Beverages sets 440-445 rupees/share range for IPO - terms India's Varun Beverages Ltd has set a price range of 440-445 rupees each for its planned initial public offering (IPO), which is targeting to raise between $165 million and $167 million, according to a term sheet of the deal obtained by IFR.  Rosneft's partner in Essar deal says may sell stake within 5 years Russian private investment group United Capital Partners (UCP), which is teaming up with oil giant Rosneft to buy India's Essar Oil in a $12.9 billion deal, said it may sell its stake within five years.  Facebook, Twitter weigh bids for media rights to India cricket league The Indian cricket board said it had received interest from Facebook Inc and Twitter Inc for media rights to the popular Indian Premier League (IPL) Twenty20 cricket tournament.  India's clampdown on "black money" curbs gold appetite -Kotak India's crackdown on undisclosed foreign assets and income is curbing demand for gold in the world's second-biggest consumer, while rising real interest rates and better returns from other financial markets are also hurting purchases, a banker said.  Samsung says to invest $296 mln to expand India plant Samsung Electronics Co Ltd will invest 19.7 billion rupees ($295.83 million) to expand its plant in northern India, the company said in a statement. GLOBAL TOP NEWS  China Q3 GDP grows 6.7 percent as expected as construction booms, debt rises China's economy grew 6.7 percent in the third quarter from a year earlier, steady from the previous quarter and in line with expectations, as increased government spending and a property boom offset stubbornly weak exports.  Yahoo profit beats Wall St, some analysts worry over effect of hack Yahoo Inc reported better-than-expected quarterly adjusted profit on Tuesday, a boost for the beleaguered company whose deal to sell its core business to Verizon Communications Inc has been shaken by a massive data breach.  Sharp says expects significant profit improvement, shares surge Japan's Sharp Corp said it expected significant improvement in annual profit on restructuring and synergies with new owner Foxconn, sending shares in the display maker soaring 10 percent. LOCAL MARKETS OUTLOOK (As reported by NewsRise)  The SGX Nifty Futures were trading at 8,690.50, trading up 0.26 pct from its previous close.  The Indian rupee is poised to open higher against the dollar, tracking gains in most other Asian currencies and shares after China's gross domestic product data matched expectations, easing global growth concerns.  Indian government bonds will likely rise in early session, as investors await another round of open market purchase of notes by the central bank.The yield on the benchmark 6.97 pct bond maturing in 2026 is likely to trade in a 6.70 pct - 6.75 pct band. GLOBAL MARKETS  Wall Street advanced on Tuesday to give the S&P 500 its best day this month on the heels of solid earnings reports from names such as UnitedHealth and Netflix that put corporate profits on track to snap a four-quarter streak of declines.  Asian shares held early gains as a barrage of Chinese data confirm the economy had stabilised on the back of government spending and a hot housing market, even if worries about debt continue to mount.  The dollar stepped back from seven-month high against an index of currencies after U.S. consumer prices showed underlying inflation moderated slightly, prompting markets to trim bets on a December Federal Reserve rate hike.  U.S. Treasury yields fell on Tuesday in line with their U.K. counterparts on chances that parliament may have to ratify a British exit from the European Union, which reduced some bets that the U.K. would lose access to the single market.  Oil prices rose, lifted by a report of falling U.S. crude inventories and an OPEC statement saying a planned production cut was achievable, but analysts warned that Chinese economic data could erode bullish momentum.  Gold prices held on to gains, after rising 0.6 percent the session before on a weaker U.S. dollar, but rising equities capped gains. CLOSE FII INVESTMENTS EQUITIES DEBT PNDF spot 66.73/66.76 October 18 $51.80 mln -$64.00 mln 10-yr bond yield 6.90 pct Month-to-date -$119.21 mln -$1.11 bln Year-to-date $7.39 bln -$1.07 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 = 66.72 Indian rupees) (Compiled by Sai Sharanya Khosla in Bengaluru)

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