Morning News Call - India, March 28

Last Updated: Tue, Mar 28, 2017 09:20 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: Ministry of Earth Sciences Secretary M. Rajeevan and IMD Official K.J. Ramesh at a workshop in New Delhi. 11:00 am: Budget session of parliament continues New Delhi. 01:15 pm: Electronics & IT Minister Ravi Shankar Prasad meets Xiaomi Inc founder Lei Jun New Delhi. 03:00 pm: Railway Minister Suresh Prabhu to launch a train route extension New Delhi. LIVECHAT- FED FOCUS The pace of interest rate hikes by the Federal Reserve this year now appears to be writing on the wall, with most FOMC members pointing to June for the next hike, and possibly two more increases this year. Tim Condon, Asia chief economist at ING, will discuss how this roadmap may impact Asia rates and economies, at 9.00 am. To join the conversation, click on the link: INDIA TOP NEWS • India's top refiner to supply fuels to Nepal for five years Indian Oil Corp has agreed to supply refined products to Nepal for the next five years to meet all the fuel needs of the landlocked Himalayan nation, officials said on Monday. • Vedanta's Agarwal says happy with his 13 pct of Anglo American Indian billionaire Anil Agarwal said on Monday he was happy with his personal 13 percent stake in mining company Anglo American and was just planning to keep it as an investment for now. • India's finance minister paves way for landmark tax reforms India's finance minister Arun Jaitley paved the way for landmark tax reforms on Monday, introducing four bills on the goods and services tax in the lower house of parliament. • India's Motherson Sumi buys Finland's PKC Group for $619 mln Indian auto parts maker Motherson Sumi Systems Ltd said on Monday it had completed the buyout of Finland's PKC Group for 571 million euros. GLOBAL TOP NEWS • Trump son-in-law met executives of sanctioned Russian bank; will testify A Russian bank under Western economic sanctions over Russia's incursion into Ukraine disclosed on Monday that its executives had met Jared Kushner, President Donald Trump's son-in-law and a top White House adviser, during the 2016 election campaign. • Toshiba wants Westinghouse to file for bankruptcy as early as Tuesday -source Toshiba Corp wants its U.S nuclear unit to file for Chapter 11 protection from creditors as early as today, according to a source with direct knowledge of the matter, seeking a quick ringfencing of losses before the Japanese parent's financial year ends. • Thousands take shelter as Cyclone Debbie lashes Australian coastal resorts Coastal areas in northeast Australia were battered by high winds and heavy rainfall as a powerful cyclone, which prompted authorities to urge some 30,000 people to evacuate, hit island resorts along the world-famous GreatBarrier Reef. 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. • Asian stocks advanced after Wall Street steadied and the dollar bounced from a four-month-low, as anxiety over Donald Trump's setback on healthcare reform gave way to tentative hopes for the U.S. President's planned stimulus policies. • The dollar limped away from multi-month lows against its major peers early as the previous day's rout petered out, but the U.S. currency remained on shaky ground with much of the lift from the "Trump trade" now gone. • U.S. long-dated Treasury yields dropped to one-month lows on Monday, weighed down by growing doubts about the Trump administration's ability to deliver on its campaign promise to bolster the economy. • U.S. long-dated Treasury yields dropped to one-month lows on Monday, weighed down by growing doubts about the Trump administration's ability to deliver on its campaign promise to bolster the economy. • Gold prices steadied as investors looked to see if U.S. President Donald Trump will be able to enact promised tax cuts and infrastructure spending, taking the dollar off multi-month lows. CLOSE FII INVESTMENTS EQUITIES DEBT PNDF spot 65.04/65.07 March 27 $88.96 mln $675.12 mln 10-yr bond yield 7.13 pct Month-to-date $3.30 bln $3.61 bln Year-to-date $4.85 bln $4.92 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 = 64.9700 Indian rupees)