Morning News Call - India, February 14
To access the newsletter, click on the link: here If you would like to receive this newsletter via email, please register at: here FACTORS TO WATCH 10:00 am: Minister for State of Electronics P.P. Chaudhary, Joint Secretary Sanjeev Mittal and Microsoft Corp. India Chairman Bhaskar Pramanik at CII event in New Delhi. 11:00 am: Union Bank of India officials at launch of mobile Aadhaar van in Mumbai. 12:00 pm: Government to release January wholesale price inflation data in New Delhi. 12:30 pm: Rural Electrification Corp. quarterly earnings conference in Mumbai. 2:45 pm: Power Minister Piyush Goyal to speak at the Gateway of India Geoeconomic Dialogue in Mumbai. LIVECHAT- COMMODITIES From copper to oil and everything in between, the Gold & Silver Club's Nik Kalsi and Phil Carr will cover all from the commodities markets at 4:30 pm. To join the conversation, click on the link: here INDIA TOP NEWS  Indian retail inflation lowest in at least five years India's inflation cooled to its lowest in at least five years in January as food prices fell following the government's cash clampdown, but emerging price pressures mean the Reserve Bank of India will probably keep interest rates on hold.  Infosys management seeks to ease tensions with founders Management at Infosys Ltd attempted on Monday to allay concerns that the software services firm was facing a worsening dispute with its founders over how the company was being run, saying that the board was engaging with the founders, including N.R. Narayana Murthy.  Drivers' strike paralyses Uber, Ola services in Indian capital A strike led by drivers' unions in the Indian capital demanding better pay from Uber and Ola has paralysed the ride-hailing services that have grabbed business from traditional taxi and rickshaw operators with their cheaper fares.  L&T, Europe's MBDA to form Indian missile venture Indian engineering conglomerate Larsen & Toubro Ltd and European missile maker MBDA on Monday said they have agreed to form a joint venture to build and supply missile systems for the India army.  India navy spurns homemade warplane, latest blow to Asia push for self reliance India's navy is in the hunt for a new foreign fighter jet after rejecting an indigenously made aircraft as too heavy, the latest sign of the struggle to get Asian militaries to buy locally to grow their defence industries.  GVK wins bid to develop second Mumbai airport GVK, which operates the airport in financial capital Mumbai, has won a bid to develop a new airport outside the city to ease congestion and cater to surging demand. GLOBAL TOP NEWS  Seattle judge set to move forward on Trump immigration case A U.S. federal judge on Monday rejected a Justice Department request to suspend Seattle courtroom proceedings over President Donald Trump's temporary travel ban from seven Muslim-majority countries until an appeals court has fully reviewed it.  Inflation picks up to multi-year highs in China as cbank eyes tighter policy China's producer price inflation picked up more than expected in January to near six-year highs as prices of steel and other raw materials extended a torrid rally, adding to views that global manufacturing activity is building momentum.  Toshiba delays release of nuclear writedown, says "not ready" Toshiba has delayed its earnings release, including details of a multi-billion charge related to cost overruns at its U.S. nuclear arm. LOCAL MARKETS OUTLOOK (As reported by NewsRise)  The SGX Nifty Futures were at 8,833.00, up 0.15 pct from its previous close.  The Indian rupee is poised to open slightly higher against the dollar, as likely strength in local shares stemming from an ongoing rebound in risk appetite and cooling retail inflation at home is expected to offset the impact of broad dollar gains.  Indian government bonds are likely to edge higher in early trade after retail inflation eased to a five-year low in January. The yield on the benchmark 6.97 pct bond maturing in 2026 is likely to trade in a 6.78 pct-6.84 pct band today. The bond had closed at 100.98 rupees, yielding 6.83 pct, yesterday. GLOBAL MARKETS  U.S. equity indexes hit record highs on Monday, with the benchmark S&P 500's market value topping $20 trillion as investors bet tax cuts promised by President Donald Trump would boost the economy.  Asian shares inched to 19-month highs on Tuesday as the potential for economic stimulus in the United States lifted the dollar, bond yields and Wall Street stocks.  The dollar was trading near a three-week high against a basket of currencies, as investors awaited congressional testimony by Federal Reserve Chair Janet Yellen for clues to the pace of the central bank's interest rate increases.  U.S. Treasury yields rose on Monday as investors looked ahead to testimony by Federal Reserve Chair Janet Yellen on Tuesday and Wednesday and as record high stock markets reduced demand for bonds.  Oil rose, supported by an OPEC-led effort to cut output, but rising production elsewhere kept prices within the narrow range that has contained them so far this year.  Gold prices firmed as investors turned their attention to testimony from U.S. Federal Reserve Chair Janet Yellen later in the day for hints on the central bank's interest rate strategy. CLOSE FII INVESTMENTS EQUITIES DEBT PNDF spot 66.91/66.94 February 13 $45.89 mln $117.13 mln 10-yr bond yield 7.16 pct Month-to-date $326.06 mln $877.85 mln Year-to-date $319.67 mln $765.77 mln 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 = 67.02 Indian rupees) (Erum Khaled in Bengaluru)