(Morning News Call - India edition will not be published through the year-end holiday season from December 25, 2017 to January 1, 2018. Normal service will resume from January 2, 2018. Season’s Greetings and Happy New Year.) To access the newsletter, click on the link: http://share.thomsonreuters.com/assets/newsletters/Indiamorning/MNC_IN_12202017.pdf If you would like to receive this newsletter via email, please register at: https://forms.thomsonreuters.com/india-morning/ FACTORS TO WATCH 10:00 am: SEBI Chairman Ajay Tyagi, BSE MD Ashishkumar Chauhan, RBI ED M. Rajeshwar Rao and other financial services industry executives at CII’s Financial Markets Summit in Mumbai.
10:00 am: Abbott Healthcare MD Susheel Umesh, Cadila Pharmaceuticals MD Rajiv Modi at CII’s National Pharmaceutical Conclave in New Delhi.
10.30 am: Prime Minister’s Economic Advisory Council likely to meet in New Delhi.
11:00 am: Winter session of parliament continues in New Delhi.
GMF: CHARTING FX Take a look at the FX charts with Reuters technical analyst Martin Miller at 1630 iST. To join the conversation, click on the link: https://forms.thomsonreuters.com/communities/ INDIA TOP NEWS Indian mortgage lender HDFC unveils $2 billion fundraising plan Indian mortgage lender Housing Development Finance Corp said it would raise as much as 130 billion rupees by selling shares or convertible bonds mainly to maintain its stake in HDFC Bank.
Tata Steel board approves up to $2 billion rights issue Tata Steel has approved a rights issue to raise up to 128 billion rupees to fund capacity expansion at a plant in the eastern state of Odisha, and to cut debt.
Delivery Hero sells Indian unit to Ola in return for equity stake Germany's Delivery Hero said on Tuesday it was selling its foodpanda India business to Ola in return for shares in the Indian ride-hailing firm.
Dr. Reddy's resolves U.S. probe over child safety of drug packaging Dr. Reddy's Laboratories will pay $5 million to resolve U.S. claims that the Indian company sold prescription drugs in the United States in packaging that was not tested for child safety, according to court papers filed on Monday.
Apple names long-time exec as new India sales head - source Apple has appointed Michel Coulomb as its top sales executive in India, replacing Sanjay Kaul, a source familiar with the move said on Tuesday, as the U.S. tech giant pursues a bigger share of the world's third-largest smartphone market.
GLOBAL TOP NEWS U.S. seeks ship ban over N.Korea violations, Moon proposes curtailing drills The United States has called on the U.N. Security Council to blacklist 10 ships for circumventing sanctions on North Korea, documents showed on Tuesday, while South Korea's President suggested curtailing military exercises with Washington to ease tensions ahead of next year's Winter Olympics.
U.S. House OKs tax overhaul, but procedural snag forces new vote Congressional Republicans hit a last-minute snag on Tuesday in their drive to pass the biggest U.S. tax overhaul in 30 years, requiring them to hold another vote on Wednesday and delaying what was still likely to be their first major legislative win under President Donald Trump.
Miners big and small bank on China's hunger for high-grade iron ore China's aggressive campaign to clean its skies by clamping down on polluting steel mills has fuelled a need for high-grade iron ore, and a prospector in the Australian outback is hoping that will help fund an ambitious plan to develop a full-scale mine.
LOCAL MARKETS OUTLOOK (As reported by NewsRise) The SGX Nifty Futures was trading at 10,451.00, down 0.2 percent from its previous close.
The Indian rupee will likely open steady against the dollar, as investors await a final vote on a U.S. tax-cut legislation later today after the House of Representatives passed the bill that did not comply with the Senate rules.
Indian government bonds will likely open lower tracking gains in U.S. Treasury yields. Investors are also awaiting the release of the Monetary Policy Committee’s December meeting minutes. The yield on the benchmark 6.79 percent bond maturing in 2027 is likely to trade in a 7.16-7.22 percent band, a trader with a primary dealership said.
GLOBAL MARKETS • U.S. stocks fell on Tuesday as excitement over the likelihood of a tax code revamp was offset by concern over its effect on years of monetary policy stimulus and the future of interest rates.
• Asian shares fell, taking their cues from Wall Street with investor enthusiasm toward U.S. tax changes ebbing as the long-awaited reform bill wound its way through Congress, while higher U.S. Treasury yields underpinned the dollar.
• The dollar was supported by expectations of a U.S. tax overhaul while a sharp rise in German bond yields helped to underpin the euro.
• U.S. Treasury yields rose on Tuesday with the benchmark yield hitting a seven-week high as the biggest overhaul of the U.S. tax code in more than 30 years appeared on track to become law by the end of the week.
• Oil prices inched up, supported by expectations of a fall in U.S. crude inventories and by the ongoing outage of the North Sea Forties pipeline system.
• Gold prices were nearly unchanged early as the dollar held steady on expectations of a U.S. tax overhaul.
CLOSE FII INVESTMENTS EQUITIES DEBT PNDF spot 64.00/64.03 December 19 -$63.70 mln -$65.28 mln 10-yr bond yields 7.22 pct Month-to-date -$508.12 mln $280.94 mln Year-to-date $8.19 bln $26.02 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 = 64.0500 Indian rupees)
