To access the newsletter, click on the link: http://share.thomsonreuters.com/assets/newsletters/Indiamorning/MNC_IN_07252017.pdf If you would like to receive this newsletter via email, please register at: https://forms.thomsonreuters.com/india-morning/ FACTORS TO WATCH 11:00 am: Monsoon session of parliament continues in New Delhi 11.00 am: Tata Motors Defence Head V.S. Noronha, Ashok Leyland Defence Head Amandeep Singh, Defence Ministry Joint Secretary Sanjay Garg at CII-AMICOM 2017 event in New Delhi.
12:45 pm: Cochin Shipyard IPO conference in Mumbai 5:00 pm: Asian Paints conference call on first quarter results in Mumbai.
TRADING INDIA FORUM - INDIAN EQUITY MARKET FUNDAMENTALS Indian equity markets are on their own stretch. While valuations continue to be expensive, Nifty sits right next to the 5 digit mark. Is it still prudent to enter the markets at these elevated levels? IT or Pharma? And is Reliance now a full-fledged telecom company? To answer these and more fundamental questions, Gaurang Shah, head investment strategist at Geojit Financial Services, will speak at 11:00 am IST. To join the conversation, click on the link: https://forms.thomsonreuters.com/communities/">https://forms.thomsonreuters.com/communities/ LIVECHAT - CRUDE FOCUS The decline in inventories is expected to continue in the near term, although overall stock levels this year would likely be higher than in 2016. The abundance of global crude supplies has put pressure on oil prices, and key OPEC members meet non-members in St. Petersburg on July 24 to discuss market conditions and whether more action is needed to support prices. At 9:00 am IST, oil analyst Vandana Hari, founder at Vanda Insights, will discuss the highlights of the meeting, outlook on prices and what to expect in terms of actions from oil producers. To join the conversation, click on the link: https://forms.thomsonreuters.com/communities/">https://forms.thomsonreuters.com/communities/ INDIA TOP NEWS • HDFC Bank awaits farm loan waiver details after higher Q1 provisions HDFC Bank Ltd said it was waiting for details on farm loan waiver plans announced by several states, after recording higher provisions driven by delinquencies in its agriculture loan book over the first quarter.
• India's UPL explores bid for Platform Specialty agrochem unit-sources Indian agrochemicals producer UPL Ltd is exploring a bid of more than $4 billion for the agrochemicals business of Platform Specialty Products Corp expand its global footprint, according to people familiar with the matter.
• India's antitrust regulator approves $23 bln Vodafone India-Idea deal India's antitrust regulator has approved the merger of Vodafone Group Plc's Indian unit with Idea Cellular, a lawyer representing Vodafone in the matter said.
• Ambuja Cements June-qtr consolidated profit rises 12 pct Ambuja Cements Ltd, part of the world's No.1 cement producer LafargeHolcim Ltd, posted an about 12 percent increase in quarterly consolidated net profit, boosted by higher cement sales volume.
• India sets up panel to quicken govt's stake sale in HPCL to ONGC India has decided to set up a panel headed by Finance Minister Arun Jaitley to expedite the sale of government's stake in refiner Hindustan Petroleum Corp to explorer Oil and Natural Gas Corp, Oil Minister Dharmendra Pradhan said.
• India sets up panel to revive loss-making state steelmaker – minister India has set up a panel to turn around loss-making Steel Authority of India Ltd and help the state-owned company increase production, Minister of State for Steel Vishnu Deo Sai said in the lower house of Parliament.
• Bharti Infratel Q1 consol profit falls about 12 pct, misses estimates Telecom tower infrastructure provider Bharti Infratel Ltd said its consolidated profit fell about 12 percent in the first quarter, hurt by higher tax expenses.
GLOBAL TOP NEWS • Trump son-in-law details Russia contacts, denies collusion President Donald Trump's son-in-law, Jared Kushner, emerged from behind the scenes to tell Senate investigators he had no part in any Kremlin attempt to meddle in the U.S. election despite having met Russians four times last year.
• Alphabet adds to cash pile despite higher costs, antitrust fine Alphabet Inc reported a 21 percent jump in quarterly revenue on Monday, maintaining a growth rate that is rarely seen among companies its size and suggesting the big sales gains enjoyed recently by the other Internet firms are not done yet.
• Trump pleads with U.S. Republicans to roll back Obamacare President Donald Trump made a last-ditch plea to U.S. Senate Republicans on Monday to "do the right thing" and fulfill seven years of campaign promises to repeal and replace former President Barack Obama's signature healthcare law.
LOCAL MARKETS OUTLOOK (As reported by NewsRise) • The SGX Nifty Futures were at 9,972.50, 0.10 percent from previous close.
• The Indian rupee will likely remain flat to lower against the dollar in opening trade, in line with most Asian peers, on caution ahead of the Federal Reserve’s two-day monetary policy meeting that begins later today.
• Indian sovereign bonds are likely to trade steady, as investors may shift their focus to a state debt auction scheduled for today. The yield on the benchmark 6.79 percent bond maturing in 2027 is likely to trade in a 6.39 pct-6.44 percent band.
GLOBAL MARKETS • The Nasdaq hit a record high ahead of a big week of technology earnings reports, while the S&P 500 and the Dow industrials lagged behind as losses in healthcare heavyweight Johnson & Johnson took a toll.
• The dollar crept up from a 13-month low after stronger-than-expected readings on U.S. factory and services activity ahead of the start of a Federal Reserve meeting later in the day, but Asian stocks were subdued.
• U.S. Treasury yields rose as investors awaited Wednesday's statement from the Federal Reserve’s July meeting for new indications about when the U.S. central bank will begin paring its bond holdings and next raise interest rates.
• Oil prices extended gains after Saudi Arabia pledged to curb exports from next month and OPEC called on several members to boost compliance with production cuts to help rein in global oversupply and tackle flagging prices.
• Gold prices inched lower after hitting a one-month high in the previous session as the dollar firmed ahead of a U.S. Federal Reserve monetary policy meeting.
CLOSE FII INVESTMENTS EQUITIES DEBT PNDF spot 64.38/64.41 July 24 - $672.68 mln 10-yr bond yield 6.75 pct Month-to-date $222.07 mln $2.67 bln Year-to-date $8.81 bln $20.67 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 = 64.34 Indian rupees) (Compiled by Erum Khaled in Bengaluru)
