Morning News Call - India, May 26



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FACTORS TO WATCH

• 1:15 pm: Apollo Hospitals Enterprise management at fourth-quarter results analyst call.

• 4.00 pm: Page Industries management at fourth-quarter earnings analyst call.

• 5:00 pm: Aether Industries IPO subscription closes.

• 6:00 pm: Piramal Enterprises management at fourth-quarter results analyst call.

• 6:30 pm: Hindalco Industries management at fourth-quarter earnings analyst call.

• 7:30 pm: Motherson Sumi Systems management at fourth-quarter earnings analyst call.

PROMOTION

LIVECHAT-REUTERS GLOBAL MARKETS FORUM

For the first time in two years the World Economic Forum Annual Meeting reconvenes in-person as world leaders ascend to Davos, faced with an uphill climb to tackle multiple global crises guided by this year’s WEF theme: ‘Working Together, Restoring Trust’. To join the discussion with Daniel Stander, Senior Advisor to United Nations Development Programme and Rafal Modrzewski, Chief Executive Officer of ICEYE at 2:30 PM IST, click here Link

INDIA TOP NEWS

• India has no immediate plan to lift wheat export ban, commerce minister says

India has no immediate plans to lift a ban on wheat exports, but will continue with deals which are done directly with other governments, Commerce Minister Piyush Goyal told Reuters.

• India to continue buying 'cheap' Russian oil, discount to be finalised - source

India will continue to buy "cheap oil" from Russia but has not finalised terms of the discount, a senior government official familiar with the matter said on Wednesday.

• Vedanta to finalize $20 billion Indian chip, display unit site by mid-June -Chairman

Vedanta will finalize a location for its $20 billion semiconductor and display plants in India by mid-June and will have the first chip product ready in two years, its Chairman Anil Agarwal said on Wednesday.

• Higher fuel costs push India's top airline to bigger loss

InterGlobe Aviation, the operator of India's biggest airline IndiGo, reported a larger loss for the fourth quarter on Wednesday as higher fuel costs more than offset a rebound in demand for air travel.

• Digit Insurance targets $5 billion in IPO valuation - sources

India's Digit Insurance, backed by Canadian billionaire Prem Watsa's Fairfax Group, is considering raising about $500 million in an initial public offering at a valuation of $4.5 billion to $5 billion, three people aware of the matter told Reuters.

• India power ministry seeks 2-year extension to emissions deadline

India's power ministry has sought a two-year extension for utilities to install emission-cutting equipment, which if approved by the environment ministry would mark the third pushback on a commitment to clean up dirty air.

• India puts 'new reality' on display with Davos street show

Bright colours and bold logos proudly signal where India has set up base on the main street in Davos this year, as the country trumpets its pro-business and foreign investment drive.

GLOBAL TOP NEWS

• Ukraine says Russia shells more than 40 towns in Donbas push

Russian forces shelled more than 40 towns in Ukraine's eastern Donbas region, Ukraine's military said, threatening to shut off the last main escape route for civilians trapped in the path of their invasion, now in its fourth month.

• Fed embraces 50-basis-point rate hikes in June, July to curb 'very high' inflation

All participants at the Federal Reserve's May 3-4 policy meeting backed a half-percentage-point rate increase to combat inflation they agreed had become a key threat to the economy's performance and was at risk of racing higher without action by the U.S. central bank, minutes of the session showed on Wednesday.

• Asia's war on inflation targets supply, not consumers

From export bans to price controls, governments in Asia are taking a much more targeted approach than their Western counterparts in curbing global inflationary pressure, a strategy that appears to be working at least for now.

LOCAL MARKETS OUTLOOK

(As reported by NewsRise)

• SGX Nifty nearest-month futures were trading 0.5% higher at 16,104.

• The Indian rupee is tipped to remain little changed amid a decline in the Chinese yuan and losses on Asian equities following the minutes of the U.S. Federal Reserve’s May meeting.

• Indian federal government bond yields will likely inch lower in the early trades as New Delhi plans to stick to its borrowing target for this fiscal year, subduing fears of additional debt. The yield on the benchmark 6.54% bond maturing in 2032 is likely to trade in 7.27%-7.32% band today.

GLOBAL MARKETS

• Wall Street closed higher on Wednesday, boosted after minutes from the Federal Reserve's latest monetary policy meeting showed policymakers unanimously felt the U.S. economy was very strong as they grappled with reining in inflation without triggering a recession.

• Asian share markets slipped after minutes from the Federal Reserve's early May meeting showed a majority backing half-percentage-point rate hikes in June and July, and as persistent concerns over global growth sapped confidence.

• The safe-haven dollar hovered near a one-month low amid improving risk appetite after minutes of the Federal Reserve's May meeting confirmed the potential for a pause in rate hikes after two more half-point increases in June and July.

• Benchmark U.S. Treasury yields were little changed on Wednesday after minutes from the Federal Reserve showed policymakers agreed to hike interest rates by a half-percentage point to combat inflation and said a "very strong" economy may require reducing monetary supply.

• Oil prices rose, extending a cautious rally this week on signs of tight supply while the European Union (EU) wrangles with Hungary over plans to ban imports from Russia, the world's second-largest crude exporter, after it invaded Ukraine.

• Gold prices edged lower as Treasury yields gained, after the appeal of bullion was somewhat restored by minutes of a U.S. Federal Reserve policy meeting that showed the central bank was unlikely to get more aggressive on interest rate hikes.

CLOSE

FII INVESTMENTS EQUITIES

DEBT PNDF spot

77.51/77.54 May 25

(1,99.10) crores (22.58) crores 10-yr bond yield 7.305%

Month-to-date

(36,956) crores

(6,255) crores

Year-to-date

(1,64,118) crores (14,205) crores

(FII investment numbers are in Indian rupees. Source: National Securities Depository Limited)

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 = 77.51 Indian rupees)

(Compiled by Archak Sengupta)

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