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DAILY REPORT 22nd August, 2019

Prime Minister on two-day State visit to France, meet French President Emmanuel Macron; Shareholder of LIC Housing to sell 33.7m shares in block deals; RBI to hold two overnight reverse repo auctions; Gillette to announce 4Q FY19 results & dividend.

WHAT TO WATCH:

 India’s Growth Pangs Worry Monetary Policy Makers, Minutes Show o High-frequency indicators suggest slowdown is spreading  Shadow Bank Crackdown Accelerates in India Amid Cash Squeeze  LIC Housing Holder Seeks to Raise Up to $211m Via Offer: Terms  India Appoints Rajiv Gauba as Cabinet Secretary  India’s Mines Ministry Stays Karnataka Govt Order on Lease: NMDC  India RBI’s Das Sees Rate Transmission Improving in Coming Weeks  India Eases Entry for Foreigners, Boosts Disclosure on Loan Data  RBI: RTGS System to Operate from 7 a.m. from Aug. 26 vs 8 a.m.  India July Crude Output Declines 4.4% Y/y: Gas Output Rises 0.2%  Andhra Pradesh Won’t Revise All Clean Power Contracts: Minister  India Notifies New Health Warnings for Tobacco products packs  BRICS 2Q GDP Forecast Steady in Past Week; India Seen at 6.1%  RBI May do More Bond Purchases to Ensure Surplus Liquidity: IDFC  Global Funds Buy Net INR7.71b of India Stocks on Wednesday: NSE  Foreign Investors Sell Net INR4.08B of India Equities on Aug. 20  Foreigners Sell Net INR15b of India Equity Derivatives Wednesday  Pimco Fund’s ‘Trade of a Decade’ Emerging-Market Bet Loses Steam

MEDIA REPORTS:

 India, France likely to finalize roadmap for digital, cyber security cooperation: PTI  Macron to discuss Kashmir with Modi: PTI  Supreme Court to hear P Chidambaram’s plea on Friday: PTI  India, Zambia sign 6 pacts; strengthen cooperation in defense: PTI  Fidelity Management to sell stake in LIC Housing, CNBC-TV18 says  Govt To Amend an Act to speed up coal exploration in India: PTI  CBI Books NDTV’s Prannoy Roy, Radhika Roy for alleged violation: PTI  HRD ministry to launch program to train over 4.2m teachers: PTI  Oyo to add over 3,000 employees in India over six months: PTI

EARNINGS: (net income adj. ests. in INR where available)

 Gillette India (GILL) 4Q & FY19 Ended June 30  Supreme Infrastructure (SPII) 4Q & FY19 Ended March 31

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GOVERNMENT:

 Prime Minister Modi will arrive in France Thursday evening and head for talks with French President Macron, who hosts a working dinner for the PM  9:45am: Mumbai. MSME & Road Transport Nitin Gadkari, to speak at NSE celebration of 200 SME IPO listing on NSE Emerge  10am: New Delhi. Chief Economic Advisor Krishnamurthy; Power Secretary Subhash Chandra Garg; Niti Aayog Chairman Rajiv Kumar to speak at Mindmine Summit 2019  4:45pm: New Delhi. Prahlad Singh Patel, MoS for culture & tourism to speak at the launch of The Diary of Manu Gandhi

BOND SALES/PURCHASES (All times India Time):

 RBI to conduct INR700b & INR500b, overnight reverse repo auctions

CORPORATE BONDS:

 Dewan Housing Defaults on INR50m interest payment on NCD series

CORPORATE EVENTS:

 9:30am: New Delhi. , lieutenant governor of Delhi; Rajesh Pant, Cyber Security Coordinator, NSCS to speak at FICCI’s ’Homeland Security 2019’  11am: Mumbai. Kia Motors India to announce launch of mid-SUV – the Kia Seltos  11:15am: Mumbai. Sudhanshu Vats, group CEO of Viacom 18 Media; Siddharth Bhardwaj, CMO & sales head of UFO Moviez to speak at the book launch  11:30am: New Delhi. Goodyear to introduce new range of Car & SUV tires  12pm: New Delhi. Press Conference to announce Hero Women’s Indian Open 2019  4:30pm: New Delhi. Dun & Bradstreet India to host PSU Awards 2019 and showcasing of India’s Top PSUs 2019  7pm: Mumbai. HDFC Bank to brief media for an Important Business Announcement  AGMs: Abbott India, Lemon Tree Hotels, United Breweries

MARKETS:

 S&P 500 up 0.8% to 2,924.43  STOXX Europe 600 up 1.2% to 375.80  MSCI Asia Pacific Index up 0.02% to 152.47  Gold spot up 0.03% to $1,503.08  Brent Futures up 0.4% to $60.53/bbl  Sensex down 0.7% to 37,060.37  Nifty Index down 0.9% to 10,918.70  SGX Nifty futures down 0.1% to 10,922.50  INR up 0.2% to 71.5587  Yield on 7.26% bonds maturing Jan 2029 at 6.567% on Aug. 21  Rupee Bonds Rise as RBI’s Policy Minutes Awaited: Inside India

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ANALYST ACTIONS:

 Saudi Aramco Deal Credit Positive for Reliance Industries: ICRA  Orient Refractories Cut to Hold at Anand Rathi; PT 219 Rupees

OFFERINGS:

 LIC Housing Holder Seeks to Raise Up to $211m Via Offer: Terms

EQUITY PREVIEW:

 Coffee Day Enterprises (CCD): Says report ITC mulling stake buy factually incorrect; unaware of ITC considering buying stake in co. o Cigarette Maker ITC (ITC) Said to Mull Bid for India’s Coffee Day  Hindustan Petroleum Corp (HPCL): Says it plans to spend 742b rupees on capex over next 5 years: CFO  ICICI Prudential Life (IPRU): Says has cut holding in Redington India (REDI) to 5.3% by selling about 2% stake  Infosys (INFO): Says expands strategic partnership with Google Cloud  ITC (ITC): Says received enquiry from Coffee Day Intermediary on stake  NMDC (NMDC): Sets lump ore prices at 2,900/ton and fine prices at INR2,660/ton effective Aug. 20 o Chairman tweets mines ministry stays Karnataka govt order on canceling mine extension lease