Morning News Call
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MORNING NEWS CALL FACTORS TO WATCH No major events are scheduled. LIVECHAT - LIVE FROM DAVOS As leaders gather at the World Economic Forum, industry experts and peers brainstorm strategies and share valuable takeaways as we untangle critical issues arising from Globalisation 4.0 and the Fourth Industrial Revolution. Jean- Philippe Courtois, Executive Vice President & President, Global, Sales, Marketing and Operations, Microsoft joins the Global Markets Forum at 5:45 pm IST; Kenneth Rogoff, Professor of Economics and Public Policy, Harvard University at 8:30 pm IST; Anthony Scaramucci, Founder, SkyBridge Capital at 10:00 pm IST and Sir Suma Chakrabarti, President, European Bank for Reconstruction, and Development (EBRD) at 12:30 am on Friday. To join the conversation, click here INDIA TOP NEWS India to spend 6.5 percent more on food subsidies in FY 2019-20 - sources India is poised to raise the subsidies for the world's biggest food welfare programme by 6.5 percent for the fiscal year beginning April 1, the smallest increase in three years, in the nation's interim budget next month, two sources directly involved in the decision told Reuters. IndiGo to push international growth for higher profit IndiGo, India's biggest airline by market share, will take more deliveries of the longer-range Airbus A321neo aircraft next year as it plans to launch more international flights, its interim CEO said on Wednesday after the company's profit fell sharply. ITC December-quarter profit beats estimate ITC Ltd, India's biggest cigarette maker, posted on Wednesday a 3.85 percent rise in December-quarter profit, boosted by higher cigarette sales. ArcelorMittal's Essar bid delays planned JV with SAIL -minister ArcelorMittal's prolonged bid to buy debt-ridden Essar Steel is delaying the world's biggest steelmaker's joint venture with state-owned Steel Authority of India Ltd (SAIL), India's steel minister and SAIL's chairman said. Reliance Communications posts wider loss in third quarter Debt-laden Indian telecom company Reliance Communications on Wednesday reported a wider loss for the third quarter, hurt by higher expenses. United Spirits third-quarter profit surges nearly 43 percent Liquor giant United Spirits Ltd reported about 43 percent surge in third-quarter profit on Wednesday, driven by strong sales of its premium alcohol brands. Bharti Infratel quarterly profit beats estimates Indian telecom tower company Bharti Infratel reported a 10.8 percent rise in third-quarter profit on Wednesday, beating market estimates. Congress leader Rahul Gandhi names popular sister to party post Opposition Congress party leader Rahul Gandhi appointed his charismatic sister Priyanka Gandhi Vadra to a senior party position on Wednesday that officials say will energise the campaign to oust Prime Minister Narendra Modi in the national election expected in a few months. GLOBAL TOP STORIES Maduro rival Guaido claims Venezuela presidency with U.S. backing Venezuelan opposition leader Juan Guaido declared himself interim president on Wednesday, winning the backing of Washington and many Latin American nations and prompting socialist Nicolas Maduro, who has led the oil-rich nation since 2013, to break relations with the United States. Locked out of House by Pelosi, Trump vows State of Union alternative U.S. President Donald Trump said on Wednesday he would hold an alternative event to the State of the Union address after Democratic leader Nancy Pelosi barred him from speaking in the House of Representatives until the partial government shutdown ends. Japan's factories flatline in January as exports fall most in 2-1/2 years-flash PMI Japan's manufacturing growth stalled in January as export orders fell at the fastest pace in 2-1/2 years and companies cut back production, a preliminary business survey showed. STATE OF THE MARKETS SGX Nifty nearest-month futures were trading up 0.2 percent at 10,864.50 from its previous close. -NewsRise The Indian rupee is expected to open higher after the dollar weakened against its major peers and Asian currencies. - NewsRise Indian government bonds are expected to edge higher in early trade tracking a decline in crude oil prices, even though concerns over fiscal consolidation would cap gains. The yield on the benchmark 7.17 percent bond maturing in 2028 is likely to trade in a 7.55 percent - 7.60 percent band today. -NewsRise Wall Street ended slightly higher on Wednesday after a spate of upbeat earnings reports, but lingering concerns about trade tensions and the longest U.S. government shutdown ever limited the advance. Asian shares were subdued as political uncertainty in the United States and worries about weakening global economic growth left investors wary of riskier assets. The dollar eased against its peers, as concerns over global growth, a U.S. government shutdown and U.S.-Sino trade talks kept a tight lid on the greenback. U.S. Treasury yields rose on Wednesday as Wall Street stock prices stabilized a day after posting heavy losses, reducing safe-haven demand for bonds even as investors remained worried about slowing economic growth and trade tensions. Oil prices steadied, but concerns over global growth and a sharp rise in U.S. stocks kept the market under pressure. Gold prices edged up, supported by a softer dollar, limited demand for risky assets on the back of uncertainty over prolonged U.S. government shutdown and slowing global growth. CLOSE FII INVESTMENTS EQUITIES DEBT PNDF spot 71.23/71.26 January 23 -$109.09 mln -$36.82 mln 10-yr bond yield 7.58 pct Month-to-date -$372.62 mln -$738.47 mln Year-to-date --- --- 2 PICTURE OF THE DAY Indian soldiers march during the full dress rehearsal for the Republic Day parade in New Delhi, January 23. 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