10:30 am: Chief Economic Adviser Arvind Subramanian to give lecture on 'The Economic Survey 2017-18: Challenges & Outlook for the Future' in New Delhi.
11:00 am: Budget session of upper house of Parliament continues in New Delhi.
11:00 am: JSW Group Director Parth Jindal and U.S.A Texas Governor Gerg Abbott to brief media about strategic initiatives and investments by JSW Steel (USA) Inc in US in Mumbai.
11:30 am: Economic Affairs Secretary Subhash Garg to address delegates at CII’s Global Industry Associations' Summit in New Delhi.
3:00 pm: Power Minister R.K. Singh at signing and exchange of the Host Country Agreement between India and the International Solar Alliance in New Delhi.
3:30 pm: Transport Minister Nitin Gadkari at an event in New Delhi.
5:00 pm: ICICI Securities IPO subscription closes in Mumbai.
GMF: LIVECHAT - MARKETS FOCUS Independent market strategist Evan Lucas joins us to review the latest market moves triggered by an alarming rise in protectionist rhetoric and risk of retaliation in US-China trade ties as well as the Fed meeting last week under new Chair Jerome Powell at 09:30 am IST. To join the conversation, click on the link: https://forms.thomsonreuters.com/communities/ INDIA TOP NEWS • Tata Steel offers $5.4 billion to take over bankrupt Bhushan Steel -source Tata Steel has offered to pay a little more than $5.4 billion to lenders of Bhushan Steel & Power to take over the bankrupt steelmaker, a source with direct knowledge of the deal said.
• Bira beer maker aims to go public in 3-5 years The maker of Bira 91, a popular Indian craft beer with bottles sporting sketches of a quirky monkey with a punk hairdo, is aiming to list itself in the next three to five years, its chief executive told Reuters.
• Indian agency denies security lapse in ID card project; ZDNet defends report Tech news site ZDNet said on Sunday it stood by its report that identified a security vulnerability in data-linked to Aadhaar - India's national identity card project, after a semi-government agency that manages the database sought to discredit the report.
• India says to give incentives to battery makers as it promotes electric vehicles India will give incentives to battery makers to set up more manufacturing units as the government looks to intensify the promotion of electric vehicles, the ministry for renewable energy said on Friday.
• Reliance beefs up music streaming service with Saavn deal Oil-to-telecoms conglomerate Reliance Industries is buying a stake in Indian music streaming service Saavn and will merge it with its JioMusic app to create a new entity it said would be valued at $1 billion.
• Blackstone's Indiabulls deal includes two Mumbai office properties -sources Blackstone Group is buying stakes in two major office properties in central Mumbai as part of a deal with Indiabulls Real Estate INRL.NS, two sources with knowledge of the transaction said on Sunday.
• Mishra Dhatu Nigam $67 million IPO subscribed 1.2 times Indian state-run Mishra Dhatu Nigam Ltd's initial public offering to raise $67.36 million for the government was subscribed 1.2 times on the last day of the sale on Friday.
• Furore erupts around Indian PM Modi's app over alleged data sharing Allegations that Indian Prime Minister Narendra Modi's official mobile application was sending personal user data to a third party without their consent caused a furore on social media in India and drew criticism from the leader of the main opposition party on Sunday.
GLOBAL TOP NEWS • US agrees to exempt South Korea from steel tariffs, but imposes import quota - South Korea The United States has agreed to exempt South Korea from steel tariffs, South Korea's trade ministry said, instead imposing a quota on steel imports as the two countries renegotiate a trade deal sharply criticised by U.S. President Donald Trump.
• Toshiba says regulatory approval pending but aims for chip sale soon Japan's Toshiba Corp said it had yet to receive clearance from all regulators for the sale of its prized $18 billion memory-chip business by its self-imposed end-March deadline, but added it aimed to sell it as early as possible.
• Uber agrees to sell Southeast Asia business to Grab after costly battle Ride-hailing firm Uber Technologies Inc has agreed to sell its Southeast Asian business to bigger regional rival Grab, the firms said in a statement, marking the U.S. company's second retreat from an Asian market.
LOCAL MARKETS OUTLOOK (As reported by NewsRise) The SGX Nifty Futures were trading at 9,992.00, little changed from its previous close.
The Indian rupee is likely to edge higher against the U.S. currency after trade policy uncertainty pulled the dollar index to its lowest level in a month.
Indian government bonds are likely to fall in early trade tracking higher crude oil prices, even as traders await the release of the government’s borrowing calendar for the first half of next financial year. The yield on the benchmark 7.17 percent bond maturing in 2028 is likely to trade in a 7.53 percent-7.60 percent band today.
GLOBAL MARKETS • Wall Street tumbled on Friday with more than 1,000 points knocked off the Dow in two days as investors, increasingly nervous about a potential U.S. trade war with China, shied away from risk ahead of the weekend and sought shelter from further losses.
• Fears of a full-blown trade war between the United States and China battered Asian shares again on Monday, keeping the safe haven yen near a 16-month peak as investors fretted over the fate of global growth.
• The dollar slipped to a 16-month low against the Japanese yen on Monday, pressured by lingering fears of a global trade war and caution towards political developments in Tokyo.
• U.S. Treasury yields rose from six-week lows on Friday in choppy trading as concerns about a global trade war after President Donald Trump announced tariffs on Chinese goods kept investors on edge.
• Oil prices reversed earlier gains as concerns of a looming trade dispute between the United States and China weighed on global markets.
• Gold prices rose to a five-week high as the threat of a trade war between the United States and China drove investors to seek refuge in safe assets.
CLOSE FII INVESTMENTS EQUITIES DEBT PNDF spot 65.04/65.07 March 23 $250.54 mln $68.60 mln 10-yr bond yield 7.67 pct Month-to-date $1.56 bln -$1.12 bln Year-to-date $1.67 bln -$25.41 mln 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 = 64.98 Indian rupees) (Compiled by Pathikrit Bandyopadhyay in Bengaluru)
