To access the newsletter, click on the link: http://share.thomsonreuters.com/assets/newsletters/Indiamorning/MNC_IN_03032016.pdf FACTORS TO WATCH 11:00 am: Budget session of parliament continues.
Indian banking stocks (especially the PSU's) have been hammered on the exchanges over the past couple of months on account of growing NPA concerns. On the result front too, they reported one of the worst quarters in the last decade, with little near-term visibility in operational improvement. To understand the intricacies of this collapse, who better to speak to than the former chairman of India's largest Public sector bank - SBI, Mr Pratip Chaudhuri? Mr Chaudhuri, took charge of the 210 year old bank from Mr. Bhatt in 2011 and held it till 2013. He joined SBI as a probationary officer in 1974. To join the conversation at 1130 IST, click on the link: https://forms.thomsonreuters.com/communities/">https://forms.thomsonreuters.com/communities/ EMEA LIVECHAT - INVESTOR VIEW with Andrew Milligan, head of global strategy, Standard Life- As the number of negative-yielding assets slowly increases, and with the ECB expected to cut interest rates even further, we find out which investment strategies are profitable with Andrew Milligan. To join the Global Markets Forum at 1530 IST, click on the link: https://forms.thomsonreuters.com/communities/">https://forms.thomsonreuters.com/communities/ INDIA TOP NEWS Jaitley signals rollback of pension tax plan after backlash Finance Minister Arun Jaitley signalled on Wednesday he would roll back a controversial budget proposal to tax pension withdrawals by private sector employees after a backlash from salaried workers.
GE to sell India financial services business to Aion, former execs General Electric Co said it would sell its India commercial lending and leasing businesses to a consortium of former GE Capital executives and Aion Capital Partners as it looks to trim itself and focus on its industrial businesses.
Tata seeks buyer for Neotel unit after Vodacom scraps deal Tata Communications Ltd is looking for another buyer for its South African fixed-line subsidiary Neotel after a deal with Vodacom Group Ltd fell through, Chief Executive Vinod Kumar said on Wednesday.
IMF sees India growth picking up, inflation behaving India's economic growth rate should pick up to 7.5 percent in the 2016/17 fiscal year, the International Monetary Fund said on Wednesday, aided by a collapse in oil prices and relatively low exposure to current global financial turbulence.
India's new tax for bigger cars applicable to all fuel types-trade group India's plan to levy an additional tax of 4 percent on large cars will apply irrespective of the fuel used, the country's auto industry body said on Wednesday.
India axes tender for $1.5 bln tunnel after opposition criticism Transport minister Nitin Gadkari has cancelled a contract to build a $1.5 billion tunnel in the Himalayas, after opposition politicians alleged irregularities in the bidding for India's most expensive road project.
India plans to bring Iran back into banking clearing union India plans to resume settling trade with Iran under a regional clearing house system after a gap of five years, the government said on Wednesday, as New Delhi seeks to promote trade ties with Tehran following the lifting of international sanctions.
U.S. rules on seven countries in anti-dumping steel probe The U.S. Commerce Department has found that several companies violated anti-dumping law over cold rolled steel flat products, issuing preliminary findings in its probe of seven countries accused of distorting the market with artificially low prices.
GLOBAL TOP NEWS China eyes 13 pct money supply growth to buffer economy in 2016 - sources China plans to target broad-based money supply growth of around 13 percent this year, sources said, a signal that further monetary policy easing is likely during a painful economic restructuring that could see millions of workers losing jobs.
Energy pioneer McClendon dies in fiery car crash, a day after indictment Former Chesapeake Energy Chief Executive Aubrey McClendon, a brash risk-taker who helped transform the U.S. energy industry with shale gas, died when his car slammed into an overpass on Wednesday, one day after being charged with breaking federal antitrust laws, police said. He was 56.
Carson signals exit, U.S. Republicans grapple with Trump victories Retired neurosurgeon Ben Carson signaled on Wednesday he was quitting the Republican presidential race, leaving three candidates facing Donald Trump as the party establishment struggled to find a way to halt the outspoken businessman.
LOCAL MARKETS OUTLOOK (As reported by NewsRise) The SGX Nifty Futures was trading at 7,415, up 0.72 pct from its previous close.
The Indian rupee will likely edge higher against the dollar, in line with its Asian peers, on expectations of stronger local shares as a sustained recovery in commodity prices and positive U.S. jobs data improved risk appetite.
Indian sovereign bonds will likely edge higher ahead of an open market purchase of bonds by the central bank today amid expectations the rupee will continue to appreciate. The yield on the benchmark 7.59 pct bond maturing in 2026 is likely to trade in a 7.59 pct-7.65 pct range.
GLOBAL MARKETS Energy and bank stocks led Wall Street higher on Wednesday, adding to a rally in the previous session, after strong jobs data dispelled concerns over the health of the U.S. economy.
Asian shares were trying to string together three sessions of gains as upbeat data on U.S. jobs and gains for a range of commodities whetted risk appetites globally.
The Australian dollar started trade in Asia near its 2016 peak, having soared on the back of surprisingly strong local data just as the greenback, euro and yen settled into a holding pattern.
U.S. Treasury yields mostly climbed on Wednesday on reduced concerns about a U.S. economic slowdown, increasing risk appetite and limiting interest in safe-haven government debt.
Oil prices edged up as sentiment spread that a 20-month long market rout may have come to an end as production slows amid strong demand.
Gold edged lower as investors returned to risky assets after upbeat U.S. jobs data, lifting equities in Asia to a seven-week high, although strong inflows into gold funds limited losses in the metal.
MARKETS CLOSE FII INVESTMENTS EQUITIES DEBT PNDF spot 67.36/67.39 March 2 $213.40 mln -$93.28 mln 10-yr bond yield 7.77 pct Month-to-date -- -$52.17 mln Year-to-date -$2.43 bln -$1.15 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 = 67.54 Indian rupees) (Reporting by Samarendra Sahoo in Bengaluru)
