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ET Markets Morning Podcast (ET Online)

Listen in: What may move your markets today?

06:48 Min | September 16, 2019, 10:41 AM IST
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Transcript
Hello There! Good Morning. This is Kuheena Sharma from ETMarkets.com, and here is all the news you need to start your day

The Headlines:

> Trump now talks of half-deal with China
> IIP shows uptick, economists say this is no green shoots
> Draghi brings back QE in his final act
> Another NBFC shows signs of distress

And We have more. Stay with us.

Let’s first have a quick glance at how the markets are looking like...

Shares in Asia started mixed while US equity futures declined this morning as oil prices surged after a strike on the heart of Saudi Arabia’s oil production increased geopolitical risk concerns.

>> SGX Nifty traded nearly 80 points lower at 7 am (IST), signalling a major selloff ahead on Dalal Street. MSCI index for Asia-Pacific shares outside Japan traded a tick lower at 515.4. Shares in Hong Kong and Australia slipped, while those in South Korea and Shanghai rose.

>> In US markets, E-Minis for the S&P500 were off 0.4% while those for the Dow eased 0.3%.

IN THE CURRENCY MART

The rupee rose to just below 71 to the US dollar on Friday, extending gains to the seventh day. Opening at 71.01 a dollar, it settled at a one-month closing high of 70.92 compared with its previous close of 71.13.

LET ME NOW quickly GO OVER the top news we are tracking this morning.

The crude oil market is on fire
Oil prices hit their highest levels since May in opening trade on Monday before retreating some bit amid fears of supply disruptions following an attack on Saudi Arabia’s oil facilities on Saturday that cut more than 5% of global oil supply. Brent futures rose $7.06 a barrel, or 11.7%, to $67.28 a barrel after soaring more than 19% to a session high of $71.95 at opening trade. WTI futures climbed $5.76 a barrel, or 10.5%, to $60.60, after jumping more than 15% to a session high of $63.34 a barrel.

NRIs may get same status as FPIs
The government plans to appoint a high-level committee to look into merging NRI and foreign portfolio investor routes. Finance minister Nirmala Sitharaman had announced in July Budget that the investment avenues would be merged to give NRIs seamless access to Indian equities. RBI had earlier expressed concerns over such a merger owing to uncertainty over what would happen to deposits held by NRIs through NRE accounts, which hold deposits of about Rs 7 lakh crore.

Debt default cloud over NBFC mart
Altico Capital’s bond investors, including Flipkart cofounder Sachin Bansal and Reliance MF, face immediate defaults by the NBFC on two series of outstanding debt worth about Rs 95 crore, which is coming up for repayment in two weeks on September 26 and 29. The NBFC has bonds worth Rs 1,808 crore maturing between now and May 2022, India Ratings data showed. Most of them are due to mature in 2020 and 2021.

Reliance Broadcast downgrade hits debt funds
Net asset values of some debt funds of PGIM India Mutual Fund fell by as much as 30 per cent a day after CARE downgraded the ratings on the non-convertible debentures of Anil Ambani's Reliance Business Broadcast News Holdings to “D”. Besides PGIM, schemes of UTI Mutual Fund and L&T Mutual Fund hold securities worth Rs 654.5 crore. PGIM, formerly DHFL Pramerica, said the NCDs are backed by pledged shares of Reliance Nippon Asset Management.

AND FINALLY, top realtors line up for DHFL projects
Leading builders Piramal Realty and Poddar Housing are keen to become master developers in Mumbai’s slum rehabilitation projects that DHFL has funded, ensuring future cash flows to the home financier and giving comfort to lenders crafting a resolution package for its outstanding debt. The builders have signed non-binding term sheets to bid for the projects.


NOW, LET’S HAVE A QUICK LOOK AT SOME OF THE TOP CORPORATE NEWS THIS MORNING

>> SBI has dropped its plan to take its general insurance arm public as there is no need for additional capital now. Investor interest for its cards business is very high, and SBI Card listing will happen in the March quarter, the bank chairman said.

>> Altico Capital’s bond investors, including Flipkart cofounder Sachin Bansal and Reliance MF, face immediate defaults by the NBFC on two series of outstanding debt worth about Rs 95 crore, which is coming up for repayment in two weeks on September 26 and 29.

>> The government has nominated Oil and Natural Gas Corp to operate the Panna-Mukta oilfields after the contract with Reliance Industries and Shell runs out in December, according to an ONGC executive.

>> Coal India has abandoned its move to cut supplies to inefficient power plants following resistance from customers. It had planned to cut the yearly quota by 80 million tonnes.

>> DLF has sold a little over nine acres of land in Sector 74A, Gurugram to American Express for Rs 300 crore.

>> Warburg Pincus is likely to buy another 20.5% stake in IndiaFirst Life Insurance from Andhra Bank. The PE fund already owns 26% in the insurer, while Bank of Baroda owns 44% and Andhra Bank 30%.

>> Hero MotoCorp has launched a voluntary retirement scheme (VRS) for employees above 40 years and those that have completed a minimum of five years of service.

That’s it for now. Do check out www.etmarkets.com for all that’s buzzing in financial markets 24 by 7 and also for investment ideas from top market experts. Bye Bye.
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