Heres a lowdown on top macro triggers that may move market on Tuesday. This report was compiled from agency feeds.
Second Bailout Package for Sugar Industry Soon
A second bailout package for sugar industry could be in the offing as the food ministry plans to float a Cabinet note seeking loan incentives for ethanol producers. This will be in addition to the sugar package announced in June, government sources said. The mills may get up to 6% interest subvention on the loans they take to set up ethanol production units or increase capacity of the existing ones.
Drive Against Indians with Illegal Foreign Assets
The Income Tax Department has launched a major operation to investigate cases of illegal funds and properties stashed abroad by Indians and may invoke the new anti-black money law for strict criminal action in many such cases. The department, in coordination with their foreign counterparts, is investigating offshore bank deposits and purchase of assets by "thousands of Indians", the officials added.
Russia to 'Restore' Military Balance if US Quits N-pact
Russia said on Monday it would be forced to respond in kind to restore the military balance with the United States if President Donald Trump carried through on a threat to quit a landmark nuclear arms treaty and began developing new missiles. The INF treaty, signed by then-President Ronald Reagan and reformist Soviet leader Mikhail Gorbachev in 1987 at a time of unprecedented East-West detente, required the elimination of all short-range and intermediate-range land-based nuclear and conventional missiles held by both countries in Europe.
Oil Steady As Saudi Pledges to Play "Responsible Role"
Oil prices were steady on Tuesday as Saudi Arabia pledged to play a “responsible role” in energy markets, although sentiment remained nervous in the run-up to US sanctions against Irans crude exports that start next month. Front-month Brent crude oil futures were trading at $79.87 a barrel at 0120 GMT, 4 cents above their last close. US West Texas Intermediate (WTI) crude futures were at $69.41 a barrel, up 5 cents from their last settlement.
Telcos May Cut Over 60,000 Jobs
The telecom sector may let over 60,000 employees go by the end of this financial year as a result of consolidation, which is forcing operators, infrastructure providers, tower companies and associated retail units to optimise their staffing, experts said. However, an industry body said the worst is over and companies are looking to hire in areas such as artificial intelligence and big data.
Crorepati Club Expands 68% in 3 Years
Indias crorepati club is growing, going by the latest data from the Income-Tax Department. The number of individuals declaring income above Rs 1 crore increased about 68% to 81,344 for the assessment year 2017-18 from 48,416 in 2014-15.
Residential Inventory in 9 cities at 13-Qtr Low
Unsold inventory across nine property markets touched its lowest level in 13 quarters owing to lower number of launches and better sales. Inventory levels were down 11% from a year ago and 5% sequentially, showed a PropTiger report. All nine cities except Kolkata witnessed a decline in unsold inventory from a year ago levels. Noida reported the highest on-year decline of 20% in unsold inventory whereas unsold inventory in Kolkata witnessed no change.
POLICIES & MORE
- Five financial investors, including the Blackstone Group, Bain Capital and TPG Capital Management, have been shortlisted to buy a controlling stake in Lakshmi Vilas Bank, reflecting continued private equity interest in the countrys financial services space. Baring Private Equity Asia and home-grown Gajja Capital are the two other contenders left in the penultimate round to acquire the 92-year-old, South-based bank.
- Public sector Syndicate Bank on Monday said it has received capital infusion of Rs 728 crore from the government in lieu of preferential allotment of shares.
- The feud within the Central Bureau of Investigation (CBI) further deepened on Monday after the agency arrested one of its own investigating officers for allegedly fabricating a statement to implicate its director Alok Verma in the Moin Qureshi case.
- CBI has alleged that the officer, Devinder Kumar, a deputy superintendent of police (DSP) in the agency, did so in a bid to “corroborate the baseless allegations” of CBI second-incommand special director Rakesh Asthana against Verma.
We Had no Exposure to DHFLs or Indiabulls of the World: Aashish Sommaiyaa, Motilal Oswal AMC
Direct Tax Collections Up: The net direct tax collection in the country grew by 15.7 per cent on year-on-year basis to reach Rs 4.89 lakh crore in the current fiscal till third week of October.
Rupee Down: The rupee pared its early gains to settle 24 paise lower at 73.56 against the US dollarNSE -0.40 % Monday due to steady capital outflows and strengthening of the American currency.
10-yr Bond Up: India 10-year bonds increased 0.01% to 7.93% on Monday October 19 from 7.92% in the previous trading session, reports Bloomberg.
Call Rates: The overnight call money rate weighted average was 6.39% on Monday, according to RBI data. It moved in a range of 4.70-6.60%.