Morning News Call – India, March 24

PUBLISHED: Wed, 24 Mar 2021 03:18:37 GMT

To access a PDF version of this newsletter, please click here If you would like to receive this newsletter via email, please register at: FACTORS TO WATCH • 9:15 am: Anupam Rasayan lists on exchanges in Mumbai. • 10:00 am: Barbeque Nation Hospitality IPO opens for subscription in Mumbai. • 11:00 am: Transport Minister Nitin Gadkari at a PHD Chamber of Commerce webinar on green infrastructure. • 12:00 noon: Power Minister R.K. Singh, Power Secretary Alok Kumar to launch Gram Ujala programme via video conferencing. • 2:00 pm: Shipping Minister Mansukh Mandaviya, Commerce Ministry Additional Secretary Sanjay Chadha, Shipping Corp of India CMD H.K. Joshi at CII national e-conference on boosting exports • 3:00 pm: Shriram Transport Finance Managing Director Umesh Revankar, Sundaram Finance Managing Director T.T. Srinivasaraghavan, Mahindra Finance Vice Chairman and Managing Director Ramesh Iyer at Finance Industry Development Council webinar on NBFCs. • 3:30 pm: NITI Aayog Chief Executive Amitabh Kant at a U.K. India Business Council webinar. • 5:00 pm: Kotak Mahindra Bank Joint Managing Director Dipak Gupta at Marcellus “Kings of Capital” webinar on Indian banking in the post-Covid era. • 5:25 pm: Petroleum Minister Dharmendra Pradhan at IMC Chamber of Commerce Indo-Africa Virtual Summit 2021. • 6:00 pm: Petroleum Secretary Tarun Kapoor, Indian Oil Director – R&D S.S.V. Ramakumar, Reliance Industries Group President – R&D Ajit Sapre at Federation of Indian Petroleum Industry R&D Conclave 2021. PROMOTION LIVECHAT-REUTERS GLOBAL MARKETS FORUM Hans Goetti, Independent research consultant joins the forum to discuss developments in Asian markets. To join the conversation at 9:30 am IST, click here INDIA TOP NEWS • India to expand vaccination amid case surge, denies supply shortage India said on Tuesday it would expand its vaccination campaign from April 1 to include everyone above 45, and denied there was any shortage as a second surge in infections drives up demand. • Indian federal police charge 71 anti-Vedanta protesters over 2018 violence, sources say India’s federal police have charged 71 people for rioting and arson during deadly protests over environmental concerns at Vedanta’s copper smelter in Tamil Nadu state three years ago, sources familiar with the matter told Reuters. • Supreme Court rules against extending moratorium on bank loan repayments India’s top court on Tuesday rejected an attempt to extend a six-month moratorium on loan repayments to banks, but ruled that no borrowers can be charged any extra interest incurred on loans during that period, which ended in August last year. • Coal India bets on solar, eyes further mine closures Coal India could venture into solar wafer manufacturing and wants to “aggressively” participate in the country’s solar energy auctions, its chairman told Reuters on Tuesday. • Hopes low for progress at India, Pakistan’s first river-sharing talks in 3 years An Indian official played down on Tuesday prospects for a breakthrough at the first talks in three years with neighbouring Pakistan aimed at resolving long-running disputes over hydroelectric projects on the shared Indus River. • Indian state warns of COVID-19 vaccine shortage, immunisation halt The eastern Indian state of Odisha might have to stop its coronavirus immunisation drive for four days starting at the end of March because of a shortage of vaccine doses, according to a letter to the federal government reviewed by Reuters. GLOBAL TOP NEWS • Yellen says post-crisis plans will move to infrastructure, taxes Treasury Secretary Janet Yellen said on Tuesday the U.S. economy remains in crisis from the pandemic even as she defended developing plans for future tax increases to pay for new public investments. • Intel to spend $20 billion on U.S. chip plants as CEO challenges Asia dominance Intel will greatly expand its advanced chip manufacturing capacity as the new chief executive announced plans to spend as much as $20 billion to build two factories in Arizona and open its factories to outside customers. • Japan’s factory activity picks up in March on growing output, orders – flash PMI An expansion of Japan’s factory activity gathered pace in March, a private sector survey showed on Wednesday, helped by the prospect of a global economic recovery as an increasing number of countries roll out COVID-19 vaccines. LOCAL MARKETS OUTLOOK (As reported by NewsRise) • SGX Nifty nearest-month futures were trading down 0.6% at 14,735. • The Indian rupee is expected to weaken against the U.S. currency amid broad dollar strength and tepid risk appetite. • Indian government bond yields are likely to open lower, tracking fall in U.S. Treasury yields and crude oil prices, while sentiment remained positive after the cancellation of the last scheduled debt auction for this fiscal. The yield on the benchmark 5.85% bond maturing in 2030 is likely to trade in a 6.10%-6.16% band. GLOBAL MARKETS • U.S. stocks tumbled on Tuesday as concerns about the cost of infrastructure spending and potential tax hikes to pay for President Joe Biden’s $1.9 trillion relief bill weighed on investors who also fear further downside in the market. • Asian shares hit a two-week low, oil weakened further and the dollar neared four-month highs as coronavirus lockdowns in Europe and potential U.S. tax hikes hit risk appetite, leading to a flight to safety. • The safe-haven U.S. dollar approached a four-month high as concerns over a third COVID-19 wave in Europe, potential U.S. tax hikes and escalating tensions between the West and China sapped risk appetite. • The Treasury Department drew solid demand for a $60 billion sale of two-year notes on Tuesday, the first sale of $183 billion in coupon-bearing supply this week, while longer-dated yields held below one-year highs reached last week. • Oil prices edged higher as investors looked for bargains following the previous day’s plunge, but gains were capped as pandemic lockdowns in Europe and a build in U.S. crude stocks curbed risk appetite and raised oversupply fears. • Gold prices eased, as the dollar touched a more than two-week high after U.S. Federal Reserve Chair Jerome Powell reassured Congress that inflation would not spiral out of control. CLOSE FII INVESTMENTS EQUITIES DEBT PNDF spot 72.42/72.45 March 23 276.50 crores 379.27 crores 10-yr bond yield 6.14% Month-to-date 15,084 crores (9,512) crores Year-to-date 60,344 crores (18,518) crores (FII investment numbers are in Indian rupees. Source: National Securities Depository Limited) 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 = 72.55 Indian rupees) (Compiled by Siddharth Athreya V in Bengaluru)

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