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Morning News Call - India, August 25

To access a PDF version of this newsletter, please click here https://share.refinitiv.com/assets/newsletters/Indiamorning/MNC_IN_08252021.pdf If you would like to receive this newsletter via email, please register at: https://solutions.refinitiv.com/MNCIndiaSubscriptionpage FACTORS TO WATCH • 9:30 am: Walmart President & Chief Executive Doug McMillon, Policybazaar Chief Executive Sarbvir Singh, PhonePe Banking & Financial Services Head Hemant Gala at Walmart webinar on “The Future of Retail Tech.” • 10:00 am: Revenue Secretary Tarun Bajaj, Transport Minister Nitin Gadkari, Heavy Industries Minister Mahendra Nath Pandey, Petroleum Secretary Tarun Kapoor, Tata Steel Managing Director T.V. Narendran, heads of Maruti Suzuki (India), Ashok Leyland and TVS Motor Company among others at SIAM annual convention. • 10:15 am: Finance Minister Nirmala Sitharaman to meet heads of state-run banks to review financial performance. • 10:30 am: Commerce Ministry Joint Secretary Darpan Jain, Information and Broadcasting Additional Secretary Neerja Sekhar at industry body CII’s SummitFX 2021. • 11:00 am: Burger King India to hold annual general meeting. • 12 noon: Finance Minister Nirmala Sitharaman to launch EASE 4.0 banking reforms in Mumbai. • 12:30 pm: Heavy Industries Minister Mahendra Nath Pandey, Secretary Arun Goel at ASSOCHAM webinar on smart manufacturing. • 1:30 pm: Finance Minister Nirmala Sitharaman press briefing in Mumbai. • 1:30 pm: S&P Global Ratings webinar on rationale for Tata Group companies’ rating action. • 3:00 pm: Electronics and Information Technology Additional Secretary Rajendra Kumar, Niti Aayog Chief Executive Amitabh Kant at industry body CII webinar. • 3:20 pm: Kotak Mahindra Life Insurance Company Joint President Hitesh Veera, Policybazaar Chief Operating Officer Sharat Dhall, Birla Sun Life Insurance Company Chief Financial Officer Pinky Mehta at Bombay Chamber of Commerce webinar. • 4:00 pm: Competition Commission Of India Joint Director (Law) Sriram Venkatsamy at FICCI webinar on corporate and legal strategies. • 6:30 pm: Mobius Capital Partners Founder Mark Mobius at Marcellus webinar on Indian equity market. LIVECHAT-REUTERS GLOBAL MARKETS FORUM Raghuram Rajan, Former RBI governor; Finance professor at the University of Chicago Booth School of Business joins the forum to discuss central bank policy amid rising Delta variant cases and narrowing fiscal deficit in India. To join the conversation at 7:30 IST, click here https://www.refinitiv.com/en/products/refinitiv-messenger/global-markets-forum INDIA TOP NEWS • India approves further trials for first homegrown mRNA COVID-19 shot India has approved further clinical trials for its first homegrown mRNA-based COVID-19 vaccine developed by Gennova Biopharmaceuticals, the government said on Tuesday, after the shot was found to be safe and effective in an early-stage study. • Wistron partners with India's Optiemus in boost for electronics manufacturing Wistron of Taiwan is partnering with India's Optiemus Electronics to build products such as smartphones and laptops, a boost to Prime Minister Narendra Modi's push to make the country an electronics manufacturing hub. • India refiners' July crude processing catches up with demand rebound Indian refiners' crude throughput in July bounced to its highest in three months, as the easing of coronavirus restrictions boosted economic activity and fed demand for fuel. • India's July oil imports hit 1-year low on refinery maintenance India's July crude oil imports slumped to their lowest in a year, tanker arrival data from industry sources showed, and are likely to rebound in August as refiners are expected to boost runs after maintenance of units. GLOBAL TOP NEWS • U.S. scrambles to complete Afghanistan pullout as threat of attacks rises President Joe Biden said on Tuesday the United States is on pace to finish evacuations from Afghanistan by Aug. 31, but left open the chance of extending the deadline, saying reaching that goal depends on cooperation from the country's new Taliban rulers. • U.S. House advances Biden's multi-trillion-dollar domestic agenda The Democratic-controlled U.S. House of Representatives voted on Tuesday to advance key parts of President Joe Biden's agenda, after moderates and progressives reached a compromise allowing them to move forward on the multitrillion-dollar plans. • U.S. could control COVID by spring 2022 if more people get shots -Fauci The United States could get COVID-19 under control by early next year if vaccinations ramp up, Dr. Anthony Fauci said on Tuesday, one day after Pfizer won fuller FDA approval for its shot, with more potential approvals coming in the weeks ahead. LOCAL MARKETS OUTLOOK (As reported by NewsRise) • SGX Nifty nearest-month futures were trading 0.4% higher at 16,681.50. • The Indian rupee is expected to trade little changed to the dollar amid a further uptick in Asian equities and a move higher on Treasury yields ahead of the Jackson Hole symposium. • Indian federal government bond yields will likely open higher tracking an uptick in long-term U.S. Treasury yields and the Brent crude contract’s climb above the $70-per-barrel mark. The yield on the benchmark 6.10% bond maturing in 2031 will likely trade in the 6.23%-6.28% band. GLOBAL MARKETS • Wall Street ended higher in a late-summer, light volume rally on Tuesday as the FDA's full approval of a COVID-19 vaccine on Monday and the absence of negative catalysts kept risk appetite alive ahead of the much-anticipated Jackson Hole Symposium. • Asian shares held onto their recent gains after last week's pummelling, as global equities rebounded thanks to a combination of positive COVID-19 vaccine news and easing worries over tapering of Federal Reserve stimulus. • The safe-haven dollar traded near a one-week low versus major peers as concerns eased that the highly contagious Delta coronavirus variant could derail a global economic recovery, lifting commodity-linked currencies like the Aussie. • U.S. Treasury yields rose on Tuesday as investors waited on comments on Friday by Federal Reserve Chair Jerome Powell for any new indications on when the central bank is likely to begin paring bond purchases. • Oil prices fell, taking a breather after a strong rally this week spurred by the loss of a quarter of Mexico's production and signs that China, the world's biggest importer, has curbed a recent coronavirus outbreak. • Gold prices fell as the dollar ticked higher, with investors awaiting Federal Reserve Chair Jerome Powell's speech this week for possible guidance on tapering of the pandemic-era stimulus. CLOSE FII INVESTMENTS EQUITIES DEBT PNDF spot 74.14/74.17 August 24 (1,354.64) crores (139.70) crores 10-yr bond yield 6.250% Month-to-date 4,163 crores 707 crores Year-to-date 53,199 crores (22,226) 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 = 74.18 Indian rupees) (Compiled by Shreya Sabharwal in Bengaluru)