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Morning News Call - India, February 24

·5 min read

To access a PDF version of this newsletter, please click here https://share.refinitiv.com/assets/newsletters/Indiamorning/MNC_IN_02242021.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: S&P Global Ratings webinar on the ratings rationale for Bharti Airtel’s proposed bond issuance. 10:00 am: Power Secretary Alok Kumar, Petroleum and Natural Gas Regulatory Board former Chairman Dinesh K Sarraf, Adani Transmission Chief Executive Anil Sardana among others at Indian Chamber of Commerce India Energy summit. 10:00 am: Heranba Industries IPO subscription continues in Mumbai. 10:30 am: Federal cabinet meeting in New Delhi. 10:30 am: CNBC TV18 interview with RBI Governor Shaktikanta Das. 12:00: Farm Minister Narendra Singh Tomar at event to mark second anniversary of farm income support scheme. 2:30 pm: CRISIL Ratings webinar on the role of the corporate bond market in funding the National Infrastructure Pipeline. 4:00 pm: Shipping Minister Mansukh Mandaviya at MoU signing event between Cochin Shipyard and Dredging Corp. of India. 4:00 pm: Stove Kraft management at a conference call post third-quarter earnings. PROMOTION LIVECHAT-REUTERS GLOBAL MARKETS FORUM Reuters markets correspondents in London and New York join the forum to discuss what’s moving equity markets on both sides of the Atlantic. To join the conversation at 7:30 PM IST, click on the link: https://refini.tv/2P8N0Wp INDIA TOP NEWS • Bharti Airtel partners with Qualcomm to drive 5G services in India Bharti Airtel said on Tuesday it will work with U.S. chipmaker Qualcomm for 5G services in India, as telecom firms in the world's second-largest wireless market gear up to usher in the latest generation of wireless networks. • Indian pharma firms go local seeking to end reliance on China Indian drug companies are looking to local makers of so-called active pharmaceutical ingredients or trying to make them in-house in a bid to end their reliance on China as ties between the two countries soured after a deadly border clash last June. • Lloyd's insurer Brit says it will not insure Adani coal mine Major Lloyd's of London insurer Brit will not insure Adani Enterprises' Carmichael thermal coal mine, it said on Tuesday, adding to a growing list of Lloyd's insurers who have made similar pledges. • Top Amazon India executive questioned by police over video series Indian police in the northern state of Uttar Pradesh questioned a top Amazon executive for nearly four hours on Tuesday over allegations that one of its political dramas on Prime Video hurt religious sentiments and caused public anger. • Fire at India's UPL plant kills two, injures 26 Agrochemical maker UPL said on Tuesday a fire that broke out at a plant in the western state of Gujarat had killed two and injured 26. • Mahindra electric vehicles to power Amazon India deliveries Amazon.com's Indian unit said on Tuesday it will deploy close to a hundred electric three-wheeler vehicles made by Mahindra Electric in seven cities across the country. GLOBAL TOP NEWS • Biden, Trudeau pledge to counter China, climate change, in warm first "meeting" U.S. President Joe Biden and Canadian Prime Minister Justin Trudeau sought on Tuesday to turn the page on the Trump era, stressing the countries' deep ties and pledging to work together to counteract Chinese influence and address climate change. • French antitrust investigators say Google breached its orders on talks with news publishers French antitrust investigators have accused Alphabet Inc's GOOGL.O Google of failing to comply with the state competition authority's orders on how to conduct negotiations with news publishers over copyright, two sources who read the investigators' report said. • Senators revive bill to combat Chinese censorship of U.S. companies A bipartisan group of U.S. senators will revive legislation to counter Chinese censorship in the United States, a new effort by Congress to hold Beijing accountable for its growing efforts to stifle criticism beyond its borders, Senator Jeff Merkley told Reuters. LOCAL MARKETS OUTLOOK (As reported by NewsRise) • SGX Nifty nearest-month futures were trading 0.5% higher at 14,789.00. • The Indian rupee is expected to rise against the dollar after Federal Reserve Chair Jerome Powell played down the threat of inflation and reiterated that the central bank would maintain its current accommodative stance. • Indian government bond yields will likely open largely unchanged as traders may defer bets ahead of the central bank’s so-called special open market operation tomorrow and a debt sale auction later this week. The yield on the benchmark 5.85% bond maturing in 2030 is likely to trade in a 6.15%-6.20% band. GLOBAL MARKETS • Wall Street reversed course late Tuesday, with the S&P 500 and the Dow whipsawing to positive territory by the closing bell in a tug-of-war between stocks that thrived amid lockdowns and those that stand to benefit most from a reopening economy. • Bond markets steadied, the U.S. dollar fell and stocks edged ahead on Wednesday after central banks from Washington to Wellington vowed to keep monetary policy loose for a long time, giving investors enough confidence to seek out riskier assets. • The dollar slipped to a three-year low against the British pound and fell against commodities currencies as investors increased bets that a global economic recovery will boost riskier assets. • The benchmark 10-year U.S. Treasury yield fell on Tuesday after Federal Reserve Chairman Jerome Powell said the economy still needed central bank support. • Oil prices fell in early trade after industry data showed U.S. crude inventories unexpectedly rose last week as a deep freeze in the southern states curbed demand from refineries that were forced to shut. • Gold prices inched higher as Federal Reserve Chair Jerome Powell said the central bank would keep monetary policy accommodative as the U.S. economy still needed support. CLOSE FII INVESTMENTS EQUITIES DEBT PNDF spot 72.37/72.4 February 23 (493.35) crores (795.96) crores 10-yr bond yield 6.172% Month-to-date 24,642 crores (3,196) crores Year-to-date 44,115 crores (5,714) 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 = 72.38 Indian rupees) (Compiled by Anvesh Reddy in Bengaluru)