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Morning News Call - India, September 15

·6 min read

To access a PDF version of this newsletter, please click here https://share.refinitiv.com/assets/newsletters/Indiamorning/MNC_IN_09152021.pdf If you would like to receive this newsletter via email, please register at: https://solutions.refinitiv.com/MNCIndiaSubscriptionpage FACTORS TO WATCH • 10:00 am: Sansera Engineering IPO subscription continues in Mumbai. • 10:00 am: Civil Aviation Minister Jyotiraditya Scindia, Minister of State for Science and Technology Jitendra Singh at FICCI LEADS. • 10:00 am: Lupin Executive Director and Chief Financial Officer Ramesh Swaminathan, ICICI Bank Chief Financial Officer Rakesh Jha among others at industry body CII webinar on financial reporting and governance framework. • 11:00 am: Hindustan Petroleum to hold annual general meeting. • 12:00 pm: Coal Ministry Additional Secretary M. Nagaraju at ASSOCHAM webinar on coal evacuation. • 12:00 pm: Mahindra & Mahindra Chief Executive Officer Automotive Division Veejay Nakra, Business Head - Commercial Vehicles Jalaj Gupta at press briefing on commercial vehicle launch. • 2:00 pm: IDFC First Bank to hold annual general meeting. • 2:00 pm: Shriram Transport Finance to hold annual general meeting. • 2:30 pm: Ashoka Buildcon to hold annual general meeting. • 3:00 pm: Niti Aayog Chief Executive Officer Amitabh Kant, Bajaj Auto Executive Director Rakesh Sharma, Hero MotoCorp Chief Financial Officer Niranjan Gupta at Jefferies India electric vehicle summit. • 6:00 pm: Ministry of Heavy Industries Secretary Arun Goel at a press briefing on Production Linked Incentive scheme for automotive sector in New Delhi. INDIA TOP NEWS • Food delivery firm Zomato's co-founder exits after 6 years Zomato co-founder and head of supply Gaurav Gupta has left the Indian food delivery firm after six years, the company said on Tuesday, months after it went public in a high-profile listing. • India's August WPI inflation quickens to 11.39% India's annual wholesale price inflation rose to 11.39% in August from the previous month's 11.16%, mainly due to increases in the cost of fuel and manufactured items, government data showed on Tuesday. • Zee Entertainment surges after top investors call to remove directors Shares of Zee Entertainment Enterprises soared on Tuesday in a record daily gain after top shareholders called for a management reshuffle, including the exit of its chief executive officer from the board. • Foreign direct investment into India to stay robust - Deloitte survey International investors remain confident of India's short- and long-term growth prospects and are readying plans to make additional and new investments in the country, according to a survey of 1200 business leaders released by Deloitte. • Ford's India factory workers seek government help to safeguard jobs Factory workers at Ford's southern Indian plant near Chennai city have sought the state government's help to safeguard jobs that will be lost once the carmaker stops production, workers and union leaders said. • Singapore and India's payment services to link in 2022 The central banks of Singapore and India have agreed to link the payment services PayNow and the Unified Payments Interface (UPI) by July next year, Singapore's central bank said in a statement on Tuesday. • Indian study finds big drop in COVID antibodies within four months of vaccination A study of 614 fully vaccinated health workers in India found a "significant" drop in their COVID-fighting antibodies within four months of the first shot. GLOBAL TOP NEWS • China's factory output, retail sales growth slow significantly China's industrial output rose 5.3% in August from a year earlier, the weakest pace since July 2020, while growth of retail sales also slowed significantly and missed expectations, official data showed. • U.S. inflation coming off the boil as prices increase slowly in August Underlying U.S. consumer prices increased at their slowest pace in six months in August as used motor vehicle prices tumbled, suggesting that inflation had probably peaked, though it could remain high for a while amid persistent supply constraints. • Apple's new iPhone 13 touts faster 5G, sharper cameras to spur trade-ins Apple unveiled the iPhone 13 and a new iPad mini on Tuesday, expanding 5G connectivity and showing off faster chips and sharper cameras without raising the phone's price. LOCAL MARKETS OUTLOOK (As reported by NewsRise) • SGX Nifty nearest-month futures were trading 0.1% higher at 17,411.50. • The Indian rupee is expected to trade little changed to the dollar after U.S. shares and Treasury yields declined following a lesser-than-expected increase in U.S. inflation. • Indian federal government bond yields will likely open marginally lower, tracking declines in long-term U.S. Treasury yields following a softer-than-expected inflation reading in the world’s largest economy. The yield on the benchmark 6.10% bond maturing in 2031 is likely to trade in the 6.17%-6.22% band. GLOBAL MARKETS • Wall Street lost ground on Tuesday as economic uncertainties and the increasing likelihood of a corporate tax rate hike dampened investor sentiment and prompted a broad sell-off despite signs of easing inflation. • Asian shares fell as weak Chinese economic data reinforced worries about slowing growth globally as well as in the world's second-biggest economy amid fraught nerves over a still-dominant pandemic and tapering of central banks' stimulus. • The dollar drifted within recent ranges against major peers after softer-than-expected U.S. inflation raised doubts about a taper of Federal Reserve stimulus this year. • U.S. government bond yields fell on Tuesday after data showed consumer prices increased at their slowest pace in six months in August, suggesting that inflation had probably peaked and removing urgency from the next move by the Federal Reserve. • Oil prices climbed after industry data showed a larger than expected drawdown in crude oil stocks in the United States, the world's largest oil consumer, and on expectations that demand will recover as vaccine roll-outs widen. • Gold prices held above the key psychological level of $1,800 as the dollar and bond yields came under pressure after a tamer-than-expected rise in U.S. inflation led to uncertainty on when the U.S. central bank will begin tapering its asset purchases. CLOSE FII INVESTMENTS EQUITIES DEBT PNDF spot 73.65/73.68 September 14 1,411.34 crores 255.15 crores 10-yr bond yield 6.198% Month-to-date 6,985 crores 4,267 crores Year-to-date 58,104 crores (6,522) 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 = 73.66 Indian rupees) (Compiled by Nidhi C Sai in Bengaluru)