October 20, 2021

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Morning News Call – India, September 14

To access a PDF version of this newsletter, please click here https://share.refinitiv.com/assets/newsletters/Indiamorning/MNC_IN_09142021.pdf If you would like to receive this newsletter via email, please register at: https://solutions.refinitiv.com/MNCIndiaSubscriptionpage FACTORS TO WATCH • 9:15 am: Ami Organics, Vijaya Diagnostic Centre list on exchanges in Mumbai. • 10:00 am: Sansera Engineering IPO opens for subscription in Mumbai. • 11:30 am: S&P Global Ratings webinar on outlook for Asia-Pacific economies. • 11:30 am: Ports Minister Sarbananda Sonowal, Information & Broadcasting Minister Anurag Thakur, Niti Aayog Chief Executive Amitabh Kant, Mahindra & Mahindra Managing Director and Chief Executive Anish Shah among others at FICCI LEADS. • 11:30 am: Subros to hold annual general meeting. • 12:00 pm: Government to release August wholesale price inflation data in New Delhi. • 2:30 pm: Tata Sons to hold annual general meeting. • 3:00 pm: Pension Fund Regulatory and Development Authority Chairman Supratim Bandyopadhyay at PHD Chamber of Commerce webinar. • 3:30 pm: Agriculture Minister Narendra Tomar, Food Processing Industries Minister Pashupati Kumar Paras, Consumer Affairs Ministry Secretary Sudhanshu Pandey, ITC Chairman and Managing Director Sanjiv Puri, Nestle Chairman and Managing Director Suresh Narayanan expected at Confederation of Indian Industry webinar on agriculture. • 4:30 pm: Ceat to hold annual general meeting. • 4:30 pm: Zee Entertainment Enterprises to hold annual general meeting. INDIA TOP NEWS • India’s August retail inflation eases to a four month low India’s retail inflation eased to a four-month low in August on softer food prices as supply side constraints eased following the lifting of pandemic-related restrictions, which may allow the central bank to focus further on economic recovery. • U.S. and India in talks over timeline for restarting COVID-19 vaccine exports The United States is communicating regularly with India in bilateral and multilateral channels to discuss the supply of COVID-19 vaccines and inquire about its timeline for restarting vaccine exports, a senior Biden administration official said. • Banks call on government to ease pressure on India’s Vodafone Idea Banks led by State Bank of India have called on the Indian government to give debt-laden Vodafone Idea more time to clear its tax dues and spectrum fees, two bankers and a government official familiar with the matter said. • Jet Airways to resume domestic operations in first quarter of 2022 Jet Airways will resume domestic operations by the first quarter of 2022, an investor consortium, whose resolution plan was approved by India’s bankruptcy court earlier this year, said on Monday. • Biden to host leaders of Australia, India, Japan at White House next week U.S. President Joe Biden will host a first in-person summit of leaders of the “Quad” countries – Australia, India, Japan and the United States – which have been seeking to enhance cooperation to push back against China’s growing assertiveness. • SpiceJet settles with Boeing MAX aircraft lessor CDB Aviation Budget airline SpiceJet said on Monday it has settled with another lessor of Boeing’s MAX aircraft, CDB Aviation, as it looks to start operating the aircraft by the end of September after India cleared the 737 MAX to fly last month. • India says U.S. willing to collaborate to achieve green energy goals The United States said it is willing to collaborate with India to help realise its ambitious green energy target and exceed its commitments under the Paris Climate Agreement, the Indian government said on Monday. GLOBAL TOP NEWS • U.S. House Democrats seek to roll back Trump tax cuts for wealthy, corporations Leading Democrats in the U.S. House of Representatives on Monday proposed a substantial roll-back of former President Donald Trump’s tax cuts, including raising the top tax rate on corporations to 26.5% from the current • Grab trims full-year forecasts, says $40 billion SPAC merger on track Grab, Southeast Asia’s biggest ride hailing-to-food delivery group, lowered its full-year forecasts, citing renewed uncertainty over pandemic-related movement restrictions despite encouraging vaccination rates in the region. • U.S. energy firms face another storm hit amid slow recoveries Evacuations were underway on Monday from offshore U.S. Gulf of Mexico oil platforms as onshore oil refiners began preparing for hurricane-force winds from a second Gulf Coast storm in as many weeks. LOCAL MARKETS OUTLOOK (As reported by NewsRise) • SGX Nifty nearest-month futures were trading 0.3% higher at 17,241.50. • The Indian rupee is expected to open higher against the dollar ahead of data that could potentially provide clues about a taper timeline by the U.S. Federal Reserve. • Indian federal government bond yields may open lower, as slower retail inflation in August raised bets that the monetary authority may not immediately reverse ultra-lose policy. The yield on the benchmark 6.10% bond maturing in 2031 is likely to trade in the 6.16%-6.21% band. GLOBAL MARKETS • The S&P 500 closed higher on Monday, ending a five-day losing streak as investors focused on potential corporate tax hikes and upcoming economic data. • Asia’s share markets were mixed and the dollar held steady, with investors awaiting U.S inflation data for more clues on when the Federal Reserve will taper stimulus. • U.S. government bond yields dipped on Monday as traders look ahead to data that is expected to show a continuing slowdown in the pace of consumer price increases. • Oil prices extended gains, hovering near a six-week high, on signs another storm could affect output in Texas this week even as the U.S. industry struggles to return production after Hurricane Ida wreaked havoc on the Gulf Coast. • Gold prices edged lower as a stronger dollar crimped bullion’s appeal ahead of U.S. inflation data that could offer cues on the possible timeline for the Federal Reserve’s tapering. CLOSE FII INVESTMENTS EQUITIES DEBT PNDF spot 73.64/73.67 September 13 1,189.52 crores 1,162.35 crores 10-yr bond yield 6.192% Month-to-date 5,574 crores 4,012 crores Year-to-date 56,693 crores (6,777) 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 = 73.54 Indian rupees) (Compiled by Nidhi C Sai in Bengaluru)

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