July 30, 2020 / 3:26 AM / 13 days ago

Morning News Call - India, July 30

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    FACTORS TO WATCH
    11:00 am: HDFC annual general meeting in Mumbai.
7:00 pm: NITI Aayog CEO Amitabh Kant at Atal Innovation Mission’s webinar in New
Delhi.
    
    LIVECHAT - REUTERS GLOBAL MARKETS FORUM
    Reuters European government bonds correspondents, look at trends and themes
for govvies. To join the conversation at 4:00 pm IST, click here refini.tv/2P8N0Wp
 
    
    
    INDIA TOP NEWS
    • Maruti Suzuki India posts first quarterly loss since listing
Maruti Suzuki reported a quarterly loss for the first time since its listing in
2003, as the coronavirus lockdown and supply chain disruptions sapped demand for
the country's biggest automaker.
• Bharti Airtel quarterly revenue rises 15% on higher data usage, tariffs
Bharti Airtel on Wednesday reported a 15.4% rise in first-quarter revenue as
customers consumed more data during the country's coronavirus lockdown, even at
higher rates.
• IndiGo to raise at least $268 million via leaseback
IndiGo, India's largest airline, said on Wednesday it planned to raise at least
$268 million through the sale and leaseback of planes and other assets, after
reporting its steepest quarterly loss in at least five years.
• India opens door for foreign universities under new education policy
India on Wednesday approved a plan to allow foreign universities to open
campuses in the country as part of efforts to boost education to strengthen the
economy as it struggles with the impact of the coronavirus pandemic.

• India extends bid submission deadline for stake in Bharat Petroleum to
September 30
India's finance ministry said Wednesday it had extended the deadline for
submission of bids for the sale of its stake in oil refiner Bharat Petroleum to
September 30, allowing more time for interested parties.
• Hetero wins approval to sell COVID-19 drug favipiravir
Hetero Labs Ltd has received regulatory approval to sell its version of
anti-viral drug favipiravir to treat COVID-19, the drugmaker said on Wednesday,
as coronavirus infections in the world's third worst-hit nation crossed 1.5
million.    
    
    
    GLOBAL TOP NEWS
    • Fed chief says coronavirus surge slowing U.S. economic recovery
The surge in U.S. coronavirus cases is beginning to weigh on economic activity,
the head of the Federal Reserve said on Wednesday, and he promised the U.S.
central bank would "do what we can, and for as long as it takes," to limit
damage and boost growth.
• U.S. lawmakers accuse Big Tech of crushing rivals to boost profits
Google and Facebook took particularly sharp jabs for alleged abuse of their
market power from Democrats and Republicans on Wednesday in a much-anticipated
congressional hearing that put four of America's most prominent tech CEOs in the
hot seat.
• White House to lure U.S. firms to Latam from Asia in nearshoring drive, senior
adviser says
The Trump administration is readying a new initiative that would use financial
incentives to encourage U.S. firms to move production facilities out of Asia and
into the United States, Latin America and the Caribbean, a senior White House
adviser said on Wednesday.
     
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • SGX Nifty nearest-month futures were trading 0.2% higher at 11,233.00. 
• The Indian rupee is expected to trade higher against the dollar after the U.S.
Federal Reserve repeated its commitment to use all tools to help the economy
weather the impact of the coronavirus pandemic. 
• Indian government bond yields will likely trade little changed in early
session, as traders await the sale of the new 10-year note at a debt auction
tomorrow for further cues. The yield on the benchmark 5.79% bond maturing in
2030 is likely to trade in a range of 5.80%-5.85%. 
    
    
    GLOBAL MARKETS
    • U.S. stocks closed higher on Wednesday, adding to gains after the Federal
Reserve repeated a pledge to use its "full range of tools" to support the
economy but cautioned that the outlook "will depend significantly on the course
of the virus.
    • Asian stocks were boosted by the promise of ultra-easy monetary policy
globally as the U.S. Federal Reserve left interest rates at near zero to support
the country's virus-battered economy, sending the dollar to a two-year
trough.
    • The dollar was mired at a more than two-year low as the Federal Reserve
repeated a pledge to limit damage from the pandemic as surging new coronavirus
cases hamper the economy.
    • Longer-term U.S. Treasury yields moved slightly higher on Wednesday after
the Federal Reserve renewed its pledge to keep interest rates near zero to help
the economy recover from the COVID-19 pandemic.
    • Oil prices dipped as a surge of coronavirus infections around the globe
raised fears a rebound in fuel demand would stutter just as major oil producers
are set to raise output in August.
    • Gold prices edged lower as investors' appetite for riskier assets improved
after the Federal Reserve pledged to support the coronavirus-battered U.S.
economy, although a weaker dollar limited losses for the bullion.
    
    
                   CLOSE        FII INVESTMENTS  EQUITIES         DEBT
 PNDF spot         74.82/74.85  July 29          183.28 crores    (246.75) crores
 10-yr bond yield  5.83%        Month-to-date    6,432 crores     (1,589) crores
                                Year-to-date     (12,081) crores  (1,08,548) 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 = 74.92 Indian rupees)
 

 (Compiled by Siddharth Athreya V in Bengaluru)
  
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