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Company News

Morning News Call - India, June 22

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    FACTORS TO WATCH
    1:30 pm: Fitch Ratings’ webinar on “Outlook for Asia-Pacific Sovereigns:
Recovery amid lingering rating pressures” in Mumbai.
    
    LIVECHAT - REUTERS GLOBAL MARKETS FORUM
Mike Dolan, Reuters Editor at Large, Finance & Markets, looks at the week ahead
for markets. To join the conversation at 3:30 pm IST, click on the link: refini.tv/2P8N0Wp
    
    
    INDIA TOP NEWS
    • India gives Hetero Labs and Cipla approval to make Gilead's COVID-19 drug
    India's drug regulator has given Hetero Labs and Cipla the green light to
manufacture and market their generic version of Gilead Sciences Inc's
experimental COVID-19 treatment remdesivir, the Indian pharmaceutical companies
said on Sunday.
    • India gives Hetero Labs and Cipla approval to make Gilead's COVID-19 drug
    India's drug regulator has given Hetero Labs and Cipla the green light to
manufacture and market their generic version of Gilead Sciences Inc's
experimental COVID-19 treatment remdesivir, the Indian pharmaceutical companies
said on Sunday.
    • Reliance is "net-debt free", on road to IPO for digital, retail units
India's Reliance Industries said on Friday it has become net-debt free after
raising 1.69 trillion rupees via stake sales in its digital unit and a share
sale over the past two months.
    • Glenmark gets India approval for favipiravir as COVID-19 treatment
Glenmark Pharmaceuticals has received Indian regulatory approval to make and
sell oral antiviral drug favipiravir for treating mild-to-moderate COVID-19
infections in the country, it said on Friday.
    • Amazon signals entry into alcohol delivery in India with nod in key state
-document
Amazon.com has secured clearance to deliver alcohol in India's eastern state of
West Bengal, according to a document seen by Reuters, signalling the U.S.
e-commerce giant's first foray into the country's multi-billion-dollar sector.

    • S.Korea's SsangYong Motor looking for possible buyer as Mahindra may exit
South Korean sports-utility vehicle maker SsangYong Motor is looking for a
potential buyer after India's Mahindra and Mahindra said it could give up its
majority stake in the struggling company.
    • India's pursuit of global investors hits turbulence
India's ambition to attract more foreign money into its financial markets is
being buffeted again, having only just started to make progress after years of
talk but very little action.
    
    
    GLOBAL TOP NEWS
    • China leaves benchmark lending rate unchanged for second straight month
China left its benchmark lending rate unchanged for the second straight month at
its June fixing, matching market expectations, after the central bank kept
borrowing costs on medium-term loans steady last week.
    • Britain labels stabbing 'atrocity' in town park as terrorism
A stabbing rampage in the southern English town of Reading in which three people
were killed and three taken to hospital was an act of terrorism, police said on
Sunday, calling the attack in a sunny park an atrocity.
    • Trump slams protests, defends pandemic response as Tulsa crowd underwhelms
President Donald Trump, addressing a less-than-full arena for his first
political rally in months, blasted anti-racism protests and defended his
handling of the coronavirus on Saturday in a bid to reinvigorate his re-election
campaign.
    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • SGX Nifty nearest-month futures 0.5% lower at 10,194.50.
    • The rupee is expected to trade lower against the dollar, tracking losses
in most regional currencies amid worries that new outbreaks of coronavirus will
impede the economic rebound.
    • Indian government bonds yields are likely to trade largely unchanged in
early session, as market participants still await steps from the central bank to
absorb the heavy debt supply. The yield on the benchmark 5.79% bond maturing in
2030 is likely to trade in a range of 5.82%-5.88% today.
    
    
    GLOBAL MARKETS
    • The S&P 500 ended lower on Friday after an up-and-down session as
investors weighed spiking cases of COVID-19 and Apple Inc's announcement of
fresh store closures against anticipated stimulus and continued economic
recovery.
    • U.S. stock futures erased losses and Asian stocks held flat, trying to
shake off worries that rising coronavirus cases in the United States could
scupper a quick economic rebound from the massive downturn triggered by the
pandemic.
    • The U.S. dollar touched a three-week high and commodity currencies were
stalled, as renewed worries about a second wave of coronavirus infections sent
investors into safer assets.
    • U.S. Treasury yields gave up earlier gains on Friday as the spread of the
novel coronavirus in some U.S. states cast doubts on whether the economy will
bounce back as quickly as hoped.
    • Oil prices nudged higher on tighter supplies from major producers, but
concerns that a record rise in global coronavirus cases could curb a recovery in
fuel demand checked gains.
    • Gold jumped to its highest in more than a month as investors sought the
safe-haven metal after surging coronavirus cases intensified concerns over a
delay in global economic recovery.
        
    
                   CLOSE        FII INVESTMENTS  EQUITIES         DEBT
 PNDF spot         76.16/76.19  June 19          556.61 crores    (682.88) crores
 10-yr bond yield  5.85%        Month-to-date    20,527 crores    (3,826) crores
                                Year-to-date     (19,818) crores  (1,09,240) 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  (76.25 Indian rupees)
 

 (Compiled by Pranay Prakash in Bengaluru)
  
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