Morning News Call - India, November 10

To access a PDF version of this newsletter, please click here here
    If you would like to receive this newsletter via email, please register at:
    10:00 am: Gland Pharma IPO subscription continues.
    10:00 am: Equitas Small Finance Bank conference call post second-quarter
    12:00 pm: FADA media briefing on Harley-Davidson issue. 
    2:45 pm: Mahindra & Mahindra Chief Executive and Managing Director Pawan
Goenka at a virtual press conference post second-quarter earnings. 
    3:00 pm: Finance Minister Nirmala Sitharaman, Junior Finance Minister Anurag
Singh Thakur at Indian Banks’ Association virtual annual general meeting.
    4:00 pm: Health Ministry briefing on Covid-19 situation. 
    4:00 pm: ONGC Director Finance Subhash Kumar at India Ratings webinar on
trends transforming the natural gas sector.
    4:00 pm: GAIL (India) Director Finance at a conference call post
second-quarter earnings.
    4:00 pm: Hindalco Industries conference call post second-quarter earnings.
    4:30 pm: NCC investors conference call post second-quarter earnings.
    4:30 pm: ABB Power Products investors conference call post second-quarter
    5:00 pm: Rakesh Mohan, Former RBI Deputy Governor, SPJIMR Associate
Professor Finance Ananth Narayan at a webinar on “Third Generation Reforms for
India's Growth & Development."
    6:00 pm: Tata Power analyst conference call post second-quarter earnings.

    Jon Lieber, Managing Director, United States at Eurasia Group joins the
forum from Washington D.C. to discuss the results of the U.S. elections, the
issues with election polling, and the outlook for major policy issues. To join
the conversation at 9:30 pm IST, click here here
    • India's antitrust body orders investigation into Google payments app,
in-app billing
    India's antitrust body on Monday ordered an investigation into allegations
that Alphabet's Google was abusing its market position to promote its payments
app as well as forcing app developers to use its in-app payment system.

    • Real estate, pharma firms among winners of India's coal mine auctions
Real estate, infrastructure and pharmaceutical companies were among the winners
of India's first coal mine auctions open to the private sector without
restrictions on end-use, the government said on Monday.
    • Essar, Raizen and Ultra consider bid for Petrobras' refinery
Brazil's Petroleo Brasileiro is set to receive binding offers on Dec. 10 for its
Rio Grande do Sul state refinery Refap, with Indian conglomerate Essar Group and
local firms Raizen and Ultrapar Participacoes among its potential bidders,
people familiar with the negotiations said.
    • Deutsche Bank to sell IT unit to Tata as it trims staff 
Germany's Deutsche Bank has agreed to sell its IT services division Postbank
Systems to India's Tata Consultancy Services, it said on Monday.
    • India's October car, motorbike sales skid as dealers caution over stock
Retail car sales in India fell by 8.8% in October and motorbikes by 26.8% from a
year ago, with purchasing slow to recover from the effects of the ongoing
COVID-19 pandemic, data released by automobile dealers on Monday showed.

    • Energy guzzler India seeks foreign investment in strategic petroleum
India has invited global firms to invest in its strategic petroleum reserves
(SPRs) as the nation's energy consumption growth would be fastest among large
economies in coming decades, oil minister Dharmendra Pradhan told a conference
on Monday.
    • Tata Steel, POSCO join forces to develop hyperloop tubes
Tata Steel Europe and South Korea's POSCO will collaborate to develop steel
tubes needed for high-speed hyperloop transportation systems, the companies said
on Monday.
    • Heavy rain, pest outbreak curtails India's cotton output-trade body
India's cotton production is expected to fall 1.1% from a year ago to 35.6
million bales (6 million tonnes) in 2020/21 despite higher area as excessive
rainfall and pink bollworm infestation curtailed yields, a leading trade body
said on Monday.
    • Pfizer vaccine trial success signals breakthrough in pandemic battle
Pfizer's experimental COVID-19 vaccine is more than 90% effective based on
initial trial results, the drugmaker said on Monday, a major victory in the war
against a virus that has killed over a million people and battered the world's
    • Barr tells prosecutors to probe allegations of election irregularities
U.S. Attorney General William Barr told federal prosecutors on Monday to look
into "substantial" allegations of voting irregularities but urged them not to
pursue "fanciful or far fetched claims."
    • FAA in final stages of Boeing 737 MAX review; could approve as early as
Nov. 18
The U.S. Federal Aviation Administration is in the final stages of reviewing
proposed changes to Boeing's 737 MAX and expects to complete the process in the
"coming days," the agency's chief told Reuters on Monday.
    (As reported by NewsRise)
    • SGX Nifty nearest-month futures were 1.3% higher at 12,663.50. 
    • The Indian rupee is expected to trade higher against the dollar amid firm
risk appetite following progress towards an effective coronavirus vaccine. 
    • Indian government bond yields are likely to open higher in early session
tracking a spike in U.S. Treasury yields overnight amid optimism over the
development of a coronavirus vaccine. The yield on the benchmark 5.77% bond
maturing in 2030 is likely to trade in a 5.86%-5.92% band today.     
    • The S&P 500 and the Dow rallied sharply but closed shy of their records on
Monday as investors bet that a full economic reopening was finally in sight
following the first positive data from a late-stage COVID-19 vaccine trial.
    • Asian share markets mostly shot higher driven by regional airline, tourism
and travel stocks as global investors applauded progress in the development of a
coronavirus vaccine which lifted confidence in a world economic recovery.

    • The yen scraped back some losses against the U.S. dollar, after the safe
currency took a drubbing on news of the development of a coronavirus vaccine
which raised optimism of a global economic recovery.
    • U.S. Treasury yields jumped on Monday, as news of a successful late-stage
vaccine from Pfizer Inc spurred optimism that the world's largest economy would
emerge from a pandemic-induced recession.
    • Oil prices dropped as concerns over fuel demand in the near term in
coronavirus-hit Europe and the United States returned to haunt the market after
an overnight surge on progress towards a COVID-19 vaccine.
    • Gold prices edged higher in early Asian trade after falling as much as
5.2% in the previous session, as hopes of more U.S. stimulus measures to weather
the impact of rising COVID-19 cases nudged investors towards the precious metal
as an inflation hedge.
                   CLOSE        FII INVESTMENTS  EQUITIES         DEBT
 PNDF spot         74.03/74.06  November 9       4,883.99 crores  263.88 crores
 10-yr bond yield  5.88%        Month-to-date    11,448 crores    1,111 crores
                                Year-to-date     59,336 crores    (1,06,035) 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 = 73.92 Indian rupees)

 (Compiled by Pathikrit Bandyopadhyay in Bengaluru)