Morning News Call - India, November 20

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:
    9:15 am: Gland Pharma virtual listing ceremony.
    12:30 pm: Commerce Minister Piyush Goyal at CII Asia Heath 2020 digital
    2:30 pm: Textiles Minister Smriti Irani at FICCI Global Young Leaders
    3:00 pm: SIAM webinar on automotive aftermarket parts.
    3:30 pm: RRG Research BV Director Trevor Neil at Refinitiv webinar.
    5:00 pm: RBI to release weekly foreign exchange data.
    6:40 pm: Delhi Chief Minister Arvind Kejriwal at Hindustan Times Leadership
    Brigg Macadam Partner Greg Swenson tells the forum about African private
market real asset opportunities his firm is involved in as well as the outlook
for African sovereign issuers given fiscal constraints due to the pandemic. To
join the conversation at 9:30 pm IST, click here here

    • Adani has no guaranteed customer for $6 billion Indian solar project -
Adani Green Energy's record $6 billion solar power project announced in June has
no guaranteed customer, its deal with India's main solar-adoption agency shows,
and may expose the company to higher financial risk.
    • Reliance says retail venture completes fundraising, rakes in $6.4 billion
Reliance Industries on Thursday said its retail arm had completed its
fundraising exercise as more than half a dozen investors poured $6.37 billion
into a 10.09% stake in the company in two months.
    • Twitter faces renewed heat in India over inaction against anti-court posts
Social media giant Twitter faced censure from Indian legislators for a second
time in weeks for failing to take down posts critical of India's top court and
judges that a parliamentary panel called "obscene".
    • India nears 9 million coronavirus cases
India has recorded 45,576 new cases of the coronavirus health ministry data
showed on Thursday, taking total infections in the country to 8.96 million.

    • Indian regulator demands $8.4 billion from Sahara in Supreme Court
India's market regulator has filed a petition with the Supreme Court asking it
to direct embattled Sahara conglomerate chief Subrata Roy and two of his
companies to deposit $8.4 billion that it said was due to its investors.

    • India aims to reduce diesel use with $1.35-billion LNG retail push 
Indian companies will spend $1.35 billion over three years on 1,000 liquefied
natural gas (LNG) stations along main roads and industrial corridors and in
mining areas, the oil minister said on Thursday, to cut diesel consumption.

    • East-to-west flow of gold slows as Swiss exports to India rebound
The flow of gold from east to west triggered by the coronavirus pandemic eased
in October as Switzerland's imports of bullion from Asia fell and it exported
more to India than in any month since May 2019, Swiss customs data showed on
    • India's economy to return to normal faster than expected - Barclays
Barclays lifted its fiscal 2022 growth forecast for the Indian economy to 8.5%
from an earlier projection of 7%, saying the country would "return to normal"
faster than expected as the COVID-19 curve in the world's second-most populous
nation starts flattening.
    • Mnuchin pulls plug on some pandemic lending programs that Fed considers
U.S. Treasury Secretary Steven Mnuchin said on Thursday that key pandemic
lending programs at the Federal Reserve would expire on Dec. 31, putting the
outgoing Trump administration at odds with the central bank and potentially
adding stress to the economy as President-elect Joe Biden organizes his
    • WHO advises against Gilead's remdesivir for all hospitalised COVID-19
Gilead's drug remdesivir is not recommended for patients hospitalised with
COVID-19, regardless of how ill they are, as there is no evidence it improves
survival or reduces the need for ventilation, a World Health Organization panel
    • Large Boeing 737 MAX customers signal caution on orders amid COVID-19
A day after Boeing received approval for its 737 MAX to fly again following a
20-month grounding, its two largest U.S. and European customers signaled caution
on their order books as they monitor demand in the midst of the coronavirus
    (As reported by NewsRise)
    • SGX Nifty nearest-month futures were 0.2% higher at 12,799.50.
    • The Indian rupee is expected to trade higher against the dollar tracking
an uptick on most Asian currencies. 
    • Indian federal government bond yields will likely open little changed
ahead of a fresh supply of notes at a weekly auction today. The yield on the
benchmark 5.77% 2030 bond is likely to trade in a 5.86%-5.92% band till the
auction today.
    • U.S. stock market futures dropped late on Thursday after Treasury
Secretary Steven Mnuchin pulled the plug on some of the Federal Reserve'
pandemic emergency lending programs.
    • World financial markets were hit by a wave of uncertainty after U.S.
Treasury Secretary Steven Mnuchin called for an end to coronavirus pandemic
relief for struggling businesses, sparking a rare clash between the central bank
and Treasury.
    • The dollar halted its week-long slide after U.S. Treasury Secretary Steven
Mnuchin told the Federal Reserve to return money earmarked for pandemic lending
to businesses, nonprofits and local governments.
    • U.S. Treasury yields fell on Thursday as the prospect of a weak fourth
economic quarter overcame optimism that vaccines against COVID-19 are close to
being rolled out and could return the economy to normal.
    • U.S. oil prices slipped, dropping for a second day as concerns mounted
about the hit to demand from the surge in COVID-19 infections forcing new
lockdowns, but prices were supported by signs of movement on a stimulus deal in
    • Gold prices fell, weighed by uncertainty over more U.S. stimulus measures
after Treasury Secretary Steven Mnuchin said key pandemic lending programs at
the Federal Reserve would expire by the end of the year.
                   CLOSE        FII INVESTMENTS  EQUITIES         DEBT
 PNDF spot         74.29/74.32  November 19      5,403.75 crores  (104.82) crores
 10-yr bond yield  5.88%        Month-to-date    42,190 crores    1,580 crores
                                Year-to-date     90,078 crores    (1,05,566) 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 = 74.10 Indian rupees)

 (Compiled by Pathikrit Bandyopadhyay in Bengaluru)