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: here FACTORS TO WATCH 9:00 am: The Monsoon session of the Parliament continues in New Delhi. 10:00 am: Praj Industries is scheduled to hold its annual general meeting. 10:00 am: HeidelbergCement is scheduled to hold its annual general meeting. 11:30 am: Emami is scheduled to hold its annual general meeting. 12:30 pm: Chemcon Speciality Chemicals is scheduled to hold a virtual press conference for its IPO. 12:30 pm: PI Industries Managing Director and Chief Executive Raman Ramachandran and DCM Shriram Chief Executive Roshan Lal Tamak are likely to participate in CII’s webinar on “Advanced Technologies Reshaping Indian Agriculture”. 2:45 pm: External Affairs Minister Subrahmanyam Jaishankar is scheduled to participate in FICCI-SIAM’s webinar. 3:00 pm: Department of Pharmaceuticals Secretary Navdeep Rinwa is likely to participate in PHD Chamber of Commerce's webinar on the outlook for the pharma industry. 3:00 pm: Gulf Oil Lubricants is scheduled to hold its annual general meeting. 3:30 pm: Zee Entertainment is scheduled to hold its annual general meeting. 3:30 pm: Shipping Corporation of India is scheduled to hold its annual general meeting. 4:00 pm: NHPC Chairman and Managing Director A.K. Singh and NEEPCO Chairman and Managing Director Vinod Kumar Singh are likely to participate in Economic Times' virtual roundtable on “Accelerating Shifts in Power Generation & Transmission”. 4:00 pm: Mangalore Refinery & Petrochemicals is scheduled to hold its annual general meeting. 5:00 pm: Civil Aviation Ministry’s Senior Economic Advisor Vandana Aggarwal is scheduled to participate in PHD Chamber of Commerce's webinar on air cargo sector transformation. 5:00 pm: Federation of Associations of Indian Tourism & Hospitality CEO Aashish Gupta is likely to participate in CAPA India's webinar on “Designing a Strategy for the Revival of Indian Inbound, Outbound & Domestic Tourism”. 5:30 pm: International Monetary Fund Deputy Director Ratna Sahay is scheduled to participate in ASSOCHAM’s webinar on “Financial Inclusion in Post covid-19 era”. INDIA TOP NEWS • Automakers in India should reduce royalty payments to foreign parents - official Indian automakers should reduce royalty payments to foreign partners to bring down costs instead of seeking tax cuts, a finance ministry official said on Thursday, days after reports that Toyota would halt expansion in the country due to high taxes. • GM faces unexpected bills as India-China tensions delay sale of India plant -sources Delays to General Motors' sale of its Indian plant to Great Wall Motor due to tensions between India and China are likely to result in hefty unplanned costs for the U.S. automaker, people familiar with the matter said. • IT firm Happiest Minds more than doubles in market debut Shares of Happiest Minds more than doubled in their stock market debut on Thursday, underscoring strong investor interest in IT services firms during the COVID-19 pandemic. • Indian cabinet minister quits over farm legislation India's minister for food processing resigned on Thursday over her opposition to planned laws to allow farmers to sell produce directly to bulk buyers and make contract farming easier, saying the legislation will hurt millions of the country's farmers. • JSPL expects to produce 19% more steel this year as demand surges Jindal Steel and Power Ltd, one of India's top steel makers, expects to produce a record 7.5 million tonnes of the alloy this fiscal year, betting on buoyant overseas and domestic demand, a top company official said on Thursday. • China suffered 'far fewer' casualties than India in June clash - Global Times editor China suffered "far fewer" than the 20 deaths incurred by India's military in a clash on their border in the Himalayas in June, the Global Times editor-in-chief said in a tweet, contradicting a claim made by India's defence minister. GLOBAL TOP NEWS • ByteDance plans TikTok IPO to win U.S. deal as deadline looms -sources China's ByteDance is planning a U.S. initial public offering of TikTok Global, the new company that will operate the popular short video app, should its proposed deal be cleared by the U.S. government, people familiar with the matter said on Thursday. • Japan's August consumer prices fall at fastest pace in 4 years Japan's core consumer prices fell at their fastest pace in almost four years in August, dragged mostly by government-sponsored discounts for domestic travel aimed at supporting the battered tourism sector. • Judge blocks 'politically motivated' changes to U.S. Postal Service ahead of election A federal judge on Thursday blocked controversial changes to the United States postal service, saying they were "a politically motivated attack" that had slowed the nation's mail and likely would slow the delivery of ballots in the upcoming presidential election. LOCAL MARKETS OUTLOOK (As reported by NewsRise) • SGX Nifty nearest-month futures were flat at 11,529.50. • The Indian rupee is expected to trade higher against the U.S. currency, tracking broad dollar losses following tepid U.S. data. • India's federal government bond yields are expected to fall today as the central bank is likely to buy notes through an open market operation next week. The yield on the benchmark 5.77% bond maturing in 2030 is likely to trade in a range of 5.93%-5.99%. GLOBAL MARKETS • U.S. stocks fell on Thursday as technology-related shares slid for a second day and as government data showed high levels of weekly jobless claims. • Asian stocks inched up, despite Wall Street declines, but struggled to make deeper gains as worries about a faltering economic recovery kept investors to the sidelines or seeking safer harbour in assets such as the Japanese yen. • The dollar was steady in early Asia trading after falling overnight as downbeat U.S. data cast a shadow over the economic outlook, while the Japanese yen stabilised after rising against the greenback and the euro the previous day. • U.S. Treasury yields came back from declines on Thursday, but the yield curve remained flatter as investors stayed skeptical of Federal Reserve efforts to stimulate economic growth and took stock of a report showing persistently high jobless claims. • Oil prices drifted lower, pausing after three days of gains, as producers prepared to resume operations in the Gulf of Mexico and data showed Saudi Arabian exports rose from record lows. • Gold prices rose as the dollar slipped, while lacklustre U.S. employment data and vows by major central banks to roll out further stimulus if required to revive their coronavirus-hit economies also bolstered the metal's appeal. CLOSE FII INVESTMENTS EQUITIES DEBT PNDF spot 73.64/73.67 September 17 495.40 212.82 crores crores 10-yr bond yield 6.03% Month-to-date 1,897 2,327 crores crores Year-to-date 38,027 (1,10,418) crores 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 = 73.60 Indian rupees) (Compiled by Priyanka Das in Bengaluru)
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