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Morning News Call - India, September 18

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    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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