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Morning News Call - India, September 25

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    FACTORS TO WATCH
    10:15 am: Apollo Hospitals is scheduled to hold its annual general meeting. 
    11:00 am: REC is scheduled to hold its annual general meeting.  
    11:00 am: IndusInd Bank is scheduled to hold its annual general meeting.  
    11:00 am: Berger Paints is scheduled to hold its annual general meeting.  
    11:00 am: Lakshmi Vilas Bank is scheduled to hold its annual general
meeting.  
    11:00 am: Arvind Ltd is scheduled to hold its annual general meeting.  
    11:30 am: BEML is scheduled to hold its annual general meeting.  
    11:30 am: Gujarat Alkalies and Chemicals is scheduled to hold its annual
general meeting.  
    12:30 pm: Jindal Saw is scheduled to hold its annual general meeting.  
    3:00 pm: NCC is scheduled to hold its annual general meeting.  
    4:00 pm: Phoenix Mills is scheduled to hold its annual general meeting.  
    4:30 pm: GMM Pfaudler holds conference call to discuss recent stake sale via
OFS by promoter entity.
    4:45 pm: Minister of State for MSMEs Pratap Chandra Sarangi to participate
in ASSOCHAM’s “Smartec India” webinar.
    6:30 pm: PMEAC Member Ashima Goyal and HSBC India’s Chief Economist Pranjul
Bhandari are scheduled to participate in NCAER’s quarterly review of the
economy.
    
    
    INDIA TOP NEWS
    • India's August crude processing drops as raging virus cases dim demand
Crude oil processed by Indian refiners slipped 26.4% from a year ago in August,
the most in four months, as fuel demand remained subdued on skyrocketing
coronavirus cases that hindered industrial and transport activity.
    • RBI rejects all bids at first open market bond buy this year
The Reserve Bank of India on Thursday rejected all the bids it received at its
first outright open market purchase of bonds for this fiscal year, puzzling
traders and investors.
    • Indian farmers intensify protests over new grain bills
Indian farmers intensified their protests over three new bills that they believe
could pave the way for the government to stop buying grain at guaranteed prices,
leaving them at the mercy of private buyers such as traders and retailers.

    • India extends suspension of bankruptcy filings
The Indian government on Thursday said it had extended a suspension of
bankruptcy filings until December, a decision aimed at helping businesses stay
afloat amid the coronavirus pandemic.
    • India ONGC douses fire; gas supplies to industries hit
A fire at an Oil and Natural Gas Corp (ONGC) plant caused by a pipeline rupture
has cut gas supplies to customers including power and fertiliser companies, gas
marketing firm GAIL said on Thursday.
    • Saudi Arabia suspends India flights due to coronavirus, sources say
Saudi Arabia on Tuesday suspended flights to and from India and banned those who
have visited the country in the past 14 days from entering the kingdom, said two
sources familiar with the matter.
    • Harley deepens restructuring with India exit
Harley-Davidson said on Thursday it would discontinue its sales and
manufacturing operations in India, effectively abandoning the world's biggest
motorcycle market after a decade of unsuccessful efforts to gain a foothold.

    • Businesses cheer, unions fear contentious Indian labour reforms
Business groups on Thursday welcomed contentious and long-delayed labour reforms
passed by India's parliament this week, aimed at making hiring and firing
workers easier and imposing restrictions on trade unions.
    • Samsung expands online smartphone range in India to woo holiday shoppers
Samsung is expanding its online-only smartphone range, a senior company
executive said on Thursday, as the South Korean tech giant hopes to win over new
customers in India's festive season sales.
    • ShareChat raises $40 million from investors including Twitter, Lightspeed
Content-sharing platform ShareChat has raised $40 million from investors
including Twitter and Lightspeed Ventures as it seeks to boost usage of its new
short-video app, the company said on Thursday.
    
    
    GLOBAL TOP NEWS
    • Top U.S. Republicans pledge peaceful transition as Trump sows election
doubts 
U.S. Senate Majority Leader Mitch McConnell and other top Republicans on
Thursday repudiated President Donald Trump's refusal to commit to a peaceful
transfer of power, assuring American voters the lawmakers would accept the
outcome of November's election.
    • Judge says U.S. must defend or delay TikTok app store ban by Friday
A U.S. judge said Thursday the Trump administration must either delay a ban on
U.S. app stores offering TikTok for download or file legal papers defending the
decision by Friday.
    • G7 finance heads seen backing extension of debt freeze for poorest nations
- sources
G7 finance ministers are expected to signal their support for extending a debt
relief programme aimed at helping the poorest countries weather the coronavirus
pandemic, three sources briefed on the issue said.
    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • SGX Nifty nearest-month futures were trading 0.7% higher at 10,917.20.
    • The Indian rupee is expected to open higher against the dollar tracking
the recovery in regional currencies and equities.
    • Indian government bond yields will likely edge higher in early session
ahead of a fresh supply of papers at a weekly auction today, amid worries over
additional borrowing in the fiscal second half. The yield on the benchmark 5.77%
bond maturing in 2030 is likely to trade in a 5.98%-6.03% range till the auction
today.
    
    
    GLOBAL MARKETS
    • Wall Street rallied in a rocky session on Thursday as beaten-down
technology shares gained favor after data showing a surge in the sale of new
homes revived faith in the economic recovery even as U.S. jobless claims rose
unexpectedly.
    • Asian shares rose after robust U.S. housing data supported a late
tech-driven rally on Wall Street, with investors picking up the pieces a day
after a broad regional index posted its biggest daily loss in more than three
months.
    • The U.S. dollar dipped from a two-month peak as renewed hopes of U.S.
stimulus eased investors' concerns about economic recovery, while the Chinese
yuan gained after the country was added to a global bond benchmark.
    • U.S. Treasury yields fell on Thursday as labor market data signaled the
economic recovery may be running out of gas, but moved off lows after a
stronger-than-expected report on the housing sector.
    • Oil prices were little changed but on track for a weekly fall on concerns
that a global resurgence of COVID-19 infections will constrain fuel demand,
while the likely return of exports from Libya will add to supply.
    • Gold inched lower, pressured by a firm dollar, and was on track for its
worst week in over a month, although renewed hopes of more U.S. stimulus
measures limited the decline.
    
    
                   CLOSE        FII INVESTMENTS  EQUITIES           DEBT
 PNDF spot         73.89/73.92  September 24     (3,882.05) crores  188.23 crores
 10-yr bond yield  5.992%       Month-to-date    (2,350) crores     3,268 crores
                                Year-to-date     33,780 crores      (109,477) 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 = 73.90 Indian rupees)
 

 (Compiled by Yoganand KN in Bengaluru)
  
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