Morning News Call – India, December 21 – Reuters India

By Reuters Staff
(Morning News Call India will not be published through the year-end holiday
season, from December 25, 2020 to January 1, 2021. Normal service will resume
from January 4, 2021. Seasons Greetings and Happy New Year.)
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FACTORS TO WATCH
10:00 am: Antony Waste Handling Cell IPO opens for subscription in Mumbai.
Finance Minister holds pre-budget meetings with infrastructure, energy and
climate change stakeholders in New Delhi.
Snowman Logistics board meets to consider raising funds via qualified
institutional placement in Bengaluru.
PROMOTION
LIVECHAT – REUTERS GLOBAL MARKETS FORUM
Reuters FX Buzz Analyst Jeremy Boulton looks at the weekly outlook for G7
currencies and select EM FX pairs. To join the conversation at 4:30 p.m. IST,
click here refini.tv/2P8N0Wp
INDIA TOP NEWS
India plans tough annual targets for state firms to boost valuations –
sources
India plans to set tough financial targets for state-run firms to try to
improve their valuations ahead of a push by Prime Minister Narendra Modi to
privatize some companies, according to a draft government document and sources.
India MPC to remain accommodative, sees limited rate cut window-minutes
The Reserve Bank of India is likely to maintain its accommodative monetary
policy stance but a faster-than-expected recovery in growth is limiting the
scope for further rate cuts, the minutes of the monetary policy committee (MPC)
meeting said.
Taiwan’s Wistron sees no major financial impact from India plant damage
An Indian factory damaged by violence this month was a new facility with
limited production and so there will be limited financial impact, Taiwanese
Apple supplier Wistron, which runs the plant, said late on Sunday.
India says ready to soon start voluntary COVID-19 vaccination
India’s government said on Friday it could soon start voluntary inoculation
against the COVID-19 disease as it considers emergency use authorization for
three vaccine candidates including those from AstraZeneca and Pfizer.
India’s Biological E. to start vaccine late-stage trials in April –
executive
India’s Biological E. Ltd plans to start large late-stage trials of its
potential COVID-19 vaccine candidate in April next year, according to a top
executive at the Hyderabad-based drugmaker.
Russia signs more deals with India to make 300 million Sputnik V vaccines
India will produce about 300 million doses of Russia’s Sputnik V coronavirus
vaccines next year, a Russian official was quoted as saying, nearly three times
the previously known number as deals have been signed with more manufacturers.
India hits 10 million coronavirus cases but pace slows
India exceeded 10 million infections of the new coronavirus on Saturday,
much later than predicted only a month ago as the pace of infections slows,
despite many in the country giving up on masks and social distancing.
India says border with China stable, seeking early end to face-off
Indian and Chinese diplomats agreed on Friday to work towards an early end
to the biggest confrontation between their troops in decades at their Himalayan
border where 20 Indian soldiers were killed in June.
GLOBAL TOP NEWS
U.S. Congress reaches deal on COVID-19 aid package, plans votes for Monday
U.S. congressional leaders reached agreement on Sunday on a $900 billion
package to provide the first new aid in months to an economy and individuals
battered by the surging coronavirus pandemic, with votes likely on Monday.
U.S. asked to prioritize frontline essential workers as distribution of
Moderna shots begins
An advisory panel on Sunday recommended U.S. frontline essential workers and
people 75 and older should be next in line to get inoculated as the distribution
of Moderna’s vaccine, the second approved coronavirus vaccine, began across the
country.
Britain, EU tell each other to give way in ‘difficult’ trade talks
Britain insisted on Sunday that the European Union should shift position to
open the way to a post-Brexit trade pact, drawing a swift response from the
bloc’s negotiator defending the union’s right to protect its interests.
LOCAL MARKETS OUTLOOK
(As reported by NewsRise)
SGX Nifty nearest-month futures were trading 0.4% lower at 13,728.00.
The rupee is expected to trade lower against the U.S. currency, tracking a
further rebound on the dollar index amid broad decline in regional shares.
India’s federal government bond yields are likely to open largely
unchanged ahead of fresh supply of long-term notes at a debt switch auction
today. The yield on the benchmark 5.77% 2030 bond is likely to trade in a
5.94%-5.98% band.
GLOBAL MARKETS
U.S. stocks ended lower on Friday, pulled down by uncertainty around a
coronavirus stimulus deal, while Tesla shares jumped in heavy trading in
anticipation of their addition to the S&P 500 next week.
Asian stocks faltered as unease over a new coronavirus strain that was
shutting much of the United Kingdom offset news a deal had finally been struck
on a long-awaited U.S. stimulus bill.
The dollar climbed against major peers with investors seeking its relative
safety as many countries tightened COVID-19 lockdowns.
The Treasury yield curve steepened on Friday to its highest since February
2018 as investors waited to see whether the U.S. Congress would agree on $900
billion in fresh COVID-19 relief by the end of the day.
Oil prices slid in early trade as a fast-spreading new coronavirus strain
in the United Kingdom raised concerns that tighter restrictions there and in
other European countries could stall a recovery in the global economy and its
need for fuel.
Gold prices firmed as investors cheered news that a U.S. fiscal stimulus
deal was likely to be passed, although gains were capped by a stronger dollar.
CLOSE FII INVESTMENTS EQUITIES DEBT
PNDF spot 73.5/73.53 December 18 2,633.36 crores 334.31 crores
10-yr bond yield 5.96% Month-to-date 48,858 crores 5,360 crores
Year-to-date 1,57,104 crores (1,03,592) crores
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 = 73.57 Indian rupees)
(Compiled by Sourav Bose)read more