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Morning News Call – India, March 6


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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: Finance Minister Nirmala Sitharaman to address session on «Judicial Sensitization on Insolvency Law and Associated Beast Practices,» in New Delhi. 10:00 am: Prime Minister’s Economic Advisory Council Chairman Bibek Debroy to deliver keynote address at the National Conference on Economics of Competition Law in New Delhi. 10:50 am: RBI Governor Shaktikanta Das at ASSOCHAM’s Annual Banking Summit in Mumbai. 2:00 pm: IBBI Chairman M.S. Sahoo to address FICCI event on MSMEs and Insolvency and Bankruptcy Code in New Delhi. 4:30 pm: Yes Bank CEO Ravneet Gill at Global Business Summit 2020 in New Delhi. 7:00 pm: Prime Minister Narendra Modi and Finance Minister Nirmala Sitharaman at Global Business Summit 2020 in New Delhi. INDIA TOP NEWS • India places Yes Bank under moratorium, takes over from board India on Thursday placed its fifth-largest private sector lender Yes Bank under a moratorium, with the central bank taking over from its board for 30 days, and imposed limits on withdrawals to protect depositors. • SBI Cards $1.4 billion IPO braves virus turmoil, subscribed 22 times The $1.4 billion public issue of SBI Cards and Payment Services Ltd, India‘s largest IPO in over two years, weathered the coronavirus-led global market turmoil and was subscribed 22.45 times by the final day of bidding. • Flipkart faces further anti-trust probe in India Walmart Inc’s Flipkart faces a further anti-trust probe in India after an appellate tribunal asked the competition watchdog to investigate whether the company had abused its dominant position in e-commerce. • India plans to airlift components from China to help local tech industry-sources India is planning to backstop its growing electronics sector by arranging to airlift components from China, three government officials said, as it tries to contain the fallout from the coronavirus crisis in China. • Desire for detente not enough to reignite Malaysian palm oil exports to India The ousting of Malaysia’s former prime minister Mahathir Mohamad, whose criticisms of India‘s policies in Kashmir damaged palm oil trade between the nations, has kindled hopes among Malaysian exporters for a rapid restoration of ties. • India shuts Delhi schools, imposes new travel restrictions over coronavirus India shut all primary schools in the capital New Delhi until the end of March on Thursday and imposed new restrictions on travel from Italy and South Korea as part of efforts to fight the spread of the coronavirus. GLOBAL TOP NEWS • Coronavirus cases surge in U.S., helicopter flies test kits to cruise ship The coronavirus outbreak spread further across the United States on Thursday, cropping up in at least four new states and San Francisco as Congress quickly approved more than $8 billion to fight the outbreak and Americans faced increasing disruptions to their daily lives. • POLL- China Q1 economic hit from coronavirus looking more severe The coronavirus likely halved China‘s economic growth in the current quarter compared with the previous three months, more severe than thought just three weeks ago and triggering expectations for earlier interest rate cuts, a Reuters poll found. • Airlines face $100 billion-plus virus hit, discounts ‘wouldn’t do any good’ The coronavirus epidemic could rob passenger airlines of up to $113 billion in revenue this year, an industry body warned on Thursday, while the head of Southwest Airlines said a drastic drop-off in travel demand seemed fear-driven, similar to the feeling after Sept. 11, 2001. LOCAL MARKETS OUTLOOK (As reported by NewsRise) • SGX Nifty nearest-month futures were trading 3.1% lower at 10,887.00. • The Indian rupee is expected to edge lower against the dollar, weighed by a selloff in equities worldwide amid mounting worries over the coronavirus epidemic in the U.S. and Europe. • Indian government bonds are likely to trade higher in early session, tracking a sharp slump in U.S. Treasury yields, amid growing fears about the economic impact from the rapidly spreading coronavirus. The yield on the benchmark 6.45% bond maturing in 2029 is likely to trade in a range of 6.20%-6.28% today. GLOBAL MARKETS • U.S. stocks tumbled on Thursday, with shares of banks and travel companies taking a beating, as a new wave of fear about the spread of the coronavirus and its economic impact gripped investors just one day after election results powered a rally. • Asian shares and U.S. stock futures fell following another Wall Street rout as disruptions to global business from the coronavirus beyond China worsened, stoking fears of a prolonged world economic slowdown. • The dollar nursed savage losses against the yen and euro as a plunge in U.S. yields to record lows wiped out the currency’s single greatest attraction for investors – higher interest rates. • U.S. Treasury prices rallied on Thursday as fears about the spreading coronavirus left market fundamentals in the dust and the benchmark Treasury yield sank to a record low. • Oil slid as worries about demand for fuel being sapped by the global coronavirus outbreak were heightened by concern over non-OPEC crude producers not yet having agreed to cut output further to support prices. • Gold prices inched higher and were poised for their biggest weekly gain since October 2011, as mounting worries over the economic fallout from the fast-spreading coronavirus drove investors towards the safe-haven metal. CLOSE FII INVESTMENTS EQUITIES DEBT PNDF spot 73.24/73.27 March 5 (789.43) crore (23.13) crore 10-yr bond yield 6.23 pct Month-to-date (6,760) crore (4,380) crore Year-to-date 7,183 crore (13,931) crore (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 = 73.50 Indian rupees) (Compiled by Pranay Prakash in Bengaluru)


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