Morning News Call – India, June 11

To access a PDF version of this newsletter, please click here If you would like to receive this newsletter by email, please subscribe to: https: // FACTORS TO MONITOR • 4:00 pm: Briefing from the Ministry of Health on the Covid-19 situation in New Delhi. • 5:00 pm: Sun TV Network management in a conference call with analysts following fourth quarter results. • 5:30 pm: The government will release April data on industrial production. INDIA TOP NEWS • Paytm, MakeMyTrip, Infosys Offer to Help India Book COVID Vaccines Paytm, Infosys and MakeMyTrip are among companies seeking approval in India to provide COVID-19 vaccine reservations online, the head of the government’s technology platform said, as the country tries to make it easier for its huge population to book hits. • India set to compensate foreign vaccine makers like Pfizer – sources India set to agree to grant foreign manufacturers of COVID-19 vaccines such as Pfizer legal liability protection so he can use their vaccines in a vaccination campaign facing severe shortages, three government sources told Reuters. • Reliance says the FCCU unit at the Jamnagar refinery is closed, exports may be delayed. Reliance Industries said on Wednesday that a secondary unit at its export-oriented refinery in the western state of Gujarat had been closed since June 6, which could delay the shipment of some product shipments. • India offers 32 zones in latest small oil and gas auction India on Thursday launched its third small open field auction offering 32 contract zones with 75 oil and gas discoveries, said Anand Gupta, additional director general of the General Directorate of Hydrocarbons. • Young, Indian, unvaccinated: World’s largest vaccination campaign falters Following an increase in COVID-19 infections across the country in April, Prime Minister Narendra Modi accelerated plans to expand the program and opened vaccinations from May 1 for people aged 18 to 18. 45 years old. As of June 4, India had provided at least one dose to around 50 million people between the ages of 18 and 44, which is only 8% of that population group. GLOBAL NEWS • G7 to donate billion doses of COVID-19 vaccine to poorest countries British Prime Minister Boris Johnson expects Group of Seven to agree to donate billion doses of COVID-19 vaccine to poorest countries at its summit beginning Friday, and help immunize the world by the end of next year. • Chinese ridesharing giant Didi sets the stage for New York mega-float Didi Chuxing, China’s largest ridesharing company, released its long-awaited U.S. stock exchange listing on Thursday, paving the way for what should be the largest initial public offering in the world this year. • “Beat Them”: Toshiba and Japan colluded against foreign investors, investigation reveals Toshiba Corp and Japanese government colluded to rely on foreign investors to support the company’s leadership during a key vote, according to an investigation which found an executive said they would ask the Commerce Department to “beat” a hedge fund. LOCAL MARKET OUTLOOK (as reported by NewsRise) • Nearest month SGX Nifty futures were trading up 0.1% to 15,785.00. • The Indian rupee is expected to trade higher against the dollar after the US and Asian markets ignored larger-than-expected increases in US consumer inflation. • Indian sovereign bond yields are expected to open lower, as the ratings included in the central bank’s debt purchase for next week were broadly in line with expectations, while a further decline in long-term US yields could also help the feeling. However, a sharp drop in local yields could be capped before a new ticket supply in today’s weekly Rs 260 billion auction, which includes the benchmark note. The yield on the 5.85% benchmark bond maturing in 2030 is expected to trade in the 5.98% -6.04% range until today’s auction. GLOBAL MARKETS • Wall Street stocks ended higher on Thursday, with the S&P 500 closing above its previous May 7 record, with economic data appearing to support the Federal Reserve’s claim that the current wave of inflation increased will be temporary. • US bond yields fell to their lowest level in three months and a wide range of Asian stocks rose as investors saw enough one-off factors in the US consumer price data to support the conviction of the Federal Reserve that the rise in inflation will be transient. • After a week of anxious wait, the markets got the high US inflation number they dreaded, ignored it and moved on, leaving the US dollar under pressure and most majors stuck in. Forks. • Oil prices fell, but were set for their third weekly hike on expectations of a recovery in fuel demand in Europe, China and the US as rising vaccination rates lead to easing pandemic brakes. • Gold prices hovered near the key level of $ 1,900 an ounce, helped by a weaker dollar and US bond yields, as investors ignored data showing rising US inflation and hoping that the Federal Reserve would not change its accommodative stance. CLOSING FII INVESTMENTS SHARES DEBT PNDF spot 73.07 / 73.1 June 10 597.93 crore (2,094.92) crore 10-year bond yield 6.019% Monthly cumulative 14,078 crore (3,379) crore Year-to-date 57,207 crore (20 701) crore (FII investment figures are in Indian rupees Source: National Securities Depository Limited) For additional data: Indian government bond market volumes Stock market reports Undeliverable futures data Corporate debt stories [IN CORPD] Local market closure / intraday levels [IN SNAPSHOT] Monthly collections [INFLOWS RTRS TABLE IN] ($ 1 = 73.03 Indian rupees) (Compiled by Yoganand KN in Bangalore)

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