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Morning Call – India, August 10

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To access a PDF version of this newsletter, please click here https://share.refinitiv.com/assets/newsletters/Indiamorning/MNC_IN_08102021.pdf If you would like to receive this newsletter by email, please register at: https:// / Solutions.refinitiv.com/MNCIndiaSubscriptionpage FACTORS TO WATCH 10:00 am: Chemplast Sanmar, Aptus’s initial public offering of housing finance is begin for subscription in Mumbai. 10:00 am: Subscription continues at CarTrade Tech and Nuvoco Vistas in Mumbai. 12:30 pm: Prime Minister Narendra Modi launches the Ujjwala 2.0 scheme via video conferencing. 5:00 p.m.: Manappuram’s finance department receives an analyst call following first-quarter earnings. 5:30 p.m.: Jindal Steel and Power management on a call with an analyst following first-quarter earnings. LIVECHAT-REUTERS FORUM OF GLOBAL MARKETS As global markets recover from COVID-19 and central banks scale back relief measures, uncertainty remains over inflation, geopolitics and a host of other factors. As investors look to unused topics to trade on, the Reuters Global Markets Forum is hosting a two-week group of global fund managers to discuss market outlook for the rest of the year and into 2022. Rahul Chadha, CIO, Mirae Asset Management 9:30AM ET and Mark Mobius, Emerging Markets Fund Manager and founder of Mobius Capital Partners at 2:30 PM INDCT. To join the conversations, click here https://www.refinitiv.com/en/products/refinitiv-messenger/global-markets-forum INDIA TOP NEWS • Amazon, Walmart’s Flipkart Should Face India Antitrust Investigation, Supreme Court Says Amazon.com and Walmart’s Flipkart must confront antitrust investigations ordered against them in India, the country’s Supreme Court ruled on Monday, in a blow to the leading e-commerce giants that urged judges to drop the investigations. • India considers sharp cuts in import taxes on electric vehicles following pressure from Tesla – India sources are considering cutting import duties on electric vehicles to 40%, two senior government officials told Reuters, days following pleas from Tesla to decrease the polarization of the auto industry in the country. • Amazon, the largest Indian seller at the end of a Cloudtail relationship amid regulatory heat, Amazon.com and one of its largest sellers in India, Cloudtail, have decided to end their relationship, they said Monday, following years of allegations from brick-and-mortar retailers. The seller received preferential treatment. SoftBank-backed Oyo lists investment banks for $1.2 billion initial public offering – Indian hospitality startup Oyo Hotels & Rooms backed by Moneycontrol SoftBank has listed JP Morgan, Kotak Mahindra Capital and Citi for an initial share sale of more than $1.2 billion, reports A financial news site on Monday, citing multiple industry sources. • The demand for fuel in India for July rose to 3 months The demand for fuel in India in July rose to its highest levels since April as restrictions imposed on the outbreak of the epidemic and closures were lifted in most states, which boosted industrial activity and mobility. • India tells refineries, fertilizer plants to use some green hydrogen India plans to force refineries and fertilizer plants to use some green hydrogen, junior oil minister Rameswar Teli said Monday, as Asia’s third-largest economy seeks to cut carbon emissions. • Indian court issues divided ruling on PNB-Carlyle share deal The Indian Securities Appeals Tribunal (SAT) has issued a divided ruling on the allocation of PNB Housing Finance’s Rs 400 billion shares to a group of investors led by the Carlyle Group, a ruling seen by Reuters shows. GLOBAL NEWS • US Senate votes to pass $1 trillion infrastructure bill The US Senate has set a vote on Tuesday to pass a bipartisan $1 trillion infrastructure bill that is one of President Joe Biden’s top priorities, following which it will start immediately In discussing a far-reaching $3.5 trillion bill. The UN Climate Panel said in a landmark report on Monday that the UN climate change report appears to be a “red code for humanity” that global warming is dangerously close to spiraling out of control, warning that the world will already confront decades of more climate disruption, if not Not for centuries to come. • Fed officials say tapering is near, pushes interest rate hike debate Two Fed officials said on Monday that the US economy is growing rapidly and that while the labor market still has room for improvement, inflation is already at a level that can satisfy One leg for a major test to start raising interest rates. Local Market Outlook (As reported by NewsRise) • The nearest month SGX Nifty futures traded 0.1% lower at 16253.00. • The Indian rupee is expected to decline against the dollar following statements by two Federal Reserve officials, which indicated that bond purchases from the US Central Bank are imminent. • India’s federal government bond yields are likely to begin little changed ahead of a unused supply of state paper. The benchmark bond produce of 6.10% due in 2031 is likely to trade in the range of 6.20%-6.25%. Global Markets • The S&P 500 index fell on Monday, as concerns about fuel demand during the pandemic drove energy stocks lower, but higher US Treasury yields pushed up financial stocks, keeping the Wall Street benchmark near record levels. • Asian stocks started on a weak basis following a largely weak performance on Wall Street, as ongoing concerns about the spread of the delta variable of the coronavirus dented sentiment and caused metal and oil prices to slide. • The dollar was rebounding in beforetime trade as a streak of powerful US jobs numbers bolstered expectations that the US Federal Reserve may soon begin to scale back the massive stimulus driven by the coronavirus. • US Treasury yields rose on Monday, as record job openings led to stronger-than-expected employment gains in July to balance an improving labor market. • Oil prices rose, up from a three-week low in the previous session, but gains are likely to be limited by concerns that rising COVID-19 cases and restrictions in China will affect fuel demand. • Gold prices fell near multi-month lows, weighed down by higher US bond yields and a stronger dollar following powerful US jobs data final week lifted batches of Federal Reserve stimulus earlier than expected. Close FII Equity PNDF Spot 74.25 / 74.28 Aug 9158.02 Crores 44.80 Crores 10 Years Bond Yield 6.221% MoM 1.133 Crores 303 Crores To Date 50,169 Crores (22,630) Crores (FII Investment Figures in Hindi Rs. Securities Depository Limited) for additional data: Indian government bond market volumes, stock market reports, non-deliverable futures data, corporate debt stories [IN CORPD] Local market close / intraday levels [IN SNAPSHOT] monthly flows [INFLOWS RTRS TABLE IN] ($1 = INR 74.45) (Collected by Benny Thomas in Bengaluru)

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