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Morning News Call - India, November 29

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To access a PDF version of this newsletter, please click here If you would like to receive this newsletter via email, please register at: FACTORS TO WATCH • 2:00 pm: CRISIL Ratings media webinar on non-banking financial companies. INDIA TOP NEWS • EXCLUSIVE-Visa complains to U.S. govt about India backing for local rival RuPay Visa has complained to the U.S. government that India's "informal and formal" promotion of domestic payments rival RuPay hurts the U.S. giant in a key market, memos seen by Reuters show. • Amazon asks India antitrust body to revoke Reliance-Future deal approval Amazon has asked India's antitrust regulator to revoke its approval for Future Retail's $3.4 billion sale of retail assets to Reliance, saying it was "illegally obtained", violating an order suspending the deal, a letter seen by Reuters shows. • EXCLUSIVE-Tata in talks to set up $300 million semiconductor assembly unit-sources India's Tata group is in talks with three states to invest up to $300 million to set up a semiconductor assembly and test unit, two sources familiar with the matter said, as part of the conglomerate's push into high-tech manufacturing. • POLL-Indian GDP likely boosted in July-Sept as lockdowns lifted India's economic recovery likely strengthened in the previous quarter, boosted by services activity that recovered after pandemic-related mobility restrictions were eased, a Reuters poll of economists found. • RBI sidesteps proposal on corporate ownership of banks India's central bank said on Friday it would reform rules on the structure of private sector banks but a source familiar with the matter said the changes would not include allowing industrial groups to own lenders. • Paytm September net loss widens, says maintains growth momentum India's One 97 Communications, the parent of fintech firm Paytm, said on Saturday its net loss for the three months through September widened by 8.4% as expenses rose. • Cryptocurrency exchange Coinstore enters India despite pending curbs on trade Singapore-based virtual currency exchange Coinstore has begun operations in India at a time when the Indian government is preparing legislation to effectively bar most private cryptocurrencies. • Fintech Slice raises $220 million, hits "unicorn" status Indian fintech company Slice said on Monday it had raised $220 million in a Series B funding round led by investment giant Tiger Global and private equity firm Insight Partners that valued the company at more than $1 billion. GLOBAL TOP NEWS • Omicron variant detected in more countries as scientists race to find answers The Omicron coronavirus variant spread around the world on Sunday, with new cases found in the Netherlands, Denmark and Australia even as more countries imposed travel restriction to try to seal themselves off. • Japan October retail sales boosted by fuel-price spike, broad trend still soft Japan's retail sales rose for the first time in three months in October, though less than expected, and the underlying private consumption trend pointed to persistent strains on a fragile economic recovery despite an easing of COVID-19 curbs. • OPEC postponses technical meetings to evaluate Omicron impact -sources OPEC and its allies have postponed technical meetings to later this week, giving themselves more time to assess the impact of the new Omicron coronavirus variant on oil demand and prices, according to OPEC+ sources and documents. LOCAL MARKETS OUTLOOK (As reported by NewsRise) • SGX Nifty nearest-month futures were trading 0.2% higher at 17,083.50. • The Indian rupee is expected to trade little changed to the dollar amid a rebound in U.S. equity futures and oil prices from losses suffered on concerns over the new coronavirus mutation. • Indian sovereign bond yields may decline in early trade, in line with easing crude oil prices and U.S. Treasury yields, on concerns over the outlook for global economic growth following the detection of a new variant of the coronavirus. The yield on the benchmark 6.10% bond maturing 2031 may trade in the 6.30%-6.35% range. GLOBAL MARKETS • U.S. stocks closed lower on Friday, with the Dow and S&P 500 suffering their biggest one-day percentage drops in months, and pandemic-hit sectors that had gained from a reopening falling sharply after a new coronavirus mutation was found. • U.S. stock futures led a market rebound as investors prepared to wait a few weeks to see if the Omicron coronavirus variant would really derail economic recoveries and the tightening plans of some central banks. • Currency markets calmed in Asia after the initial shock of the discovery of the Omicron coronavirus variant sent investors scurrying for cover last week, but analysts warned of more volatility with little still known about the new strain. • U.S. Treasury debt yields on Friday posted their sharpest drop since the pandemic began as investors rushed toward safe-haven assets following the emergence of a new coronavirus variant in South Africa. • Oil prices rose, recouping some losses after Friday's plunge of about $10 a barrel, as investors looked for bargains but remained cautious with the focus on the Omicron coronavirus variant and Iran nuclear deal negotiations. • Gold prices edged higher, as concerns over the impact of the possibly vaccine-resistant Omicron coronavirus variant supported the precious metal's safe-haven appeal. CLOSE FII INVESTMENTS EQUITIES DEBT PNDF spot 74.85/74.88 November 26 (172.09) crores (275.22) crores 10-yr bond yield 6.330% Month-to-date 1,400 crores 982 crores Year-to-date 52,123 crores 1,439 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 = 75.04 Indian rupees) (Compiled by Haneyl Jacob in Bengaluru)

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