Top headlines: PM blasts 'foreign interference', SA puts vaccine on hold

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Modi asks farmers to end protests, slams 'foreign destructive interference'

Prime Minister Narendra Modi on Monday slammed those calling agitating Sikh farmers names, saying it won't do the country any good as he went on to appeal to the protesting farmers to withdraw their over two-month-long stir and give the new agriculture reform laws a chance. He also slammed the politics over the farm laws, saying opposition parties were mum over the reasons for the agitation. Punning on the term FDI, which stands for Foreign Direct Investment, Modi said a new thing of FDI has emerged in India, which he said was Foreign Destructive Ideology. Read more

JSW Steel to raise $1 bn via dollar bonds for Bhushan acquisition, capex

JSW Steel is planning to raise $1 billion to fund its acquisition of Bhushan Power and Steel and refinance old loans. A banking source said talks with the company are currently focused on the structure of the offering and seeking necessary approvals from the Reserve Bank of India (RBI). "The issue will be launched as early as this month," said a banker. Read more

RBI plans Rs 3 trillion in sovereign bond purchases to cap yield at 6%

India’s central bank will target to buy more than Rs 3 trillion ($41 billion) of sovereign bonds in the year starting April 1 to cap benchmark yields at about 6 per cent, according to a person familiar with the matter. The Reserve Bank of India has so far bought about Rs 2.5 trillion of net debt in the current financial year. The figure will be as high as Rs 3 trillion by end-March as authorities are keen to shrink the spread between the 10-year bond yield and repo rate to around 150 basis points from more than 200 basis points, the person said, asking not to be identified discussing private deliberations. Read more

Dixon's shares soar on founder Vachani's bet to make phones in India

Almost three decades ago, Sunil Vachani borrowed $35,000 so he could start making 14-inch television sets in a rented shed outside New Delhi. It was an unconventional choice given India, though renowned for software and services, had long lagged behind in manufacturing. Today, Vachani’s startup has grown into a sprawling electronics empire. His Dixon Technologies boasts a market value of more than $2.5 billion and the capacity to produce about 50 million smartphones this year. It’s an early indicator of the country’s opportunities -- and challenges -- in building a sophisticated manufacturing sector, a top priority for Prime Minister Narendra Modi. Read more

South Africa puts AstraZeneca vaccinations on hold over variant data

South Africa will put on hold use of AstraZeneca's COVID-19 shot in its vaccination programme, after data showed it gave minimal protection against mild-to-moderate infection caused by the country's dominant coronavirus variant. Health Minister Zweli Mkhize said on Sunday that the government would await advice from scientists on how best to proceed, after a trial showed the AstraZeneca vaccine did not significantly reduce the risk of mild or moderate COVID-19 from the 501Y.V2 variant that caused a second wave of infections starting late last year. Read more