Indian Economy News Highlights:
India’s rate-setting panel headed by RBI Governor Shaktikanta Das may raise the benchmark interest rate by 50 basis points to 5.90%, according to 34 of 46 economists in a Bloomberg survey. 11 predict a 35 basis points hike and one for a 25 basis points increase.
o India Set for Third Half-Point Hike as Rupee Slumps: Guide
• UK Working ‘Intensely’ with India on Free Trade Agreement
• Modi Government Keeps Second-Half Borrowings Largely Unchanged
o India to Borrow INR5.92T in Fiscal Second Half; Est. INR6T
• India’s Current Account Deficit Swells to Near Decade High
o April-June Current Account Deficit $23.90B; Est. -$30.80B
• India Slightly Reduces Annual Bond Sale Goal on Buoyant Revenue
o India Plans Debut Green Bonds to Raise $2 Billion by March
o India to Sell 2.86T Rupees of T-Bills Oct.-Dec.: DEA
• CCI approves Buying Assets of Essar Group by ArcelorMittal Nippon
• India Postpones Six Airbag Rule for Cars Despite Deadliest Roads
• SURVEY: India Economy to Expand 6.2% in 3Q22; Prior +6.5%
• Indian Stocks Drop for Seventh Day as Risk-Off Grips Markets
• India Nifty Faces 30% Downside Risk on Bond Mean Reversal: CLSA
• India Foreign Travel Spending Up 195% in 2Q Y/Y
• Global Funds Sell Net INR36B of India Stocks on Thursday: NSE
o Domestic funds buy net 31.6b rupees of stocks
• Defence minister visits forward areas in Arunachal, interacts with troops at the LAC: PTI
• Zee-Sony merger hearing inconclusive Both Zee and Sony asked to make written submissions: CNBC- TV18
• Govt upgrades Mukesh Ambani’s security cover to Z plus: PTI
• 4:00pm: India Fiscal Deficit in rupees for April-Aug., prior -11,040
• 5:30pm: August Eight Infrastructure Industries, prior 4.5%
• 10am: RBI Bi-monthly Monetary Policy Statement for 2022-23
o RBI Benchmark Repurchase Rate, Est. 5.90% (prior 5.40%)
o RBI Cash Reserve Ratio Est. 4.50% (prior 4.50%)
• RBI to release weekly FX, bank credit data
• Adani Power (ADANI): CCI approves co.’s acquisition of share of Diliigent Power and DB Power: PIB
• Hero MotoCorp (HMCL): To Invest $60 Million in Zero Motorcycles for EVs
• Life Insurance Corp (LICI): Raises Deepak Nitrite holding to 5.028% from 4.977%
• Lupin (LPC): Gets U.S. FDA ANDA approval for Mirabegron extended- release tablet, a generic of Myrbetriq tablets
• Punjab National Bank (PNB): To sell entire 10% stake in ARCIL by Dec. 31 at an agreed price
India Appoints New Defense Chief in Push to Modernize Military
• India Extends Free Food Plan for 3 Months, to Spend $5.5 Billion
• India August Steel Consumption Rose 13% on Year to 9.3M Tons
• India Needs to Invest $10 Billion in Battery Cells for EV Demand
• Indian Regulator Tightens Credit Enhancement Rating Norms
• Ontario Teachers’ Fund to Explore India Energy Storage Venture
• India to Allow 17,000 Tons/Yr of Areca Nut Import from Bhutan
• Global Funds Sell Net INR27.7B of India Stocks on Wednesday: NSE
o Domestic funds buy net 25.4b rupees of stocks
• Adani Green Energy (ADANIGR): Totalenergies not sure of keeping 20% stake
• Bharat Heavy Electricals (BHEL): Gets NTPC order for Odisha Thermal Power project
• Edelweiss Financial (EDEL) Raises Edelweiss Tokio Life stake to 75.1%
• FSN E-Commerce Ventures (NYKAA): Meeting on Oct. 3 to consider issuance of Free Shares to shareholders
• S H Kelkar & Co. (SHKL): Says unit Keva Europe BV acquired 19% stake in Provier Beheer BV, raises holding to 81%; balance will be acquired in 2 yrs; Also unit in Italy buys remaining 30% stake in Nova Fragrance
o Keva Construction Pvt. sold 1.11m shares of SHKL to Keva Investment Partners at INR141.41/share: NSE Bulk Deal
• Titan Co (TTAN): India Chain Gold Retailers’ Market Share to Pass 40% in 5 Years
SEBI Seeks Clarifications From Banker on Adani’s NDTV Open Offer
• A Landmark $8.5 Billion Climate Finance Deal Hangs in the Balance
• Sugar Mills in India Sign Export Deals Even Before Quota Release
• India’s Sept. coal production increased by 12% to 57.93M Ton
• India Jobless Rate Drops to Four-Year Low Before Festival Season
• Crypto Exchange Wazirx said to cut about 40% of workforce
• India Aug. Services Exports $25.4B; Imports 15.1B: RBI
• SEBI Cautions Against Unauthorized Portfolio Management Services
• Prosus Cancels $4.7 Billion Acquisition of India’s BillDesk (2)
• ETF Market Heralds Defensive Pivot Amid Rush Into Low-Vol Funds
o Emerging Market ETFs Fall for 2nd Week in $2.53 Bln Streak
• Indian Company Private Bond Sales Fall 46% W/w to INR110.8 Bln
• Global Funds Buy Net INR5.91B of India Stocks on Monday: NSE
o Domestic funds sell net 4.23b rupees of stocks
• Indian fertiliser firms negotiating to import phosphoric acid at 40% less price than Sep quarter: PTI
• NHAI raises Rs 1,217 crore through InvIT: PTI
• Adani Green Energy (ADANIGR): Says its unit incorporated three new units to produce, sell, distribute renewable energy
• Avenue Supermarts (DMART): 2Q standalone revenue INR103.85b vs 76.5b Y/y;
• Britannia (BRIT): Bought 51% in Kenya’s Kenafric Biscuits for 92m rupees and 100% in Catalyst Britania B rands for 14.2m rupees
• Dilip Buildcon (DBL): Says Co.-RBL JV wins INR10.61b Surat Metro Rail project