Morning News Call - India, September 21

To access a PDF version of this newsletter, please click here https://share.refinitiv.com/assets/newsletters/Indiamorning/MNC_IN_09212022.pdf If you would like to receive this newsletter via email, please register at: https://solutions.refinitiv.com/MNCIndiaSubscriptionpage PROMOTION LIVECHAT - REUTERS GLOBAL MARKETS FORUM Reuters markets correspondents in London and New York examine what's driving equities on both sides of the Atlantic. To join this discussion at 7:30 pm IST, click here https://www.refinitiv.com/en/products/refinitiv-messenger/global-markets-forum INDIA TOP NEWS • Adani pledges shares of ACC, Ambuja Cements worth about $12.5 billion India's Adani Group has pledged shares worth about $12.5 billion in two cement units, days after the conglomerate controlled by billionaire Gautam Adani completed the purchase of stakes in those businesses from Switzerland's Holcim. • Indian group calls for cap on entry fees for online games amid regulatory push An influential Indian nationalist group will push for limits on entry fees for players of paid online games, potentially turning up the heat on a multi-billion-dollar industry that is preparing to lobby against tougher rules. • Japan's Kirin in talks to triple investment in Indian craft beer maker Bira-sources Japanese beverages firm Kirin Holdings is in talks to invest $70 million in Indian craft beer maker Bira, four sources told Reuters, doubling down on the fast-expanding South Asian market at a time when it is facing pressure on growth at home. • Indian rice shipments stuck at ports, traders seek government help At least 20 ships are waiting to load around 600,000 tonnes of rice at Indian ports as New Delhi's surprise export restrictions have trapped cargoes for nearly a fortnight, forcing sellers to pay demurrage charges, industry officials told Reuters. • WinZO sues Google to stop new gaming policy, calls it discriminatory Indian online gaming platform WinZO has sued Google to stop the tech giant from allowing real-money games for fantasy sports and rummy on its platform, saying that Google's doing so is discriminatory, a legal filing seen by Reuters showed. • KKR, Hero to invest $450 million in Hero's renewable energy arm U.S. private equity giant KKR & Co and India's Hero Group have agreed to invest $450 million in the motorcycle maker's renewable energy arm, the companies said on Tuesday, as the Indian firm looks to expand its renewable energy capacity. • Digit Insurance IPO put on hold by Indian watchdog Digit Insurance, a company backed by Canadian billionaire Prem Watsa's Fairfax Group, has had a planned initial public offering (IPO) put on hold, a Securities and Exchange Board of India (SEBI) regulatory document showed on Tuesday. • Uber asks its India drivers to ensure rear seatbelts in their cars work Ride-hailing company Uber Technologies has asked its drivers in India to ensure backseat seatbelts in their vehicles are accessible to passengers and they work, days after a local business tycoon died in a crash involving his private car. GLOBAL TOP NEWS • World leaders lash Russia over Ukraine invasion, referendum plans World leaders meeting at the United Nations in New York denounced Russia's invasion of Ukraine, as Moscow-installed leaders in occupied areas of four Ukrainian regions announced plans to hold referendums on joining Russia in coming days. • U.S. agency adds China Unicom, Pacific Networks to national security threat list The U.S. Federal Communications Commission (FCC) named Chinese telecom companies Pacific Networks Corp, its wholly-owned subsidiary ComNet (USA) and China Unicom (Americas) as threats to U.S. national security, the regulator said Tuesday. • Rate hikes, Ukraine war, China woes dim Asia growth outlook -ADB The Asian Development Bank (ADB) cut its growth forecasts for developing Asia for 2022 and 2023 amid mounting risks from increased central bank monetary tightening, the fallout from the war in Ukraine and COVID-19 lockdowns in China. LOCAL MARKETS OUTLOOK • SGX Nifty nearest-month futures were trading 0.48% lower at 17,708.50. GLOBAL MARKETS • Wall Street ended Tuesday lower as the eve of a U.S. Federal Reserve meeting expected to bring another large interest rate hike brought further evidence of the impact on corporate America from the inflation that the U.S. central bank wants to tame. • Stocks in Asia sank and bond yields were elevated, as investors braced for another aggressive interest rate hike from the U.S. Federal Reserve later in the day. • The dollar hovered near a two-decade peak against a basket of currencies after yields on U.S. Treasuries leaped ahead of an interest rate decision that is likely to set the tone in financial markets for months to come. • The yield on two-year U.S. Treasury notes, a rough gauge of interest rate expectations, rose to almost a 15-year high on Tuesday, a day before the Federal Reserve is likely to hike rates by 75 basis points as it continues to fight inflation. • Oil prices slid, extending the previous day's losses, as investors braced for another aggressive interest rate hike from the U.S. Federal Reserve that they fear could lead to recession and plunging fuel demand. • Gold prices lingered near recent lows as investors prepared for the likelihood of another super-sized interest rate hike from the U.S. Federal Reserve in its effort to tame soaring inflation. CLOSE FII INVESTMENTS EQUITIES DEBT PNDF spot 79.76/79.78 Sept. 20 732.25 crores (0.65) crores 10-yr bond yield 7.294% Month-to-date 9,340 crores 7,672 crores Year-to-date (1,51,825) crores (5,409) 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 = 79.74 Indian rupees) (Compiled by Anjana J.Nair in Bengaluru)