Morning News Call - India, September 19

To access a PDF version of this newsletter, please click here https://share.refinitiv.com/assets/newsletters/Indiamorning/MNC_IN_09192022.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 Matt Weller, Global Head of Market Research for FOREX.com and City Index, discusses the outlook for forex markets amid the dollar's rally, as well as crypto markets after the Ethereum merge. To join this discussion at 6:30 pm IST, click here https://www.refinitiv.com/en/products/refinitiv-messenger/global-markets-forum. INDIA TOP NEWS • India economic growth to be sustained by consumer spending rebound, says govt review A sharp rebound in consumer spending and rising employment will sustain economic growth in India in the months ahead, the government said in its monthly economic review for August published on Saturday. • RBI says front-loaded rate hikes needed to tame inflation, shield growth The Reserve Bank of India said on Friday it will have to front-load its monetary policy to fight stubborn inflation and shield medium-term growth in the world's fifth-largest economy. • India's top lender SBI aims to achieve double-digit deposit growth-exec State Bank of India, the country's largest lender, is aiming for double-digit growth in deposits as loan demand gathers steam and utilisation of existing credit lines improves, a top executive said on Friday. • Indian yoga guru's Patanjali plans to list four firms Indian consumer group Patanjali, co-founded by a well-known yoga guru, said on Friday it plans to list four group companies and increase group turnover to $12.5 billion in the next five to seven years. • Canadian pension fund OTPP to buy 30% stake in India's Mahindra renewables assets Canadian pension fund Ontario Teachers' Pension Plan has agreed to buy a 30% stake for 23.71 billion rupees ($297.5 million) in Indian automaker Mahindra's renewable power assets, an exchange filing showed. • Warburg eyes 30% stake in Indian shadow bank Vistaar for $150 mln - sources New York-based private equity firm Warburg Pincus is in talks to invest around $150 million in Indian small-business lender Vistaar Finance, two sources familiar with the matter told Reuters, marking its latest bet in a booming lending market. • India's Mankind Pharma files for IPO Indian pharmaceutical company Mankind Pharma has filed draft papers for an initial public offering (IPO) with the domestic market regulator, according to a prospectus. • India slashes taxes on aviation fuel exports, domestic crude oil Indian government lowered taxes on aviation turbine fuel exports to 5 rupees per liter from 9 rupees per liter, a government notification said on Friday. GLOBAL TOP NEWS • Britain and the world prepare to say last farewell to Queen Elizabeth Britain, world leaders and royalty from across the globe will on Monday bid a final farewell to Queen Elizabeth, the last towering figure of her era, at a state funeral of inimitable pageantry. • Biden says U.S. forces would defend Taiwan in the event of a Chinese invasion U.S. President Joe Biden said U.S forces would defend Taiwan in the event of a Chinese invasion, his most explicit statement so far on the issue, something sure to anger Beijing. • Volkswagen targets 75 bln euro valuation in landmark Porsche IPO Volkswagen is targeting a valuation of up to 75 billion euros ($75.1 billion) for luxury sportscar maker Porsche, it said on Sunday, in what will be Germany's second-largest initial public offering (IPO) in history. LOCAL MARKETS OUTLOOK • SGX Nifty nearest-month futures were trading 0.02% lower at 17,558.50. GLOBAL MARKETS • U.S. stocks ended in the red on Friday, falling to two-month lows as a warning of impending global slowdown from FedEx's hastened investors' flight to safety at the conclusion of a tumultuous week. • Share markets idled in Asia on Monday as investors braced for a week littered with 13 central bank meetings that are certain to see borrowing costs rise across the globe and some risk of a super-sized hike in the United States. • The dollar held about 1% below a two-decade peak versus major peers at the start of a week that sees some dozen central bank decisions, headlined by the Federal Reserve on Wednesday and followed by the Bank of Japan and Bank of England the next day. • Treasury yields retreated on Friday after FedEx's warning of an accelerating global demand slowdown revived the notion that slower growth will help the Federal Reserve lower inflation and allow interest rates to decline sooner than expected. • Oil prices climbed during early Asian trade on Monday as a weaker dollar and supply concerns ahead of the European Union embargo on Russian oil in December offset fears of a global recession that could dampen fuel demand. • Gold prices edged higher on Monday, supported by a weaker dollar, as investors assessed some risk of aggressive rate hikes expected this week by major central banks especially the U.S. Federal Reserve to tame inflation. CLOSE FII INVESTMENTS EQUITIES DEBT PNDF spot 79.69/79.71 Sept. 16 (679.49) crores 874.06 crores 10-yr bond yield 7.266% Month-to-date 12,084 crores 1,777 crores Year-to-date (1,49,081) crores (11,304) 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 = 79.69 Indian rupees) (Compiled by Anjana. J. Nair in Bengaluru)