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Morning News Call - India, September 23

·5 min read

To access a PDF version of this newsletter, please click here If you would like to receive this newsletter via email, please register at: https://solutions.refinitiv.com/MNCIndiaSubscriptionpage INDIA TOP NEWS • Indian government not averse to weaker rupee vs dollar - source The Indian government is not averse to a weaker rupee in line with global market fundamentals, a senior official told Reuters, at a time when the central bank's intervention has tried to moderate the depreciation in the Indian currency. • Indian banks may raise more funds to meet credit needs, lock rates Indian banks may continue their fundraising spree in the next few months by issuing Basel III-compliant and infrastructure bonds as they rush to meet rising credit demand and lock in funds at cheaper rates, analysts said. • India set to skip buying Russia's ESPO crude in Sept as freight costs jump Indian refiners are set to skip purchases of Russia ESPO crude oil this month due to higher freight rates, turning to Africa and the Middle East instead, industry sources said. • Mahindra in talks to raise up to $500 million for EV push -source Indian automaker Mahindra & Mahindra is in talks with global investors to raise between $250 million and $500 million to accelerate its plans to build electric vehicles (EVs), a source with direct knowledge of the matter told Reuters. • India's September retail inflation seen at 7.4% - Deutsche Bank India's headline retail inflation is expected to rise to a five-month high of 7.4% in September, with the risk of going higher if the momentum of food and vegetable prices picks up further in the rest of the month, Deutsche Bank said. • RBI orders Mahindra's lending arm to cease loan recovery via third parties The Reserve Bank of India on Thursday directed Mahindra and Mahindra Financial Services (MMFSL) to stop using third-party services for loan recovery until further orders, citing "material supervisory concerns". • WhatsApp Pay India head quits, joins Amazon -source The head of WhatsApp's India payment business, Manesh Mahatme, has quit after more than a year with the Meta Platforms-owned company to join Amazon India, a source told Reuters on Thursday. • India's Ola Electric ventures abroad, to enter Nepal next quarter SoftBank Group-backed Ola is looking to take its e-scooters global, starting with Nepal, as it seeks to tap into a growing international market for electric vehicles. GLOBAL TOP NEWS • Four Ukraine regions prepare to hold referendums on joining Russia Four areas of Ukraine controlled by Russia and pro-Moscow forces were preparing to hold referendums on Friday on joining Russia, a move widely condemned by the West as illegitimate and a precursor to illegal annexation. • Central banks raise rates again as Fed drives global inflation fight Global central banks continued raising interest rates on Thursday, following the U.S. Federal Reserve in a fight against inflation that is sending shockwaves through financial markets and the economy. • China sends regulators to Hong Kong to assist U.S. audit inspection -sources Beijing has sent a team of regulatory officials to Hong Kong to assist the U.S. audit watchdog with onsite audit inspections involving Chinese companies, four people familiar with the matter said, as part of a landmark deal between the two countries. LOCAL MARKETS OUTLOOK • SGX Nifty nearest-month futures were trading 0.54% lower at 17,542. GLOBAL MARKETS • Major Wall Street indexes ended lower on Thursday, falling for a third straight session as investors reacted to the Federal Reserve's latest aggressive move to rein in inflation by selling growth stocks, including technology companies. • Asian stocks limped toward a fourth straight weekly decline and bonds nursed big losses as investors scrambled to catch up with the U.S. Federal Reserve's interest rate outlook, while currency markets were on edge at the end of a wild week. • The yen was on track for its first weekly gain in more than a month, after Japanese authorities intervened in foreign exchange markets for the first time since 1998, while a towering dollar kept other currencies pinned near multi-year lows. • Benchmark U.S. Treasury yields hit an 11-year high on Thursday and a key part of the yield curve was the most inverted in at least two decades as investors positioned for the Federal Reserve to continue its hawkish stance toward hiking rates as it battles persistently high inflation. • Oil prices rose on the prospect that a stalled Iran nuclear agreement and Moscow's new mobilization campaign in its invasion of Ukraine would further restrict global supplies. • Gold prices were flat as the dollar held close to its recent peak while the likelihood of more aggressive interest rate hikes by the U.S. Federal Reserve also weighed on the appeal for non-yielding bullion. CLOSE FII INVESTMENTS EQUITIES DEBT PNDF spot 81.05/81.07 Sept. 22 (278.50) crores (1,058.38) crores 10-yr bond yield 7.312% Month-to-date 10,865 crores 6,365 crores Year-to-date (1,50,300) crores (6,716) 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 = 81.05 Indian rupees) (Compiled by Anjana J.Nair in Bengaluru)