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Morning News Call - India, September 26

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 • POLL-RBI to raise rates again, slim majority of economists expect 50 bps hike The Reserve Bank of India is set to raise interest rates again next week with a slim majority of economists in a Reuters poll expecting a half-point hike and some others expecting a smaller 35 basis point rise. • Yes Bank to exit reconstruction scheme after lock-in ends Yes Bank said on Friday the Reserve Bank of India would allow it to exit a reconstruction scheme put in place more than two years ago only after the share lock-in period ends. • Britannia names Domino's executive Rajneet Kohli as CEO Britannia Industries, the maker of the popular Good Day and Tiger biscuits, said on Friday it has appointed Rajneet Kohli as its chief executive officer, effective Sept. 26. • Fisker to sell electric SUV in India with view to local production U.S. startup Fisker will begin selling its Ocean electric sport-utility vehicle (SUV) in India next July and could begin manufacturing its cars locally within a few years, the company's chief executive officer told Reuters. • BPCL signs MoU with Petrobras to diversify oil sourcing Bharat Petroleum said it had signed a preliminary agreement with Brazil's national oil company Petrobras to help it diversify its crude oil sourcing. • Blackstone to sell $400 mln stake in Indian REIT Embassy; ADIA eyes investment-sources Blackstone will sell a stake worth up to $400 million in Embassy Office Parks REIT, India's biggest real estate investment trust, via Indian stock exchange block deals, three sources familiar with the matter told Reuters. • India's Russian thermal coal imports set to fall for first time in 4 months India's thermal coal imports from Russia are expected to fall for the first time in four months in September, two research consultancies said, potentially resulting in lower revenues for Moscow at a time it is mobilising more troops to fight in Ukraine. • Byju's pays $234 million to Blackstone related to Aakash deal -source Byju's has paid $234 million to Blackstone, settling its dues owed to the private-equity firm as part of a $950 million deal to buy Aakash Educational, a source directly involved with the deal said on Friday. GLOBAL TOP NEWS • Japan's factory activity expands at slowest pace in 20 months - flash PMI Japan's factory activity growth hit a 20-month low in September, as firms struggled with a global slowdown and pressure from high energy and raw material prices that was exacerbated by a weak yen. • U.S. warns of catastrophic consequences if Russia uses nuclear weapons in Ukraine The United States warned on Sunday of "catastrophic consequences" if Moscow were to use nuclear weapons in Ukraine, after Russia's foreign minister said regions holding widely-criticized referendums would get full protection if annexed by Moscow. • Giorgia Meloni's right triumphs in Italy's election Giorgia Meloni looks set to become Italy's first woman prime minister at the head of its most right-wing government since World War Two after leading a conservative alliance to triumph at Sunday's election. LOCAL MARKETS OUTLOOK (As reported by NewsRise) • SGX Nifty nearest-month futures were trading 0.83% lower at 17,185. GLOBAL MARKETS • Wall Street's main indexes slumped to close well down on Friday, as rattled investors continued repositioning themselves to reflect fears the U.S. Federal Reserve's hawkish rate policy to curb inflation will push the American economy into recession. • Sterling slumped to a record low, prompting speculation of an emergency response from the Bank of England, as confidence evaporated in Britain's plan to borrow its way out of trouble, with spooked investors piling in to U.S. dollars. • U.S. two-year yields hit 15-year highs on Friday and the yield curve inversion deepened as investors fretted that central banks globally will keep tightening monetary policy to tackle soaring inflation. • Oil prices fell, after sliding to eight-month lows last week weighed down by a surging U.S. dollar and fears sharp interest rate hikes globally would spark a recession and hit fuel demand. • Gold prices fell to a new 2-1/2-year low, weighed down by a sturdy dollar and prospects of further interest rate hikes by the U.S. Federal Reserve to bring down inflation. CLOSE FII INVESTMENTS EQUITIES DEBT PNDF spot 81.25/81.27 September 23 (2,227.44) crore (462.06) crore 10-yr bond yield 7.39% Month-to-date 8,638 crore 5,903 crore Year-to-date (1,52,527) crore (7,178) crore (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=81.25 Indian rupees)) (Compiled by Yoganand KN in Bengaluru)