To access a PDF version of this newsletter, please click here https://share.refinitiv.com/assets/newsletters/Indiamorning/MNC_IN_09122022.pdf If you would like to receive this newsletter via email, please register at: https://solutions.refinitiv.com/MNCIndiaSubscriptionpage INDIA TOP NEWS • India says it uncovers fraudulent shell companies with Chinese links Indian authorities on Sunday said they had arrested a man who had masterminded the creation of many shell companies linked to China and appointed dummy directors to run the fraudulent businesses. • India's rice export curbs trap 1 million tonnes at ports as buyers refuse to pay duty Rice loading has stopped at Indian ports and nearly one million tonnes of grain are trapped there as buyers refuse to pay the government's new 20% export levy on top of the agreed contract price, five exporters told Reuters on Friday. • Yes Bank to approve J.C. Flowers as buyer for its $6 billion stressed loan portfolio Indian lender Yes Bank is likely to approve the transfer of stressed assets worth $6 billion to private equity firm J.C. Flowers at its next board meeting, said a source with direct knowledge. • Fighting to survive, Tencent-backed Indian music app Gaana turns to subscriptions Tencent-backed Indian music streaming app Gaana has switched to a paid subscription model to try to avoid closing down after failing to secure fresh funds, according to an email from the company to its music partners seen by Reuters. • India to prepare a list of approved of digital lending apps The Indian government is stepping up scrutiny on digital lending apps in an attempt to weed out ones which conduct unethical lending and recovery practices, the government said in a notification on Friday. • Tata group in talks with Wistron to assemble iPhones - Bloomberg News Indian conglomerate Tata Group is in talks with Taiwanese supplier Wistron to establish a joint venture to assemble Apple's iPhones in India, Bloomberg News reported on Friday. • Russia-backed Indian refiner Nayara names Panicker as chairman India's second-biggest private refiner Nayara Energy, part-owned by Russian oil major Rosneft, has appointed Prasad K. Panicker as chairman, replacing Tony Fountain, the company said in a statement. GLOBAL TOP NEWS • Ukraine accuses Russia of attacking power grid in revenge for offensive Ukraine accused the Russian military of attacking civilian infrastructure in response to a rapid weekend offensive by Ukrainian troops that forced Russia to abandon its main bastion in the Kharkiv region. King Charles to fly to Scotland to join sombre procession of queen's coffin Britain's King Charles will fly to Edinburgh to join his siblings on Monday when the coffin of his mother Queen Elizabeth is taken in a solemn procession from one of her Scottish palaces to the city's historic St. Giles cathedral. Biden to hit China with broader curbs on U.S. chip and tool exports -sources The Biden administration plans next month to broaden curbs on U.S shipments to China of semiconductors used for artificial intelligence and chipmaking tools, several people familiar with the matter said. LOCAL MARKETS OUTLOOK • SGX Nifty nearest-month futures were trading 0.03% higher at 17,842.00. GLOBAL MARKETS • U.S. stocks rallied on Friday, with the major indexes recording their first weekly gain in four weeks as investors went back on a buying spree, shrugging off concerns about the economic outlook. • Asian share markets made cautious gains on hopes a key reading on U.S. inflation will show some cooling, while the U.S. dollar was restrained by the risk of higher European interest rates and Japanese intervention. • The euro jumped to a more than three-week peak versus the dollar and sterling rose to the highest this month as European Central Bank officials pushed the case for further aggressive monetary tightening. • Interest-rate sensitive two-year Treasury yields hit more than 14-year highs on Friday and the yield curve inverted further as Federal Reserve officials stressed the need for more rate hikes to stem soaring inflation. • Oil prices slipped during Asian trade as the prospect of further interest rate hikes in the United States and Europe to quell inflation and the imposition of strict COVID-19 restrictions in China overshadowed the global demand outlook. • Gold prices ticked higher as the dollar hovered near recent lows, with investors' focus being on a key U.S. inflation reading as it could influence the size of the Federal Reserve's next interest-rate hike. CLOSE FII INVESTMENTS EQUITIES DEBT PNDF spot 79.66/79.68 Sept. 9 2,836.17 crores (177.50) crores 10-yr bond yield 7.167% Month-to-date 5,593 crores 158 crores Year-to-date (1,55,572) crores (12,923) 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 = 79.64 Indian rupees) (Compiled by Archak Sengupta)