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Asia

Market Chatter: Indian Banks Raise NRI Deposit Rates to Attract Inflows

Indian banks have raised interest rates on foreign currency non-resident bank deposits following recent regulatory changes by the Reserve Bank of India to attract overseas capital, Bloomberg reported on Wednesday.According to the report, Yes Bank (NSE:YESBANK, BOM:532648) and AU Small Finance Bank (NSE:AUBANK, BOM:540611) are offering rates of up to 7.1% to non-residents on five-year deposits.State Bank of India (NSE:SBIN, BOM:500112) and HDFC Bank (NSE:HDFCBANK, BOM:500180) are offering as much as 6% for the same tenure.The move follows measures announced by the central bank last week that give banks greater flexibility to offer higher rates on foreign-currency deposits as policymakers seek to attract foreign inflows and support the rupee, Bloomberg said.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

^BSENifty 50BOM:500112BOM:500180BOM:532648BOM:540611NSE:AUBANKNSE:HDFCBANKNSE:SBINNSE:YESBANK
Asia

Market Chatter: Carlyle Seeks Bankers for Potential India IPO of Healthcare Billing Business

Carlyle Group has sought investment banks' advice on a potential initial public offering of its healthcare billing services platform in India, Bloomberg reported on Wednesday, citing people familiar with the matter.The platform was created through the merger of Knack RCM and EqualizeRCM, two U.S. healthcare revenue cycle management providers Carlyle acquired in May.Bankers are set to hold presentations this week, with the valuation and size of the proposed offering yet to be finalized, the report said, citing the sources.Carlyle did not immediately respond to' request for comment.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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Asia

Indian Equities End Mixed on Wednesday as Geopolitical Tensions Keep Investors Cautious

Indian benchmark indices finished on a mixed note on Wednesday after giving up much of their intraday gains, as rising geopolitical tensions and higher crude oil prices curbed investor appetite for risk.The BSE Sensex gained 64.42 points, or 0.1%, to close at 73,983.18, while the NSE Nifty 50 fell 27.15 points, or also 0.1%, to settle at 23,214.95.Market volatility remained elevated as investors reacted to renewed hostilities between the United States and Iran. Reports of missile and drone attacks on U.S. military bases in the region heightened concerns over a broader escalation, prompting caution across Asian markets.Crude oil prices rose about 1% during the session, adding to worries about inflationary pressures and the potential impact on India's import bill.In corporate developments, NTPC Green Energy (NSE:NTPCGREEN, BOM:544289) said its wholly owned subsidiary, NTPC Renewable Energy, will develop a 250 MW solar power project integrated with a battery energy storage system in Uttar Pradesh. The project will supply power to defense establishments in the state.Hindustan Zinc (NSE:HINDZINC, BOM:500188) signed a memorandum of understanding with Sulfozyme Agro India under its Zinc Industrial Park initiative in Rajasthan. The agreement aims to support the processing of zinc-based materials into value-added products.

^BSENifty 50BOM:500188BOM:544289NSE:HINDZINCNSE:NTPCGREEN
Asia

Tight Supply to Anchor Asia-Pacific Aluminum Producers' Margins, Fitch Says

Asia-Pacific's aluminum smelters should maintain robust margins amid higher metal prices due to a narrower supply of global primary aluminum, Fitch Ratings said in a recent release.The rating agency expects low-cost firms in China, India, and Indonesia to gain the most due to controlled cost inflation amid their integrated raw material framework and relatively steady power costs.Aluminum prices have increased about 20% since the start of the Middle East conflict, leading to tighter global primary aluminum supply.Fitch believes Asia-Pacific smelters that can retain output and control costs will see a boost in earnings and cash flow under rising aluminum prices.The region's producers are less exposed to imported gas and spot raw material volatility, giving them clearer advantages compared to global peers, Fitch said.

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Asia

Indian Equities Rebound on Tuesday as Banking Stocks Gain on Easing Geopolitical Concerns

Indian benchmark indices closed higher on Tuesday, breaking a two-session losing streak, as banking stocks advanced and improved geopolitical sentiment supported risk appetite.The BSE Sensex gained 394.50 points, or 0.5%, to close at 73,918.76, while the NSE Nifty 50 rose 119.10 points, or also 0.5%, to settle at 23,242.10.Market sentiment improved after signs of a pause in hostilities between Iran and Israel reduced concerns over a broader regional conflict. Lower crude oil prices also provided relief to investors. Iran and Israel reportedly agreed to halt attacks after diplomatic efforts led by the United States.In corporate developments, Muthoot Capital Services (NSE:MUTHOOTCAP, BOM:511766) said it completed a securitization transaction that raised 851.1 million rupees through the assignment of receivables worth 905.5 million rupees. The company said the deal was its second securitization transaction in fiscal 2027.RateGain Travel Technologies (NSE:RATEGAIN, BOM:543417) announced a partnership with ZentrumHub to enhance hotel distribution connectivity. The collaboration will integrate RateGain's Smart Distribution platform with ZentrumHub's infrastructure to simplify connections between hotels, travel sellers and distribution partners across global markets.

^BSENifty 50BOM:511766BOM:543417NSE:MUTHOOTCAPNSE:RATEGAIN
Asia

Market Chatter: ACKO Technology Plans $300 Million IPO Filing by September, Targets $2 Billion Valuation

Digital insurance firm ACKO Technology & Services seeks to file draft papers for its planned initial public offering of about $300 million by September, targeting around $2 billion valuation, Mint reported Tuesday, citing two people familiar with the matter.The draft red herring prospectus is likely to be filed with the Securities and Exchange Board of India between August and September, with a potential listing by the end of the financial year if market conditions remain supportive, the report noted.The company has appointed ICICI Securities, Kotak Mahindra Capital and Morgan Stanley's India unit as book-running lead managers for the proposed share sale, Mint said it had reported in April.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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Asia

Corporates Shift to Alternatives as Sovereign, Financial Institutions Lead India's Sustainable Bond Market, S&P Says

Sovereign and financial institutions have been the major anchors of India's sustainable bond market issuance since 2023, S&P Global Ratings said in a recent release.Meanwhile, corporate issuers flock to alternative funding sources, including those from local banks and policy-linked entities such as the Indian Renewable Energy Development Agency, which they deem more attractive, S&P said.Issuance costs and a volatile pricing premium define corporate issuers' cost-benefit analysis, S&P credit analyst Luis Solis said.Following peaks from 2023 to 2024, India's sustainable bond issuance dropped to about $2 billion in 2025, with 62% being green bonds and 38% being social bonds, the rating agency said.The dynamic points to a rising disconnect between market activity and the country's reported $250 billion yearly climate financing needs, S&P said.Low sustainable issuance stems from a change in appetite as labeled bonds are no longer considered to have a clear benefit compared to other borrowing sources, the rating agency said.Targeted tax incentives could improve the sustainable bond market and put a stop to the decline in sustainable bond issuance, the analyst said.Without these backing measures, the country's energy transition would mainly rely on equity financing, commercial bank loans, and traditional unlabeled corporate debt rather than direct corporate labeled bond issuances, in S&P's view.

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Asia

Zepto Seeks INR80.1 Billion Through Fresh Share Issue in IPO

Instant delivery platform Zepto has filed an updated draft red herring prospectus for its proposed initial public offering, according to the prospectus filed on Monday.The offering comprises a fresh issue of equity shares aggregating up to INR80.1 billion and an offer for sale of around 113.5 million shares by existing shareholders.The company is also evaluating a pre-IPO placement of up to 16.02 billion rupees.Selling shareholders include Nexus Ventures VI Holdings, Nexus Ventures VII Holdings, Contrary ZEP Holdings, Razor Ventures Zepto, Kaiser Foundation Hospitals, and Kaiser Permanente Group Trust.Axis Capital, Motilal Oswal Investment Advisors, JM Financial, IIFL Capital Services, and the Indian units of Morgan Stanley, HSBC and Goldman Sachs India are acting as book-running lead managers to the issue, according to the prospectus.Bloomberg reported that Zepto could begin investor roadshows as early as next month and is targeting a July listing that may raise up to $1 billion, citing people familiar with the matter.The rapid-commerce company was valued at $7 billion in its latest funding round in October 2025, according to the report.

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International

Market Chatter: Indian Central Bank's Net-short Dollar Book Rose Sharply Prior to Support Measure

India's central bank increased its commitments to deliver dollars in May as part of efforts to support the local currency, Bloomberg reported Monday.The Reserve Bank of India's net-short dollar book, a measure of forward-market commitments, rose sharply to about $110 billion to $115 billion last month from $95.3 billion in April, the report said, citing people familiar with the developments.The RBI's intervention intensified after the rupee weakened to a record low on May 20, though the currency finally received some breathing room after the government scrapped taxes on overseas investment in the country's bonds.The move, announced recently, spurred the largest inflow in almost a year to India's index-eligible bonds, the report said.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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Asia

Indian Equities Extend Losses on Monday as Middle East Tensions Trigger Risk-Off Mood

Indian benchmark indices ended sharply lower on Monday, extending their decline for a second consecutive session as escalating tensions in the Middle East and rising crude oil prices weighed on investor sentiment.The BSE Sensex dropped 719.08 points, or 1%, to close at 73,524.26, while the NSE Nifty 50 fell 243.70 points, or also 1%, to settle at 23,123.00.The selloff mirrored weakness across Asian markets and followed declines in U.S. equities on Friday.Market participants remained focused on developments in the Middle East after fresh military action between Israel and Iran heightened concerns about a broader regional conflict.Crude oil prices moved higher as investors assessed the potential impact of the conflict on energy supplies. The renewed hostilities also dampened expectations for a near-term resumption of oil flows through the Strait of Hormuz.In corporate developments, Ritco Logistics (NSE:RITCO, BOM:542383) said it secured transportation contracts worth about 100.7 million rupees in May, including orders valued at 93 million rupees from its polymer and public sector undertaking segment.Separately, Hindustan Zinc (NSE:HINDZINC, BOM:500188) announced plans for a 250-hectare ecological restoration project at its Chanderiya Lead Zinc Smelter Complex in Rajasthan under a memorandum of understanding with the Energy and Resources Institute, according to a filing.

^BSENifty 50BOM:500188BOM:542383NSE:HINDZINCNSE:RITCO
Asia

Securitization Remains Key Alternative for India's Nonbank Finance Companies, S&P Says

Securitization will still play a key role as an alternative for Indian nonbank finance companies in fiscal 2027, S&P Global Ratings said in a Monday release.Total securitization issuance rose by about 8.5% year on year to 2.55 trillion rupees in fiscal 2026, supported by a large expansion in originations by nonbank finance companies, S&P said.Nonbank finance companies will continue to avail of alternative funding sources such as securitization for funding diversification and borrowing cost reduction, S&P credit analyst Vidhya Venkatachalam said.Vehicle finance-backed securitization was high at about 40% of total issuance, supported by retained originations from large vehicle financiers, S&P said.S&P saw largely steady originations and asset performance, although a protracted Middle East war and impacts on fuel prices and supply chain could weaken the performance of some asset classes, Venkatachalam said.Sectors such as small-ticket and nonprime unsecured consumer finance, micro loans against property, microfinance, and commercial vehicles would be the first to feel the impacts of the Middle East conflict, the rating agency said.The effects could spill over gradually into secured products such as vehicle loans and affordable housing, but controlled underwriting practices should ease some credit risk in securitization transactions, according to S&P.

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International

Asia Week Ahead: Inflation Prints; GDP Estimates; and Trade Balance

For the week ahead in Asia, inflation, trade and growth data will be in focus as investors assess the region's economic momentum.The week opens with Japan's revised first-quarter GDP figures, followed by trade data from China and Taiwan on Tuesday.Mid-week, China's consumer and producer inflation reports will dominate headlines, while Japan will release producer price data.Thursday will be led by unemployment figures from South Korea and Malaysia, before Friday brings India's inflation report.Here's what to watch in the week ahead.MONDAY, June 8The week was off to a relatively light, but notable start with Japan's first-quarter GDP growth rate.Japan's economy expanded at an annualized rate of 1.8% in the first quarter, according to final data released by the Cabinet Office. The reading was revised down from the preliminary estimate of 2.1% growth, but exceeded the market consensus forecast for a 1.3% increase, according to Trading Economics.The data comes as attention turns to the Bank of Japan's June 15-16 policy meeting, where policymakers are expected to consider another interest-rate increase. The growth figures are unlikely to derail expectations for further policy tightening.TUESDAY, June 9Data readouts will pick up Tuesday, starting with China's trade figures for May.Economists at ING said they expect China's exports to rise 19.5% year-on year and imports to gain 36.4% for a trade surplus of $86.5 billion. The surplus would be an increase from the $84.8 billion recorded in April, thanks in part to higher tech prices, which are boosting both export and import prices, ING said.Taiwan will similarly report trade figures, with ING expecting the island nation's trade surplus to rise to $15.5 billion from $14.4 billion in April. "Strong export orders from previous months suggest external demand remains robust amid the AI boom," ING said in a preview.Markets will be watching for any revisions to South Korea's first-quarter GDP growth rate when the Bank of Korea releases its final estimate on Tuesday.The central bank's advance estimate indicated that South Korea's real GDP increased 3.6% annually and 1.7% on a quarterly basis.In Australia, a pair of reports will capture business and consumer sentiment, while in the Philippines, unemployment stats will be due.Other key data scheduled for the day include Japan's machine tool orders.WEDNESDAY, June 10China's consumer and producer price inflation will dominate headlines Wednesday.Consumer prices are expected to show an uptick of 1.3% year on year in May from 1.2% a month prior, reflecting higher manufacturers' input and output prices due to the Middle East conflict, the Wall Street Journal reported.Japan will similarly report its May producer prices, with analysts expecting the PPI to accelerate to 5.5% year on year from 4.9% in April, according to a Trading Economics consensus.Indonesia will release its May consumer confidence report on the same day.THURSDAY, June 11Unemployment data from South Korea and Malaysia will be the highlight of the day.According to Trading Economics, South Korea's unemployment rate could remain unchanged at 2.80% in May. The platform similarly forecasted that Malaysia's unemployment would remain steady at 2.90%, a level it has held since November 2025.A forward-looking report on consumer inflation expectations will be due in Australia. According to Trading Economics, consumer inflation expectations could rise to 6.5% for June from the 5.6% estimated in May.Meanwhile, Indonesia will report its retail sales stats for April.FRIDAY, June 12India's May inflation data will be in the news Friday.Economists at ING said they expect consumer prices to pick up to 3.9% year on year from the 3.48% recorded in the month prior due to a rise in gasoline prices. Still, the figure would be below the Reserve Bank of India's 4% target."The key risk to the outlook lies in potential second-round effects on food inflation. Fertiliser shortages, alongside the rising probability of an El Niño event, could exert upward pressure on food prices in the coming months and warrant close monitoring," ING said in a preview.Friday will also feature industrial production reports from Japan, Malaysia, and Hong Kong, with Malaysia additionally reporting its retail sales stats for April.In Thailand, the consumer confidence report for May will be due.On the activity front, the Business NZ manufacturing purchasing managers' index report will be due in New Zealand. CommBank said it expects manufacturing activity in May to stabilize, or even lift somewhat, given a decline in fuel prices over late April and May.The Business NZ PMI previously dropped to 50.5 in April from 52.8 in March.

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Asia

UK Defends Bilateral Talks With China in Three-Day Asia Trip

U.K. Foreign Secretary Yvette Cooper defended their meeting with China, which is part of a three-day trip in Asia that included a visit to India."China is the second largest economy and like the U.K. is a permanent member of the UN Security Council. We must engage for the U.K.'s security and prosperity in line with British values," Cooper said in social media platform X.Cooper met with Foreign Minister Wang Yi to discuss issues such as the reopening of the Strait of Hormuz and the war in Ukraine, as well as the Ebola virus.Prime Minister Keir Starmer's government started to seek rekindling bilateral ties with Beijing with a visit to China in January, but tensions still remain, according to Nikkei Asia on Monday.The U.K. barred wind turbine manufacturer Ming Yang Smart Energy (SHA:601615) from constructing a factory in Scotland in March. Later in April, the government seized the ownership of British Steel from Chinese steelmaker Jingye Group, the report said.Sibylline's chief analyst, Sam Olsen, said the U.K. government is making a "pragmatic engagement" with Beijing but both sides are not defining the relationship in the same way. Meanwhile, China Strategic Risks Institute's Sam Goodman said the U.K. and China should have a relationship "built on reciprocity", which will require China to rebalance trade and open its market, as well as cease overcapacity, according to the media outlet.Meanwhile, Cooper met with Indian Prime Minister Narendra Modi to deepen relations under the India-U.K. Vision 2035 framework, which includes technology, defense, education and climate in its scope, Nikkei Asia said.

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Asia

Blackstone, CPPIB-Backed AirTrunk to Invest INR3 Trillion in India's AI and Cloud Markets by 2030

Blackstone and Canada Pension Plan Investment Board-backed data center operator AirTrunk plans to invest 3 trillion Indian rupees, or $30 billion, by 2030 in India to boost the country's digital infrastructure capacity, AirTrunk said in a Friday release.The proposed data center pipeline across several Indian states and union territories aims to support the South Asian country's goal to become a global hub for AI and cloud infrastructure while leading economic growth, employment, and technological development, the release said.

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Asia

India Defends INR29 Increase in LPG Prices

The Ministry of Petroleum & Natural Gas has defended a recent 29-Indian-rupee increase in domestic liquefied petroleum gas (LPG) prices, saying Indian households still pay among the lowest cooking gas rates globally.The defense came after opposition parties criticized the price hike, which went into effect Sunday.The cost of a standard 14.2-kg LPG cylinder in Delhi has risen to 942 rupees from 913 rupees following the latest price hike.This marks the second major hike since the Middle East conflict began in February, following a 60-rupee increase on March 7.LPG cylinders are mainly sold by oil marketing companies, including Indian Oil Corporation (NSE:IOC, BOM:530965), Hindustan Petroleum Corporation (NSE:HINDPETRO, BOM:500104), and Bharat Petroleum Corporation (NSE:BPCL, BOM:500547).

^BSENifty 50BOM:500104BOM:500547BOM:530965NSE:BPCLNSE:HINDPETRONSE:IOC
International

Indian Households Expect Inflation to Rise Further, RBI Survey Shows

Amid heightening geopolitical tensions and global economic turmoil, Indian households expect domestic inflation to rise further, according to a survey released by the Reserve Bank of India on Friday.The bi-monthly data of the Reserve Bank of India's Inflation Expectations Survey of Households for May showed that the current median inflation perception of households rose by 60 basis points to 7.8% from 7.2% in March.The survey was conducted from May 2 to May 11 in 19 major Indian cities.Expectations for inflation over the next three months jumped 80 basis points, while the one-year outlook climbed 50 basis points, reaching 9.3% for both horizons, the survey showed.Separate surveys conducted by the central bank also showed a decline in confidence among both urban and rural consumers.Urban consumer confidence, measured by the Current Situation Index (CSI), dropped to 90.7 in May from 95.7 in March. The Future Expectations Index (FEI), while remaining above the neutral 100 mark, declined to 118.7, the lowest level since September 2023.Meanwhile, the rural CSI slipped to 95.2 from 98.0 in March, while the rural FEI fell to 119.3 from 125.1.

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Asia

India Scraps Capital Gains Tax on FII Government Bond Investments

The Indian government on Friday removed the capital gains tax, both long-term and short-term, on investment by foreign institutional investors (FIIs) in government bonds as well as the withholding tax they must pay on the interest income from these debt instruments.India has exempted FIIs and ​the Bank for International Settlements from CGTs on receipts arising from interest or sale of government securities.The exemption will take effect retrospectively from ​April 1, according to a statement by the Ministry of Finance.At present, FIIs pay 12.5% tax on long-term capital gains, 30% on short-term capital gains, and around 20% withholding tax on interest income.The move is seen as an attempt to rein in the fall in the value of the Indian rupee and attract more foreign investment.

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International

India's Forex Reserves Rise to $682.32 Billion

India's foreign exchange reserves rose by $938 million to $682.32 billion for the week ended May 29, according to the Reserve Bank of India's Weekly Statistical Supplement released Friday.This compares with a $7.5 billion decrease recorded in the previous week.Foreign currency assets, the largest component of the reserves, rose by $3.12 billion to $546.15 billion, while gold reserves decreased by $2.19 billion to $112.6 billion.

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International

India's FY25-26 GDP Rises 7.7%

India's GDP grew 7.7% for the full fiscal year ended March 31, 2026, the National Statistical Office said in a Friday release.The growth was higher than the 7.1% expansion recorded in fiscal year 2024-2025.

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International

India's Q4 GDP Rises 7.8%

India's GDP grew 7.8% year-over-year in the fourth quarter ended March 31, the National Statistical Office said in a Friday release.The growth was the same as the 7.8% expansion in the previous quarter.The consensus forecast was for a 7.2% increase, according to Investing.com.

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