Morning Buzz: FPIs invest Rs28,216 crore into the Indian debt market this year; JSW Group plans to make an electric car worth Rs15-20 lakh; and more
The FPI inflows are the highest in the last six years; the promoter entities of the JSW Group are also in talks with the Chinese owner of MG Motor India to acquire a stake in the company
FPIs have invested Rs28,216 crore into the Indian debt market so far this year. This is the highest in the last six years.
Image: Shutterstock Thirty-eight applications received for IT hardware PLI scheme
The PLI scheme for IT hardware has received applications from Dell, HP, Lenovo, Foxconn and Dixon Technologies. Incremental investments of Rs4,000 crore have been proposed for assembling laptops, personal computers and servers in India. The window for fresh entrants closes on Wednesday midnight.(Economic Times, Business Standard, Financial Express)
JSW Group plans to make an electric car worth Rs15-20 lakh
The promoter entities of JSW Group are in talks with several Chinese entities to make an electric car for the Indian market priced at Rs15-20 lakh. They are also in talks with the Chinese owner of MG Motor India to acquire a stake in the company. If the deal goes through, the Chinese promoters would be minority owners. News reports in the last week also suggested that JSW promoters were in talks to acquire Ford’s Chennai plant.(Business Standard)
FPI inflows into India’s debt market hit a six-year high
FPIs have invested Rs28,216 crore into the Indian debt market so far this year. This is the highest in the last six years. With the exception of March, foreigners were net buyers every month this year. These flows could have come about as there was optimism about the inclusion of Indian bonds in global indices and investors could have been putting in money in advance of the decision.(Business Standard)
Low rains in south and central India hit crops
A prolonged break in rains in south and central India is likely to impact the output of crops, including oilseeds, pulses and paddy. The overall deficit in central and south India was 32 percent in August. Except for northwest India—where rain has been 4 percent above normal—rainfall has been deficient in other parts of the country.(Financial Express)
