Morning Buzz: VinFast looks to manufacture in India, FPIs turn net sellers after six months, and more

VinFast saw its stock rise 700 percent days after it was listed on the Nasdaq. Image: Shutterstock

VinFast looks to manufacture in India

VinFast, the carmaker from Vietnam that has emerged as the third-most valuable carmaker, is planning to set up a manufacturing unit in India. The plant is likely to come up either in Gujarat or Tamil Nadu and could either be for exports or for the Indian market, or both. The company saw its stock rise 700 percent days after it listed on the Nasdaq. It has fallen since then and its present market capitalisation stands at $25.7 billion.
(Economic Times)

FPIs turn net sellers after six months

September is likely to see the worst outflows from foreign investors after January 2023. Over the past six months, these funds had pumped in $21 billion into Indian equities, resulting in a 17 percent rise in the Sensex and Nifty. So far, September has seen an outflow of Rs 13,000 crore, and this has been compensated by buying from domestic investors who pumped in Rs 14,000 crore.
(Business Standard)

Sebi to relook at promoter classification

Several founders of companies have been identifying themselves as professional managers at the time of filing their draft red herring prospectuses. This has caught the attention of the Securities and Exchange Board of India (Sebi), which plans to formulate guidelines for the classification of promoters. A minimum of 20 percent of the promoter stake has to be locked in for 20 months post-listing in addition to other regulatory obligations.
(BusinessLine)

Card network portability to be delayed beyond October 1

The requirement to allow every card to access both the Visa and Mastercard payment network is likely to be delayed beyond October 1 as detailed guidelines are awaited. Banks have been mandated to offer customers a choice of card network at the time of issue or anytime thereafter. Banks claim that customers are network agnostic and choose cards based on rewards and cashbacks.
(BusinessLine)