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BENGALURU, Sept 26 (Reuters) – Indian stocks are expected to fall at the open on Monday, in line with their Asian counterparts, amid renewed concerns over economic growth due to a high interest rate environment.
India’s NSE stock futures listed on the Singapore exchange were down 0.9% at 0205 GMT, while the broadest MSCI index of non-Japan Asia-Pacific stocks (.MIAPJ0000PUS) was down. down 1%.
The NSE Nifty 50 Index (.NSEI) fell 1.72% to 17,327.35 on Friday, while the S&P BSE Sensex (.BSESN) fell 1.73% to 58,098.92.
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The pound fell to a record low on Monday as investors piled into dollars and almost everything else, spooked by the prospect of high interest rates and weak growth ahead.
Last week, the United States and half a dozen other countries raised their rates. India’s central bank will deliver its monetary policy decision later in the week.
Foreign institutional investors on Friday sold Indian stocks with a net worth of 29 billion rupees, according to preliminary data available from the National Stock Exchange.
Actions to watch:
** India’s state-owned Bharat Petroleum Corp (BPCL.NS) said it had signed a preliminary agreement with Brazil’s national oil company Petrobras (PETR4.SA) to help it diversify its crude oil supply. Read more
**Oil India Ltd (OILI.NS) expects a “healthy profit” for the quarter ending September 30, despite levying a windfall tax on crude sales, said chief financial officer Harish Madhav of India’s state-owned oil producer. Saturday. Read more
** India’s Yes Bank Ltd (YESB.NS) said on Friday that the Reserve Bank of India would only allow it to exit a reconstruction program put in place more than two years ago after the end of the period blocking of shares. Read more
** Blackstone Inc (BX.N) will sell a stake worth up to $400 million in Embassy Office Parks REIT (EMBA.NS), India’s largest real estate investment trust, via block deals Indian scholarship holders. Read more
**Britannia Industries (BRIT.NS) announced on Friday that it has appointed Rajneet Kohli as chief executive, effective September 26. read more
** Swelect Energy Systems (SWEL.NS) will acquire shares of Swelect RE Power by investing Rs 64.4 million.
** Infibeam Avenues (IFIB.NS) will transfer three wholly-owned international units to the Vavian International unit.
** Laxmi Organic (LAXR.NS) said its factories in the Mahad Industrial Zone started operating after a maintenance shutdown.
** India’s Goa Carbon (GOAC.NS) will consider raising funds through rights-based equity issuance.
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Reporting by Nallur Sethuraman in Bangalore; Editing by Savio D’Souza
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