♦️ News & Inspect♦️

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• India Election Commission Extends Covid Rules For States Polls

o Campaigning had been restricted in 5 poll-bound states

• High Food Prices Dash India’s Hopes to Curb Cooking Oil Imports

• Reliance Profit Tops All Estimates on Retail Surge, Shale Sale

o Best quarter on strong performance by all units: Ambani

• Reliance Jio Completes 5G Coverage Planning for 1,000 Top Cities

• Reliance Drops Net-Debt-Zero Tag on Business Boom Across Units

• ICICI Bank Net Income Climbs 25% on Rising Interest Earnings

• Tycoon Jindal’s JSW Steel’s Profits Miss Estimates as Costs Jump

• Vodafone’s India Unit Logs Another Loss as User Exodus Continues

• India Antitrust Watchdog Approves Generali Raising JV Stake

• PTC Panel to Submit Report on Unit Governance Issues in 30 Days

• Dutch Find More Pollutants Around Tata Mill Than Company Reports

• India’s Winter Crop Area Rises 1.1% to 67.93 Million Hectares

• India’s FX Reserves Rise $2.2B to $635.0b in week to Jan. 14

o India Official Reserves Rise After Seven Weeks of Decrease

• India’s RBI Sold INR22.3B of Bonds in Secondary Market Last Week

• Global Funds Sell Net INR31.5B of Indian Stocks on Jan. 21: NSE

o Domestic funds buy net 2.69b rupees of stocks

• Foreign Investors Sell Net INR45.9B of Indian Equities on Jan. 20

• Foreigners Sell Net INR15.2B of India Equity Derivatives Jan. 21

• India’s economy has some bright spots, a number of very dark stains: Raghuram Rajan: PTI

• India Working on New Social Security Plan for Poor, Mint Reports

• Amazon Says Samara Capital Ready to Invest in Future Retail: PTI

• Bandhan Bank (BANDHAN): 3Q net income +36% y/y to 8.6b rupees, est. 6.9b; gross NPA 10.8% vs. 10.8% q/q

• CSB Bank (CSBBANK): 3Q net income 1.48b rupees vs. 530.5m y/y; Gross NPA 2.62% vs. 4.11% q/q

• FDC Ltd. (FDCLT): Says gets ANDA for Ofloxacin Otic solution

• Gland Pharma (GLAND): 3Q net income +34% y/y to 2.73b rupees, misses est. 2.97b; Revenue +23% y/y to 10.6b

• ICICI Bank (ICICIBC): 3Q net income +25% y/y to 61.9 billion rupees, beats est. 58.60b, provisions -26% q/q to 20.1b; Gross NPA 4.13% vs. 4.82% q/q

• JSW Steel (JSTL): Tycoon Jindal’s JSW Steel’s Profits Miss Estimates as Costs Jump

• L&T Finance (LTFH): 3Q net income 3.26b rupees, meets est. 3.25b; revenue -12% y/y to 29.7b

• Oil & Natural Gas (ONGC): Says Co. and Petrobras begin work to put Brazil block to production

• Prakash Industries (PKI): Gets 1,95,000 mt/year coal linkages for next 5-yr from Coal India

• Reliance Industries (RIL): 3Q net income +42% y/y to 185.5b rupees, beats est. 152.64b; revenue +54% y/y to 1.91t

• Titagarh Wagons (TWL): Says Italy unit Titagarh Firema S.P.A. gets Framework pact of Euro 282m for Metro for Lazio region

• Vodafone Idea (IDEA): 3Q net loss 72.3b rupees, est. loss 68.4b; revenue -11% y/y to 97.2b

• Yes Bank (YES): 3Q net income +77% to 2.66b rupees vs. 1.5b y/y; Gross NPA 14.7% vs. 15% q/q