PRE-MARKET INDIAN STOCK NEWS: TCS IS to report modest profit growth in Q2, SBI Funds seeking INR 1.17tln valuation, HFCL to invest INR 9.5bln in fibre optic production

India

HFCL (HMFC IS) - Co. plans to invest INR 9.5bln to enhance optical fibre cable production capacity over the next two years. (Economic Times)

Maruti Suzuki (MSIL IS) - Co. commissioned a 1 MWh Battery Energy Storage System at its Kharkhoda manufacturing facility. (Economic Times)

Natco Pharma (NTCPH IS) - Co. announced investments of nearly INR 25bln in South Africa, including INR 14bln in its arm and INR 10.69bln to raise its stake in Adcock Ingram to 49% from 35.75%. (Economic Times)

National Aluminium Company (NACL IS), NLC India (NLC IS) - Cos. signed a 50:50 joint venture agreement to develop a 1,080 MW thermal captive power plant in Anugola, Odisha. (Economic Times)

State Bank of India (SBID IS) - Co. has reportedly raised over USD 1.5bln from offshore deposits under a special programme, Bloomberg reports. (Bloomberg)

SBI Funds Management - Co. is seeking a valuation of up to INR 1.17tln in its IPO next week, setting the price band of INR 545-574/shr. (Reuters)

Tata Consultancy Services (TCS IS) - Co. is expected to report modest profit growth for the June quarter, with revenue momentum likely to remain weak. (Economic Times)

Other News

• India is reportedly considering options, including holding talks with Iran, in order to secure safe passage for vessels loaded with crude and LPG, Bloomberg reports. 
• The NSE has reportedly received approval from India’s market regulator for the launch of derivatives tied to the Nifty India FPI 150 index, Bloomberg reports.