PRE-MARKET INDIAN STOCKS NEWS: India’s government notified about the Mobile Phone Manufacturing Scheme 2.0 to support the domestic mobile phone manufacturing ecosystem

Bank of Baroda (BOB IS) - Co. completed the issuance of an additional USD 400mln of senior unsecured Reg-S fixed-rate notes. (Economic Times)

Federal Bank (FB IS) - Co.’s board approved a proposal to raise up to USD 500mln through foreign currency-denominated bonds. (Economic Times)

JSW Infrastructure (JSWINFRA IS) - Co. entered into a share purchase agreement to acquire 100% of JSW Overseas FZE from JSW Terminal (Middle East) FZE, subject to regulatory approvals in India and the UAE. (Economic Times)

Power Grid Corporation of India (PWGR IS) - Co. was declared the successful bidder to establish an interstate transmission system for renewable-energy projects in Gujarat at an annual tariff of INR 8.23bln. (Economic Times)

Reliance Industries (RIL IS) - Co.’s shareholders approved three resolutions covering material related-party transactions and an expansion of its objects clause to include the production, processing, sale and distribution of ammonium nitrate, explosives and blasting agents. (Economic Times)

India’s government notified about the Mobile Phone Manufacturing Scheme 2.0 to support the domestic mobile phone manufacturing ecosystem. (Economic Times)

Production-linked incentive schemes of this kind are the Indian government's established tool for building domestic manufacturing capacity, and the 2.0 framing indicates an extension and likely recalibration of a programme that has already run one cycle rather than a new policy direction. First-round PLI schemes have historically pulled assembly work onshore over time, with the benefit accruing first to contract manufacturers and component suppliers before filtering to the broader electronics ecosystem; the operative questions are the incentive rates, qualifying thresholds and which categories, components versus finished assembly, are newly covered. Notification is an early stage: the detail in the scheme guidelines and the list of approved applicants matters more than the headline, and disbursement performance under prior rounds has at times lagged the announced outlays. The rest of the wrap is routine Indian corporate flow: offshore bond issuance by two banks, consistent with the pattern of Indian lenders tapping Reg-S markets to fund balance sheet growth, an intra-group acquisition by JSW Infrastructure, a transmission tariff award to Power Grid, and a Reliance objects-clause expansion into ammonium nitrate and explosives, a signal of incremental diversification rather than a near-term earnings line. Nothing here changes the macro read on Indian equities; the follow-ons are the scheme guidelines and any bidder announcements under it.