PRE-MARKET INDIAN STOCKS NEWS: US and India announced an interim trade agreement on Friday

Reliance Industries (RIL IS) - Co. subsidiary Reliance Consumer Products acquired a majority stake in Australia’s popular “better-for-you” beverage company, Goodness Group Global. (Moneycontrol)

State Bank of India (SBIN IS) - Co. Q3 (INR) profit rose 24.5% Y/Y to 210.3bln, NII rose 9% Y/Y to 451.9bln. (Moneycontrol)

Tata Steel (TATA IS) - Co. Q3 (INR) consolidated profit 27.3bln (prev. 3.0bln Y/Y), rev. rose 6.3% Y/Y to 570.0bln. (Moneycontrol)

Other News

US and India announced on Friday that they reached a framework for an interim agreement regarding reciprocal and mutually beneficial trade, in which India will eliminate or reduce tariffs on all US industrial goods and a wide range of US food and agricultural products, while the US will apply a reciprocal tariff rate of 18% and will remove tariffs on certain aircraft and aircraft parts. India and the US will significantly increase trade in technology products, and India intends to purchase USD 500bln of US energy products, aircraft and aircraft parts, precious metals, technology products and coking coal over the next five years. Furthermore, India agreed to eliminate restrictive import licencing procedures that delay market access for, or impose quantitative restrictions on, US ICT goods. (Newswires)