PRE-MARKET INDIAN STOCKS NEWS: US President Trump announced US and India agreed to a trade deal

Indus Towers (INDUSTOW IS) - Co. Q3 (INR) profit fell 55.6% Y/Y to 17.8bln, rev. rose 7.9% Y/Y to 81.5bln. (Moneycontrol)

PB Fintech (POLICYBZ IS) - Co. Q3 (INR) profit rose 165% Y/Y to 1.9bln, rev. rose 37.1% Y/Y to 17.7bln. (Moneycontrol)

UPL (UPLL IS) - Co. Q3 (INR) consolidated profit fell 52.2% Y/Y to 4.0bln, rev. rose 12.5% Y/Y to 122.7bln. (Moneycontrol)

Other News

US President Trump posted on Truth that it was an honour to speak with Indian PM Modi, who agreed to stop buying Russian oil, and to buy much more from the US and, potentially, Venezuela. Trump added that they agreed to a trade deal between the US and India, whereby the US will charge a reduced Reciprocal Tariff, lowering it from 25% to 18%, while India will move forward to reduce tariffs and non-tariff barriers against the US to zero. Furthermore, Modi also committed to “BUY AMERICAN,” at a much higher level, in addition to over USD 500bln of US energy, tech, agricultural, coal, and many other products.

White House official said the US is also dropping 25% additional tariff on Indian imports since India is reducing purchases of Russian oil.