Ravi Shankar, Co-Head of Investment Banking at JPMorgan, states that foreign investors remain active in India's IPO scene despite rising FII outflows. He explains that GST reforms and RBI rate cuts have contributed to improving sentiment, with multiple sectors for foreign investors to tap into.

Mumbai

Foreign institutional investors (FIIs) are maintaining significant participation in Indian initial public offerings (IPOs), with 40 to 50 percent of demand in recent deals coming from these investors. This trend persists despite broader FII outflows from Indian markets, as FIIs remain active in both IPOs and follow-on offerings alongside domestic investors.

The Indian equity market is also supported by a rapidly expanding domestic retail investor base, which has grown since the COVID-19 pandemic. Government initiatives, such as direct and indirect tax reforms and monetary easing, have further strengthened market stability and attracted both domestic and foreign investment.

Foreign appetite for Indian IPOs remains strong despite FII outflows

And Ravi, you mentioned a while ago the importance actually of how big the retail investor base in India has grown. And this has really been a trend that's happened ever since the start of the COVID-19 pandemic and has continued into this year. The question I have is, how important are foreign investors going to be who have seen a bit more reticent to enter the markets actually, as compared to the sustained appetite among domestic investors in India? Will the domestic and retail investor base in India that's growing quite rapidly be enough to sustain appetites, not just for IPOs, but for Indian equity markets overall? Yeah, no, that's the thing that I think we see people talking about. But at the same time, if you look at all the deals that we are pricing, actually almost 40 to 50% all demand comes from FII. So irrespective of, you know, what you see on FII cross-flow perspective, from a deal perspective, we're actually seeing them very active and participating in all the IPOs and follow-ons in the same breadth as domestic investors. So I don't think we are seeing a kind of let up there. Of course, they are doing some sort of portfolio adjustment where they're selling secondary and coming their deals. But that's indeed the market momentum. The other thing I'll say is that actually it's a great thing for India to have a self-sustaining capital flow, which kind of takes away the volatility, which comes with EM funds, which come in and out depending on how their global supply is coming from US and other markets, rather than relying on India macro, which continues to be quite stable and quite secularly growing. This disconnect, it seems, between how retail investors are approaching the Indian market and how foreign investors seem to be looking at the Indian market, is this something that's figured as a point of conversation at the investor conference? And what are folks at J.P. Morgan telling foreign investors about what they might be potentially missing with regards to the Indian investment picture? No, look, I think, obviously, when you sit in India, you have a better sense of what you're seeing in the market. I mean, government has been doing an amazing job of bringing real growth policies. If you look at what they did with the direct tax rate in the budget, then indirect tax through GST rationalization and through kind of upfront monetary easing through RBI rate cuts, I think all of that has been quite positive. And that is something that people are noticing and, you know, kind of moving forward with their investments in their capital markets. So that, for sure, is a positive factor. I think foreign investors, of course, have multiple, you know, market to play in, and that tends to be a kind of portfolio approach from their perspective.

Russian President Vladimir Putin offered to voluntarily maintain the limits on deployed strategic nuclear weapons set in the 2010 New START accord after it expires in February if the U.S. agreed to do the same.

Moscow

Putin offers Trump one-year extension to nuclear weapons treaty

Nvidia will invest up to $100 billion in OpenAI and supply it with data center chips, the companies said, marking a tie-up between two of the highest-profile players in the global artificial intelligence race.

San Francisco

Rise of AI

Nvidia to invest $100 billion in OpenAI, linking up two AI titans

President Trump announced Monday the FDA believes pregnant women should not take acetaminophen, the active ingredient in Tylenol, claiming there could be a link between the medication and autism, despite objections from medical experts.

Washington

Trump, FDA tell pregnant women not to take Tylenol

ABC announced Monday that "Jimmy Kimmel Live!" will return to the air Tuesday night (September 23). The network pulled the show last week following a remark from Kimmel about the death of Charlie Kirk.

Los Angeles

Jimmy Kimmel returning to air

As leaders from around the globe come together at the United Nations General Assembly in New York this week, conflicts in Gaza and Ukraine continue to rage.

New York

World leaders come together at UNGA as global tensions rise

Monday marks the second day of strike action after a similar walk-off was called on Sunday by the southern European country's largest trade union, the Italian Confederation of Labour (CGIL).

Rome

Middle East Conflict

Thousands strike across Italy in solidarity with Palestinians in Gaza

The Trump administration is adding $100,000 to the existing fee for H-1B visa applications, taking aim at a program that is used to attract highly skilled workers to the U.S.

Trump administration to add $100,000 fee for H-1B visas

President Donald Trump urged Attorney General Pam Bondi in a social media post to move forward with cases against several people connected to the U.S. government. CBS News justice correspondent Scott MacFarlane has more.

Trump urges Pam Bondi to go after his political foes

Russia is denying that its planes entered Estonian airspace on Saturday, according to Kremlin spokesman Dmitry Peskov, but Estonia's foreign minister is saying the government has "irrefutable evidence" of the incursion.

Ukraine Invasion

Russia denies violating Estonian airspace

U.S. President Donald Trump was the final speaker at a politically charged memorial service for conservative activist and MAGA influencer Charlie Kirk that also included words of forgiveness from Kirk’s widow as well as remarks from the vice-president and one of Trump’s sons.

Glendale

Trump closes out Charlie Kirk memorial

Media mogul Lachlan Murdoch and business leaders Larry Ellison and Michael Dell would be involved as U.S. investors in a proposed deal to keep TikTok operating in the United States, according to President Donald Trump speaking to Fox News channel.

Trump says Murdochs would be involved in TikTok deal

Portugal, the UK, Australia and Canada joined over 150 countries that now recognise a Palestinian state. The announcements come ahead of the United Nations General Assembly in the week ahead.

Lisbon

Portugal formally recognises Palestinian state

Police say a 23-year-old was arrested and charged Sunday night with second-degree murder after one person was killed and several others were injured in a shooting at a New Hampshire country club. Witnesses say the shooter said “free Palestine” and before opening fire.

Nashua

Suspect yelled 'free Palestine' before country club shooting

President Trump is demanding that the Justice Department go after his political rivals following a shakeup in the U.S. Attorney's Office in Eastern Virginia. Willie James Inman reports.

Trump pressuring Justice Department to pursue his political foes

President Trump, Vice President JD Vance and several others remembered Charlie Kirk at a memorial service in Arizona that was attended by thousands.

Phoenix

Trump, others remember Charlie Kirk at memorial service

The United Kingdom, Canada and Australia officially recognized Palestine as a state Sunday, a move that has long been opposed by the U.S. and Israel. More countries are expected to do the same this week as world leaders gather in New York for the U.N. General Assembly.

Tel Aviv-Yafo

Israel continuing assault on Gaza after countries recognize Palestinian statehood

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US Republicans warn allies over decision to recognise Palestinian state

Britain, Canada and Australia all recognized a Palestinian state on Sunday (September 21) in a move borne out of frustration over the Gaza war and intended to promote a two-state solution, but which is also bound to anger Israel and its main ally, the U.S.

Britain, Canada and Australia all recognize Palestinian state

The President of the Palestinian Authority, Mahmoud Abbas, will address the UN on Monday, after the General Assembly voted to allow him to join remotely. The U.S. has refused to issue him a visa to attend in person.

UN approves video address by Palestine’s Abbas after U.S. visa refusal

Sixty nations have agreed to a new treaty aimed at protecting marine biodiversity in international waters. But the strength of the deal governing the high seas is uncertain as some of the world’s biggest players - including China, the U.S., Russia and Japan - have yet to ratify.

Nations ratify world's first treaty to protect international waters

A cyberattack on a provider of check-in and boarding systems has disrupted operations at several major European airports including London's Heathrow, the continent's busiest, causing flight delays and cancellations on Saturday (September 20).

London

Travelers stranded as cyberattack disrupts major European airports

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Manhattan

Optus, Australia's second-largest telecom carrier, promised on Saturday "full cooperation" with official investigators, after an outage disrupted emergency call services for 13 hours. Four people died amid the technical failure, including an eight-week-old boy.

Melbourne

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Thousands set to attend Charlie Kirk's public memorial

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Kyiv

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Heathrow Airport

Flight chaos as UK, European airports hit by cyberattack

Three Russian military jets violated NATO member Estonia's airspace for 12 minutes on Friday in an "unprecedentedly brazen" incursion, its government said, the latest in a series of recent military actions by Russia that have rattled the alliance.

Tallinn

Russian jets enter Estonia's airspace in latest test for NATO

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Breakdown