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RIYADH: Indian shares opened 2 percent lower on Monday, with the rupee hitting a lifetime low as investors awaited inflation data later in the day, while global markets plunged over fears of aggressive policy tightening by the US Federal Reserve later this week.
The NSE Nifty 50 index was down 2.3 percent at 15,833.45, as of 0351 GMT, after touching its lowest in nearly four weeks.
The S&P BSE Sensex fell 2.4 percent to 52,990.35.
The Indian rupee touched a record low of 78.28 to the dollar, while the benchmark 10-year bond yield hit 7.60 percent, its highest since Feb. 28, 2019.
Rajesh Exports investing $3 billion to set up display plant
Jeweler Rajesh Exports plans to invest $3 billion in India’s southern Telangana state to set up the country’s first electronic-display plant, the state government said late on Sunday.
India and many governments around the world have raced to subsidize the construction of semiconductor and display factories as a shortage has hobbled the auto and electronics industries and highlighted the world’s dependence on a few sources, such as Taiwan, for vital supplies.
“What was hitherto possible only in Japan, Korea and Taiwan, will now happen in Telangana,” the creation of a large-scale ecosystem of partners and ancillaries supplying world-class television, smartphone and tablet makers, Telangana Industries Minister KT Rama Rao said, announcing the investment.
Rajesh Exports is also an applicant for Prime Minister Narendra Modi’s $10 billion incentive plan to push companies to set up semiconductor and display operations in India, the government’s next big bet on electronics manufacturing.
Industry body India Cellular and Electronics Association estimates demand in India for displays will be nearly $60 billion between 2021 and 2025.
(With input from Reuters)