Mahindra Electric Mobility Ltd has launched its cargo electric three-wheeler – Zor Grand

Opening Bell:

Domestic equity markets are expected to open in the green as trends in the SGX Nifty indicate a positive opening with a gain of 41.5 points.

In early morning trade deals on Tuesday, Japanese Nikkei was up 1.02 percent, Hong Kong’s Hang Seng was down 0.74 percent whereas Chinese Shanghai went off 0.02 percent. Shares in the Asia-Pacific were higher on Tuesday after sharp falls to start the week following Fed Chair Jerome Powell’s hawkish speech in Jackson Hole.

US stocks closed lower on Monday, adding to last week’s sharp losses on nagging concerns about the Federal Reserve’s determination to aggressively hike interest rates to fight inflation even as the economy slows.

The CBOE’s volatility index, Wall Street’s fear gauge, hit a seven-week high on Monday morning – up 7.4 points at 27.46, on mounting risk of more aggressive rate hikes from the Federal Reserve and European Central Bank.

Stocks News:

?Bharat Petroleum Corporation Ltd, India’s second-largest oil refining and fuel retailing firm, plans to scale up its renewable energy portfolio to 10 GW by 2040 – the year it is targeting net-zero carbon emission. Following its AGM BPCL said the company is diversifying and expanding into adjacent and alternate businesses, which will not only provide additional revenue streams but also offer a hedge against any decline in the oil and gas business.

?Adani group and NDTV’s promoter entity RRPR Holding Ltd have approached SEBI, seeking clarity on the applicability of the regulator’s earlier order regarding the conversion of warrants into shares, a decisive factor in the hostile takeover battle for the media group.

?Indian Railway Catering and Tourism Corporation (IRCTC) issued a clarification to the exchanges on Monday after media reports suggested that the government has dropped its plans for IRCTC’s offer for sale (OFS) for now due to volatile market conditions. IRCTC said it is not aware of any information regarding the government dropping the OFS plan. The reports suggested that the government was looking to raise ₹3,000 crore via dilution of 3.5% in IRCTC via offer for sale.

?Mahindra Electric Mobility Limited (MEML), part of the Mahindra Group, has launched its all-new cargo electric three-wheeler – Zor Grand. The vehicle is priced starting at ₹3.60 lakh, ex-showroom Bengaluru. Mahindra has 12,000-plus bookings of the Zor Grand through Memoranda of Understanding with logistics companies like Mahindra Logistics, Magenta EV Solutions, MoEVing, EVnow, Yelo EV, and Zyngo, a company statement said.

?Lupin on Monday said it has received tentative approval from the US health regulator to market Dasatinib tablets, used to treat certain types of cancer, in America.

?Foreign institutional investors (FIIs) have net sold shares worth Rs 561.22 crore, while domestic institutional investors (DIIs) net bought shares worth Rs 144.08 crore on August 29, as per provisional data available on the NSE.

Domestic and International Events

• Oil prices fell on Tuesday after notching their highest gains in more than a month in the previous session, as global inflation worries overshadowed the prospect of possible OPEC+ output cuts.
• The dollar touched a fresh 20-year high on Monday, lifted by hawkish comments by Federal Reserve Chair Jerome Powell, but was kept in check as the euro was boosted by growing expectations for European Central Bank (ECB) rate hikes. The dollar index, which measures the currency’s value against a basket of peers, hit 109.48 early in the session, a level not seen since September 2002.
• Japan’s jobless rate was steady at 2.6 percent in July, while the availability of jobs grew for the seventh straight month to a more than two-year high, government data showed on Tuesday. The seasonally adjusted unemployment rate compared with a median forecast of 2.6 percent in a Reuters poll of economists.
• Britain’s services businesses reported a record increase in costs over the past three months and are downbeat about the future, as inflationary headwinds look set to squeeze demand further, the Confederation of British Industry (CBI) said on Tuesday

Key Equity Indices