Tata Power Solar Systems has received contract worth Rs 612 crore

Opening Bell:

SGX Nifty is down by 101 points in the early morning trade, indicating a gap down opening for Indian stock market.

The Nikkei 225 in Japan is down 1.20 percent, South Korea’s Kospi declined by 0.66 percent and Hong Kong’s Hang Seng is up 0.44 in early morning deals.

Wall Street key benchmark indices finished lower on rising global recession fears and FedEx Corporation’s warning on weak earnings. Dow Jones lost 0.56 per cent, Nasdaq nosedived 1.43 per cent, S&P 500 dipped 1.13 per cent on Thursday.

Other global stock markets were mixed on Thursday as the likelihood of a further jump in global borrowing costs, including a possible 100 basis point U.S. rate hike next week, kept the bears on the prowl.

Stocks News:

?Tata Power subsidiary Tata Power Solar Systems has received contract worth Rs 612 crore to set up 100 MW ground mounted project for SJVN in Gujarat. The project will get commissioned within 11 months from the date of receiving the letter of award.

?UPL the agrochemical company in joint venture with CleanMax Enviro Energy Solutions, a Mumbai-based renewable energy company, to establish a hybrid solar-wind energy power plant in Gujarat. The joint venture will set-up and operate a hybrid captive power plant with a capacity of 28.05 MW of solar power and 33 MW of wind power.

?Plenty Private Equity FII I sold 7,62,499 equity shares (1.24 percent stake) in PVR via open market transactions at an average price of Rs 1,877.14 per share, and Plenty Private Equity Fund I offloaded 10,76,259 shares (1.76 percent stake)

?MTAR Technologies has received orders worth about Rs 540 crore in clean energy segment including civil nuclear power.

?Investor Pioneer Investment Fund has sold 3.98 lakh equity shares or 0.2 percent stake in the company via open market transactions on September 14-15. With this, its shareholding in the company stands reduced to 2.44 percent, up from 2.64 percent earlier.

?Foreign institutional investors (FIIs) have net sold shares worth Rs 1,270.68 crore, whereas domestic institutional investors (DIIs) net offloaded shares worth Rs 928.86 crore on September 15, as per provisional data available on the NSE.

Domestic and International Events

• Fitch Ratings has slashed its growth forecast for India for the current fiscal year to 7 per cent from the previous estimate of 7.8 percent. The ratings agency also cut its GDP growth forecast for the next fiscal year to 6.7 per cent from the earlier estimate of 7.4 per cent.
• Downside risks continue to dominate the global economic outlook and some countries are expected to slip into recession in 2023, but it is too early to say if there will be a widespread global recession, IMF spokesman Gerry Rice said on Thursday.
• Oil fell more than 2 percent on Thursday as expectations of weaker demand and a strong US dollar ahead of a potentially large interest rate increase outweighed supply concerns. The International Energy Agency said this week oil demand growth would grind to a halt in the fourth quarter. The dollar held near recent peaks, supported by expectations the US Federal Reserve will continue to tighten policy.
• US retail sales unexpectedly rebounded in August as Americans ramped up purchases of motor vehicles and dined out more amid lower gasoline prices, but demand for goods is cooling as the Federal Reserve aggressively raises interest rates.

Key Equity Indices