HeroMotoCorp will invest $60 million in US-based Zero motorcycles

Opening Bell:

SGX Nifty is down by 40.5 points in the early morning trade, indicating a negative opening for Indian stock market.

Asian indices traded lower on Friday, the last day of the third quarter, following another sell-off on Wall Street overnight. China’s factory activity data is due later today. The Japanese Nikkei fell 1.32 percent, South Korea’s Kospi declined 1 percent and Hong Kong’s Hang Seng is trading flat early morning deals.

Wall Street ended lower amid worries that the US Federal Reserve’s aggressive fight against inflation could hobble the US economy, and as investors remained concerned about global currency and debt markets.

Dow Jones Industrial Average declined by 1.5 percent, while the S&P 500 dropped 2.1 percent. The Nasdaq Composite was up by 2.8 percent.

Stocks News:

?HeroMotoCorp will invest $60 million (Rs 490 crore) in US-based Zero motorcycles to jointly develop electric motorcycles. It said it is finalising a collaboration agreement with the California (US)-based manufacturer of premium electric motorcycles and powertrains.

?Adani Ports has incorporated a wholly-owned subsidiary Adani Aviation Fuels (AAFL) to carry on the business of sourcing, transporting, supplying and trading of aviation related fuels. APSEZ said that AAFL will commence its business operations in due course.

?Adani Enterprises three wholly-owned subsidiaries have achieved financial closure for the access-controlled six-lane greenfield Ganga Expressway Project in Uttar Pradesh under public-private partnership mode. The company in a statement said it has secured finances of Rs 10,238 crore from lenders.

?Adani Green Energy has commissioned the world’s largest wind-solar power plant of 600 MW capacity in Jaisalmer, Rajasthan. The plant has a power purchase agreement with Solar Energy Corporation of India (SECI) at Rs 2.69/kwh for 25 years.

?Competition Commission of India approved the acquisition of 100 per cent equity of Diliigent Power and DB Power by Adani Power. The proposed combination relates to the acquisition of the 100 per cent of the share capital and economic rights of Diliigent Power and DB Power by Adani Power.

?Foreign institutional investors (FIIs) net sold shares worth Rs 3,599.42 crore while domestic institutional investors (DIIs) net bought shares worth Rs 3,161.73 crore on September 29, as per provisional data available on the NSE.

Domestic and International Events

• Moneycontrol poll of 20 economists, shows that Reserve Bank of India’s rate-setting panel is likely to increase the key policy rate by 50 basis points (bps) at its meeting this week as inflation continues to be the dominant theme in deliberations.
• India’s current account deficit (CAD) widened to $23.9 billion in April-June from $13.4 billion in January-March, according to data released by the Reserve Bank of India (RBI) on September 29. The current account had recorded a surplus of $6.6 billion in April-June 2021. In percentage terms, the CAD in April-June 2022 was 2.8 percent of GDP, up from 1.5 percent of GDP the previous quarter.
• The central government has marginally lowered its market borrowing target for financial year 2022-23 amid robust tax revenues. The full-year borrowing target has been cut to Rs 14.21 lakh crore, from Rs 14.31 lakh crore as spelt out by the Budget for 2022-23. Despite the cut, the borrowing will be the highest ever.
• South Korea’s factory production shrank for a second month in August, missing expectations, while retail sales jumped. The country’s industrial output fell 1.8% on a seasonally-adjusted monthly basis, by a faster pace than 1.3% in July and 0.5% tipped in a Reuters poll.

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