IndiGo named Pieter Elbers, as the Chief Executive Officer of the company

Opening Bell:

SGX Nifty is down by 195 points in the early morning trade that indicates a weak opening for the Indian stock market.

Within Asian indices, Japanese Nikkei is down by 1.15 percent, South Korea Kospi is down by 1.49 percent and Chinese Shanghai is trading flat at around Tuesdays close.

Wall street remained flat and ended on a negative note. Dow Jones finished 0.55 per cent lower, tech-heavy Nasdaq finished 0.74 per cent lower, S&P 500 lost 0.41 per cent

Asian markets were largely higher though nominally. European markets rose cautiously on Tuesday as investors continued to assess recession risks in the region and as previously surging gas prices slipped back 10 per cent.

Stocks News:

?WIPRO has entered an expanded collaboration with Palo Alto Networks to deliver managed security and network transformation solutions like SASE (secure access service edge), cloud security and next-generation SOC (security operations center) solutions based on Zero Trust principles for global enterprises.

?Paras Defence and Space Technologies has entered into an exclusive teaming agreement with ‘ELDIS Pardubice’ s.r.o., Czech Republic. They are intended to provide turnkey anti-drone systems for civilian airports in India.

?IndiGo named Pieter Elbers, as the Chief Executive Officer of the company to replace Ronojoy Dautta. The airline had announced the appointment of Elbers as its new CEO following Dutta’s ‘decision’ to retire on September 30.

?Mirae Asset India Small-Midcap Focus Equity Master Investment Trust acquired 3,03,446 equity shares in the company via open market transactions.

?Zuari Industries has executed memorandum of understanding (MOU) with Envien International, Malta and Zuari Envien Bioenergy, to build and operate a biofuel distillery. The company will explore the organic and inorganic business opportunities in the biofuel space in India.

?Foreign institutional investors (FIIs) have net bought shares worth Rs 1,144.53 crore, while domestic institutional investors (DIIs) net purchased shares worth Rs 632.97 crore on September 6, as per provisional data available on the NSE.

Domestic and International Events

• Oil prices sank on Tuesday after a two-day rally as concern returned about weaker demand and the prospect of more interest rate hikes trumped support from OPEC+’s first output target cut since 2020.
• The deadline to comply with sulphur dioxide (SO2) emission norms for power companies has been extended by two more years, as per a government notification issued on September 6. For utilities operating within 10 km radius of National Capital Region or in cities having a million-plus population, the deadline has been pushed to ‘December 31, 2024’, the Ministry of Environment stated.
• British construction companies suffered a second straight month of contraction in the face of deep uncertainty about the outlook for the inflation-hit economy, a survey showed on Tuesday.
• Japan’s household spending grew for a second straight month in July despite a resurgence in Covid-19 cases, but inflationary pressures from the yen’s slump to a 24-year-low have cast doubt over a revival in consumption.

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