JSW Energy arm to set up 960 MW capacity hydro pumped storage project in Maharashtra

Opening Bell:

SGX Nifty is up by 72.5 points in the early morning trade, indicating a positive opening for Indian stock market.

Asian markets were trading higher The Japanese Nikkei jumped by 0.79 percent, South Korea’s Kospi rallied by 0.86 percent and Hong Kong’s Hang Seng on the other hand is down by 0.20 percent.

Wall Street indices ended lower on Wednesday, after data showed strong U.S. labor demand which again suggested that the Federal Reserve will keep interest rates higher for longer.

Dow Jones Industrial Average was down by 0.14 percent, while the S&P 500 declined by 0.3 percent. The Nasdaq Composite slid 0.3 percent.

Stocks News:

?JSW Energy arm to set up 960 MW capacity hydro pumped storage project (PSP) in Maharashtra. JSW Neo Energy has entered into a memorandum of understanding with the government of Maharashtra for setting up a 960 MW capacity hydro PSP. With this MoU, the company has secured resources for 6 GW hydro PSPs from various state governments.

?Sterlite Technologies completes divestment of stake in UK-based Impact Data Solutions. The company has completed its divestment of stake in IDS UK. In September 2022, it had entered into definitive documents to sell its stake (through its wholly-owned subsidiary) in IDS UK to Hexatronic Group AB.

?Godrej Consumer Products expects higher than mid single-digit sales growth, mid-teen decline in EBITDA in second quarter. The FMCG company, at a consolidated level, expects to deliver higher than mid single-digit sales growth. On the profitability front, it expects a mid-teen decline in EBITDA due to high cost materials, significant upfront marketing investments to drive category development, and a weak performance in Indonesia.

?Jubilant FoodWorks arm acquires additional stake in Netherlands-based DP Eurasia NV. Subsidiary Jubilant FoodWorks Netherlands BV acquired additional stake in Netherlands-based DP Eurasia NV. As on October 3, the subsidiary held 49.04% stake in DP Eurasia NV, the exclusive master franchisee of the Domino’s Pizza brand in Turkey, Russia, Azerbaijan and Georgia.

Domestic and International Events

• Weak rural demand has pulled down sales of fast-moving consumer goods in September 2022 compared to August 2022, which witnessed heavy stocking ahead of the festive season, as per media reports. Sales in rural India fell by 14.3 per cent while urban sales grew by 1.1 per cent in September 2022 as compared to August 2022. Overall FMCG sales fell by 9.6 per cent in September 2022 as compared to the previous month.
• The government has approved Rs.260 billion to install 25,000 mobile towers across the country in 500 days. The said amount will be spent from the department of telecommunication’s (DoT’s) universal services obligation fund (USOF). The towers will be installed by Bharat Broadband Network Limited (BBNL). The announcement was made by telecom minister Ashwini Vaishnaw at the three-day conference of state information technology ministers.
• Saudi Arabia’s Aramco believes that more exploration projects are needed to meet the fuel demand in future, as per a report in Economic Times. It cautioned that oil producers’ spare crude oil production capacity is running low and will be eroded completely once China ends its Covid Zero strategy.
• U.S. private employers stepped up hiring in September, the ADP National Employment report on Wednesday showed, suggesting rising rates and tighter financial conditions have yet to curb labor demand as the Fed battles high inflation.

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