Olectra Greentech, has bagged an order worth Rs151 crore for supplying 100 electric buses

Opening Bell:

SGX Nifty is trading at flat levels with negative bias in the early morning trade. The index is down by 38 points. Trends in SGX Nifty indicate a negative opening.

In early morning session on Friday, Japan’s Nikkei was down 0.23 per cent whereas Chinese Shanghai was down 0.08 per cent. Hong Kong’s Hang Seng is down 0.74 percent.

On Friday Wall Street witnessed heavy weekend selling, Dow Jones finished 1.07 per cent higher, Nasdaq shed 1.31 per cent, S&P 500 slipped 1.07 per cent.

World stocks were heading for a 3 per cent loss on the week while the dollar hit 24-year highs against the yen ahead of key US jobs data, as investors brace for US jobs report on Friday last week and aggressive rate hikes from the Federal Reserve. Likely resumption of Russian gas supplies to Europe stabilised sentiments in Europe.

Stocks News:

?Shares of Spicejet will be in focus after the firm informed exchanges that it has got three months extension to hold an annual general meeting (AGM). According to a news report, the firm is also likely to get Rs 225 crore under the government’s credit guarantee scheme next week.

?VodafoneIdea has prepaid a short-term loan of around Rs 2,700 crore to State Bank of India to shore up lenders’ confidence as it urgently seeks fresh bank funds to tie up equipment supply deals for 5G networks and also clear some of its near Rs 15,000-crore trade payables, comprising dues to tower companies, network gear vendors and other suppliers.

?HFCL’s board on Friday approved raising up to Rs 650 crores which will be invested in enhancing R&D facilities, setting up new production facilities to enhance capacity under the production linked incentive (PLI) scheme and design linked incentive (DLI) scheme.

?Morgan Stanley Asia has bought 9.4 lakh shares of ACC Ltd for over Rs 215 crore through an open market transaction.

?Olectra Greentech, a subsidiary of MEIL, has bagged an order worth Rs151 crore for supplying 100 electric buses to the Assam State Transport Corporation. This is the first order for the company from northeastern states, given on an outright basis.

?Foreign institutional investors (FIIs) net sold shares worth Rs 8.79 crore, while domestic institutional investors (DIIs) net offloaded shares worth Rs 668.74 crore on September 2, as per provisional data available on the NSE.

Domestic and International Events

• India is likely to become the third-largest economy in the world by 2029 due to a major structural shift since 2014, according to a State Bank of India (SBI) research report. The path taken by India since 2014 reveals the nation is likely to get the tag of the third-largest economy in 2029, a movement of seven places upwards since 2014 when India was ranked 10th.
• American employers slowed down their hiring in August in the face of rising interest rates, high inflation and sluggish consumer spending, all of which have weakened the outlook for the economy.
• OPEC+ is likely to keep oil output quotas unchanged for October at a meeting on Monday, five OPEC+ sources said, although some sources would not rule out a small production cut to bolster prices that have slid due to fears of an economic slowdown.
• A marginal contraction in exports, coupled with a continuing surge in the country’s import bill through August, has renewed concerns over India’s widening trade deficit and its impact on the broader economy.

Key Equity Indices

EMERGING	LATEST	% 1D
Hang Seng	19,452	(0.7) %
Shanghai Composite	3,186	0.1 %

DEVELOPED	LATEST	% 1D
Dow Jones	31,318	(1.1) %
DAX	13,050	3.3 %
FTSE 100	7,281	1.9 %
Nikkei	27,651	(0.0) %
Straits Times	3,206	(0.6) %