Adani Green Energy has grown by 110% year-over-year

Opening Bell:

SGX Nifty is up by 71 points in the early morning trade, indicating a positive opening for Indian stock market.

Asia-Pacific markets traded mixed on Wednesday, as Federal Reserve Chairman Jerome Powell overnight acknowledged that inflation is declining — a sign the central bank may soon pause its rate hikes. The Japanese Nikkei is down by 0.61 percent. Hong Kong’s Hang Seng is down by 0.26 percent and South Korea’s Kospi is up by 3.55 percent in early morning deals.

US stocks rallied to a convincingly higher close on Tuesday, but trade was choppy as investors digested comments from Federal Reserve Chair Jerome Powell about how long the central bank might need to tame inflation The S&P 500 gained 1.92 percent and the Nasdaq Composite added 1.9 percent respectively.

Stocks News:

?Adani Green Energy has registered a 110% year-on-year increase in consolidated profit at Rs 103 crore for December FY23 quarter despite weak operating performance and exceptional loss, supported by other income and strong topline.

?Ambuja Cements reported a consolidated net profit of Rs 488 crore for the three months ended December quarter. The profit was higher by 13%, compared with Rs 431 crore in the same quarter last years.

?Astral Ltd on Tuesday announced a bonus issue of equity shares in the proportion of 1:3, that is, for every three equity shares an investor holds, the company will give out one additional share to eligible shareholders.

?Aurobindo Pharma’s Aurolife Pharma has received a final approval from the US Food & Drug Administration (USFDA) to manufacture and market Diclofenac Sodium Topical Solution USP.

?Foreign institutional investors (FII) sold shares worth Rs 1,218.14 crore, while domestic institutional investors (DII) purchased shares worth Rs 1,203.09 crore on February 6, as per provisional data available on the NSE.

Domestic and International Events

• All eyes will be on RBI Governor Shaktikanta Das when he unveils the outcome of the crucial monetary policy review, the last one for this fiscal, and the first one in this calendar year.
• Oil prices climbed more than 3 percent on Tuesday after the head of the US central bank eased market concerns over interest rate hikes, while recovering demand in China also boosted prices.
• US inflation is starting to cool but the road ahead will likely be long and bumpy, Federal Reserve Chair Jerome Powell warned Tuesday, adding that stronger-than-expected economic data could bring more rate hikes.
• The risk to Indian banks due to the rout faced by Adani stocks are “limited”, Moody’s Investor Services said in a report released on February 7. The exposure of country’s lenders to the embattled business group is “not large enough”, it noted.

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