Adani Green Energy’s Joint Venture, HAL’s Aero-Engine Deal, ICX’s Renewable Agreement, and NMDC’s Production Decline

Opening Bell:             

Gift Nifty is down by 2.0 points in the early morning trade, indicating a flat opening for Indian stock market.

Asian markets traded mostly higher on Tuesday following the release of South Korea’s inflation data. Japan’s Nikkei 225 rose by 0.18%, and the Topix increased by 0.38%. South Korea’s Kospi gained 0.17%, while the Kosdaq edged up 0.02%. China’s CSI 300 futures remained steady after hitting a seven-month low on Monday, while Hong Kong Hang Seng index futures pointed to a lower opening.

The US stock market was closed on Monday in observance of the Labor Day holiday. Dow Jones Industrial Average futures dipped 63 points, or 0.1%, S&P 500 futures edged slightly lower, while Nasdaq-100 futures posted minor gains.

Stocks News:

👉 Adani Green Energy’s Board has approved the signing of binding agreements with Adani Renewable Energy Sixty Four (ARE64L) and TotalEnergies Renewables Singapore Pte. Under this agreement, TotalEnergies will invest an additional $444 million to establish a new 50:50 joint venture with Adani Green Energy. This joint venture will manage a portfolio of 1,150 MWac.

👉 Hindustan Aeronautics has received approval from the Cabinet Committee on Security for the procurement of 240 AL-31FP aero-engines for the Indian Air Force’s Su-30MKI aircraft. These engines will be purchased under the Buy (Indian) category at a cost exceeding ₹26,000 crore.

👉 Indian Energy Exchange’s subsidiary, International Carbon Exchange (ICX), has signed an Issuer Agreement with the International Tracking Standard Foundation (I-TRACK Foundation, Netherlands) and Evident EV (UK). This agreement enables ICX to serve as a local issuer of International Renewable Energy Certificates (I-REC) in the Indian market.

👉 NMDC’s iron ore production in August dropped by 10% year-on-year to 3.07 million tons, while sales decreased by 11.3% to 3.14 million tons.

👉 The foreign institutional investors (FIIs) extended their buying as they bought equities worth Rs 1,735.46 crore on September 2, while domestic institutional investors bought equities worth Rs 356 crore on the same day.

Domestic and International Events

• India’s Goods and Services Tax (GST) collections in August rose by 10% year-over-year to ₹1.75 lakh crore, compared to ₹1.59 lakh crore in the same period last year. However, this marks a slight decline from the ₹1.82 lakh crore collected in July.

• South Korea’s consumer inflation eased in August to its lowest level in nearly 3.5 years. The consumer price index increased by 2.0% year-on-year, down from 2.6% in the previous month, marking the slowest annual rise since March 2021. This matched the median forecast of a 2.0% increase in a Reuters survey of economists and aligned with the central bank’s medium-term inflation target of 2%.

• Crude oil prices dropped amid worries about China’s economic outlook. Brent oil decreased by 0.36% to $77.24 per barrel, while West Texas Intermediate (WTI) crude rose by 0.53% to $73.94.

• Gold prices edged lower on Tuesday as markets awaited a series of US economic data to assess the likelihood of an interest rate cut by the Federal Reserve this month. Spot gold dipped 0.1% to $2,495.79 per ounce after reaching a one-week low in the previous session, while US gold futures remained flat at $2,527.70.

EMERGING	LATEST	% 1D
Hang Seng	17,692	(1.7) %
Shanghai Composite	2,811	(1.1) %

DEVELOPED	LATEST	% 1D
Dow Jones	41,563	0.6 %
DAX	18,931	0.1 %
FTSE 100	8,364	(0.2) %
Nikkei	38,701	0.1 %
Straits Times	3,463	0.6 %