Good morning, people!
Markets were volatile after RBI’s rate hike decision yesterday. But now that it's behind us, we hope to see calmer markets going ahead. Anyway, let’s quickly take you through the top stories to begin your day.
For more updates on F&O, click here.
⭐ Tata Power’s new solar plant 🏭
Tata Power Solar said it has commissioned a 450 MW capacity solar plant for Brookfield Renewable India in Rajasthan. The project will produce over 800GWh of clean energy per year and will help avoid up to 600,000 tons of annual carbon dioxide emissions.
⭐ PNB Housing Fin. rallies
Shares of PNB Housing Finance rose over 7% percent intraday. This was after the company’s board gave a nod to infuse ₹500 crore into the company. PNB will invest the amount by participating in the rights issue of PNB Housing Finance.
⭐ Sugar exports surge ⏫
According to the Indian Sugar Mills Association (ISMA), sugar exports have hit 8.6 million tonnes till 31 May in the 2021-2022 sugar marketing year which ends in September. In comparison, India exported a total of 7 million tonnes in the previous marketing year. This record export jump comes at a time when the government has capped exports at 10 million tonnes in the current marketing year. The industry has demanded raising the export cap by 1 million tonne.
Global markets (at 7:30 AM today)
| Indices | Today's movement |
| SGX Nifty | ▼ 0.4% |
| Nikkei 225 (Japan) | ▲ 0.1% |
| Hang Seng (Hong Kong) | ▲ 0.2% |
| SSE Composite (China) | ▲ 0.1% |
| Dow Jones (US) (June 08) | ▼ 0.8% |
| NYSE (US) (June 08) | ▼ 1.1% |
| Nasdaq (US) (June 08) | ▼ 0.7% |
| S&P 500 (US) (June 08) | ▼ 1.0% |
Fact of the day
The UK has begun a trial of a four-day work week. The six month trial will involve 70 companies and 3,300 employees across sectors, to gauge its effectiveness.
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Investment in securities markets is subject to market risks; please read all the related documents carefully before investing. The securities quoted are exemplary and are not recommendatory. Past performance is not indicative of future results. Details provided in the above newsletter are for educational purposes and should not be construed as investment advice by RKSV group. Investors should consult their investment advisor before making any investment decision.
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