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Here are the top stories to start your day.
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⭐ Adani Group to build data centres
Adani Group is planning to build 1,000 megawatt data centres over the next 10 years. The current industry capacity is 550 megawatt (MW). The first data centres will come up in Mumbai, Chennai, Hyderabad, Delhi, Pune and Bengaluru, with a total capacity of 450 MW over the next three years. Meanwhile, data centres with capacity 550 MW will be set up in tier-2 and 3 towns.
⭐ Diesel export falls in July
After the government raised the windfall profit tax on exports of diesel, the country's diesel exports declined by 11% in July. Meanwhile, overseas shipments of petrol fell by 4.5%. Windfall profit taxes were first imposed on 1 July 2022. Export duties of ₹6 per litre were levied on petrol and aviation turbine fuel (ATF), and a duty of ₹13 per litre was levied on diesel. The duties were revised in three rounds and have now been removed for petrol, while duties of ₹7 per litre on diesel and ₹2 per litre ATF remain.
⭐ Fed to keep raising rates
The US Fed chairman Jerome Powell in his speech at the Jackson Hole Symposium said the US economy will need a tight monetary policy for some time before inflation is brought under control. Powell gave no indication of how high interest rates might rise at the Fed’s upcoming policy meeting on 20-21 September. Experts expect either a 0.5% or 0.75% rate increase.
Global markets (at 7:30 AM today)
| Indices | Today's movement |
| SGX Nifty | ▼ 2.12% |
| Nikkei 225 (Japan) | ▼ 2.76% |
| Hang Seng (Hong Kong) | ▼ 0.95% |
| SSE Composite (China) | ▼ 0.54% |
| Dow Jones (US) (August 26) | ▼ 3.03% |
| NYSE (US) (August 26) | ▼ 2.73% |
| Nasdaq (US) (August 26) | ▼ 3.94% |
| S&P 500 (US) (August 26) | ▼ 3.37% |
Fact of the day
As per a report, Mukesh Ambani has bought Dubai’s costliest home for $80 million.