Morning Update for 11 October 2021

Indices at previous closing

Nifty50: 17,895 ▲+104 (+0.5%)
Sensex: 60, 059 ▲+381 (+0.6%)
Nifty Bank: 37,775 ▲+22 (+0.0%)

For more updates on F&O, click here.

In the news

Reliance acquires solar energy firm

Reliance Industries’ wholly-owned subsidiary has bought a 100% stake in Norway-based REC Solar Holdings AS for an enterprise value of $771 million (about ₹5,790 crore). The 25-year-old company has three manufacturing units that make solar grade polysilicon, photovoltaic cells and modules. 

With this and other recent acquisitions, the management said that Reliance is now ready to set up a global scale integrated photovoltaic giga factory and make India a manufacturing hub for the lowest cost and highest efficiency solar panels. Earlier this year, Reliance had announced initial investments to the tune of ₹75,000 crore over the next three years in green and clean energy. Meanwhile, shares of Reliance Industries were up 5.1% on Friday.

India's sugar exports to sweeten further

According to reports, Indian sugar companies are expected to fill the global sugar supply gap as the weather in Brazil continues to affect the crop. This comes when India’s sugar exports are at an all-time high and have surged 20% compared to the previous year. 

Experts believe that sugar consuming nations have been relying on their available stock till now. However, going forward the deficit is likely to be met by Indian producers - at a higher price. Meanwhile, international sugar prices were up 1.1% last week. Similarly, shares of Indian sugar companies Shree Renuka (+7.6%), Andhra Sugar (+7.5%) and Dhampur Sugar (+4.9%) were upbeat last week. 

Solar Industries receives big order 

One of the largest domestic manufacturers of cartridge explosives and detonators has received an order from Coal India for supplying bulk explosives worth ₹1,471 crore. 

In June 2021, the company also received multiple orders of ₹365 crore from CIL. The current contract comes in the backdrop of an escalating coal crisis and emerging gaps between availability of electricity and rising demand. Meanwhile, shares of Solar Industries were up 3.9% on Friday.

Sectoral indices (October 8)

Global markets (at 8:00 am)

Fact of the day

In 1969, Apollo 11 astronauts took Kellogg cereals to the moon as part of their breakfasts.

Source: Kellogg’s Blog

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