NTPC subsidiary appointed as nodal agency

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⭐ NTPC subsidiary appointed as nodal agency 

Power generator subsidiary NTPC Vidyut Vyapar Nigam (NVVN) has been nominated as the nodal agency to facilitate the supply of 4 GW gas-based power (GBP) during peak summer months. The move is aimed at ensuring sufficient power supply in the day-ahead market.

⭐Inflation eased but still above RBI’s target band

India’s retail inflation edged down slightly to 6.44% in February. However, the number was above the market forecast of 6.35% and RBI’s 2-6% inflation target. Inflation in the food basket was at 5.95%, up from 5.94% in January. The food basket has a weightage of 39.06% in the overall inflation index.

⭐ SVB crisis impacts global markets 

The collapse of the Silicon Valley Bank has rocked the global stock markets. Amidst volatile markets, the US exchange halted trading in several banking stocks in the early hours of Monday. Meanwhile, European markets also witnessed the ripple effect of the SVB crisis reporting the steepest single-day fall of this year. 

Global markets (at 9:45 AM today)

Fact of the day

HSBC acquires Silicon Valley Bank’s UK unit for £1

Source: Economic Times