Tata Power’s solar push

Good morning!

Here are the top stories to start your day.

For more updates on F&O, click here.

⭐ Tata Power to set up solar plant 

Tata Power Renewable Energy Limited (TPREL) will set up a 100 MW solar power plant for steel maker Viraj Profile in Maharashtra. The project is expected to be commissioned by July 2023. However, financial details of the project were not disclosed. As per industry estimates, to set up every 1 MW of solar capacity, an investment of over ₹4.5 crore is required.

⭐ India imposes export duty on rice

The Indian government on Thursday imposed a 20% export duty on export of various types of rice, excluding parboiled and Basmati rice. The 20% levy will be imposed on export of rice in the husk, husked brown rice, semi-milled or wholly-milled rice, whether or not polished or gazed. The changes will come into effect from September 9.

⭐ ECB hikes interest rate

The European Central Bank (ECB) raised interest rates by 75 basis points (0.75%) on Thursday. The move is aimed to tackle escalating inflation. The bank added that it expects to raise interest rates further, because inflation remains far too high and is likely to stay above the target for an extended period. The bank also revised up its inflation estimates, expecting an average 8.1% in 2022, 5.5% in 2023 and 2.3% in 2024.

Global markets (at 7:30 AM today)

Fact of the day

The US has issued a record-breaking 82,000 visas to Indian students in 2022 till date.

Source: Economic Times