Asian shares inched higher as traders await key US inflation data for clues on whether the Federal Reserve will cut or hold interest rates next week. The dollar snapped a three-day gain.South Korean equities rose for a second session, continuing a recovery after last week’s short-lived martial law event that thrust the country into political turmoil.U.S. stocks were lower after the close on Tuesday, as losses in the Basic Materials, Utilities and Oil & Gas sectors led shares lower.Here’s a table showing how US stocks performed on Tuesday:
Source: EquitymasterAt present, the BSE Sensex is trading 4 points higher and NSE Nifty is trading 13 points higher.BPCL, Coal India, and Grasim Industries are among the top gainers today.HCL Tech, ICICI Bank, and Wipro other hand are among the top losers today.The BSE Midcap index ended marginally higher and the BSE Smallcap index is trading 0.4% higher.Sectoral indices are trading mixed today with stocks in the auto sector and oil & gas sector witnessing most buying. Meanwhile, stocks inthe banking sector and finance sector witnessing selling pressure.The rupee is trading at Rs 84.87 against the US dollar.In commodity markets, gold prices are trading 0.6% higher at Rs 78,853 per 10 grams today.
NTPC Green Energy Bags OrderNTPC Green Energy Ltd on Tuesday (December 10) said its subsidiary NTPC Renewable Energy Ltd had won a 500 MW solar power project in an e-reverse auction conducted by the Solar Energy Corporation of India (SECI) on 9 December 2024.The project is part of SECI’s 2000 MW ISTS-connected Solar PV Power Projects tender and includes developing an Energy Storage System (ESS) with a total capacity of 1000 MW/4000 MWh.NTPC Renewable Energy secured 500 MW of solar power capacity at a tariff of Rs 3.52 per kWh.As per the terms of the tender, the company is required to set up an Energy Storage System (ESS) of 250 MW/1000 MWh along with the contracted solar capacity. The Letter of Award (LOA) from SECI is awaited.NTPC Green Energy is the largest renewable energy public sector enterprise (excluding hydro energy) in terms of operating capacity as of 24 September and power generation as of March 2024.The company’s renewable energy portfolio includes solar and wind power assets with a presence across multiple locations in more than 6 states which helps mitigate the risk of location-specific generation variability.
HG Infra Shares in FocusHG Infra Engineering shares will remain in focus on Wednesday after the company received a letter of acceptance from the Union Ministry of Road Transport and Highways (MoRTH) for a road improvement and upgradation project along National Highway 227B in Uttar Pradesh.The project involves developing a 63.84-km stretch into a two-lane road with paved shoulders under the hybrid annuity model (HAM). The construction is expected to be completed within two years.The company’s bid for the project was valued at Rs 7.6 bn.
HDFC Bank’s Office LeaseHDFC Bank has leased a significant four-lakh-square-foot office space at Mindspace Business Parks in Airoli West, Navi Mumbai.The total lease value stands at Rs 3.2 bn, payable over a 10-year period, as reported by Hindustan Times on 10 December 2024. The bank signed two separate lease agreements with Mindspace Business Parks.The first agreement covers 1.97 lakh sq. ft. in Gigaplex Building 5, also known as Mindspace Business Park, including the lobby and floors five through eight. Additionally, the lease provides for 154 car parking slots.
Indian Overseas Bank to Receive Income Tax Refund
State-owned Indian Overseas Bank (IOB) on Tuesday (10 December) said it has received an order confirming a refund of Rs 13.6 bn for the assessment year 2015-16, including interest under Section 244A.The order, dated 17 August 2024, follows earlier orders passed by the Commissioner of Income Tax (Appeals) in March and December 2023. The bank was informed of the refund order through the Income Tax Portal on 10 December 2024.Indian Overseas Bank reported a 24.4% year-on-year (YoY) rise in net profit at Rs 7.7 bn for the second quarter that ended 30 September 2024. In the corresponding quarter of the previous fiscal, Indian Overseas Bank posted a net profit of Rs 6.2 bn.Net interest income (NII), which is the difference between the interest income a bank earns from its lending activities and the interest it pays to depositors, increased 8.2%, coming at Rs 25.4 bn against Rs 23.5 bn in the corresponding quarter of FY24.The gross non-performing asset stood at 2.72% in the September quarter against 2.89% in the June quarter. Net NPA came at 0.475% against 0.51% quarter-on-quarter (QoQ).More By This Author:Sensex Today Ends Flat; Nifty Below 24,650Sensex Today Trades Flat; ITI Jumps 8%Sensex Today Ends 200 Points Lower; Nifty Below 24,620
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