Discover the top business headlines that are trending across India today!
After the tech sector took Wall Street to a record high, Asian stocks rose to an all-time high on Tuesday, while the dollar fell to a six-week low. Japan's Nikkei surged 1.6% as of 0200 GMT, South Korea's KOSPI advanced 1.7%, and Taiwanese shares gained 1.1%. Australia's stocks benchmark rose 0.7%, reaching an all-time high. However, the Chinese stocks fell owing to the growing threat of more U.S. tariffs on its economy.
This comes after the S&P 500 surged 0.2% on Monday from the previous session's all-time high.
According to the latest reports, the entities associated with the Adani Group have filed a settlement bid with SEBI (Securities and Exchange Board of India) over allegations regarding violation of public shareholding norms. Emerging India Focus Funds (EIFF), a Mauritius-based foreign portfolio investor allegedly linked to Vinod Adani, reportedly proposed a settlement amount of Rs 28 lakh last week. Also, Vinay Prakash, a director at Adani Enterprises, and Ameet Desai, a director at Ambuja Cements, have offered Rs 3 lakh each to settle the case.
Notably, this comes after SEBI accused several entities of the Adani Group of improper practices at its four listed companies.
Adani group chairman Gautam Adani
SEBI is yet to decide on the settlement applications.
Tata Power Renewable Energy Ltd. recently commissioned a 431 MW DC Solar project at Neemuch in Madhya Pradesh. Following the announcement, the Tata Power shares surged nearly 3% in morning trade on Tuesday.
The project, spreading across 1,635.63 acres, is said to be one of India’s most cost-effective bids for large-scale solar energy production. It features a combination of single-axis trackers and bi-facial modules and may offset an estimated 7,80,300 tonnes of CO2. It aims to supply power to Western Central Railways and Madhya Pradesh Power Management Company.
Deepesh Nanda, CEO and Managing Director, Tata Power Renewable Energy, said in a recent statement, “We are proud to lead the way towards a greener future for India and this project is a testament to our commitment to sustainable energy and innovation while working tirelessly to enhance efficiency and reliability in India’s solar sector."
The rupee fell to a new all-time low of 84.76 against the US dollar in early trade on Tuesday. According to experts, this happened due to the increasing strength of the American currency in the overseas market and heightened greenback demand in the non-deliverable forwards (NDF) market. Other reasons may also include Trump’s tariff threat to BRICS, political instability in the Eurozone, weaker domestic macroeconomic indicators, and unabated foreign portfolio outflows among others.
Over the past month, the rupee has weakened by 0.73 percent. And it's likely to remain under pressure for quite some time now.
Notably, the RBI has recently been planning to internationalize the rupee.
