On Monday, Asian stocks took a breather following a remarkable rally in global equities, driven by expectations of reduced US interest rates due to cooling inflation.

Equity markets in Japan fluctuated, while those in Australia edged lower.

US stock market ended higher on Friday, extending its biggest weekly percentage gains of the year, with the S&P 500 and the Nasdaq notching their seventh straight session of gains.

Here's a table showing how US stocks performed on Friday:

Source: Equitymaster

At present, the BSE Sensex is trading 67 points higher and NSE Nifty is trading 42 points higher.

BPCL, NTPC and ONGC among the top gainers today.

M&M, Nestle and Tata Motors the other hand are among the top losers today.

Broader markets are trading on positive. The BSE Midcap index is trading 0.5% higher and the BSE Smallcap index is trading 1.1% higher.

Barring media sector and auto sector, all other sectoral indices are trading positive today, with stocks in energy sector and oil & gas sector witnessing buying.

The rupee is trading at Rs 83.83 against the US dollar.

In commodity markets, gold prices are trading 0.3% higher at Rs 71,557 per 10 grams today.
 

Adani Power to Supply Power to Bangladesh

Adani Power on Friday said it will continue to supply power to Bangladesh from its 1,600MW Jharkhand plant, set up to provide 100% electricity generated from the facility to the neighbouring nation.

Earlier this month, the power ministry amended power import/export guidelines to enable electricity supply from plants set up as an export-oriented unit to sell power within India.

The amendment provides that the government may permit connection of such generating station to the Indian grid (inter-state or intra-state grid) to facilitate the sale of power within India 'in case of sustained non-scheduling of full or part capacity or default notice issued by the generator for any default, including delayed payment under the PPA (power purchase agreement)'.

Adani Power's 1,600 MW Godda plant is probably the only plant in the country which has been set up with a commitment of 100% electricity supply to Bangladesh.

In a statement, Adani Power explained the amendment to India's Power Export Guidelines is an industry-enabling universal provision aimed at streamlining power export processes without altering existing arrangements.

The government's decision to allow the power plant with export commitment to supply electricity within India follows the recent political crisis in Bangladesh.

Besides, India endeavours to be a zero-deficit power supply nation amid rising demand though its electricity shortfall is less than a percentage point.

India's power demand touched an all-time high of nearly 250GW in May.
 

DCX Systems New Order Win

DCX Systems has received orders worth Rs 1.1 bn from domestic and overseas customers.

The company has secured contracts for the supply of electronic kits, cable and wire harness assemblies. The order is to be completed within 12 months and a total cost of Rs 1.1 bn.

DCX Systems is one of the leading Indian manufacturers of electronic sub-systems and cable harnesses in the defence and aerospace sectors. Operations of the company are classified as system integration, cable and wire harness assemblies, and kitting.

The company reported a 69.4% decrease in consolidated net profit to Rs 29.4 m on an 18.8% fall in revenue from operations to Rs 1.4 bn in Q1 FY25 over Q1 FY24.

DCX Systems is among the leading Indian players in the manufacture of electronic sub-systems and cable harnesses.

UNO Minda Appoints CEO

UNO Minda has announced the appointment of Ramesh KS as the Chief Executive Officer (CEO) for its ECS-2 domain, effective 17 August 2024.

Ramesh will report directly to Nirmal Kumar Minda, Chairman and Managing Director of UNO Minda Group.

Before joining UNO Minda, Ramesh served as the Senior Vice President at Ather Energy.

With 32 years of experience, Ramesh brings expertise in operations, business development, engineering, sourcing, supply chain management, and B2B business development.

His background includes significant work in EV manufacturing, DC motors, BLOC, axial flux and stepper motors, electronic modules, transmission/gearbox, and alternators.

Ramesh holds a Bachelor's degree in Mechanical Engineering from Madras University and an MBA in Finance from Symbiosis, Pune.

Before UNO Minda, Ramesh held key positions at Ather Energy, Portescap India, Fortive/Danaher, Visteon India, Lucas TVS, and Kuna I Engineering Co.

UNO Minda recently reported a quarterly profit of Rs 1.2 bn for June 2024, reflecting a 9% decrease from Rs 1.4 bn reported in June 2023.

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