Asian markets surged on Wednesday, tracking an overnight rise in US stocks, as investors bet that the Federal Reserve will cut interest rates as early as March.

The Nikkei is trading 1.1% higher while the Hang Seng index is trading 1% higher.

US stocks extended a rally on Tuesday, kicking off the final week of 2023 with expectations that the Federal Reserve will begin cutting interest rates as soon as March.

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

Source: Equitymaster

At present, the BSE Sensex is trading 315 points higher and NSE Nifty is trading 98 points higher.

Bajaj Auto and Bajaj Finserv are among the top gainers today.

Asian Paints and Britannia on the other hand are among the top losers today.

Broader markets are trading higher. The BSE Mid Cap and the BSE Small Cap index are trading higher by 0.5%.

Sectoral indices are trading positively, with stocks in the realty sector and capital goods sector witnessing the most buying.

The rupee is trading at Rs 83.24 against the US dollar.

In commodity markets, gold prices are trading flat at Rs 63,042 per 10 grams today.

Meanwhile, silver prices are trading flat at Rs 75,025 per 1 kg.
 

SJVN's New Solar Project Win

State-owned SJVN has bagged a 100 MW solar project worth Rs 5.5 bn under an e-Reverse auction conducted by Gujarat Urja Vikas Nigam.

This ground-mounted solar project shall be developed by the SJVN through its wholly-owned subsidiary, SJVN Green Energy (SGEL), at a tentative cost of Rs 5.5 bn.

SJVN successfully bagged the quoted capacity of a 100 MW Solar Project at the rate of Rs 2.63/Unit on a Build Own and Operate basis through a tariff-based competitive bidding process of GUVNL.

The project is expected to be commissioned within 18 Months from the date of signing of the Power Purchase Agreement (PPA).

The PPA shall be signed between SGEL & GUVNL for 25 years.

The project is expected to generate about 252 million units in its first year of commissioning, and the cumulative energy generation over 25 years would be about 5,866 million units.

Further, the commissioning of this solar project is anticipated to reduce 2,87,434 tonnes of carbon emissions.

With the addition of this project, SJVN's solar & wind portfolio stands at 5,090.5 MW, out of which 179.5 MW is under operation, 1,860 MW is under construction, and 3,051 MW is under various stages of implementation.

With a sharp vision to diversify into renewable energy, SJVN is stitching a grand solar roadmap.
 

Power Grid Corp Acquires 2 Special Purpose Vehicles

State-owned Power Grid Corporation on Tuesday said that it has acquired two special purpose vehicles (SPV) to implement power transmission projects - Vataman Transmission and Koppal II Gadag II Transmission from PFC Consulting.

Power Grid Corporation had bagged these two projects under tariff-based competitive bidding conducted by PFC Consulting.

The Koppal II Gadag II Transmission Ltd (KIIGIITL) was acquired on Tuesday to establish a transmission system for 'Transmission Scheme for Integration of Renewable Energy Zone (Phase-II) in Koppal-II (Phase-A & B) and GadagII (Phase-A) in Karnataka', on build, own, operate and transfer (BOOT) basis.

The Vataman Transmission Ltd (VTL), the Project SPV, is acquired on Tuesday to establish transmission system for 'Transmission system for evacuation of an additional 7 GW of RE power from Khavda RE park under Phase III Part B, on build, own, operate and transfer (BOOT) basis.
 

Aditya Birla Capital to Infuse Fund in Subsidiaries

Diversified financial services player Aditya Birla Capital Ltd (ABCL) on Tuesday said it has infused Rs 8.5 billion (bn) and Rs 500 m in two wholly-owned subsidiaries, Aditya Birla Finance and Aditya Birla Capital Digital Ltd, respectively.

The investments were done on a rights basis.

Under the investments, there is no change in the percentage shareholding of ABCL, and both continue to be wholly-owned subsidiaries.

ABCL invested in Aditya Birla Finance to meet its growth and funding requirements and improve its leverage ratio.

The investment in the other wholly-owned subsidiary is to meet growth and funding requirements.

Aditya Birla Capital is the holding company for the financial services businesses of the Aditya Birla Group, is a universal financial solutions group catering to the diverse financial needs of its customers across their life stages.

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