Asian share markets are trading defensive on Wednesday after China inflation data confirmed the recovery in the world's second-biggest economy is losing steam, while resurfacing concerns about US bank stability also capped sentiment.

The Nikkei is trading 0.5% lower, and the Hang Seng index is trading flat. While shanghai Index is trading 0.4% lower.

US stocks finished lower on Tuesday in a broad sell-off after the downgrading of several lenders by credit rating agency Moody's reignited fears about the health of US banks and the economy.

Dow Jones Industrial Average ended 0.5% lower and the tech heavy Nasdaq Composite ended 0.8% lower.

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

Data Source: Equitymaster

Back home, Indian share markets are trading on a flat note today.

At present, the BSE Sensex is trading lower by 253 points. Meanwhile, the NSE Nifty is trading down by 60 points.

Coal India and Adani Ports are among the top gainers today.

HCL Tech and ICICI Bank the other hand are among the top losers today.

Broader markets are trading on a mixed note. The BSE Mid Cap index is trading marginally lower and the BSE Small Cap index are trading 0.3% higher.

Sectoral indices are trading on a mixed note with stocks in the banking sector and realty sector witnessing most selling pressure.

Meanwhile the stocks in metal and healthcare are witnessing buying.

Shares of Raymond and Cipla hit their 52-week high today.

The rupee is trading at Rs 82.82 against the US dollar.

In commodity markets, gold prices are trading marginally higher at Rs 59,321 per 10 grams today.

Meanwhile, silver prices are trading 0.4% higher at Rs 70,488 per 1 kg.
 

NTPC's solar project win

NTPC Renewable Energy on Tuesday emerged as the successful bidder for an 80-megawatt floating solar project at Khandwa in Madhya Pradesh.

The energy generated from the project will be supplied to Madhya Pradesh discoms.

NTPC Renewable Energy is a subsidiary of power producer NTPC.

The bidding was conducted on 8 August 2023, by Rewa Ultra Mega Solar Limited, a joint venture of Solar Energy Corporation of India and MP Urja Vikas Nigam Ltd. The discovered tariff is Rs 3.80/kWh.

NTPC Group has 3.3 GW renewable energy (RE) operational capacity, while another 20 GW RE capacity is in the pipeline, including a 4 GW energy storage system and the country's first green hydrogen-based piped natural gas blending project.

The transition from grey to green hydrogen is happening at a faster pace than expected. GAIL is contributing to this transition, making it among India's Top Green Hydrogen Stocks.

Power stocks have found favour after a long wait. 
 

Happiest Minds Q1 results

Happiest Minds Technologies on Tuesday reported a net profit of Rs 583.3 million for the June 2023 quarter of the fiscal year 2024.

The IT company reported net sales at Rs 3.9 bn for the June quarter of fiscal year 2024.

Total income stood at Rs 4 bn in the June 2023 quarter.

For the fiscal year 2023, Happiest Minds recorded revenue growth of 23.7% in constant currency terms, even as profit rose 27.5% to ?230.99 crore over the year-ago period.

Its operational profitability improved by 28.9% year-on-year to Rs 3.8 bn in FY23.

On 18 July, the IT company said it has raised funds to the tune of Rs 5 bn through qualified institutional placement (QIP) of equity shares.

The Board of Directors approved the allotment of 54.11 lakh equity shares of face value Rs 2 each to eligible investors for Rs 924 per share.

After its successful IPO in 2020, the fundraising in July was the first-ever equity capital raised by the company.

The funds will be used for funding working capital requirements, investments in subsidiaries, funding inorganic growth and other general corporate purposes.

The increasing convenience of using smart devices in our daily lives and businesses is driving the growth of these IoT companies. Happiest Minds is one of the top 5 IoT stocks to add to your watchlist.
 

Tata Power Inks new hydropower deal

Tata Power entered into an agreement with the Government of Maharashtra on 8 August to develop two large pumped hydro storage projects (PSP) with a combined capacity of 2,800 Megawatts (MW) in the state.

These projects, with an estimated investment of approximately Rs 130 bn, will be situated in Shirawta, Pune (1,800 MW) and Bhivpuri, Raigad (1000 MW) districts.

The collaboration may drive the state towards its goal of becoming aUS$ 1 tn economy by 2028 while generating employment for over 6,000 people.

The deal aims at enhancing energy security by providing a continuous power supply along with solar and wind energy.

With the setting up of 2,800-MW pumped hydro capacity, these projects will significantly contribute to cleaner capacity addition in the country.

Looking for a blend of growth and passive income? Tata Power is among the top Tata Group companies that pay good dividends.

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