Asian shares fell for a third consecutive session Tuesday, tracking US losses that dragged the Nasdaq 100 to its worst day since 2022, as anxiety mounts that tariffs and government firings will torpedo growth in the world's largest economy.

The US stock market witnessed a sharp selloff overnight on March 10, with major indices-the Nasdaq and S&P 500-plunging 4% and 2.7%, respectively, as concerns over a major trade war and economic slowdown in the world's largest economy due to President Donald Trump's trade policies spooked investors.

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

Source: Equitymaster

At present, the BSE Sensex is trading 255 points lower, and the NSE Nifty is trading 58 points lower.

BCPL, Sun Pharma, and Britannia are among the top gainers today.

M&M, Wipro, and Infosys, on the other hand, are among the top losers today.

The BSE Midcap index is trading 0.4% lower and the BSE Smallcap index is trading 1.5% lower.

Sectoral indices are trading mixed today, with stocks in the oil & gas sector, realty sector, and energy sector witnessing buying. Meanwhile, stocks in the IT sector and consumer durable sector are witnessing selling pressure.

The rupee is trading at Rs 87.3 against the US dollar.
 

SJVN Inks MoU with Chhattisgarh Govt

SJVN said that it has signed a memorandum of understanding (MoU) with the Chhattisgarh State Power Generation Company (CSPGCL), Government of Chhattisgarh, to develop an 1800 MW pumped storage project (PSP) at Kotpali, Chattisgarh.

Total investment for the project is estimated at Rs 95 bn, with direct and indirect employment benefits expected for 5,000 people during its development phase.

The Kotpali PSP is a off-stream closed-loop type PSP in Balrampur district of Chhattisgarh with an installed capacity of 1800 MW, designed to generate energy around 3967 MU.

SJVN is principally engaged in electricity generation. The company is also engaged in the business of providing consultancy.

NTPC's Rs 960 Billion Chhattisgarh Investment

State-run power major NTPC Ltd, along with its subsidiary NTPC Green Energy Ltd (NGEL), has signed multiple agreements with the Chhattisgarh government, committing Rs 960 billion to nuclear, pumped hydro, and renewable energy projects in the state. The agreements were formalized at the Chhattisgarh Energy Investors Summit 2025 in Raipur.

The largest project entails setting up 4,200 MW of nuclear power capacity with an estimated investment of Rs 800 bn. Additionally, NTPC will develop a 1,200 MW pumped hydro storage project at Sikaser in Gariyaband district, requiring Rs 58.76 bn in investment, in collaboration with Chhattisgarh State Power Generation Company Limited (CSPGCL).

Further, NGEL and CSPGCL have partnered to establish up to 2 GW of renewable energy projects, with an investment of around Rs 100 bn. These projects will help meet the state's Renewable Purchase Obligation (RPO) and CSPGCL's Renewable Generation Obligation (RGO).
 

Hitachi Energy Opens QIP Issue

Hitachi Energy India Ltd has initiated a Qualified Institutions Placement (QIP) of equity shares, with a base issue size of Rs 20 billion and an option to upsize to Rs 30 billion.

The floor price has been set at Rs 12,112.50 per share, reflecting a 4% discount to the last closing price of Rs 12,670 on the NSE. The indicative issue price could be set at a maximum discount of 5% from the floor price, around Rs 11,507 per share, representing a 9% discount to the closing price.

The company's board had approved a Rs 42 billion fundraise on January 18, 2025. The QIP is expected to result in an equity dilution of up to 6.15% at the indicative issue price. Proceeds from the issue will be utilized for capex, working capital, and general corporate purposes.

The preliminary placement document and application form have been adopted, and bids from Qualified Institutional Buyers (QIBs) will be invited. The final issue price will be determined in consultation with book-running lead managers, and the company will file the Preliminary Placement Document with BSE and NSE.
 

Gensol Engineering's Shares in Focus

The shares of solar power engineering Gensol Engineering may gain focus on Tuesday, 11 March, after the company's promoters announced that they will be infusing Rs 289.9 m through the conversion of warrants into equity in the company.

According to the filing data, the promoter share warrants will be converted into 4,43,934 equity shares at a price of Rs 871 per share.

This move from the firm comes after the promoters sold 2.37% of their total equity, amounting to 9 lakh shares. The company called this a move for "unlocking liquidity" and reinvestment into the business.

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