Stock Market Today: GIFT Nifty on the NSE IX increased by 43.50 points, or 0.20 percent, at 22,236.50 on Wednesday, indicating that Dalal Street was off to a good start. A U.S. inflation reading this week could impact when the Federal Reserve begins its easing cycle, so Asian stocks were cautious on Wednesday. Meanwhile, the New Zealand dollar experienced a significant decline after the central bank backed off from its previously aggressive rate-setting approach. As traders ignored overnight data on manufactured goods and waited for the Federal Reserve’s favoured inflation gauge to provide hints about when the country’s central bank could begin lowering interest rates, the value of the US dollar remained stable.
Stock Market Today: Stocks in focus
JSW Steel
The business revealed on Tuesday that SJVN Ltd. has granted a Letter of Award (LoA) to JSW Neo Energy, its affiliate, for a 700 MW solar capacity project that will be connected to the interstate transmission system (ISTS). According to a document JSW made with the stock exchanges, this LoA was obtained in response to a tariff-based competitive offer that was requested for the establishment of 1,500 MW of ISTS-connected solar power plants. The company’s total locked-in capacity, which includes 1.4 GW of solar capacity, rises to 11 GW with this deal.
Vodafone-Idea
The board of cash-strapped private telecom operator Vodafone-Idea approved a Rs 45,000-crore fund-raising strategy on Tuesday. The initiative includes a Rs 20,000 crore equity-based capital raise from current investors. The operator anticipates concluding the equity fund raise by the end of the forthcoming June quarter, following a shareholder meeting scheduled for April 2. Vodafone-Idea would seek to raise debt in addition to equity funds, bringing the total amount of funding to 45,000 crore.
Vedanta
Hindustan Zinc, a company in the Vedanta Group, stated on Tuesday that Hindmetal Exploration Services Pvt Ltd, a new subsidiary, has been formed. The company’s objective is to spearhead the company’s entry into strategic mineral exploration and portfolio diversification. “…The company has incorporated Hindmetal Exploration Services Private Limited, a wholly-owned subsidiary of Hindustan Zinc Ltd, with an objective to explore, discover, develop and tap mineral resources,” Hindustan Zinc stated in a regulatory filing.
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