Morning Alert..
India saved over $4 bn in fuel costs through solar power till June: Report
India saved $4.2 billion in fuel costs through solar generation in the first half of 2022 and 19.4 million tonnes of coal that would have further stressed an already strained domestic supply, according to a new report released on Thursday. The report by energy think tank Ember, the Centre for Research on Energy and Clean Air and the Institute for Energy Economics and Financial Analysis also analysed the growth of solar power over the last decade and found that five of the top 10 economies with solar capacity are now within Asia, including India, China, Japan, South Korea and Vietnam. The contribution of solar generation in seven key Asian countries -- India, China, Japan, South Korea, Vietnam, the Philippines and Thailand -- avoided potential fossil fuel costs of around $34 billion from January to June 2022, the report said. This is equivalent to 9 percent of total fossil fuel costs during this period, it added.
India in talks with other countries to export green hydrogen, official says
India is in talks with the governments of other countries to export green hydrogen made in the South Asian nation, an official of its foreign ministry said on Thursday. "We are in a position to make green hydrogen as our main source of energy in the future," Prabhat Kumar, an additional secretary of the external affairs ministry, said at an industry event.
Soaring wheat prices in India likely to prompt price-cooling measures: Govt
Soaring wheat prices in India could prompt price-cooling measures such as the release of state reserves into the open market while axeing the 40% tax on imports, trade and government sources said on Thursday. The government has been trying to rein in food inflation, but its efforts have been complicated by wheat prices that have climbed to record highs. Stung by a sudden drop in crop yields, India banned exports of the grain in May. Market arrivals from the previous harvest, meanwhile, have slowed to a trickle as farmers have run out of stocks, growers and traders said. Local wheat prices jumped to a record 26,500 rupees ($324.18) a tonne on Thursday, up nearly 27% since the May ban on exports.
Commodity play
Gold – Rs 51319/10gm, Silver – Rs 60867/kg, Brcrude – Rs 6988/barrel, Degumsyoil – Rs 1296/10kg, Copper – Rs 679/kg.
Corporate News
Adani Power inks pact to sell 100% stake in SPPL to ACX for Rs 1,556 cr.
SAIL turns red with Rs 329 cr Q2 loss, expenses surge to Rs 27,200 cr.
Zomato net loss narrows to Rs 251 crore in Q2, revenue jumps 62%.
SGX Nifty indicates a good start to Indian markets trading at 18416 levels up by 319 points o 1.76%. Dow Jones was up by 3.70% at end after good inflation numbers. All major indices are trading in green.
Sector in focus – Banks, IT, Automobiles & Chemicals.
