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Major Asian stock markets have opened the day on a disappointing note with stock markets in Japan and Hong Kong are trading lower by 2.7% and 2.6% respectively. Benchmark indices in Europe and US ended their previous session deep in red with stock markets in Germany and France ending the day lower by 2.6% and 2.3% respectively. The rupee is trading at 66.79 per US$.
Indian stock markets have opened the day on a negative note owing to weak global cues. The BSE Sensex is trading lower by 261 points (down 1%) and the NSE Nifty is trading lower by 78 points (down 1%).Further, BSE Mid Cap and BSE Small Cap are trading lower by 0.6% and 0.7% respectively.
As reported in a financial daily, Tata Power renewable arm has signed an agreement with Welspun Energy to acquires its entire green energy portfolio. The deal is pegged at a sum of Rs 100 billion. Reportedly, it would be the largest solar merger and acquisition (M&A) deal in the country as well as in Asia.
With this deal, Tata Power has acquired about 1,140 megawatt (MW) of renewable power projects. This includes about 990 MW of solar power projects and about 150 MW of wind power projects spread across ten states in India.
Further, out of the 1,140 MW renewable portfolio, nearly 1,000 MW of capacity is operational and balance capacity is under advanced stages of implementation.
The acquisition will enable the company to deliver significant value for all stakeholders as most of the assets are revenue generating and operating assets. The stock of Tata Power is trading down by 0.5%.
Talking about solar energy, we have recently written an article indicating a major flaw in the US$ 100 billion solar sector. You cannot miss to read this interesting piece. Click here to access it.
As per an article in Livemint, Maruti Suzuki India will open its manufacturing facilities after two weeks. The company could only utilize its facilities to produce at minimal levels during this time. The production was halted for a week on account of a bi-annual maintenance shutdown carried out between 6 June and 11 June. The production was affected a week before the annual maintenance too. This was on account of a fire at one of its supplier's factory named Subros. This disrupted the supply of AC kits, which in-turn halted the production.
Reportedly, the production loss estimated during these two weeks is pegged at 58,000 units. The production loss may possibly increase the average waiting period of its newly launched Vitara Brezza and Baleno to a record high. Currently, the average waiting period for these models are anywhere between 6 and 8 months.
The stock of Maruti Suzuki is trading down by 1%.
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