RIL makes a big push towards green energy with an overseas acquisition. Also, More trouble in the skies for Indian aviation as another technical snap hits. On the economy front, RBI Governor expects inflation to come down and the world's oil producers roll back their output hike.
This is the Daily Edit from the economic times. It's September 6, and this is your quick capsule on news on the move. Here is what we are tracking.
Starting with M and A news Reliance Industries has made yet another green push. The energy to telecom conglomerate has entered into definitive agreements with SenseHawk Inc, for acquiring 79.4% stake in the company for a consideration of $32 million. Founded in 2018 SenseHawk is an early stage California based developer of software based management tools for the solar energy generation industry. Ambani who is pivoting Reliance Industries legacy fossil fuel business to renewable energy business last June unveiled plans to set up the Dhirubhai Ambani green energy Giga complex on 5000 acres in Jamnagar, Gujarat to create an offer a fully integrated end to end renewable energy ecosystem with plans to invest $10 billion over three years.
Turbulence for aviation once again.A Delhi Mumbai based flight of Vistara airlines returned midway to Delhi on Monday, after a whistling sound was heard on the right side of the Boeing 737 aircraft cockpit reports PTI Quoting an unnamed DGCA official. The airline however, issued a statement saying that after a safe landing, the alternative aircraft was immediately arranged to fly the passengers to their destination. The regulator DGCA is reportedly probing the technical snag.From aviation to economy.
RBI governor Shaktikanta Das said that the central bank is expecting inflation to cool off from the second half and moderate further from the fourth quarter. The main street chief also stated that upcoming monetary policy will remain watchful nimble footed and calibrated. The RBI rate setting committee the MPC is scheduled to meet between September 28 to September 30.
In global news, OPEC, a group of some of the world's most powerful oil producers surprise the market, as they agreed on a small output cut from next month. The small cut would reverse the one lakh barrels a day that OPEC plus said it would add to the market in August after US President Biden's trip to Saudi Arabia, the world's largest oil exporter.
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