Stock Market LIVE: Asian shares pare losses on hope of Ukraine crisis resolution

Govt unveils hydrogen policy as India takes aim at fossil fuel

The government on Thursday unveiled India’s new green hydrogen policy, promising cheaper renewable power, fee waiver for inter-state power transmission for 25 years for projects commissioned before June 2025, land in renewable energy parks, and mega manufacturing zones to help local industries wean themselves off fossil fuels.

The policy, aimed to promote green hydrogen and green ammonia, will also facilitate the so-called ‘banking’ of green power, where a green power producer can save surplus renewable power with an electricity distribution company for up to 30 days. It also envisages building bunkers near ports to store green ammonia for exports.

India’s richest businessmen, Mukesh Ambani and Gautam Adani, have already announced mega green hydrogen projects to decarbonize their businesses.

Green hydrogen is generated by breaking down water in an electrolyzer. The hydrogen produced can be combined with nitrogen to make ammonia, avoiding hydrocarbons in the production process. Green ammonia is used to store energy and in fertilizer manufacturing. India has set a target to produce 5 million tonnes (mt) of green hydrogen by 2030. (Read here)

CBI questions former ABG Shipyard CMD Rishi Agarwal: PTI

The Central Bureau of Investigation (CBI) has questioned former chairman and managing director of ABG Shipyard Ltd Rishi Agarwal in connection with its probe into the ₹22,848 crore alleged banking fraud, the biggest such case registered by the central agency, officials said Thursday.

Agarwal was examined recently, the officials said without giving details of exact date of his examination. The CBI swung into action after registering the FIR on 7 February on a complaint filed by State Bank of India (SBI) on 25 August 2020.

The central probe agency has issued look out circulars against the accused in the case to prevent them from leaving the country, the officials said.

SGX Nifty futures at 17,261.50, down 5.50 points

Nifty futures on Singapore Exchange traded at 17,261.50, down 5.50 points, in early deals, signalling a flat start for Indian indices.

Asian equities pare losses on hopes of a diplomatic solution Ukraine turmoil

Selling pressure eased in Asian share markets after the U.S. Secretary of State agreed to a meeting with Russia’s foreign minister, raising hopes for a diplomatic solution to the East-West standoff over Ukraine.

S&P 500 futures jumped 0.5% on the news and Nasdaq futures rose 0.6%. MSCI’s broadest index of Asia shares outside Japan was last down 0.5%, but markets in Tokyo, Hong Kong, Sydney and Seoul all pared deeper morning losses.

Overnight on the Wall Street, the Dow Jones fell 1.8%, its worst session of the year so far, the S&P 500 fell 2.1% and the Nasdaq dropped 2.9%.