China’s Shanghai Composite fell 1.2%.
In US stock markets, Wall Street indices closed lower on Tuesday, ending a multi-day rally to consecutive record highs as profiteering and concerns over ongoing inflation fueled a broader sell-off.
The Dow Jones Industrial Average fell 0.3% while the Nasdaq Composite dropped 0.6%.
Back home, Indian stock markets opened in the red after the SGX Nifty trend.
Market participants will be tracking the stocks of Pidilite Industries, Zomato, Berger Paints (India) and Bank of Baroda as these companies announce their September quarter results today.
Meanwhile, Nykaa’s parent company FSN E-Commerce Ventures is all set to get listed today. The company’s IPO was open in the price range between October 28 and November 1. 1,085-1,125.
BSE Sensex is trading with a fall of 288 points. Meanwhile, NSE Nifty is trading with a fall of 87 points.
Power Grid is among the top gainers today. On the other hand, Maruti Suzuki and Bajaj Finserv are among the biggest losers today.
BSE Mid Cap Index is trading with a fall of 0.1%. The BSE Smallcap index is trading with a gain of 0.4 percent.
Sectoral indices are trading on a mixed note with metal sector and banking sector seeing the biggest selling pressure.
Automobile stocks, on the other hand, are trading in the green.
Shares of Siemens and BPCL hit 52-week high today.
Rupee is trading at 74.07 against US Dollar.
Gold prices are trading with a fall of 0.1% 48,219 per 10 grams.
Crude oil prices rose today, with strong gains in the previous session, as US crude stocks unexpectedly fell last week, as near-term travel demand eased, industry data shows. .
in news from electric vehicles (EV)Space, Indian Oil Corporation (IOC) and two other public sector oil companies will set up 22,000 EV charging stations over the next 3-5 years.
It will support India’s goal of reducing carbon intensity and reaching net zero emissions by 2070.
President Shrikant Madhav Vaidya said the country’s largest state-controlled refiner by capacity, IOC, will set up EV charging facilities at 10,000 fuel outlets over the next three years.
Meanwhile, Bharat Petroleum Corporation (BPCL) said it would set up 7,000 stations in the next five years, while Hindustan Petroleum Corporation (HPCL) plans to have 5,000 stations.
Prime Minister Narendra Modi at the 2021 Climate Change Conference outlined a net-zero emissions target for India by 2070.
Also, India is targeting to increase its low-carbon electricity capacity to 500 gigawatts (GW) by 2030 and meet 50% of its total energy needs by 2030.
It wants to reduce the carbon intensity of its economy by 45%, cut projected carbon emissions by 1 billion tonnes by 2030, and achieve a net-zero target by 2070.
IOC plans to set up 2,000 charging stations next year, with BPCL and HPCL aiming to set up 1,000 charging stations in the same period.
Note that Reliance Industries’ mobility joint venture with BP last month also launched its first mobility retail outlet in Maharashtra, which will offer EV charging and battery swapping.
It also finalized an agreement with all-electric ride-hailing service BlueSmart to set up EV charging infrastructure in India.
We will keep you informed about the latest developments in this field. stay tuned.
Coming to EVs, take a look at the chart below which shows the massive opportunity in two wheeler EVs.
see full image
Here’s what Richa Agarwal, Smallcap Analyst at Equitymaster wrote about in the recent edition of Profit Hunter:
In the last five years, two-wheeler sales in India stood at around 20 million units per year. Now the sector is cyclical and has been bearish for some time. So let’s consider a moderate growth of 5% for the next 10 years.
By 2030, we are expecting 2-wheeler sales of 30 million units. Even if it has a third of EV sales, that’s 10 million electric 2-wheelers per year.
In the last 2 years, the average electric 2-wheeler sales were 1.5 lakh units. From 1.5 lakh to 1 crore, 2-wheeler EV has 66 times the opportunity.
This is an annual growth rate of 52% over the next 10 years. It’s an almost vertical growth opportunity.
According to Richa, it is like a gold rush. But like any gold rush, Winners There will be few.
Moving towards news from the pharma sector, a lobby group that represents over 1,000 Indian pharma manufacturers urged the government to allow drug makers to hike prices of all non-scheduled drugs by up to 20% This is because the pharma industry is grappling with rising costs.
At present, a maximum annual price hike of 10% is allowed in non-scheduled drugs.
The increase in input cost has impacted all cost heads including key starting material, packaging material and transportation cost.
In other news, shares of Aurobindo Pharma are in focus today.
Aurobindo Pharma on Tuesday said its COVID-19 vaccine UB-612 program has not progressed after its partner Vaccinity failed to secure an Emergency Use Authorization (EUA) in Taiwan.
The Taiwan Food and Drug Administration (TFDA) denied the EUA for UB-612 in August, saying the vaccine failed to meet two efficacy standards in its expert review to the European Union.
Texas-based Vaxinity has conducted clinical trials in Taiwan with United Biopharma Inc., a local partner.
MD N Govindarajan announced this on the company’s earnings call. However, he did not comment on the status of the licensing agreement.
As per the license agreement, Aurobindo may terminate the agreement if UB-612 fails to meet the clinical end-points or fails in development.
Aurobindo which inked a licensing agreement with Vaccinity in December 2020 was banking on the EUA in Taiwan to develop, manufacture and commercialize the vaccine in India and other countries.
Aurobindo had earlier said that Vaxinity has placed orders for 30m doses (for contract manufacturing) linked to the TFDA approval.
It had also set up a new facility for manufacturing viral vector vaccines with an investment of Rs. 2.8 billion, to grab a piece of the Covid-19 vaccine opportunity.
Aurobindo Pharma share price is currently trading up 2.8%.
(This article is syndicated from) equitymaster.com,
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