The Nikkei is up 0.3% while the Hang Seng is down 1.6%. Shanghai Composite is trading down 0.9%.
In US stock markets, Wall Street indexes fell lower on Monday as investors digested recent quarterly results from Facebook-owned Meta Platform and other mega-caps, while Peloton jumped following reports of interest from potential buyers, including Amazon.
The Dow Jones closed flat while the Nasdaq Composite dropped 0.6%.
Back home, Indian stock markets are trading on a negative note. Benchmark indices are tracking mixed signals from Asian peers.
Adani Wilmar, the FMCG firm of the Adani Group, listed on the stock exchanges today. the company had taken 36 billion through its IPO.
Market participants are watching the stocks of Bharti Airtel, Godrej Consumer, Gujarat Gas, IRCTC and Bata India as these companies announce their December quarter results today.
BSE Sensex is trading with a fall of 218 points. Meanwhile, NSE Nifty is trading with a fall of 80 points.
Bajaj Finserv and Dr Reddy’s Lab are among the top gainers today. On the other hand, SBI is the biggest loser today.
BSE Mid Cap Index is up 0.1% while BSE Small Cap Index is trading down 0.4%.
Selling pressure is being seen in the power sector and banking sector stocks.
On the other hand, healthcare stocks and energy stocks are trading in the green.
Shares of Jindal Stainless reached 52-week high today.
Rupee is trading at 74.61 against US Dollar.
Crude oil prices eased ahead of the resumption of indirect talks between the US and Iran that could revive a nuclear deal that could lift sanctions on Iranian oil sales, which could boost global supplies. Is.
Gold prices are trading up by 0.1% 48,260 per 10 grams.
Meanwhile, silver prices are trading lower by 0.3%. 61,830 per kg.
Gold remains stable today as inflationary pressures supported the safe metal near one-week highs of the previous session.
in news from steel sector, Narendran, Managing Director, Tata Steel TV said, Steel industry to lead private sector investment As manufacturers in India make healthy profits during the ongoing cycle of high commodity prices.
In an interview, he said that much of the profits that Tata Steel makes come back to the country as investments.
Here is an excerpt from the interview:
And when you look at triggering private sector investment, I think the steel industry can certainly grow and we should allow the steel industry to do that with more potential in India.
Last week, Tata Steel reported a stellar set of figures. It reported a net profit of 95.7 billion
As per reports, the top three producers – Tata Steel, JSW Steel and ArcelorMittal-Nippon Steel – have discussed plans for maximum investment. 1.5 lakh crore in an unspecified period.
Explaining the rationale for Tata Steel’s purchase of Nilachal Ispat Nigam (NINL) 121 billion, termed by many as a costly purchase, Narendran said the asset was a perfect match for India’s oldest steelmaker.
With this acquisition, Tata Steel can substantially meet its growth ambitions for the coming decade and reach 50 million tonnes per annum (MTPA) of production capacity.
The share price of Tata Steel is currently trading up 0.6%.
Moving on to the auto-accessories sector news, Minda Industries is one of the top buzzing stocks today.
Minda Industries, a flagship firm of UNO Minda Group, has reported a 13% decline in its Profit After Tax (PAT). 1.2 billion for the December 2021 quarter.
The company posted a PAT of 1.4 billion in the same quarter last year.
Its revenue from operations grew just 7% during the quarter under review. 21.8 billion
There was a sluggish performance amid rising costs, which continued to impact profits and margins of the business.
The company’s CFO Sunil Bohra said in a statement,
With good numbers, the company has successfully entered into several arrangements with strategic partners to synergistically drive the next chapter of the group’s success story.
He further added that Minda is actively associated with Top New Age Electric Two-Wheeler Original Equipment Manufacturers (OEM) And now over. safe order of 4 billion of maximum annual sales value on behalf of two players.
Peak sales are expected in FY2025 as they ramp up production along with the adoption of electric two-wheelers.
Board of Minda Industries approves and declares Interim Dividend of 0.5 per share, i.e., 25% on its face value For the financial year 2021-22 2. The record date for this has been set as February 17, 2022.
Declaring the results, The auto parts firm also said that it is increasing its stake in subsidiary Minda Kosi Aluminum Wheels (MKA) from 70% to 77.35 per cent. 612 m in the enterprise.
A 70:30 joint venture company between the Minda Group and Kosi International Trade and Investment Company, Japan (Kosei Japan), Minda Kosi is engaged in the development, manufacturing and sales of aluminum alloy wheels for major car OEMs and aftermarkets in India.
Meanwhile, the company also said that it would invest around 174.9m to acquire promoters’ remaining stake in four partnership firms, namely Samaria Engineering, SM Auto Industries, YA Auto Industries and Auto Components.
This is in line with Minda’s consolidation efforts. The group started a consolidation exercise five years ago.
The share price of Minda Industries is currently trading with a fall of 6.4 percent.
Note that Minda is part of Industries’ elite list stocks that changed 1 crore to 1 lakh in the last 10 years.
by trading 10 Back in 2011, Minda Industries shares are currently trading 1,000.
The company’s focus on the automotive sector has enabled it to ride growth on multiple fronts. For example, between 2012-14, when everyone was going crazy about solar hype, Minda Group also invested in it, only to realize later that it was not their cup of tea. The group immediately left the business and has since focused only on vehicles.
This article is syndicated from equitymaster.com
Never miss a story! Stay connected and informed with Mint.
download
Our App Now!!
,