Asian stocks edged lower as fresh doubts emerged on whether the Federal Reserve has finished tightening policy, with gains in US shares limited by a rise in bond yields.The Nikkei is trading 1.1% lower while the Hang Seng index is down by 1.5%. The Shanghai Composite is trading 0.4%.US stocks drifted to a mixed finish Monday as Wall Street’s wild recent moves calmed a bit.Here’s a table showing how US stocks performed on Monday:
Source: EquitymasterBack home, Indian share markets are trading on a negative note.At present, the BSE Sensex is trading lower by 210 points. Meanwhile, the NSE Nifty is trading down by 53 points.ONGC and Bajaj Finance are among the top gainers today.HDFC Bank and Asian Paints on the other hand are among the top losers today.Broader markets are trading on a positive note. The BSE Mid Cap index and the BSE Small Cap index is trading higher by 0.1%.Sectoral indices are trading mixed with stocks in the power sector and oil and gas sector are witnessing buying. Meanwhile, stocks in realty sector and banking sector witness selling.Shares of Tata Elxsi and Colgate hit their 52-week high today.The rupee is trading at Rs 83.25 against the US dollar.In commodity markets, gold prices are trading 0.3% lower at Rs 60,555 per 10 grams today.Meanwhile, silver prices are trading 0.7% lower at Rs 71,625 per 1 kg.
NHPC Q2 ResultsMiniratna power company, National Hydroelectric Power Corporation, on Monday, reported a net consolidated profit of Rs 16.9 billion (bn) in the September quarter of FY 23-24.Its consolidated net profit stood at Rs 16.9 bn in the quarter ended September last year.Total income dipped to Rs 31.1 bn in the reporting quarter from Rs 34.8 bn recorded in the same period a year ago. During the meeting, the board also approved the formation of a Joint Venture Company between NHPC and Andhra Pradesh Power Generation Corporation Limited (APGENCO).NHPC Limited was established in 1975 with the objective of planning, promoting, and organizing an integrated and efficient development of hydroelectric power in India.It is a government-owned company under the administrative control of the Ministry of Power, Government of India.It is primarily involved in the construction and operation of hydroelectric power plants. It has developed and operates several hydropower projects across India including the Nathpa Jhakri Hydroelectric Power Station, Bhakra Nagal Dam, Teesta Low Dam Project, and many more.
Adani Energy Q2 Profit Jumps 46%
Adani Energy Solutions reported on 6 November a 46% year-on-year (YoY) growth in consolidated net profit to Rs 2.8 bn in Q2FY24.The electric power distribution company, earlier known as Adani Transmission, reported a growth in revenue by 15% YoY to Rs 34.9 bn in Q2FY24.Earnings Before Interest Tax Depreciation and Amortisation grew six per cent YoY to Rs14.4 bn in the July-September quarter.The company has a consolidated net debt of Rs 290 bn as of 30 September.Revenue for the company from its transmission business grew 17% YoY to Rs 10.2 bn in Q2FY24. The company’s revenue from the Generation, Transmission, and Distribution business increased 14% YoY to Rs 24.8 bn in the same period.Adani Energy Solutions is the country’s largest private transmission company, with a presence across 14 states.Adani Energy Solutions recently announced the successful commissioning of the Karur Transmission Ltd (KTL) project in Tamil Nadu.
Bata India to sell Nine West ShoesBata India on Monday said it will sell shoes and accessories of US-based lifestyle brand Nine West through its retail stores.The company’s board has approved a licensing and manufacturing deal with Authentic Brands Group for their world-renowned lifestyle brand Nine West.Under the arrangement, Bata India will have rights to manufacture, market and distribute Nine West shoes and accessories, across India through its stores.Authentic Brands Group owns the Nine West brand. It had acquired Nine West’s US business after it filed for bankruptcy in 2018.Currently, Bata India has a portfolio of global brands including Power, North Star, Weinbrenner, Bata, Bata Red Label, Bata 3D, Hush Puppies, Naturalizer, and Bzees, for the Indian market.Companies in this sector produce a wide range of footwear, from casual shoes to specialized athletic gear.More By This Author:Sensex Today Falls 232 Points; ITC, Tata Steel & SBI Top LosersSensex Today Trades Lower; NMDC Steel Tanks 9%Sensex Today Falls 248 Points; Wipro, Tech Mahindra Top Losers