Asian shares are trading mixed as strong earnings and offshore demand fuelled a three-week winning streak.The Nikkei is trading flat while the Hang Seng index jumped 0.8%. The Shanghai Composite is trading 0.2% lower.US stocks edged up slightly on Friday as investors digested recent gains while remarks from Federal Reserve officials clouded the outlook about when the US central bank might start cutting interest rates.Here’s a table showing how US stocks performed on Friday:
Source: EquitymasterBack home, Indian share markets are trading on a negative note.At present, the BSE Sensex is trading lower by 80 points. Meanwhile, the NSE Nifty is trading down by 13 points.Coal India and HCL Tech are among the top gainers today.L&T and Axis Bank on the other hand are among the top losers today.Broader markets are trading on positive note. The BSE Mid Cap index is trading 0.2% higher and the BSE Small Cap index is trading 0.5% higher.Sectoral indices are trading mixed with stocks in realty sector and media goods sector witness buying. Meanwhile, stocks in banking and auto sector is witnessing selling pressure.Shares of KSB and CAMS India hit their 52-week high today.The rupee is trading at Rs 83.3 against the US dollar.In commodity markets, gold prices are trading marginally higher at Rs 60,740 per 10 grams today.Meanwhile, silver prices are trading marginally higher at Rs 73,174 per 1 kg.
RITES Clinches US$ 37 Million TenderRITES, a transport infrastructure consultancy and engineering firm, on 17 November 2023, secured a tender for 10 diesel-electric locomotives from CFM Mozambique, while it did not win the bid for 300 high-side wagons.Rail India Technical and Economic Service (RITES) also announced that it was the lowest bidder in two tenders from CFM Mozambique, but it secured the tender for 10 diesel-electric locomotives, valued at US$ 37,680,080, while the tender for 300 high-side wagons went to a different bidder.According to RITES, CFM Mozambique has completed the scrutiny/evaluation process and conveyed the outcomes in a letter dated 13 November 2023.The company is a leading player in India’s transport consultancy and engineering sector. The company offers consulting for railways, airports, highways, and ports in India and abroad.
Exide Industries’ Trademark Win
Battery maker Exide Industries on Friday settled a long-standing trademark dispute on the use of the ‘CHLORIDE’ mark in India.The High Court of Delhi passed a decree, officially recording the terms of a Settlement Agreement reached among the involved parties – Exide Industries Ltd, Vertiv Company Group Ltd UK, and Vertiv Energy Pvt Ltd India.According to the settlement agreement, Vertiv Company Group UK and Vertiv Energy Pvt India have conceded and acknowledged that the trademark CHLORIDE and its variants in India rightfully belong to Exide Industries.Notably, the agreement explicitly prohibits Vertiv from using the CHLORIDE mark in India, directly and indirectly. Moreover, they are obligated to withdraw all claims over the mark in favour of Exide.The resolution reinforces Exide’s rights to the CHLORIDE mark in India, particularly for its electronic products, such as uninterruptible power supply (UPS), where the company had secured an ex-parte injunction from the Delhi High Court in its favour during the litigation period.Exide Industries is gearing up for a major EV battery push with its lithium-ion cell venture.
Cipla Faces USFDA WarningPharma major Cipla has received a warning letter from the United StatesFood and Drug Administration (US FDA) for the routine current Good Manufacturing Practices (cGMP) inspection conducted at its Pithampur manufacturing facility on 6 February 2023.This warning letter summarises contraventions regarding methods or controls followed at the facility which do not conform to the prescribed cGMP regulations and contains directional guidance for necessary corrections.The plant was issued eight observations by the US drug regulator for the inspection carried out earlier this year. In August, the facility was classified as Official Action Indicated (OAI).The company will respond to the Warning Letter within the stipulated timelines and work closely with the US FDA to address the concerns in a holistic and timely manner to ensure sustained compliance, the company informed the exchanges.Earlier, the management had said that the US FDA observations at Cipla’s plants in Pithampur and Goa were delaying the launch of products by almost six months in its Q2 press meet.The management had then said that the biggest product manufactured at the Pithampur facility was Advair and that they were in the process of shifting its manufacturing to Hauppauge in Long Island.Pharmaceutical giant Cipla is reportedly exploring a stake sale, and contenders are cropping up in an intense competition. More By This Author:Sensex Today Ends 188 Points Lower; ONGC, BPCL Top Losers
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