Asia’s stock indexes were mostly higher on Tuesday as investors await the next set of US inflation numbers due this week.The Nikkei index jumped 1.6%, while Hang Seng was trading 1.3% lower. Meanwhile, the Shanghai index was trading 0.4% higher.The Nasdaq scored its first gain of at least 1 percent in 2024 on Monday, as a fall in Treasury yields helped lift megacap stocks, while a sharp drop in Boeing shares kept gains on the Dow Industrials in check.Here’s a table showing how US stocks performed on Monday:
Source: EquitymasterAt present, the BSE Sensex is trading 330 points higher and NSE Nifty is trading 99 points higher.Adani Ports, Bajaj Auto and TCS are among the top gainers today.UPL, Eicher Motors and Maruti Suzuki on the other hand are among the top losers today.Broader markets are trading on a positive note. The BSE Mid Cap is treading 0.3% higher and the BSE Small Cap index is trading 0.7% higher.Barring telecom sector, all other Sectoral indices are trading mixed, with socks in IT sector and capital goods sector witnessing most buying.The rupee is trading at Rs 83.1 against the US dollar.In commodity markets, gold prices are trading 0.3% higher at Rs 62,275 per 10 grams today.Meanwhile, silver prices are trading flat at Rs 72,437 per 1 kg.
Tata Motor’s Subsidiary Achieves Highest WholesalesTata Motors’ luxury vehicles arm, Jaguar Land Rover (JLR), posted a stellar performance for the December quarter (Q3 FY24).The quarter saw impressive wholesale volumes, with 101,043 units (excluding the Chery Jaguar Land Rover China JV), marking a 27% jump compared to the same period in the previous fiscal year and a 4% rise from the second quarter of FY24.This was the company’s highest wholesales in 11 quarters.Notably, the Range Rover Sport wholesale volumes witnessed a surge of 49% YoY, with 16,921 units.Similarly, Range Rover achieved a 12% YoY increase with 18,843, while Defender saw a rise of 14% YoY, reaching 27,117. Wholesale volumes for the financial year to date were 291,113, up 28% YoY.Retail sales for the third quarter were also up by 29% YoY to 109,140 units compared to the same quarter a year ago and were up 2% on a QoQ.Retail volumes demonstrated notable growth across all regions year-on-year, with the UK leading with a 55% increase. Overseas markets saw a substantial uptick of 49%, while China and Europe experienced robust growth rates of 28% and 27%, respectively. Even in North America, where the market is highly competitive, retail volumes showed a commendable 6% year-on-year increase.JLR will report full financial results for Q3 FY24 at the beginning of February.With a 101% rise in the share price, Tata Motors was the top gainer of 2023.Tata Motors remains in the fast lane when it comes to electric vehicles (EVs). The Tata group is leading India’s EV revolution, and Tata Motors has remained at the forefront.The shares of the company are making back-to-back record highs.
Royal Enfield to invest in Tamil NaduMotorcycle manufacturer Royal Enfield, a unit of Eicher Motors Ltd, has earmarked investments of Rs 3,000 crore spread over eight years in Tamil Nadu towards the development of new products.The investments are expected to generate about 2,000 direct and indirect jobs in the region.As per a Memorandum of Understanding signed with the Tamil Nadu government during the Global Investors Meet here, the investments would be used to set up greenfield and brownfield projects in the region, among other things.This investment will be mainly used for the development of new products, Electric Vehicles (EVs) product development, and capacity building, and also additionally for any capacity enhancement for ICE.Key provisions of the MoU include infrastructural support and regulatory facilitation. The government would also prioritize providing uninterrupted power supply and other essential infrastructure support.Royal Enfield has manufacturing facilities in Oragadam and Vallam Vadagal, producing a range of motorcycles.The upcoming expansion will not only strengthen Royal Enfield’s production capabilities but also contribute to the state’s position as a major automotive hub.
Cipla’s Cell Therapy JVGlobal pharmaceutical company Cipla announced a joint venture in the United States with Kemwell Biopharma and Manipal Education & Medical Group. The collaborative effort is aimed at developing and commercializing novel Cell therapy products for critical unmet medical needs in the US, Japan, and the EU.Cipla (EU), the UK-based subsidiary of Cipla, will secure a 35.2% stake in the newly formed joint venture.The joint venture will leverage Cipla’s expertise in product development and commercialization, Kemwell’s proficiency in biologics, and Manipal’s healthcare delivery knowledge to expedite the development, manufacturing, and distribution of cell therapies.This collaboration marks the second joint venture between Cipla and Kemwell Biopharma, following the incorporation of Aspergen in the USA in 2022.Pharmaceutical giant Cipla is reportedly exploring a stake sale, and contenders are cropping up in an intense competition. It is among the Top 5 Nifty 50 Stocks that Beat Earnings Estimates by a Wide Margin in Q1.More By This Author:Sensex Today Trades Higher; NTPC & Tata Motors Top GainersSensex Today Ends 536 Points LowerSensex Today Trades Lower; Adani Stocks Rally