Asian shares rose cautiously on Friday as markets sobered up to the idea that U.S. rate cuts were most likely some time away.MSCI’s broadest index of Asia-Pacific shares outside Japan gained 0.3%.US equities ended a three-day winning run on Thursday, according to a Reuters, as the tech industry was battered by disappointing projections from Meta, the owner of Facebook and Instagram.Here’s a table showing how US stocks performed on Thursday:
Source: EquitymasterAt present, the BSE Sensex is trading 107 points higher and NSE Nifty is trading 34 points higher.Tech Mahindra, Wipro, and Hindalco are among the top gainers today.Bajaj Finance, M&M, and Apollo Hospital the other hand are among the top losers today.Broader markets are trading on a positive note. The BSE Midcap index and the BSE Small Cap index are trading 0.5% higher.Sectoral indices are trading mixed, with stocks in the metal sector and media sector witnessing buying. Meanwhile stocks in the telecom sector, the realty sector witnessed selling pressure.The rupee is trading at Rs 83.32 against the US dollar.In commodity markets, gold prices are trading 0.2% higher at Rs 71,349 per 10 grams today.Meanwhile, silver prices are trading 0.5% higher at Rs 81,063 per 1 kg.
Tata Steel’s Port Talbot Furnace InvestmentTata Steel announced on 25 April that the steelmaker will proceed with its £ 1.25-billion (bn) investment to build an electric arc furnace in Port Talbot, replacing two blast furnaces, and commence closure of the existing heavy end assets in the following months.Tata Steel said it has informed the trade unions that Port Talbot’s two Blast Furnaces No 5 and No 4 will close by the end of June, and by the end of September, respectively.This is contrary to the union’s plan, which would have kept a blast furnace in operation while building an electric arc furnace.However, the steelmaker pointed out that the alternative plan presented by the union would involve additional costs of at least £1.6 billion and that t building a new electric arc furnace while continuing to operate the existing steel melting shop is high-risk and complex and will delay the transition by two years.According to UK media outlets, unions have warned of a bitter fight ahead. Tata Steel said it would open a voluntary redundancy scheme on 15 May.Earlier in the year, the company announced plans to shut down the two blast furnaces in its Port Talbot Steelworks in Wales, UK in phases, a move that may affect up to 2,800 jobs, citing loss incurred from the operations and a shift to greener goals.The steelmaker said it has begun preparations to place equipment orders for the electric arc furnace by September 2024, begin enabling and preparatory works at the site by December 2024, and based on current permitting timelines, begin construction on the project by August 2025.
L&T Technology Declares Highest DividendL&T Technology Services (LTTS) has announced a final dividend of Rs 33 per share for the financial year 2024.This will result in a total payout of 1650%, the engineering services company said while announcing its March quarter earnings.The record date for the final dividend will be fixed in due course. The dividend will be paid within 30 days from the conclusion of the annual general meeting of the company.Last year, LTTS announced a dividend of Rs 17 per share in October, following a Rs 30 payout in July and a Rs 15 payout in October 2022.On the earnings front, L&T Tech reported a net profit of Rs 3.4 bn and a revenue of Rs 25.4 bn in the quarter under review, according to an exchange filing on Thursday.
Indigo Enters Wide-body SpaceDomestic airline IndiGo has placed an order for 30 Airbus A350-900 aircraft, which will enable the carrier to expand its network further, according to an exchange filing issued on 24 April.The agreement will mark the entry of India’s largest carrier into the wide-space body aircraft segment and further strengthen its fleet.However, the report said the aircraft maker has stopped publishing the prices of its aircraft and the new deal’s cost estimation is based on the catalog published in 2018. The report also added that airplanes in such bulk deals are sold for less than half of the official price.The company expects the deliveries to begin in 2027, the filing said. The low-cost carrier also has purchase rights for an additional 70 Airbus A350 family aircraft.The new aircraft will be powered by Rolls Royce’s Trent XWB engine, which will see the beginning of a relationship between the two firms. As of now, the airline operates over 350 aircraft.India is the fastest growing aviation market in the world and carriers are trying to cater to the rising demand even as manufacturers struggle to meet production goals.In June 2023, the firm placed the largest-ever single aircraft order by any airline for 500 aircraft with the European aircraft maker.More By This Author:Sensex Today Ends 487 Points Higher; Metal Stocks ShineSensex Today Trades Flat; Nifty Below 22,350Sensex Today Trades Higher; Tejas Networks Rallies 10%
