– Tata Power highest bidder for UP Transco
– RBI spells out rules for a bank to exit PCA
– Centre holds back note to amend drugs act
– Sun Pharma eyes buys in US, Europe
Now lemme give you a quick glance on the state of the markets.
Asian markets saw a mixed start to Wednesday’s trade, ahead of the outcome of two-day Fed meet. The Japanese market was closed on account of the holiday. MSCI’s index of Asia-Pacific shares outside Japan fell 0.19 per cent.
Elsewhere, the yield on 10-year Treasuries was little changed at 1.55% Tuesday. The dollar held within striking distance of the year’s peaks on the euro and yen on Wednesday, as investors looked for the Federal Reserve to begin unwinding pandemic-era policy support faster than central banks in Europe and Japan. Oil prices fell as industry data pointed to a big build in crude oil and distillate stocks in the United States, the world’s largest oil consumer, and as pressure mounted on OPEC to increase supply. Brent crude futures fell by 98 cents, or 1.2 per cent, to $83.74 a barrel.
That said, here’s what is making news.
Tata Motors, among the biggest gainers in the automotive pack this year, now makes more per vehicle in a market where one out of every two cars still sports the Suzuki badge. Tata Motors’ operating profit per car rose to ?45,810 in the second quarter, nearly double that of Maruti, data compiled by ETIG showed. This was the first time in a decade that Tata Motors made more money per car than did the market leader Maruti Suzuki.
Sun Pharma’s growth in Q2 was driven by strong performance in the domestic market as well as the speciality portfolio in the US. India business, contributing a third of the company’s consolidated revenues, grew on the back of a recovery in non-Covid drug therapies leading to gains for the industry leader. The market is gradually moving back to the pre-Covid levels with Sun growing faster than the industry growth rates. The US business, constituting a little over a fourth of the revenues, posted a modest increase of 7% in sales.
Indian broking firms posted record earnings in the September quarter as continued strength in the stock market drove trading volumes. Revenues of top listed brokerages and market infrastructure institutions grew 48% on an average in July-September, while their profits jumped 55% in the period from the same period a year ago.
LASTLY,
Tata Sons, the holding company of the Tata Group, was unsuccessful in its bid to seek a permanent injunction from the Delhi high court restraining Hakunamatata Tata Founders and others from using the trademark ‘Tata’ as part of the name under which the cryptocurrency was made available to the public or as part of their corporate or domain name.
NOW Before I go, here is a look at some of the stocks buzzing this morning…
Sun Pharma, India’s largest drug maker, said it is looking at possible acquisitions in the US, Europe and emerging markets.
Tata Power has emerged the highest bidder for South East UP Power Transmission Company, beating four other bidders with a ?3,000-crore offer to buy the transmission firm under insolvency process.
PNB Housing Finance board has on Tuesday approved a Rs 2000 crore fundraising plan in bonds following its scrapping of Rs 4000 crore equity infusion from American buyout firm Carlyle.
Bharti Airtel on Tuesday reported a net profit of Rs 1,134 crore for the September 2021 quarter, and said it is witnessing strong business momentum with growth in 4G customers and increase in mobile ARPU.
Do also check out over two dozen stock recommendations for today’s trade from top analysts on ETMarkets.com.
That’s it for now. Stay with us for all the market news through the day. Happy investing!
