Asian stocks traded lower after a selloff in US semiconductor shares as concerns grew that the pace of artificial intelligence development may slow. Oil extended its rally and gold declined.
US stocks ended lower on Monday as investors weighed growing concerns over the pace and risks of AI development. Nvidia, Broadcom, Micron Technology and AMD fell after AI leaders called for a slowdown.
Here's a table showing how US stocks performed on Monday:
Stock/Index | LTP | Change ($) | Change (%) | Day High | Day Low | 52-Week High | 52-Week Low |
|---|---|---|---|---|---|---|---|
Alphabet | 345.71 | 10.26 | 3.06% | 346.45 | 338.74 | 404.44 | 236.69 |
Apple | 333.08 | 0.81 | 0.24% | 335.5 | 331.34 | 344.57 | 235.03 |
Meta | 665.6 | 17.57 | 2.71% | 668.6 | 649.22 | 790.8 | 520.26 |
Tesla | 358.97 | -6.47 | -1.77% | 367.73 | 357.04 | 498.82 | 297.38 |
Netflix | 80.32 | 2.92 | 3.77% | 81.02 | 78.49 | 124.86 | 65.1 |
Amazon | 253.54 | -3.24 | -1.26% | 255.95 | 250.74 | 287.16 | 196 |
Microsoft | 505.41 | 9.78 | 1.97% | 509.95 | 495.34 | 553.72 | 349.2 |
Dow Jones | 52421.2 | -152.09 | -0.29% | 52750.88 | 52278.89 | 54744.33 | 45057.28 |
Nasdaq | 29127.16 | -241.28 | -0.82% | 29285.5 | 28867.67 | 30762.2 | 22841.42 |
Source: Equitymaster
At present, the BSE Sensex is trading 123 points higher, and NSE Nifty is trading 27 points higher.
HCL Tech, TCS and Infosys among the top gainers today.
Bharat Electronics, NTPC, and L&T on the other hand is among the top losers today.
The BSE 150 Midcap index and the BSE 250 SmallCap index is trading 0.4% lower.
Sectoral indices are trading mixed today with stocks in FMCG sector and IT sector witnessed most buying. Meanwhile stocks in realty sector and power sector witnessing selling pressure.
The rupee is trading at Rs 95.83 against the US dollar.
BHEL Approves Further Investment in JV
Bharat Heavy Electricals Ltd (BHEL) on Monday, 14 September, said its board has approved a further investment of Rs 650 m, in one or more tranches, as its equity contribution to NTPC BHEL Power Projects Private Limited (NBPPL), its joint venture with NTPC Ltd.
NBPPL is a 50:50 joint venture between BHEL and NTPC. Both companies will make the equity contribution at face value, and the transaction will be carried out on an arm's length basis.
The investment is mainly aimed at helping NBPPL settle its urgent liabilities and continue operations as a going concern. The investment is expected to be completed during FY27 through cash consideration.
NBPPL was incorporated in April 2008 to execute engineering, procurement and construction (EPC) contracts for power plants and manufacture power plant equipment. The joint venture reported a provisional turnover of Rs 1.04 m in FY26, compared with Rs 3.48 m in FY25 and Rs 18.19 m in FY24. The company operates in India.
Following the investment, BHEL's shareholding in NBPPL will remain unchanged at 50%. BHEL also said that no government or regulatory approvals are required for the investment.
Coforge Seeks New Board Chair
IT services company Coforge Ltd on Monday said it has appointed executive search firm Egon Zehnder to help find a new board chair, following the resignation of chairman OP Bhatt and nomination and remuneration committee chairman DK Singh in quick succession.
"We are looking for two independent directors, and for the chair selection, we will consider both internal and external candidates," independent director Vivek Sharma said during the company's analyst call.
Sharma has been tasked with leading a global search for additional independent directors and will also oversee the process of selecting the new chair.
Coforge had earlier said that Bhatt and Singh withheld parts of the board's governance report from other directors. Bhatt resigned on 8 September, followed by Singh two days later.
Following their exits, the Coforge board has seven members, including three independent directors: Beth Boucher, Vivek Sharma and Anil Chanana.
Emami to Consider Share Buyback
Homegrown FMCG company Emami Ltd said on Monday that its board will meet on 17 September to consider a proposal to buy back the company's fully paid-up equity shares.
The company has not yet disclosed the size or price of the proposed buyback.
Emami said it will inform the stock exchanges about the outcome of the board meeting after it concludes on 17 September.
Tata Stocks in Focus After RBI Decision
Tata Group stocks, including Tata Consultancy Services (TCS), Tata Motors, Tata Steel and Titan Company, are likely to remain in focus on Tuesday, 15 September, after the Reserve Bank of India (RBI) rejected Tata Sons' request to voluntarily surrender its Certificate of Registration (CoR).
The RBI's decision, dated 11 September, means Tata Sons will now have to comply with the regulatory requirements applicable to NBFC-Upper Layer (UL) entities. The development has also brought the potential listing of Tata Sons back into the spotlight.
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