Asian stocks advanced on renewed risk appetite, as a wave of dip buying combined with growing bets on potential interest-rate cuts lifted investor sentiment.

On Monday, all three key benchmark indices of the US stock market - Dow Jones, S&P 500, and Nasdaq - registered their biggest daily percentage increases since May 27, as investors sought bargains after the previous session's selloff and ramped up bets for a September interest rate cut after Friday's weaker-than-expected jobs data.

Here's a table showing how US stocks performed on Monday:

Source: Equitymaster

At present, the BSE Sensex is trading 159 points lower, and the NSE Nifty is trading 33 points lower.

SBI, Bajaj Finance, and Hero MotoCorp are among the top gainers today.

ICICI Bank, Tech Mahindra, and Reliance Industries are among the top losers today.

The BSE Midcap index is trading 0.3% higher, and the BSE Smallcap index is trading 0.6% higher.

Sectoral indices are trading mixed today, with stocks in the metal sector and the power sector witnessing buying. Meanwhile, stocks in the IT sector and the oil & gas sector are witnessing selling pressure.

The rupee is trading at Rs 87.8 against the US dollar.
 

PB Balaji Named JLR CEO

Jaguar Land Rover has named PB Balaji as its Chief Executive Officer, the first Indian to hold the top position at the marquee British brand.

Balaji succeeds Adrian Mardell, who has expressed his desire to retire from JLR after three years as CEO and 35 years with the company.

Balaji, who is currently working as Group CFO of the Tata Group, will take over as JLR CEO with effect from November this year, Tata Motors, which owns the British brand, said in a regulatory filing.

The Board of Directors of JLR at its meeting held on August 4, has approved the appointment.

Tata Motors, part of the Tata Group, is a leading global automobile company.

The company sells passenger vehicles (PVs), utility vehicles (UVs), and commercial vehicles (CVs) in about 125 countries. It also has a presence in the premium PV market through Jaguar Land Rover (JLR).

JLR contributes 71% to Tata Motors' revenue and 79% to operating profit.
 

BEML Secures Defence Order

Shares of state-owned BEML are set to be in focus on Tuesday as the company disclosed a Rs 282 crore order from the Ministry of Defence and signed a new agreement to co-develop India's first indigenously designed hyperloop transportation system.

In a regulatory filing on Monday, BEML said it had secured a contract for the supply of High Mobility Vehicles (HMV) in an 8x8 configuration. This comes just a week after the company announced a separate Rs 293.8 crore order for HMV 6x6 units, which are all-terrain vehicles used for personnel movement and general service roles by the Indian Army.

Separately, BEML said it had entered into a Memorandum of Understanding (MoU) with TuTr Hyperloop, a deep-tech startup incubated at IIT Madras, to jointly develop a prototype of a high-speed transportation system based on hyperloop technology.

According to BEML, hyperloop is a transportation system in which passenger or cargo pods move through sealed tubes in a near-vacuum environment, using Magnetic Levitation and Linear Induction Motor (LIM) propulsion systems.

As part of the agreement, BEML will serve as the principal manufacturing partner. The partnership aims to develop a pod capable of transporting passengers and freight at high speeds using advanced propulsion systems.

Kaynes Technology Sings' Investment MOU

Electronics component maker, Kaynes Technology India Limited, on Monday (August 4), said its wholly owned subsidiary, Kaynes Circuits India Private Limited, has entered into a non-binding Memorandum of Understanding (MoU) with the Government of Tamil Nadu.

The MoU outlines a proposed investment of approximately Rs 49.9 bn over the next six years.

The investment is aimed at establishing new manufacturing facilities, including greenfield projects and capacity expansions within the state. The MoU is designed to facilitate discussions on financial incentives, industrial policies, and structured assistance packages offered by the state government, including subsidies and other financial benefits.

The Government of Tamil Nadu, through its nodal agency Guidance, has agreed to extend necessary support in terms of infrastructure facilitation and regulatory clearances in accordance with applicable laws and policies.

It is clarified that the MoU is a statement of mutual intent and does not constitute a legally binding commitment by either party.

More By This Author: