Asian shares fell on Tuesday as investors pondered the prospect of a Trump victory and what that would mean for China, while the dollar climbed for a second day even though dovish Fed comments fuelled bets of more US rate cuts this year.

The Shanghai Composite index fell 0.3%, while Hong Kong's Hang Seng index lost 1.4%.

US stocks gained ground Monday as investors wagered that presidential candidate Donald Trump is now more likely to reclaim the White House after an unsuccessful assassination attempt strengthened his chances of victory.

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

Source: Equitymaster

At present, the BSE Sensex is trading 143 points higher and NSE Nifty is trading 44 points higher.

BPCL, Coal India, and Tata Steel are among the top gainers today.

L&T, Shriram Finance, and Dr Reddys Lab the other hand are among the top losers today.

Broader markets are trading on a positive note. The BSE Midcap index is trading 0.2% higher and the BSE Smallcap index is trading 0.7% higher.

Sectoral indices are trading mixed today, with stocks in the realty sector, metal sector, and energy sector witnessing the most buying. Meanwhile, stocks in the IT sector and capital goods witnessing selling pressure.

The rupee is trading at Rs 83.58 against the US dollar.

In commodity markets, gold prices are trading 0.2% higher at Rs 73,600 per 10 grams today.
 

Vedanta Launches QIP

Mining conglomerate Vedanta Ltd has officially set the floor price for its Qualified Institutional Placement (QIP) issue at Rs 461.3 per equity share, the company said in an exchange filing on 15 July.

Vedanta's shareholders had approved on 21 June, to raise up to Rs 85 bn through issuance of securities.

This strategic move is part of Vedanta's ongoing efforts to optimize its capital structure and enhance shareholder value, reinforcing the company's commitment to financial growth and stability, the company added.

QIP is a method used by publicly traded companies in India to raise funds quickly by issuing shares or convertible securities to a select group of institutional investors such as mutual funds, venture capital funds, insurance companies, and foreign institutional investors.

It is an alternative to more traditional forms of capital raising, such as Initial Public Offerings (IPOs) and Follow-on Public Offerings (FPOs).

The move comes as Vedanta aims to reduce its standalone debt by US$3 bn over the next three years. Vedanta reported a reduction in net debt to Rs 563.4 bn as of 31 March, down Rs 61.6 bn from the preceding three months.

Last month, Vedanta subsidiary insider International accepted a proposal from one of its banks to sell 2.6% shareholding worth Rs 43.8 bn, in the mining conglomerate to a group of reputed institutional investors.

Lupin Divests Women's Health Speciality Business

Lupin on Monday said it has divested the US commercial women's health specialty business to Evofem Biosciences, a biopharmaceutical company based in the US, which focuses exclusively on women's health, for an undisclosed sum.

This is another move in aligning its US specialty business with a strategic plan to build a specialty business in therapeutic areas where we have building blocks of synergy, the company said. These include respiratory and neurological diseases.

Lupin's US Commercial Women's Health Specialty Business is focused on commercializing Solosec (secnidazole) oral granules. Solosec is an FDA-approved single-dose antimicrobial agent that provides a complete course of therapy for treating bacterial vaginosis (BV) and trichomoniasis, common sexual health infections.

Going ahead, management is targeting 10 percent year-on-year (Y-o-Y) growth in India in FY25.

The launch of generic Sprivia in the US, softer raw materials, and export incentives have helped Lupin improve margins by a robust 8.7% YoY to 19% in FY24.
 

SpiceJet Posts Six Flod Jump in Profit

In a delayed announcement, budget carrier SpiceJet on Monday reported a consolidated net profit of Rs 1.3 bn for the fourth quarter ended March 2024.

It had posted losses of Rs 62 m and Rs 299 crore for the March and December 2023 quarters, respectively.

SpiceJet, which had run into multiple financial troubles, had deferred its fourth quarter results, citing a ransomware attack earlier in May this year.

Consolidated revenue from operations for the fourth quarter fell 19% year-on-year to Rs 17.4 bn.

On a standalone basis, the low-cost carrier reported a sixfold surge in net profit to Rs 1.2 bn in the fourth quarter. Standalone EBITDA for the reported quarter came in at Rs 3.9 bn, up 12% year-on-year.

SpiceJet said it is well-positioned to soar even higher in the coming quarters.

In January this year, the company received in-principle approval from the BSE for a fund infusion of Rs 22.4 bn and raised Rs 10.6 bn under preferential issues in two tranches. These fundraises are part of a wider revival plan the airline is putting in place to overcome financial hurdles.

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