Share markets in India are presently trading on a negative note.

The BSE Sensex is trading down by 242 points, down 0.5% at 52,530 levels.

Meanwhile, the NSE Nifty is trading down by 84 points.

Nestle India and Tata Consumer Products are among the top gainers today. Adani Ports and Tata Steel are among the top losers today.

The BSE Mid Cap index is trading down by 0.6%.

The BSE Small Cap index is trading down by 0.4%.

On the sectoral front, stocks from the metal sector, are witnessing most of the selling pressure.

On the other hand, stocks from the FMCG sector, are witnessing most of the buying interest.

US stock futures are trading mixed today.

Nasdaq Futures are trading up by 17 points (up 0.1%) while Dow Futures are trading down by 10 points (flat).

The rupee is trading at 73.35 against the US$.

Gold prices are trading up by 0.3% at Rs 48,539 per 10 grams.

In global markets, gold rates were down to near the lowest level in four weeks amid a stronger US dollar. Traders remained cautious as they awaited the outcome of the US Federal Reserve meeting for hints on tapering of economic support measures. Spot gold was down 0.2% at U$1,855.1 per ounce.

Amid a similar overseas trend, gold continued to struggle in Indian markets today. Gold futures on MCX were up 0.1% to Rs 48,476 per 10 grams and hovered near one-month lows. In the previous session, gold had dropped 0.2%.

Note that in India, mandatory hallmarking of gold jewelry and artifacts come into force today. It will be implemented in 256 districts of the country.

Moving on to stock-specific news...

Among the buzzing stocks, today is Power Finance Corporation.

State-run Power Finance Corporation (PFC) on 15 June posted a multifold jump in its consolidated net profit at Rs 39.1 bn for the March 2021 quarter mainly on the back of higher revenues.

The consolidated net profit of the company was Rs 6.9 bn in the March 2020 quarter.

The total income of the company rose to Rs 181.5 bn during the quarter from Rs 162.5 bn in the same period year ago. For the financial year 2021, the consolidated net profit came in at Rs 157.2 bn compared to Rs 94.8 bn in 2020. Total income for the year also rose to Rs 717 bn from Rs 612.8 bn in the previous year.

The board has recommended a final dividend of Rs 2 per share with the face value of Rs 10 per share for the year 2021. This is in addition to the interim dividend of Rs 8 per share. With respect to the pandemic, the company said that there will not be a significant impact of the second wave on its business operations.

Commenting on the results, R S Dhillon, Chairman and Managing Director of PFC, said -

• I am extremely pleased with our 2021 results despite the many headwinds faced during the year.
  
  The impressive performance in 2021 is evident from the highest ever profit, which underlines the inherent strengths of PFC in handling adverse economic events.
  
  Going forward also, we are committed to delivering long-term value to our shareholders.

Power Finance Corporation is an Indian financial institution under the ownership of the Ministry of Power, Government of India. Established in 1986, it is the financial backbone of Indian power sector.

We will keep you posted on more updates from this space. Stay tuned.

At the time of writing, Power Finance Corporation shares were trading up by 1.5% on the BSE.

Speaking of the power sector, it is interesting to note that the power exchanged in India is about 4.5% of the overall power production, as can be seen in the chart below:

Motherson Medical and Aster DM Healthcare Partner to Provide New Diagnostic Devices

Motherson Medical, a part of auto component major Motherson Group, said that it has joined hands with the research arm of Aster DM Healthcare to test and validate diagnostic devices and solutions.

The partnership will involve testing and validation of new diagnostic devices designed by Motherson, it added.

Motherson Group Head Health and Medical division Varun Sood said,

• We are driven to positively impact lives globally by providing easy access to simple-to-use clinically accepted diagnostic tools and solutions to everyone everywhere.
  
  With this partnership, Motherson Medical and Aster DM Healthcare will work closely together to test and validate our new diagnostic tools and solutions from a clinical perspective.

Meanwhile, Aster DM Healthcare Group's Chief Officer for Innovation and Research Satish Rath said that access to reliable diagnostic tests remains one of the biggest bottlenecks faced by millions of people around the world.

He added -

• Even where patients have access to testing laboratories, accurate and timely diagnosis at affordable cost is a persistent challenge.
  
  Aster DM Healthcare, together with Motherson Medical is committed to providing reliable and technologically advanced solutions to the patients in the field of medical diagnostic.

Aster DM Healthcare is one of the largest integrated healthcare service providers operating in the GCC (Gulf Cooperation Council) region and an emerging healthcare player in India.

How this partnership pans out remains to be seen. Meanwhile, stay tuned for more updates from this space.