Asian share markets are lower today after stronger-than-expected US inflation readings ramped up fears of more hawkish moves from the Fed.

The Nikkei is down 0.5% while the Hang Seng is trading lower by 1.3%. The Shanghai Composite is trading lower by 0.3%.

US stock markets ended on a mixed note on Tuesday after US consumer price data for January 2023 offered little to change expectations about the Federal Reserve's path forward on interest rate hikes.

The Dow Jones Industrial Average ended 0.5% lower while the tech-heavy Nasdaq Composite gained 0.6%.

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

Source: Equitymaster

Back home, Indian share markets are trading on a negative note tracking cues from SGX Nifty and weak Asian peers.

At present, the BSE Sensex is trading lower by 187 points. Meanwhile, the NSE Nifty is trading down by 54 points.

Eicher Motors and Adani Enterprises are among the top gainers today.

ITC and HUL are among the top losers today.

Broader markets are trading on a positive note. The BSE Mid Cap index and the BSE Small Cap index are trading higher by 0.2%.

Sectoral indices are trading on a mixed note. Stocks in the realty sector, metal sector, and telecom sector witness buying.

Meanwhile stocks in the FMCG sector, and power sector witness selling.

Shares of APL Apollo Tubes and Finolex Cables hit their 52-week high today.

The rupee is trading at Rs 82.89 against the US dollar.

In the commodity markets, gold prices trade lower by 0.4% at Rs 56,525 per 10 grams.

Meanwhile, silver prices are trading lower by 0.6% at Rs 65,883 per 1 kg.

Zomato and Paytm are among the stocks to watch out for today as select mutual funds have bought stakes in these companies in January 2023.
 

MSCI to render a verdict on Adani group stocks

The Adani group companies have pointed to their commitments to environmental, social, and governance (ESG) principles and global frameworks as part of their defense after last month's critical report by US-based short-seller Hindenburg Research on inflating revenues and manipulating stock prices.

One of ESG's most influential gatekeepers will soon render its judgment.

According to a Bloomberg report, MSCI Inc will be releasing the results of a quarterly review for its ESG and climate indexes this week.

This will be the first since Hindenburg's adverse report on the Adani Group triggered a US$120 billion selloff.

If it reflects a significant downgrade in the ESG ratings of any of the Adani companies, they could be removed from ESG indexes and trigger another fresh round of selling.

Speaking of the Adani group, here's a list of our recent top editorials on the conglomerate...

• The 5 Most Overvalued Stocks in India. Will These Companies Crash in 2023?
• Adani Group Stocks: Should You Catch These Falling Knives?
• The Adani Group Stocks Selloff - 10 Things You Need to Know
• The Adani Correction: An Opportunity of a Lifetime?
• What Should You Think About Aswath Damodaran's View on Adani Enterprises?
• Say NO to High PE Stocks like Adani
   

Aurobindo Pharma gets VAI classification from USFDA

Aurobindo Pharma on Tuesday received Voluntary Action Indicated (VAI) from the US health regulator for its Telangana-based manufacturing plant.

As per the information available on the United States Food and Drug Administration (USFDA) website, the company's Unit - IX, an API intermediate facility situated in Sangareddy District, Telangana, has now been classified as Voluntary Action Indicated (VAI).

The USFDA inspected the site from 10 November 2022 to 18 November 2022.

As per the USFDA, a VAI means that objectionable conditions or practices were found, but the agency is not prepared to take or recommend any administrative or regulatory action.

The unit was classified as Official Action Indicated (OAI) on 17 May 2019, and the company carried out the required corrective actions.

Aurobindo Pharma develops, manufactures, and distributes generic pharmaceuticals, branded specialty pharmaceuticals, and active pharmaceutical ingredients.

Due to problems, including price pressure in the US, and strict regulatory requirements by the US Food and Drug Administration (USFDA), Aurobindo Pharma is trading down by 49.6% so far in 2022.

The stock was on a downtrend throughout 2022.
 

Vodafone Idea Q3 loss widens

Debt-ridden telecom operator Vodafone Idea, on Tuesday, reported a widening of its consolidated loss to Rs 79.9 billion (bn) for the December 2022 quarter.

The company had registered a loss of Rs 72.3 bn in the same period a year ago.

The consolidated revenue from operations of Vodafone Idea (VIL), however, increased by 9.3% YoY to Rs 106.2 bn from Rs 97.2 bn in the December 2021 quarter.

The government, during the quarter, converted Rs 161.3 bn interest related to the deferment of spectrum auction installments and AGR dues into equity and now holds around 33% stake in the company.

Its average revenue per user, a key performance indicator of telecom operators, improved by 17.4% YoY Rs 135 during the December 2022 quarter, aided by tariff hikes and migration of subscribers to unlimited tariff plans.

The overall subscriber base declined to 228.6 million (m) during the reported quarter from 23.4 bn in the September 2022 quarter.

The total gross debt, as of 31 December 2022, stood at Rs 2.2 trillion (tn). It comprises deferred spectrum payment obligations of Rs 1.4 tn and adjusted gross revenue liability of Rs 699.1 bn due to the government.

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