Asian share markets are trading higher today tracking a bounce back on Wall Street indices overnight.

The Nikkei is up 0.6% while the Hang Seng is trading higher by 0.2%. The Shanghai Composite is trading on a flat note.

US stock markets ended on a positive note on Monday, ahead of a report that could show whether inflation is cooling or setting the market up for a lot of volatility.

The Dow Jones Industrial Average ended 1.1% higher while the tech-heavy Nasdaq Composite gained 1.5%.

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

Data source: Equitymaster

Back home, Indian share markets are trading on a positive note tracking strong global cues.

At present, the BSE Sensex is trading higher by 265 points. Meanwhile, the NSE Nifty is trading higher by 62 points.

UPL and HCL Tech are among the top gainers today.

Adani Enterprises and SBI Life Insurance are among the top losers today.

Broader markets are trading on a negative note. The BSE Mid Cap index is down 0.4%, while the BSE Small Cap index is trading lower by 0.5%.

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

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

Shares of APL Apollo Tubes and Jindal Saw hit their 52-week high today.

The rupee is trading at Rs 82.64 against the US dollar.

In the commodity markets, gold prices trade higher by 0.3% at Rs 56,670 per 10 grams.

Meanwhile, silver prices are trading lower by 0.4% at Rs 66,415 per 1 kg.

Also, to understand what our readers are thinking about India's growth story, we recently conducted a poll on our telegram channel, and here are the results:

With over 1,000 responses, most of the readers think that India's rise as an economy is unstoppable.
 

Adani Group's attempt to calm selloff in stocks

The embattled Adani group sought to reassure investors, saying the balance sheet of each of its independent portfolio companies remains healthy.

This was released a few hours after the capital markets regulator said it was looking into the allegations made against the Adani group by US-based short-seller Hindenburg Research in a critical report in late January 2023.

The Adani group said it has secure assets, and strong cashflows, with its business plans, fully funded, and it remains confident of delivering returns to shareholders.

Gautam Adani-led ports-to-power conglomerate has lost about half of its market capitalization due to the heavy selling of shares of its group companies after a stinging report by US-based short seller Hindenburg Research.

The Hindenburg report, which accused the group of stock manipulation and fraud using a wave of shell firms, triggered a series of actions by foreign banks like Credit Suisse, Citigroup, and rating agency Moody's.

Here's a list of our recent top editorials on the Adani group...

• 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
   

SAIL Q3 profit plunges 65%

State-owned SAIL on Monday posted a 65% YoY fall in its consolidated net profit at Rs 5.4 billion (bn) in the December 2022 quarter on account of higher expenses.

The company clocked a net profit of Rs 15.2 bn in the December 2021 quarter.

However, the total income also fell to Rs 251.4 bn from Rs 253.9 bn in the year-ago quarter.

Its total expenses soared to Rs 2483 bn compared to Rs 232.1 bn a year ago.

Its crude steel production for the quarter stood at 4.7 million tons compared to 4.5 m tons a year ago.

The company's underperformance was due to challenging global situations and economic scenarios all over the world that affected steel prices.

However, with the government's focus on enhancing capital expenditure in the infrastructure sector, domestic steel consumption is expected to witness an increase in the short to medium term.

SAIL, under the Ministry of Steel, is the country's largest steel company with an annual capacity of around 21 m tons.

Trading below the industry average PE, SAIL is among the top 6 undervalued stocks in India.
 

Dabur's plan for expansion

Dabur India, a major consumer goods maker, is scouting for acquisitions at home and in Southeast Asia as it works to establish its presence in a new overseas market amid heated domestic competition.

On the back of its US$ 71 m purchase of spice producer Badshah Masala in October 2022, the 139-year-old firm is evaluating other targets in health, food, and personal care markets.

The expansion comes as Dabur faces intensifying competition from deep-pocketed rivals, including global consumer Titan and HUL, which is swooping in on upstart Indian brands.

Powerful Indian conglomerates Reliance Industries and Adani Group have ambitious plans to scale up in the household retail space, while Tata Consumer Products is looking to bulk up its portfolio through acquisitions.

In India, Dabur has also been struggling with elevated inflation that has eaten into the spending power of Indians, particularly in the country's rural hinterland, where the company makes half its sales.

Dabur India produces Ayurvedic medicine and natural consumer goods. It is one of India's largest fast-moving consumer goods (FMCG) companies.

The company with its continuous expansion is among the top 5 FMCG companies in India.

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