Asian shares markets are trading on a cautious note today as Asian stocks reversed initial losses on Wednesday in cautious trading ahead of the Federal Reserve chief's congressional testimony.

The Nikkei is trading higher by 0.3% and the Hang Seng index is trading 1.9% lower. The Shanghai Composite is down 0.4%.

US stocks softened on Tuesday, closing in negative territory as investors began the holiday-shortened week by taking profits in the wake of a sustained rally amid signs of weakening global demand.

The Dow Jones Industrial Average ended 0.7% lower and the tech-heavy Nasdaq Composite ended marginally lower.

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

Source: Equitymaster

Back home, Indian share markets are trading on a positive note.

At present, the BSE Sensex is trading 207 points higher. Meanwhile, the NSE Nifty is trading up by 53 points.

Power Grid and L&T are among the top gainers today.

Sun Pharma and Tata Steel on the other hand are among the top losers today.

Check out the NSE Nifty heatmap to get the complete list of gainers and losers.

Broader markets are trading on a positive note. The BSE Mid Cap index is trading higher by 1% and the BSE Small Cap index is up 0.8%.

Sectoral indices are trading on a positive note with the exception of metal stocks and healthcare stocks. Stocks in the power sector, utilities sector, and capital goods sector witness buying.

Shares of Coforge and Britannia Industries hit their 52-week high today.

The rupee is trading at Rs 82.07 against the US dollar.

In commodity markets, gold prices are trading lower by Rs 6 at Rs 58,815 per 10 grams today.

Meanwhile, silver prices are trading higher by 0.2% at Rs 70,279 per 1 kg.

Now track the biggest movers of the stock market using the stocks to watch today section. This should help you keep updated with the latest developments...
 

CCI approves HDFC's acquisition of more shares in HDFC ERGO

The Competition Commission of India (CCI) on Tuesday approved the acquisition of the additional shareholding of HDFC Life Insurance Company by the Housing Development Finance Corporation (HDFC).

The proposed combination pertains to the acquisition by HDFC of certain additional shareholding of HDFC ERGO on a spot delivery basis (the proposed transaction) such that HDFC and the surviving amalgamated entity i.e. HDFC Bank will hold over 50% of the shareholding of HDFC ERGO in compliance with Indian banking laws.

HDFC ERGO is registered with the Insurance Regulatory and Development Authority of India for providing general insurance (i.e., non-life insurance) products in India.

It offers a complete range of general insurance products including motor, health, travel, home, and cyber insurance in the retail space and customized products like property, rural, marine, trade credit, liability, and other specialized insurance in the corporate space.

Note that, HDFC Bank is one that has always adapted to changing times.

HDFC Bank wanted to transform itself from a leader in physical banking to a leader in online banking. Since then, HDFC Bank has constantly focused on going digital.

In 2004, only 10% of customer transactions were initiated through Internet and mobile. The number has gone up to 92% in 2019.

It is a great example of a company that has taken advantage of its scale and embraced disruption rather than fear it.

These are traits that one should look for in picking stocks. They not only withstand the disruption but also gain from it in the long run.
 

Piramal Enterprises sells stake in Shri Ram Finance

A day after American private equity major TPG sold its stake in Shriram Finance, Piramal Enterprises is planning to sell its entire 8.34% stake in the company via block deals on Wednesday.

About 31 million (m) shares worth Rs 48.3 billion (bn) were offered by the company to institutional investors.

After the restructuring of Shriram Group, Piramal Enterprises received shares in multiple Shriram Group companies, including 8.34% in BSE-listed Shriram Finance and a 20% stake in each of the three holding companies: Shriram Gi Holdings, Shriram Li Holdings, and Shriram Investment Holdings.

With this, Piramal Enterprises owns a 13.33% stake in Shriram General Insurance Company and 14.91% in Shriram Life Insurance Company.

On Monday, TPG sold its entire 2.65% stake in Shriram Finance (erstwhile Shriram Transport Finance Company) via block deals to a clutch of mutual funds and other institutional investors.

Piramal Enterprises had acquired a 10% stake in Shriram Transport Finance in 2013 for Rs 16.4 bn and a year later acquired a 20 % stake in Shriram Capital for Rs 20.1 bn and a 10% stake in Shriram City Union Finance for Rs 7.9 bn in the same year.

In its annual report for 2023, Piramal said it has started the process to identify potential buyers for its associate investments: Shriram Li Holdings, Shriram Gi Holdings, and Shriram Investment Holdings.

The company anticipates completion of the sale in the foreseeable future, and accordingly, investments amounting to Rs 22.8 bn in respect of these associates have been reclassified under 'assets held for sale.

The Chennai-headquartered promoters currently own a 25.1% stake in Shriram Finance, while Piramal Group owns an 8.3% stake. The group has listed its pharmaceutical business separately after having it from the parent company.

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