Asian equities headed for a cautious start on Friday after US stocks ended February with fresh highs as the Federal Reserve's preferred inflation gauge met consensus forecasts.

Australian and Japanese equities traded within tight ranges while contracts for Hong Kong were slightly lower.

US stocks rallied to close out the best February for the S&P 500 and Nasdaq Composite in nearly a decade as investors digested a crucial inflation reading.

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

Source: Equitymaster

At present, the BSE Sensex is trading 628 points higher and NSE Nifty is trading 191 points higher.

BPCL, ONGC and L&T are among the top gainers today.

Sun Pharma, Apollo Hospital, and Cipla on the other hand are among the top losers today.

Broader markets are trading on a positive note. The BSE Midcap index is trading 0.6% higher and the BSE Small Cap index is trading 0.9% higher.

Barring healthcare, all other sectoral indices are trading positive, with socks in the oil & gas sector and the metal sector witnessing buying.

The rupee is trading at Rs 82.87 against the US dollar.

In commodity markets, gold prices are trading flat at Rs 62,567 per 10 grams today.

Meanwhile, silver prices are trading 0.3% higher at Rs 71,465 per 1 kg.
 

L&T Commissions Electrolysers at Hazira

Larsen and Toubro commissioned its first indigenously manufactured hydrogen electrolyzer at the green hydrogen plant in Hazira, Gujarat.

The company said this signifies L&T Electrolyser Ltd's foray into domestic electrolyzer manufacturing.

Hydrogen is made by splitting H2O (water) into two molecules, hydrogen and oxygen - via electrolysis, which is an electrical process. The method requires electrolyzers, and if the same is powered by renewable energy, then the product formed is green hydrogen - a fuel that is free of greenhouse emissions.

Larsen and Toubro's newly incorporated entity, L&T Electrolysers, focuses on manufacturing pressurized alkaline electrolyzers using technology from McPhy Energy in France.

It said it is planning on leveraging its upcoming giga-scale Hazira facility to meet the growing green hydrogen demand, maximizing product localization via enhanced local supply chain and automation for cost-competitiveness.

This advancement significantly bolsters our offerings across the value chain, showcasing L&T as a global force in the clean energy space.

It stands among the five large-caps that have delivered the highest returns to investors in 2023.

L&T has been an investor's favorite stock for a long time and also a stock that makes it to the top 5 infrastructure stocks.

In line with its commitment to a sustainable future, L&T is poised to make significant strides in the green hydrogen landscape. 
 

Vedanta Group's Appeal Dismissed

The Supreme Court (SC) dismissed a Vedanta Group appeal that sought the reopening of its Sterlite Copper plant in Tamil Nadu's Thoothukudi, saying the plant was a chronic violator of air and water pollution laws.

In the case of Vedanta, the top court, in its judgment, according to LiveLaw, said: Closure of industry undoubtedly not a matter of first choice.

However, the repeated nature of breaches, coupled with the severity of the violations would in this analysis neither the statutory authorities nor the HC to take any other view unless they were to be oblivious of their plain duty.

To recall, the Tamil Nadu government had in May 2018 ordered a permanent shutdown of Vedanta's copper smelter plant over environmental concerns.

That plant was idle since March 2018, when Vedanta shut it down as part of its periodic maintenance schedule. It had remained shut ever since, as protests by locals mounted against it, who said pollution from the factory had hit their health.

The unit will explore, discover, develop, and tap mineral resources, including strategic minerals, deep-seated minerals, and offshore minerals through systematic exploration of all types of mineral deposits.
 

Biocon Biologics Receives 4 USFDA Observations

The United States Food and Drug Administration (US FDA) issued four observations for the Biocon Biologics facility the pharma company informed stock exchanges on 29 February.

The inspection was at Biocon Biologics Limited's Biocon Campus (Site 1) facility between 20-28 February 2024.

This inspection pertains exclusively to the rh-Insulin (rhI) Drug Substance (DS) supplied to a customer for veterinary use.

The trigger for this inspection was a Pre-Approval Supplement (PAS) filed by our customer late last year.

The company will submit a comprehensive Corrective and Preventive Action (CAPA) Plan to the US FDA within the stipulated time and is committed to addressing these observations expeditiously.

The outcome of this inspection at Site 1 does not impact the manufacturing and distribution of the company's commercial products in the US market.

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