Asian shares got off to a sluggish start on Monday ahead of a week packed with geopolitical risk, Chinese economic data, and earnings reports from major US banks.

The Nikkei index was trading 0.2% lower, while Hang Seng was trading 0.5% lower. Meanwhile, the Shanghai index shed 0.4%.

US stocks barely changed on Friday, after wavering between modest gains and losses, as mixed bank earnings offset cooler-than-expected inflation news that buoyed hopes for interest-rate cuts from the Federal Reserve.

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

Data Source: Equitymaster

At present, the BSE Sensex is trading 608 points higher and NSE Nifty is trading 143 points higher.

Wipro, Tech Mahindra, and Infosys are among the top gainers today.

Eicher Motors, Hero MotoCorp, and HDFC Life Insurance on the other hand are among the top losers today.

Broader markets are trading on a positive note. The BSE Mid Cap and the BSE Small Cap index are trading 0.3% higher.

Barring the FMCG sector, other sectoral indices are trading on a positive note, with socks in the media sector, banking sector, and IT sector witnessing the most buying.

The rupee is trading at Rs 82.8 against the US dollar.

In commodity markets, gold prices are trading 0.3% higher at Rs 62,567 per 10 grams today.

Meanwhile, silver prices are trading 0.3% higher at Rs 72,711 per 1 kg.
 

BHEL to Set Up Thermal Power Plant

Bharat Heavy Electricals Limited (BHEL) will set up a greenfield thermal power plant of 2,400 MW capacity in Odisha's Jharsuguda district.

NLC India Limited, a Navaratna company under the Ministry of Coal, has awarded the EPC (engineering, procurement, and construction) contract to BHEL to set the 2,400 MW capacity (3x800 MW-stage I) after inviting competitive tenders.

The contract scope to BHEL includes engineering, manufacturing, supply, erection, and commissioning of equipment such as boilers, turbines, and generators for the plant.

For the thermal project, coal linkage is available from the Talabira II and III mines of NLCIL.

The water required for the project will be sourced from the Hirakud reservoir.

The first unit of the project is scheduled for commissioning in the financial year 2028-29.

In the last year, the company's stock price gave multi bagger returns of 141% to its shareholders.

Adani Enterprises to Set Up Electrolysers Manufacturing Capacity

Adani Enterprises on Friday received a Letter of Award (LoA) from Solar Energy Corporation of India for setting up manufacturing capacity for Electrolysers in the country under the Strategic Interventions for Green Hydrogen Transition Scheme.

The incentive to be allocated over five years from the scheduled commissioning date is Rs 2.9 billion (bn).

Twenty companies, including Reliance Industries, Adani Group, Jindal India, Larsen & Toubro, and Bharat Heavy Electricals submitted bids for incentives to manufacture electrolyzers.

In July, India invited a pilot bid to incentivize the production of green hydrogen and the manufacturing of electrolyzers.

Meanwhile, the Adani group will invest more than Rs 2 trillion (tn) in Gujarat over the next five years.

The investment is expected to create about 100,000 direct and indirect jobs.

Most of the investments announced by the Adani group on Wednesday will be in green energy and its infrastructure. The group is constructing a green energy park in Khavda, Kutch - touted as the largest in the world - which will generate 30 GW of renewable energy.

It is also expanding the green supply chain for creating an integrated renewable energy ecosystem. This will include solar panels, wind turbines, hydrogen electrolyzers, green ammonia, photovoltaic cells, and expansion in copper and cement production.

India's two richest men, Mukesh Ambani and Gautam Adani are locked in a race for the top spot. 
 

Lupin Receives USFDA Approval

Lupin has received approval from the US Food and Drug Administration for Propranolol Hydrochloride Extended-Release Capsules.

This new medicine helps in lowering blood pressure, relaxes the blood vessels in the brain, and can prevent migraine headaches. This drug had an annual sales of US$ 71 million (m) in the US, according to data shared by the Mumbai-based drug maker.

Lupin will release the drug in four strengths: 60 milligrams (mg), 80 mg, 120 mg, and 160 mg. This is the third new launch announced by the company in the last week.

The other two are Varenicline tablets and bromfenac ophthalmic solution (used to treat inflammation and pain among patients who have undergone.

Shares of Lupin have rallied over 84% in the last year. In the first fortnight of 2024, investors in Lupin have seen their wealth go up by nearly 6%.

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