Stocks in Asia rose Friday after robust US jobs and spending data eased recession concerns, fueling a rally in stocks and sending bonds tumbling.

Equity benchmarks in Japan climbed over 2% at the open, while shares in Australia increased alongside those in South Korea.

US stock market ended higher on Thursday, with the Nasdaq rising more than 2% after July US retail sales data.

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

Data Source: Equitymaster

At present, the BSE Sensex is trading 863 points higher and NSE Nifty is trading 245 points higher.

Tata Motors, M&M, Hindalco are among the top gainers today.

Titan and HDFC Life the other hand are among the top losers today.

Broader markets are trading on negative. The BSE Midcap index and the BSE Smallcap index are trading 0.9% higher.

Sectoral indices are trading positive today, with stocks in the media sector and oil & gas sector witnessing buying speer.

The rupee is trading at Rs 83.94 against the US dollar.

In commodity markets, gold prices are trading 0.3% higher at Rs 70,346 per 10 grams today.
 

SpiceJet's Promoter to Dilute Stake

Ajay Singh, the promoter of SpiceJet, is planning to dilute more than 10 per cent of his stake in the cash-strapped airline to raise approximately Rs 30 bn.

He currently holds a 47.8% stake in the airline along with his family. Singh's shareholding may drop to 30-35% after the fundraising, though he will remain the largest shareholder.

The capital raise addresses the airline's critical need for cash to maintain operations. The company plans to issue new shares to investors to expand its capital base, with ICICI Securities and JM Financial appointed to manage the process.

Singh's stake is also expected to increase by 9% later this year, contingent on his conversion of warrants into equity shares, which would require a payment of around Rs 3 bn.

SpiceJet has faced significant challenges in raising capital. While there were plans to raise Rs 22.5 bn from 64 investors, the airline only secured Rs 10.6 bn due to the withdrawal of a primary investor.

The airline has struggled to pay vendors, including aircraft lessors, leading to petitions in court seeking to declare the airline bankrupt.

Additionally, SpiceJet's market share has plummeted to below 4%, with only 22 operational aircraft out of more than 50 in its fleet due to the unavailability of engines and spare parts.
 

M&M's New Launch

Mahindra & Mahindra (M&M), India's fourth-largest automotive manufacturer, has unveiled the highly anticipated Thar Roxx on Independence Day, aiming to strengthen its position in the sport utility vehicle (SUV) market.

The company expects the Thar Roxx to become the leading product in the Rs 12.5 lakh category, where Mahindra currently holds a 27% market share. M&M aims to establish the Thar brand as the country's best-selling SUV within three to five years.

The Thar Roxx is priced at Rs 12.9 for the entry-level MX-1 (petrol) model, with the diesel version starting at around Rs 13.9 (ex-showroom). Prices for higher-end variants will be announced later.

Currently, the Thar brand has a production capacity of 9,500-10,000 units per month. To become the leading brand, the company aims to achieve monthly sales of 14,000-16,000 units.

M&M has set a goal of reaching a manufacturing capacity of 64,000 units per month (including electric vehicles/EVs) for the current financial year, with a target of 72,000 units for the next financial year.

The company plans to produce around 10,000 EVs per month by the end of this financial year.

Bookings for the Thar Roxx will open online and at Mahindra dealerships on 30 October, with test drives starting on 14 September 2024.

HAL Q1 Results

Hindustan Aeronautics Ltd (HAL) reported a consolidated net profit of Rs 14.4 bn for the first quarter ended June 2024, marking a 77% increase from Rs 8.1 bn reported in the same quarter last year.

Revenue from operations during the same period increased 11% year-on-year (YoY) to Rs 43.5 bn against Rs 39.2 bn in the corresponding period of last year.

EBITDA for the quarter increased 13% YoY to Rs 9.9 bn against Rs 8.8 bn in the last year quarter.

Meanwhile, EBITDA margins were up 0.4% to 22.9%. The same stood at 22.5% in the same period last year.

The profit before tax (PBT) during the June quarter increased 45% YoY to Rs 15.8 bn. The same stood at Rs 10.9 bn in the June quarter of last year.

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