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Asian share markets are trading lower today following the trend of Wall Street indices.

The Nikkei is down 1.3% while the Hang Seng is trading flat. The Shanghai Composite is trading lower by 0.3%.

US stock markets ended on a weak note on Tuesday, posting their worst performance of 2023 as investors interpreted a rebound in US business activity in February to mean interest rates that will stay higher for longer to control inflation.

The Dow Jones Industrial Average ended 2.1% lower while the tech-heavy Nasdaq Composite tanked 2.5%.

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

Source: Equitymaster

Back home, Indian share markets are trading on a negative note tracking cues from SGX Nifty and weak global markets.

At present, the BSE Sensex is trading lower by 485 points. Meanwhile, the NSE Nifty is trading down by 149 points.

Bajaj Auto and Divis Laboratories are among the top gainers today.

Adani Enterprises and Adani Ports are among the top losers today.

Broader markets are trading on a negative note. The BSE Mid Cap index down by 0.8% and the BSE Small Cap index are trading lower by 0.6%.

All sectoral indices are trading on a negative note, with stocks in the energy sector, metal sector, and power sector witnessing most of the selling.

Shares of Triveni Turbine, and Jindal Stainless Steel hit their 52-week high today.

The rupee is trading at Rs 82.82 against the US dollar.

In the commodity markets, gold prices trade flat at Rs 56,160 per 10 grams.

Meanwhile, silver prices are trading lower by 0.3% at Rs 65,868 per 1 kg.
 

3 Adani Group stocks hit yearly lows

Continuing the falling spiral, shares of Adani Total Gas, Adani Transmission, and Adani Green Energy continued to hit their respective 52-week lows yesterday.

Shares of Adani Transmission slipped to their 52-week low after S&P Global Ratings placed the Adani Group firm's ESG evaluation under review following Hindenburg Research's report on the conglomerate led by Gautam Adani.

Shares of Adani Total Gas got hit hardest in the Adani rout, the company has lost more than three-quarters of its value since the Hindenburg report was published.

It was the group's most richly valued stock before.

After placing a capital expenditure (capex) plan of Rs 100 billion (bn) for the financial year 2023-24 under review, shares of India's largest green energy company, Adani Green Energy, hit its one-year low.

However, since 24 January 2023, Adani stocks took a major hit after US-based short seller Hindenburg Research alleged that the Gautam Adani-led Indian conglomerate had engaged in stock manipulation and accounting fraud scheme over the last few decades.

Adani Group, however, refuted the claim as baseless.

Today again, Adani group stocks are falling and Adani Enterprises and Adani Green are the top losers.
 

M&M to transfer passenger EVs to subsidiary by June 2026

Mahindra & Mahindra has entered into an asset transfer agreement with its EV subsidiary Mahindra Electric Automobile to transfer certain identified assets (capital work in progress) about the four-wheeler Passenger Electric Vehicles to Mahindra Electric Automobile.

The remaining assets will be transferred to the subsidiary by June 2026.

The total investment of the company in the said assets, classified as capital work in progress for the financial year 2022, is approximately Rs 2.3 bn, which is 0.6% of the company's net worth.

Mahindra & Mahindra, in July last year, announced that it intends to hive off assets related to the four-wheel passenger EVs business of the company to a new unit, which will be incorporated as a wholly-owned subsidiary.

Mahindra Electric Automobile was incorporated in October 2022 as a wholly-owned subsidiary.

Despite being an early entrant in the EV segment with the e-Verito and e2o, M&M had lost out to rival Tata Motors. The company is now keen to regain that lost market share.

Speaking of the Mahindra group, note that M&M announced huge capital expenditure plans over 2022-2024. M&M plans to incur an expense of Rs 153 bn on auto, farm equipment, and electric vehicles (EV).

Also, the electric vehicle (EV) megatrend is a once-in-a-century revolution happening right in front of us.

The revolution has taken the auto sector by storm. All segments of the sector are ripe for disruption, and India's top EV stocks are set to benefit from this shift.
 

Jeweller Joyalukkas IPO goes for a toss

Joyalukkas has withdrawn its Rs 23 bn (US$ 278 million) initial public offerings (IPO), with the jewelry retailer saying it needed more time to incorporate substantial changes to its financial results.

The company plans to refile its IPO documents at the earliest, subject to market conditions.

Joyalukkas, which focuses mainly on Southern India, is the latest to delay or pull its upcoming IPO plans amid market volatility and stubbornly high inflation.

Joyalukkas filed its IPO paper last March and planned to use Rs 14 bn of the proceeds to repay or pre-pay debt, while the rest was earmarked to open new showrooms and for general corporate purposes. It was originally scheduled to announce the IPO date in early 2023.

The company, based in the southern Indian state of Kerala, operates showrooms across roughly 68 cities.

The IPO's book runners were Edelweiss Financial Services, Motilal Oswal Investment Advisors, Haitong Securities India, and SBI Capital Markets.

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