Most Asian stocks crept lower on Tuesday, cooling from recent gains as investors awaited more cues on interest rates this week.

Meanwhile, Indian shares hovered around record highs on bets that the BJP won a third consecutive term in the 2024 general elections.

Japan's Nikkei 225 index fell 0.5%, while the broader TOPIX lost 0.4%.

US stock indices were mixed on Monday after a report showed manufacturing activity fell for the second consecutive month in May.

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

Data Source: Equitymaster

At present, the BSE Sensex is trading 2,527 points lower and NSE Nifty is trading 795 points lower.

Sun Pharma is among the top gainers today.

Adani Ports, NTPC, and SBI the other hand are among the top losers today.

Broader markets are trading on a negative note. The BSE Midcap index ended flat and the BSE Smallcap index is trading 3.5% lower.

Sectoral indices are trading on a negative note, with stocks in the energy sector, oil & gas sector, and power sector witnessing the most selling pressure.

The rupee is trading at Rs 83.4 against the US dollar.

In commodity markets, gold prices are trading marginally higher at Rs 72,300 per 10 grams today.
 

Wipro's Management Changes

IT major Wipro on Monday said it has appointed Bruno Schenk as the Country Head and Managing Director for Switzerland, with immediate effect.

He will report to Wipro's Europe CEO Pierre Bruno.

Schenk is taking over from Ren Mulder, who has decided to explore new opportunities beyond Wipro, the company said.

Schenk was previously the CEO of Eviden Switzerland, an Atos business.

In May, Wipro appointed Sarat Chand as regional head and managing director of its northern Europe region.

This comes after the Azim Premji-backed firm elevated Srinivas Pallia to the CEO position following the resignation of its former CEO Thierry Delaporte ahead of its fourth-quarter financial results in April.

A week ago, Wipro had appointed Sarat Chand to lead the Northern Europe region, reporting to the Europe chief. Before that, Vinay Firake, who has been with Wipro for 26 years, was promoted to become the next CEO of the APMEA with immediate effect last month.

The Bengaluru-based software exporter also combined Nordics and Benelux operations to form a single Northern Europe region.

Schenk has over 25 years of experience with a focus on leveraging the power of data and technology to create value, innovation and growth.

Kalyan Jewellers to Complete Candere Buyout

Kalyan Jewellers said on Monday it will acquire the remaining 15 percent stake in its e-commerce subsidiary Enovate Lifestyles, which operates under the brand Candere, for Rs 420 m.

The deal, to be completed in three tranches, will make Candere a wholly owned unit as Kalyan Jewellers shifts focus from pure e-commerce to an omnichannel strategy. Kalyan Jewellers first acquired a majority stake in Candere in 2017 to enter the online jewelry market.

The latest transaction involves purchasing 57,320 equity shares from existing shareholder Rupesh Jain. The company is enthusiastic about exploring an emerging market segment within the jewellery industry, particularly focusing on lightweight, fashion-forward designs, according to Managing Director T S Kalyanaraman. Candere, which reported an annual revenue of Rs 1.3 bn in the 2023-24 fiscal year, launched 11 physical showrooms last year and plans to quadruple its offline presence this fiscal year.
 

M&M Financial Services May Disbursement

Mahindra & Mahindra Financial Services said that its overall disbursement for the month of May 2024 is estimated at Rs 44.3 bn, recording a growth of 7% on-year. The YTD May 2024 disbursement stood at Rs 83.6 bn, which is up 6% in comparison to the previous year.

M&M Financial released its May business update, wherein it stated that its business assets were at approximately Rs 1.1 tn, up approximately 3% over March 2024 and around 23% over May 2023. The Collection Efficiency (CE) was at 96% for May 2024 as against 96% for May 2023.

Stage-3 and Stage-2 assets, it added, have remained below 10% put together.

Earlier in May, M&M Financial had released its fiscal fourth quarter earnings with net profit at Rs 6.2 bn, down 9.5% on-year, as compared to Rs 6.8 bn during the same period last year.

The company's net interest income for the quarter stood at Rs 37.1 bn, up 21% YoY. Loan growth remained strong with total assets increasing 24% YoY to Rs 1 tn Disbursements during the quarter under review rose by 11% to Rs 152.9 bn.

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