Asian stocks fell to an 11-month low on Wednesday after another piece of resilient US economic data sent Treasury yields to fresh highs.

The Nikkei is trading 1.9% lower while the Hang Seng index is down 0.7

The S&P 500 index closed at its lowest level since June 1 on Tuesday as economic data underscored the view the Federal Reserve may need to keep interest rates high.

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

Source: Equitymaster

Back home, Indian share markets are trading on a negative note following the trend on SGX Nifty.

At present, the BSE Sensex is trading lower by 453 points. Meanwhile, the NSE Nifty is trading down by 137 points.

HUL and Nestle are among the top gainers today.

Axis Bank and NTPC on the other hand are among the top losers today.

Broader markets are trading mixed. The BSE Mid Cap index is trading 0.9% lower and the BSE Small Cap index is trading higher by 0.3%.

Barring the FMCG sector, other sectoral indices are trading on a negative note with stocks in the metal sector and banking sector witnessing selling pressure.

Shares of Suzlon Energy and MRPL hit their 52-week high today.

The rupee is trading at Rs 83.25 against the US dollar.

In commodity markets, gold prices are trading 0.1% at Rs 56,865 per 10 grams today.

Meanwhile, silver prices are trading 0.5%% lower at Rs 67,069 per 1 kg.
 

Maruti Suzuki Receives Income Tax Notice

Maruti Suzuki India Limited received a Draft Assessment Order for Rs 21.6 bn dated 3 October 2023 from the Income Tax Authority.

The draft assessment order is for the financial year 2019-20.

When the assessing officer finds any variance to the income or loss stated in the return filed by the assessee, he proposes a Draft Assessment Order to invite the assessee's objection or acceptance.

Maruti will file its objections before the Dispute Resolution Panel. However, this draft Assessment Order has no impact on the company's financial, operation, or other activities.
 

HDFC Bank's Management Rejig

HDFC Bank has reshuffled the portfolios of its senior management team. This is the first major rejig after the amalgamation of HDFC on 1 July 2023.

This change is being done to bring in a very sharp focus on leveraging what we have built and for enhanced execution.

Last month, the Reserve Bank of India (RBI) approved a three-year extension for Jagdishan, who was appointed in October 2020.

Kaizad Bharucha, deputy MD in charge of wholesale banking, will have additional portfolios, which are inclusive banking initiatives group, corporate social responsibility (CSR), and environmental, social, and corporate governance (ESG).

Arvind Kapil, who is the group head for retail assets, will now handle the mortgage portfolio which was inherited following the merger with HDFC.

Both Kapil and Vohra will continue to report to the MD & CEO.

HDFC Bank, which has been rapidly expanding its branch presence, decided to have two branch banking heads instead of one.

Smita Bhagat and Sampath Kumar, both group heads, will be the new retail branch banking heads. The bank has over 8,000 branches.

Bhagat will lead branch banking for the north, central, and east regions; Kumar will be responsible for the west and south areas.

HDFC stands among the Top 5 Indian Stocks with Consistently Rising Operating Margins.
 

IHC Boosts Stake In Adani Enterprises

Abu Dhabi conglomerate International Holding Company (IHC) on Tuesday said it had increased its stake in Adani Enterprises (AEL) to more than 5%. The move comes barely a week after the UAE-based company exited Adani Green and Adani Transmission by selling its entire holding.

This strategic increase reflects IHC's conviction in the world-leading incubation model of AEL and we believe that the inherent strength of airports, data centers, green hydrogen, and various other verticals being incubated under AEL.

Gautam Adani's flagship firm was poised to uniquely capitalize on India's robust growth journey.

Adani Enterprises said Green Vitality RSC had acquired an additional 0.06% of the company from the open market.

With this, IHC's total holding in Adani Enterprises now stands at 5.04%.

A transition from grey to green hydrogen is happening at a faster pace than expected. Adani Enterprises is one among them. 

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

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