Asian stocks kicked off on a positive note on Thursday after the improvement in investor sentiment toward China and Hong Kong continues, following the Chinese central bank's latest move to inject liquidity and support asset prices.

The Nikkei index was trading 0.3% lower, while Hang Seng was trading 0.6% higher. Meanwhile, the Shanghai index is trading 1.3% higher.

The S&P 500 climbed to its fourth straight record high close on Wednesday, as Netflix surged following blowout quarterly results and a strong report from ASML fueled gains in chipmakers.

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

Data Source: Equitymaster

At present, the BSE Sensex is down 700 points and NSE Nifty is trading 187 points lower.

NTPC, Coal India, and BPCL are among the top gainers today.

Tech Mahindra, HCL Tech, and TCS on the other hand are among the top losers today.

Broader markets are trading on mixed. The BSE Mid Cap is trading 0.2% higher and the BSE Small Cap index is trading 0.7% higher.

Sectoral indices are trading mixed, with socks in the power sector, realty sector, and energy sector witnessing the most buying. Meanwhile, stocks in the IT sector and banking sector witnessed selling pressure.

The rupee is trading at Rs 83.12 against the US dollar.

In commodity markets, gold prices are trading 0.2% lower at Rs 61,878 per 10 grams today.

Meanwhile, silver prices are trading 0.3% lower at Rs 71,676 per 1 kg.
 

Tech Mahindra Q3 Results

IT services major Tech Mahindra reported a 60.6% fall in net profit to Rs 5.1 bn year-on-year for the third quarter, in a seasonally weak quarter as a slowdown in demand continues in key verticals including hi-tech, telecom and financial services.

Consolidated revenue for Q3FY24 declined 5% YoY at Rs 131 bn. On a QoQ basis, revenue grew by 1.8%.

The company's EBIT margin or operating margin came in at 5.4%, which is an improvement/ worse than the previous quarter's 4.7%.

The quarter was a mixed outcome, with growth in the manufacturing and healthcare segments but muted spending in areas like communications, BFSI, and hi-tech.

The deal's total contract value (TCV) stood at US$ 380 million, down from $640 million in the last quarter.

This is the first quarter since new CEO Mohit Joshi completely took over the reins of the company from former CEO CP Gurnani. To turn around the business, Joshi restructured the organization and the leadership team, which came into effect on 1 January.

The company's focus is currently to diversify more into other segments, including BFSI and healthcare and life sciences.
 

Mazagon Dock inks contract with the Defence Ministry

With the growing activities of international pirates off the Gulf of Aden driving up the costs of freight and shipping, the government has moved to build more armed vessels to keep open the international shipping lanes that carry much of the world's trade through this war-torn region.

In the last 20 years, the Indian Navy has taken upon itself the role of net security provider in the Indian Ocean, to ensure a free and open Indo-Pacific that is not dominated by China's rapidly growing navy. This requires building or purchasing the warships needed for discharging this role.

On Wednesday the Ministry of Defence (MoD) signed a contract with Mazagon Dock Shipbuilders Ltd (MDL), Mumbai for acquiring 14 Fast Patrol Vessels (FPVs) for the Indian Coast Guard (ICG). The value of the contract is Rs 10.7 bn.

These multi-role FPVs will be indigenously designed, developed, and manufactured by MDL under the 'Buy (Indian-IDDM)' acquisition category and will be delivered in a total of 63 months.

Along with several high-tech features and equipment, these FPVs will be equipped with multipurpose drones, wirelessly controlled remote water rescue craft, lifebuoy, and Al (artificial intelligence) capability, enabling greater flexibility and operational edge to the ICG to face new age multidimensional challenges.

In line with the government's Atmanirbhar Bharat or 'self-reliant India' policy, the contract is expected to boost the nation's indigenous shipbuilding capability, bolstering maritime economic activities and fostering the growth of ancillary industries, especially the MSME sector.

Ammunition cum torpedo cum missile (ACTCM) barges

The launch of the fifth Ammunition Cum Torpedo Cum Missile Barge was carried out on Wednesday at the MSME shipyard Suryadipta Projects.

In the past year, Mazagon Dock shares are up almost 200%.

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