Asian share markets are trading higher today as investors hoped this week's US inflation data supports an imminent end to rate hikes.

The Nikkei is trading 0.3% higher, and the Hang Seng index is trading 1.5% higher. While Shanghai Index is trading lower by 0.5%.

US stocks rebounded on Monday as markets looked ahead to critical inflation data and major earnings announcements later in the week.

The Dow Jones Industrial Average ended 0.6% higher, and the tech-heavy Nasdaq Composite ended 0.2% higher.

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

Source: Equitymaster

Back home, Indian share markets hit a record high today.

At present, the BSE Sensex is trading higher by 410 points. Meanwhile, the NSE Nifty is trading up by 125 points.

Britannia and Sun Pharma are among the top gainers today.

Sun Pharma and Wipro on the other hand are among the top losers today.

Broader markets are trading on a positive note. The BSE Mid Cap index is trading 0.8% higher and the BSE Small Cap index is trading 0.7% higher.

Barring the metal sector all other sectoral indices are trading on a positive note with stocks in the telecom sector, FMCG sector, and energy sector witnessing the most buying.

Shares of Bajaj Auto and REC hit their 52-week high today.

The rupee is trading at Rs 82.36 against the US dollar.

In commodity markets, gold prices are trading lower by 0.1% at Rs 58,608 per 10 grams today.

Meanwhile, silver prices are trading marginally higher at Rs 71,372 per 1 kg.
 

L&T, Navantia to build submarines for Indian Navy

A month after German submarine builder ThyssenKrupp Marine Systems signed an agreement with Mazagon Dock Shipbuilders to build six submarines for the Indian Navy, a competing partnership was announced by Larsen & Toubro (L&T) and Spain's Navantia.

L&T and Navantia signed a teaming agreement (TA) on Monday for the submission of a techno-commercial bid for the Indian Navy's prestigious Project 75 (India) submarine program.

Project 75(I) requires the Indian bidder to tie up a technology partnership with a foreign collaborator and build six conventional submarines equipped with air-independent propulsion (AIP).

This contract, valued at over €4.8 billion (bn) (Rs 435 bn), will be amongst India's largest defense acquisition projects. The building of six AIP submarines will be followed by a 30-year lifecycle sustenance contract of similar value.

Project 75(I) is amongst the first programs to be processed under the strategic partnership acquisition model of the Ministry of Defence (MoD). L&T and Navantia signed a memorandum of understanding for the program on 11 April in Madrid.

AIP submarines provide major operational advantages over conventional diesel-electric submarines.

Larsen and Toubro is a US$ 23-billion Indian multinational engaged in EPC projects for nearly eight decades.

Note that L&T has rewarded investors with 10 bonuses over the last 7 decades and the CAGR over the last 20 years stands at an impressive 25.6%.

L&T has been an investor's favorite stock for a long time and also a stock that makes it to the top 5 infrastructure stocks.

In line with its commitment to a sustainable future, L&T is poised to make significant strides in the green hydrogen landscape.
 

Foxconn withdraws chipmaking venture with Vedanta

Taiwan's Foxconn on 10 July pulled out of a joint venture with billionaire Anil Agarwal-led Vedanta that was set up to produce semiconductors from India.

Foxconn and Vedanta signed a pact last year to invest US$ 19.5 bn to set up semiconductor and display production plants in the western state of Gujarat, seeking to tap into the country's plans to become electronics major.

Foxconn is confident about the direction of India's semiconductor development.

Vedanta reiterates that it is fully committed to its semiconductor fab project, and we have lined up other partners to set up India's first foundry.

Last week, Vedanta Group had taken full ownership of the joint venture with Foxconn set up last year to manufacture semiconductors in India.

The new structure will make Vedanta India's first company in Integrated Semiconductor and Display Fab Business.

With this restructuring, Vedanta announced the addition of semiconductors and display glass manufacturing ventures to its diversified portfolio.

Also, as China tries to move up the technology supply chain with advanced chips, the US is getting wary, which makes semiconductors the top Indian megatrend.
 

NCLT reserves order on Zee- Sony merger

The Mumbai bench of the National Company Law Tribunal (NCLT) has reserved its order on the merger scheme between Zee Entertainment Enterprises (ZEE) and Culver Max Entertainment (Sony).

The division bench of judicial member HV Subba Rao and technical member Madhu Sinha, while reserving the order on the scheme matter, allowed parties to file their written submissions.

Before that, senior counsel Janak Dwarkadas represented ZEE and stated that non-creditor objectors in the matter, who are not even the company's creditors, are holding the merger to ransom.

Zee and Sony had agreed to merge their businesses in December 2021.

They had also obtained the requisite permissions from the NSE, BSE, and other sectoral regulators-such as the Competition Commission of India and the Securities and Exchange Board of India-before approaching the tribunal for sanctioning the merger.

It had come to a halt at NCLT following objections raised by several creditors of Essel Group against the non-compete clause added to the scheme.

Zee Entertainment Enterprises is one of India's leading media and entertainment companies.

The share price of the company took a beating in January 2022, declining 12% in a month, and has been falling since then, down 28% in 2023. 

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