Asian share markets are trading lower today following declines in US benchmarks as fears of a banking crisis resurfaced.

The Nikkei is trading lower by 1% while the Hang Seng is trading 0.6% higher. The Shanghai Composite is trading lower by 0.3%.

Wall Street's major indices suffered their deepest declines so far this month as a downbeat UPS forecast exacerbated investor concerns about a slowing US economy on Tuesday while plunging deposits at regional First Republic Bank added to jitters about the bank sector's health.

The Dow Jones Industrial Average ended 1% lower and the tech-heavy Nasdaq Composite ended 1.9% lower.

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

Source: Equitymaster

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

At present, the BSE Sensex is trading lower by 28 points. Meanwhile, the NSE Nifty is trading down by 15 points.

Power Grid and TCS are among the top gainers today.

Bajaj Finance and ICICI Bank 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 flat and the BSE Small Cap index is trading higher by 0.3%.

Sectoral indices are trading on a mixed note. Stocks in the realty sector and IT sector are witnessing buying.

On the other hand, stocks in the metal sector and oil and gas sector witnessed selling.

Shares of KEI Industries and Glenmark Pharma hit their 52-week high today.

The rupee is trading at Rs 81.96 against the US dollar.

In commodity markets, gold prices are trading lower by Rs 81 at Rs 60,180 per 10 grams.

Meanwhile, silver prices are trading higher by 0.1% Rs 74,347 per 1 kg.

Now track the biggest movers of the stock market using the stocks to watch today section. This should help you keep updated with the latest developments...
 

Bajaj Auto Q4 results

Bajaj Auto's standalone net profit fell 2% to Rs 14.3 billion (bn) for the March 2023 quarter. It was Rs 14.7 bn in the same period last year.

The board of directors has also approved and recommended a dividend of Rs 140 per share.

The two-wheeler major's revenue from operations jumped 12% to Rs 89.1 bn for the January-March period. This compares with Rs 79.8 bn reported in the corresponding period of last year.

The double-digit revenue growth was led by sustained momentum in the domestic business.

Compared to the same time last year, the company said better foreign exchange realization, judicious pricing, and a richer product mix all helped offset the drop in overall volumes arising from sluggish exports.

The Pune-based company's operating profit rose 26% to Rs 17.2 bn for the reporting quarter as against Rs 13.7 bn a year ago.

Meanwhile, margins improved to 19.3% during the March 2023 quarter.

Speaking of Bajaj Auto, the stock has been on a bullish trend as of late. In the last month, Bajaj Auto's share price was up by 13.5%.

In fact, it is one of the 5 stocks that recently hit a 52-week high price.

L&T bags significant order

Multinational conglomerate Larsen and Toubro (L&T) on Tuesday said that its power transmission and distribution (PT&D) business of L&T construction has secured significant engineering, procurement, and construction (EPC) orders in India and overseas.

The company classifies an order ranging between Rs 10 bn to Rs 25 bn in size as a significant order.

L&T also informed that it has bagged a power supply system order for the second phase of Chennai Metro. In the overseas market, the PT&D Business has won an order to supply, construct, test, and commission a 132kV substation in the United Arab Emirates.

L&T aims to significantly reduce the aggregate technical and commercial (AT&C) losses at Pan-India level through the latest bagged order under the reforms-based results-linked distribution sector scheme (RDSS) through the PT&D business.

The company has promised to undertake several distribution infrastructure improvements including segregating feeders, reconductoring, cabling, and augmenting line networks and elements.

For the second phase of Chennai Metro, the company will design, supply, install, and commission receiving substations (RSS), auxiliary substations (ASS), and SCADA system for the northern sections of Corridors 3 and 5.

Did you know that L&T was one of the top-performing stocks of March 2023?
 

Latest SME IPO opening this week

Founded in 1951, De Neers Tools is engaged in manufacturing hand tools. The firm sells items including trolleys, tool kits, tool cabinets, spanners, wrenches, pliers, cutters, allen keys, hammers, socketry, and screwdrivers.

Tata Steel, Indian Oil, Larsen & Toubro, Assam Petrochemicals, Lohia Corporation, Polycab Cables, Indian Railways, and other companies are among De Neers Tools' clientele.

This week, the firm will begin its initial public offering (IPO), and the issue will go public.

De Neers Tools Details

1. IPO Date: April 28, 2023, to May 3, 2023

2. Listing date: Official announcement has not been made yet but the expected date of listing is 11 May 2023.

3. De Neers Tools face value: Rs 10 per share

4. Issue price: Rs 95 to Rs 101 per share

5. Lot size of De Neers Tools SME IPO: 1200 shares

6. Issue size: 2,276,800 shares (aggregating up to Rs 230 m)

7. Listing at: De Neers Tools is going to be listed on NSE SME

8. Quota: Around 38% for retail category, 36.9% for NII and around 25% for QIB

9. IPO allotment date: 8 May 2023

10. Credit of shares: 10 May 2023

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