Asian stocks rallied on Thursday after Wall Street resumed a rally as robust earnings helped overcome worries about persistent inflation.

Shares in Australia, Japan, and South Korea and futures for Hong Kong all advanced. The Nikkei index is trading 0.9% higher, while Hang Seng was trading 0.4% higher.

US stocks closed higher on Wednesday, bouncing back after hotter-than-expected inflation data drove a sell-off and dashed hopes for interest rate cuts in early spring.

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

Data Source: Equitymaster

At present, the BSE Sensex is trading flat.

M&M, BPCL, and NTPC are among the top gainers today.

Nestle, Axis Bank, and Cipla on the other hand are among the top losers today.

Broader markets are trading on a positive note. The BSE Mid is trading 0.8% higher and the BSE Small Cap index is trading 1.2% higher.

Sectoral indices are trading mixed, with socks in the power sector and the oil & gas sector witnessing buying. Meanwhile, stocks in the banking sector and FMCG sector witnessed selling pressure.

The rupee is trading at Rs 83.01 against the US dollar.

In commodity markets, gold prices are trading 0.2% lower at Rs 61,330 per 10 grams today.

Meanwhile, silver prices are trading flat at Rs 70,061 per 1 kg.
 

Paytm Confirms ED Action

Paytm parent, One97 Communication Ltd, confirmed on Wednesday that it has received notices from the Enforcement Directorate (ED), requesting information on customers who have conducted business with its group companies.

The company has furnished the necessary information and documents to the investigating agency.

The Enforcement Directorate is currently verifying the information it has received from RBI.

As of Wednesday, ED is yet to file an enforcement case information report (ECIR), a formal entry of a complaint lodged by the agency.

The Ministry of corporate affairs is not yet involved in this case as it pertains to an alleged breach of the money laundering law, and not company law.

On 31 January, RBI imposed restrictions on Paytm Payments Bank, prohibiting credit transactions, further deposits, or top-ups in customer accounts, prepaid instruments, wallets, and FASTags after 29 February.

The restrictions on deposits for customer accounts do not, however, apply to interest payments, cashbacks, or refunds, which may be credited anytime.

Paytm is India's leading financial services company that offers payments and financial solutions to consumers.

HUL to set up Palm Oil Facility

The Andhra Pradesh government and Hindustan Unilever Limited (HUL) are in talks to collaborate on palm oil production.

The two sides are looking at setting up a palm plantation and oil mill, which is expected to create over 1,000 direct and indirect jobs.

Palm oil finds wide use across industries, from biscuits to personal-care products. India is the world's biggest importer of palm oil.

The government expressed its desire to attract investments in the palm oil sector, highlighting the benefits for farmers and the industry, as well as the reduction in dependence on imports of the commodity.

HUL is looking to collaborate with over 15,000 farmers in Andhra to set up at least 30,000 hectares of oil palm plantations. The proposed plan includes setting up sapling nurseries, palm fresh fruit bunch collection centers, and a state-of-the-art oil mill in the state, with investments exceeding Rs 3 bn over the project development period.

HUL reaffirmed its commitment to partnering with the state in the agriculture sector during a meeting between HUL delegates and Andhra Pradesh's agriculture, cooperation, marketing, and food processing minister Kakani Govardhana Reddy in Nellore on 12 February.

HUL will also provide agricultural extension services and implement a comprehensive farmer outreach program to introduce best-in-class farming practices.

The collaboration aims to contribute to the sustainable localization of palm oil production in India.

HUL is among India's largest FMCG companies with a diverse product portfolio including soaps and detergents, personal care products, and food and beverages.

The company has 31 owned factories and many outsourced production facilities across the country.

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