Asia's stock indexes meandered close to one-month lows on Wednesday.

The Nikkei index was down 0.3%, while Hang Seng was trading 0.3% lower. Meanwhile, the Shanghai index was trading flat.

US stocks lost ground and closed lower on Tuesday, pressured by a modest rise in Treasury yields as investors assessed the timing and size of any Federal Reserve interest rate cuts in 2024 ahead of inflation data this week.

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

Source: Equitymaster

At present, the BSE Sensex is trading 7 points higher and NSE Nifty is trading 6 points higher.

Cipla, HCL Tech and Adani Ports are among the top gainers today.

BPCL, ONGC, and NTPC on the other hand are among the top losers today.

Broader markets are trading on a negative note. The BSE Mid Cap is treading 0.3% lower and the BSE Small Cap index is trading flat.

Barring the IT sector and the healthcare sector, all other Sectoral indices are trading negatively, with socks in the realty sector and oil& gas sector witnessing the most selling pressure.

The rupee is trading at Rs 83.1 against the US dollar.

In commodity markets, gold prices are trading 0.3% higher at Rs 62,190 per 10 grams today.

Meanwhile, silver prices are trading flat at Rs 72,013 per 1 kg.
 

Cochin Shipyard to Trade Ex-Split Soon

Cochin Shipyard will trade ex-split from 10 January 2024. The defense public sector undertaking announced its share split back in December 2023.

According to an exchange filing, on 14 December 2023, the company fixed Wednesday, 10 January 2024, as the record date to determine the eligibility of shareholders for its 2:1 stock split.

The approved stock split will split one equity share of the face value of Rs 10 into two equity shares of the face value of Rs 5 each.

The subdivision of shares will increase the company's current outstanding equity share number to 263.1 m from 131.5 m.

Furthermore, the 2:1 stock split indicates a share price reduction to Rs 680.5, according to its previous close of Rs 1,361 as of 5 January.

Shares of the company have increased 8% in the past month and 20% in the past year.

Lupin Launches Eye Care Products

Pharma major Lupin on Tuesday launched a bromfenac ophthalmic solution, 0.07%, in the United States after receiving approval from the US Food and Drug Administration (FDA).

Lupin holds the exclusive first-to-file status for this newly introduced product, entitling the company to a 180-day exclusivity period.

With estimated annual sales of US$ 182 million in the US as of November 2023 (according to IQVIA MAT data), bromfenac ophthalmic solution presents a significant market opportunity for Lupin.

Lupin develops and commercializes a wide range of branded and generic formulations, biotechnology products, and APIs (active pharmaceutical ingredients) in over 100 markets in the US, India, South Africa, and more.

The company has 15 manufacturing sites, seven research centers, and more than 20,000 professionals working globally.

Lupin is a top pharma company in India that has solid growth in sales and profits and a high Return on Equity (ROE).
 

Delta Corporation Q3 Profit Declines

Mumbai-based casino and gaming company Delta Corp Ltd on Tuesday reported a 59.3% year-on-year (YoY) decline in net profit at Rs 345 million (m) for the third quarter.

In the corresponding quarter last year, Delta Corp posted a net profit of Rs 848, the company said in a regulatory filing. The company's revenue from operations declined 15.3% to Rs 2.4 billion (bn) against Rs 2.7 bn in the corresponding period of the preceding fiscal.

At the operating level, EBITDA dipped 45.5% to Rs 558 m in the second quarter of this fiscal over Rs 1 bn in the year-ago period.

The EBITDA margin stood at 24.1% in the reporting quarter compared to 37.5% in the corresponding period in the previous fiscal. EBITDA is earnings before interest, tax, depreciation, and amortization.

Delta Corp released its Q3 numbers which included a footnote stating that on 27 September 2023, the holding company and its two subsidiaries received show-cause notices from the Directorate General of GST Intelligence (DGGI) in Hyderabad.

The notices alleged that there was a short payment of Goods and Services Tax (GST) amounting to Rs 168.2 bn for the period between 1 July 2017 and 31 March 2022.

Delta Corp said the demands made by the authorities on the gross bet value/ gross face value as against gross gaming revenue/gross rake amount has been an industry issue and multiple representations have been made by the industry participants to the government in this regard.

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