Stocks in Asia followed a rally on Wall Street after the latest US inflation data reinforced bets that the Federal Reserve will be able to start its monetary easing in September.

Equity benchmarks in Japan and South Korea advanced more than 1% at the open, extending their recovery from a historic 5 August selloff.

US stock market ended higher on Tuesday, hitting a near two-week high, as softer producer prices data increased bets of a Fed rate cut.

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

Source: Equitymaster

At present, the BSE Sensex is trading 15 points higher and NSE Nifty is trading 19 points lower.

Hindalco, M&M, HCL Tech among the top gainers today.

Adani Ports, Hero MotoCorp and Adani Enterprises the other hand are among the top losers today.

Broader markets are trading on negative. The BSE Midcap index is trading 0.6% lower and the BSE Smallcap index is trading 1.2% lower.

Sectoral indices are trading mixed today, with stocks in media sector and IT sector witnessing buying speer. Meanwhile, stocks in realty sector and power sector witnessed selling pressure.

The rupee is trading at Rs 83.91 against the US dollar.

In commodity markets, gold prices are trading 0.2% lower at Rs 70,545 per 10 grams today.
 

SJVN Q1 Results

State-owned hydropower company SJVN on Tuesday posted a 31% rise in consolidated net profit at Rs 3.6 bn during the June quarter, on account of higher income.

It had reported a net profit of Rs 2.7 bn during the April-June period of the preceding financial year.

The company increased its total income to Rs 9.6 bn during the quarter from Rs 7.4 bn in the year-ago period.

Its expenses stood at Rs 4.8 bn as against Rs 3.6 bn in the first quarter of last fiscal.

Also, the board of directors has accorded in-principle approval for monetisation through securitisation of partial future revenue/return on equity of the Nathpa Jhakri Hydro Power Station (NJHPS) of the company.

The board has also given in-principal approval to the proposal for dilution of stake in the wholly-owned subsidiary, SJVN Green Energy Ltd, subject to various regulatory approvals.

Besides, it has approved designating the company's Director (Projects) Sushil Sharma who is holding additional charge of Chairperson and Managing Director as Key Managerial Personnel of SJVN under an order from the Ministry of Power.

NBCC'S Q1 Profit Jumps 38%

State-owned NBCC Ltd reported a 38% surge in its consolidated net profit, reaching Rs 1.1 bn for the quarter ended June 2024 (Q1FY25), compared to Rs 774.1 m in the same period last year.

The company's total income grew to Rs 21.2 bn in the April-June quarter of this fiscal year, up from Rs 19.7 bn in the corresponding quarter of the previous year.

NBCC, which specialises in project management consultancy and real estate, announced on Monday, August 12, that it secured two contracts worth nearly Rs 7.2 bn.

The first contract, valued at Rs 99.7 m, is for the construction of a new building for the Institute of Company Secretaries of India by demolishing the existing structure at its Hyderabad Chapter in Anand Nagar Colony, Hyderabad.

The second, worth Rs 7.1 bn, is from the Jhansi Development Authority for the development of two land parcels in Jhansi on a self-sustainable basis.
 

Piramal Enterprises Q1 Results

Piramal Enterprises reported a consolidated net profit of Rs 1.8 bn in April-June of FY25, down 64% compared to the year-ago period, owing to a one-time gain of Rs 8.6 bn accrued in Q1FY24 due to a stake sale in a Shriram Group entity.

Sequentially, the profit was up 32% from Rs 1.4 bn in Q4FY24.

The net interest income of the company rose by 18 per cent year-on-year (Y-o-Y) to Rs 8.1 bn from Rs 6.8 bn in Q1FY24, while other income grew by 33% YoY to Rs 580 m. The company also made an exceptional gain of Rs 1 bn from gross AIF recoveries during the quarter under review.

The net interest margin (NIM) of the finance company dropped to 6.7% compared to 7.3% in the last year.

The total assets under management (AUM) of the company grew by 10% to Rs 705.8 bn over the corresponding year-ago period, supported by double-digit growth in the growth and legacy book of the company.

The retail AUM, which accounts for 72% of the total AUM, increased by 43% YoY to Rs 500 m.

The cost of funds for the company dropped to 6.4 per cent in comparison to 7.2 per cent last year, on the back of growing securitisation and international borrowing.

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