Asian share markets jumped on Tuesday as China's pledge to step up policy support for its stuttering economy soothed sentiment and lifted beaten-down Hong Kong and Chinese stocks, while the dollar eased ahead of the Federal Reserve meeting this week.

The Nikkei is trading 0.4% lower, and the Hang Seng index is trading 3.2% higher. While Shanghai Index is trading 1.9% higher.

US stocks ended higher on Monday and notched their longest winning streak in six years as investors bet on sectors beyond technology in a week filled with earnings reports and a Federal Reserve meeting.

The Dow Jones Industrial Average ended 0.5% higher, and the tech-heavy Nasdaq Composite ended 0.2% higher.

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

Data source: Equitymaster

Back home, Indian share markets are trading mixed.

At present, the BSE Sensex is trading lower by 9 points. Meanwhile, the NSE Nifty is trading up by 6 points.

Hindalco, JSW Steel, and Tata Motors are among the top gainers today.

ITC, Asian Paints, and UPL 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 0.4% higher and the BSE Small Cap index is trading 0.7% higher.

Sectoral indices are trading on a mixed note today with stocks in the power sector and the metal sector witnessing the most buying.

While the stocks in the FMCG sector and IT sector are witnessing selling pressure.

Shares of Colgate and Grasim hit their 52-week high today.

The rupee is trading at Rs 81.69 against the US dollar.

In commodity markets, gold prices are trading higher by 0.1% at Rs 59,104 per 10 grams today.

Meanwhile, silver prices are trading 0.3% higher at Rs 74,290 per 1 kg.
 

Tata Steel Q1 net profit plummets 93%

The consolidated net profit of Tata Steel plummeted 93% year-on-year (YoY) to Rs 5.3 bn in the first quarter of 2023-24, weighed down by its Europe operations.

The company's net profit was Rs 77.1 bn in the same quarter a year ago.

Profit in the quarter was also dented by a non-cash deferred tax charge on account of buy-in transactions at the British Steel Pension Scheme. With this, the insurance buy-in of the British Steel Pension Scheme has been completed, successfully de-risking Tata Steel UK.

The consolidated total revenue from operations came in at Rs 594.9 bn, which is 6.3% lower than Rs 634.3 bn reported in the year-ago period. The revenue clocked is also around 5.5% lower against Rs 629.6 bn reported in Q4FY23.

During the quarter, global economic recovery continued to face headwinds affecting commodity prices, including steel. In India, domestic steel demand continued to grow and was up around 10% YoY, but steel spot prices moderated in line with global cues.

Low debt and solid return on Equity (ROE) are what you look for in steel companies. 
 

BCL Industries Commissions Ethanol Plant

BCL Industries, a leading ethanol producer in India, has successfully commissioned a 200 kiloliters per day (KLPD) ethanol plant and a 10-megawatt (MW) power plant at its facility in Bhatinda, Punjab.

The company has also commissioned a 10 MW Power Plant that will run on paddy straw, for which the company has already sourced paddy straw stock required until December 2023, along with contracts for paddy straw already in place for the next year.

The company expects this power plant to bring down the fuel cost for the distillery segment moving forward. The capex outlay for this expansion was Rs 2.2 bn.

The commissioning of the new plant is a major milestone for BCL Industries, and it is expected to boost the company's revenues and profitability.

BCL Industries is a leading ethanol producer in India, and it is well-positioned to benefit from the growing demand for ethanol in the country.

Over the year, the shares of the company have surged by 28.5%. Take a look.

The board of the company, on 31 May 2023, approved a proposal to split its shares in the proportion of 1:10.
 

Relaxo Footwears Q1 net profit zooms 46%

Indian footwear maker and seller Relaxo Footwears reported a nearly 46% YoY rise in first-quarter profit on higher demand for its shoes and slippers.

The company's consolidated net profit rose to Rs 563.2 m ($6.9 million) in the June 2023 quarter from Rs 386.7 m a year earlier.

Revenue from operations for the Sparx sports shoe maker rose nearly 11% to Rs 7.39 bn, while its expenses rose 8.5%.

The topline growth came after past price hikes, undertaken by the company to battle higher costs, failed to dent customer appetite for its branded products.

Separately, the company announced it re-appointed Ramesh Kumar Dua as managing director.

Shares of Relaxo Footwear closed more than 2% higher after reporting results, taking the stock to its highest level since December last year.

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