Asian stocks are trading mixed today as markets braced for a raft of Chinese economic data that could well underwhelm, while earnings season picks up steam with Tesla on the docket.

The Nikkei is trading marginally lower, and the Hang Seng index is trading up 0.3% and Shanghai composite is trading lower 1.2%.

The S&P 500 ended down slightly on Friday, with bank and financial shares mostly lower on the day following quarterly reports that kicked off earnings season, but all three major US stock indices posted solid weekly gains.

The Dow Jones Industrial Average ended 0.3% higher, and the tech heavy Nasdaq Composite ended marginally lower.

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

Source: Equitymaster

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

At present, the BSE Sensex is trading higher by 124 points. Meanwhile, the NSE Nifty is trading up by 39 points.

Wipro, Infosys and Tech Mahindra are among the top gainers today.

Bharti Airtel, Tata Motors and NTPC on the other hand are among the top losers today.

Broader markets are trading on a positive note. The BSE Mid Cap index is up by 0.5% the BSE Small Cap index is trading 1% higher.

Sectoral indices are trading on a positive note with the exception of the realty sector, auto sector, and financial sector. Stocks in the IT sector, and industrial sector witness buying.

Shares of Nestle India and MRF hit their 52-week high today.

The rupee is trading at Rs 82.16 against the US dollar.

In commodity markets, gold prices are trading higher by Rs 128 at Rs 59,188 per 10 grams today.

Meanwhile, silver prices are trading lower by 0.3% at Rs 75,731 per 1 kg.
 

Mahindra & Mahindra joins hands with NXP Semiconductors

Mahindra & Mahindra and NXP Semiconductors signed a Memorandum of Understanding (MoU) to explore the electric and connected vehicle landscape in India.

This collaboration covers a wide range of vehicles, including utility vehicles, light commercial vehicles, farm equipment, and tractors.

As part of this agreement, Mahindra will have access to NXP's partner ecosystem, which includes Tier 1 suppliers, original design manufacturers (ODMs), independent design houses (IDHs), module vendors, and integrators.

This access to a diverse network of stakeholders will provide the automaker with valuable resources and expertise to enhance its electric and connected vehicle offerings.

The partnership will also provide insights into NXP's technology roadmap, including areas such as smart homes and industrial sectors.

Lately, the M&M share price is on an upward trajectory. In 2023 so far it is up 22.7%. In the last year, it rallied 33.2%.

Nestle India to set up a food processing unit in Odisha

Nestle India has received in-principal approval from the Industrial Promotion & Investment Corporation of Odisha (IPICOL) to set up a food processing unit in Mundaamba of Khordha district, Odisha.

The food processing unit in Odisha will come up at an investment of about Rs 8.9 billion (bn), subject to fulfillment of customary conditions by the company.

The FMCG company reported an increase of 25% in its net profit at Rs 7.4 bn for the first quarter of the financial year 2024, helped by robust volume growth and pricing.

The company's net sales rose 20.4% to Rs 48.1 bn during the period under review against Rs 39.6 bn in the corresponding period last fiscal.

This is the highest growth for Nestle India in any quarter in the last 10 years, except the quarters of 2016 which was off a low base in 2015 due to the Maggi crisis.

Currently, Nestle India is present in 90,000 villages and gets around 20% of its sales from rural areas and expects this to go up by around 25%.
 

Lupin receives USFDA approval

Lupin's subsidiary has been granted permission by the US health regulator to market a drug intended to treat various disorders, including schizophrenia.

The approval for Chlorpromazine Hydrochloride tablets has been accorded to Lupin Inc, the company's fully-owned subsidiary based in Somerset.

The Mumbai-based pharmaceutical producer's medication is a generic variant of a product by Upsher-Smith Laboratories, LLC.

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