Sensex Today Trades Higher; Ceat Rallies 7%, Tata Investment Corporation 5%

Asian shares opened higher on Tuesday as investors looked through developments in the Middle East and rising geopolitical tensions.

The MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.5%. Japan's Nikkei jumped 1%; China's Shanghai fell 0.1%; Hang Seng surged 0.6%.

Major US stock indexes ended sharply higher on Monday as investors were optimistic about the start of earnings season, while transportation and small-cap shares also jumped.

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

Stock/Index LTP Change ($) Change (%) Day High Day Low 52-Week High 52-Week Low
Alphabet 140.49 1.91 1.38% 140.91 139.32 142.38 83.45
Apple 178.72 -0.13 -0.07% 179.08 176.51 198.23 124.17
Meta 321.15 6.46 2.05% 321.82 315.52 330.54 88.09
Tesla 253.92 2.8 1.12% 255.4 248.48 299.29 101.81
Netflix 360.82 5.14 1.45% 363.08 354.77 485 234.4
Amazon 132.55 2.76 2.13% 133.07 130.43 145.86 81.43
Microsoft 332.64 4.91 1.50% 336.14 330.6 366.78 213.43
Dow Jones 33984.54 314.25 0.93% 34088.98 33832.42 35679.13 29614.3
Nasdaq 15172.73 177.62 1.18% 15209.5 15047.27 15932.05 10632.39

Source: Equitymaster

Back home, Indian share markets are trading on a positive note.

At present, the BSE Sensex is trading up by 335 points. Meanwhile, the NSE Nifty is trading higher by 100 points.

Tata Steel and Adani Enterprises are among the top gainers today.

L&T and UPL on the other hand are among the top losers today.

Broader markets are trading positively. The BSE Mid Cap index is trading 0.6% higher and the BSE Small Cap index is trading up by 0.9%.

Barring realty stocks, sectoral indices are trading mixed with stocks in the energy sector, power sector and telecom sector witnessing buying.

The rupee is trading at Rs 83.2 against the US dollar.

In commodity markets, gold prices are trading 0.2% lower at Rs 59,050 per 10 grams today.

Meanwhile, silver prices are trading 0.3% lower at Rs 70,810 per 1 kg.

Bajaj Finance to acquire a stake in Pennant Technologies

Bajaj Finance, India's largest non-bank lender, has entered into a binding term sheet with Pennant Technologies Pvt. Ltd. to acquire up to 26% stake.

The consideration for this acquisition will be Rs 2.7 bn and will be paid entirely in cash.

For this 26% stake, Bajaj Finance will acquire 5,71,268 Compulsorily Convertible Preference Shares (CCPS) of the face value of Rs 100 each and another 4,22,738 equity shares from promoters and existing shareholders of Pennant Technologies.

Compulsorily Convertible Preference Shares are preference shares that give the holder the option to convert them into a fixed number of equity shares after a specified date or event.

Incorporated in 2005, Penant is a technology product company. It is engaged in providing business-driven technology services and software products for the banking and financial services industry.

Over the last three fiscal years, the company has reported turnover of Rs 400 m, Rs 520 m, and Rs 740 respectively.

Post the acquisition, which is likely to be completed on or before 30 December 2023, Pennant will become a related party of Bajaj Finance.

The completion of this transaction is subject to the satisfaction of the conditions to be set out in the definitive agreements to be entered.

Bajaj Finance will also be reporting its September quarter results later today.

Bajaj Finance had ramped up its tech spending over the past five years, more so post-pandemic. Its IT expenditure nearly doubled in the financial year 2022.

While overall expenses have grown just under three-fold over the last five years, the net outlay in the company's tech budget has galloped four times. Take a look.

Tata Power Renewable Energy to set up solar Plant

Tata Power Renewable Energy Ltd (TPREL) on Monday said it has signed an agreement with Endurance Technologies Ltd for setting up a 12.5 MW captive solar plant in Maharashtra.

It has already signed a Power Delivery Agreement (PDA) with Endurance Technologies through a Special Purpose Vehicle (SPV) TP Green Nature Ltd in this regard.

This will help reduce Endurance Technologies' carbon footprints and mitigate approximately 9,125 Metric Tonnes (MT) of carbon emissions annually.

The project is expected to be completed within 12 months of the signing of the PDA.

With the proposed captive solar power plant, the overall renewable energy portfolio of TPREL, a subsidiary of Tata Power, reached a total capacity of 7,889 MW.

The company's operational capacity stands at 4,188 MW comprising 3,185 MW of solar and 1,003 MW of wind energy.

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Disclosure: Equitymaster Agora Research Private Limited (Research Analyst) bearing Registration No. INH000000537 (hereinafter referred as 'Equitymaster') is an independent equity ...

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