Asian markets opened on a mixed note on Thursday as investors await a deluge of top-tier Asian economic indicators on Thursday, including the latest official Chinese purchasing managers index reports and India's GDP number for the June quarter.

The Nikkei is trading 0.8% higher while the Hang Seng index is trading 3% lower. The Shanghai Composite is trading 0.5% lower.

US stocks rose on Wednesday after the latest GDP data hinted at a pause in interest rate hikes. The Dow Jones Industrial Average ended marginally higher, and the Nasdaq Composite rose 0.5%.

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

Data Source: Equitymaster

Back home, Indian share markets are trading on a positive note. At present, the BSE Sensex is trading 130 points higher and NSE Nifty is trading 24 points higher.

Hindalco and Maruti Suzuki are among the top gainers today.

Adani Enterprises and Eicher Motors 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 0.3% higher and the

BSE Small Cap index is trading 0.5% higher.

Sectoral indices are trading on a mixed note with stocks in the metal sector, auto sector and IT sector are witnessing most buying.

Meanwhile stocks in FMCG sector and realty sector witness selling.

Shares of Angel Broking and TVS Motors hit their 52-week high today.

The rupee is trading at Rs 82.61 against the US dollar.

In commodity markets, gold prices are trading marginally higher at Rs 59,443 per 10 grams today.

Meanwhile, silver prices are trading 0.3% lower at Rs 76,040 per 1 kg.
 

RVNL wins Maharashtra Metro Contracts

State-owned Rail Vikas Nigam (RVNL) on Wednesday emerged as the lowest bidder (L1) for an array of pivotal projects under the Maharashtra Metro Rail Corporation.

The collective cost of these transformative projects amounts to an estimated Rs 2.6 (billion) bn.

Among the projects where RVNL secured the L1 position, one is the construction of six elevated metro stations, spanning from Pili Nadi to Lekha Nagar in Reach-2A.

RVNL will be responsible for the construction of one elevated station, Ecopark, and one at-grade station, Metro City.

RVNL will undertake earthwork, boundary wall, and retaining wall construction for at-grade sections.

RVNL's expertise will come into play in crafting elevated metro track supporting structures.

The construction of a multi-storied building at Tulsi School land (located at Sitabuldi) as part of Maha Metro's Phase-2 expansion.

Shares of Rail Vikas Nigam Ltd ended at Rs 128.55, up by Rs 0.90, or 0.71% on the BSE.

On account of a strong order book and rising allocation in the rail infrastructure by the government, RVNL could see a major upside.

RVNL was listed in 2019 and the company's shares have seen a massive rally since then, rising over 500%. This was on the back of improved prospects.

The shares of the company have been on a roll in 2023. 
 

SoftBank to exit Zomato

Japanese investor SoftBank, which booked a profit of more than Rs 1 bn after offloading a partial stake in food delivery platform Zomato this week, is looking to fully exit the company via open market transactions in the coming months.

The Zomato block deal on 30 August marked yet another instance of a profitable secondary share sale for the Japanese investor in recent months.

SoftBank has another 2.2% stake in Zomato, which it is also looking to offload via block deals in the coming months.

SoftBank sold 100 m Zomato shares at an average floor price of Rs 94.70 apiece against an average cost price of Rs 83-85, netting a profit of Rs 10-12 a share.

SoftBank got a stake in Zomato after the food tech unicorn acquired quick commerce company Blinkit, formerly Grofers, in June 2022.

The Japanese investor entered Zomato at a little under Rs 71, but if blended with its original investment in Blinkit, which was written down significantly, the average cost price for SoftBank amounted to around Rs 85 a share.

Zomato is not SoftBank's original investment so the investor won't hold onto the stake.

It's only now that the shareholders have found some respite after the company turned net profitable in the first quarter of FY24.

More By This Author: