Asian share markets are trading higher today following US equities as concerns over financial stability eased and as investors prepared for the Federal Reserve's interest-rate decision later today.

The Nikkei is up 2.1% while the Hang Seng is trading higher by 1.9%. The Shanghai Composite is trading higher by 0.3%.

Wall Street indices closed sharply higher on Tuesday as widespread fears over liquidity in the banking sector abated and market participants eyed the Federal Reserve, which is expected to conclude its two-day policy meeting on today with a 25 basis-point hike to its policy rate.

The Dow Jones Industrial Average ended 1% higher while the tech-heavy Nasdaq Composite gained 1.4%.

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

Source: Equitymaster

Back home, Indian share markets are trading on a positive note tracking the trend of global markets and SGX Nifty.

Benchmark indices open in the green today. However, as the session progressed, some of the gains were erased.

At present, the BSE Sensex is trading higher by 100 points. Meanwhile, the NSE Nifty is trading up by 39 points.

Bajaj Twins and IndusInd Bank are among the top gainers today.

NTPC and Power Grid 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 0.5% and the BSE Small Cap index trading higher by 0.8%.

Sectoral indices are trading on a positive note with the exception of the consumer durable sector. Stocks in the auto sector, industrials sector, and telecom sector witness buying.

Shares of Siemens hit their 52-week high today.

The rupee is trading at Rs 82.68 against the US dollar.

In the commodity markets, gold prices are trading lower by Rs 39 at Rs 58,540 per 10 grams.

Meanwhile, silver prices are trading higher by 0.3% at Rs 68,563 per 1 kg.

Now track the biggest movers of the stock market using the stocks to watch today section. This should help you keep updated with the latest developments...

Speaking of stock markets, the Indian share markets are facing one event after the other that is making Mr. Market nervous.

First it was Adani-Hindenburg saga. Next in line were the recent events of the failure of SVB and Signature Bank, and now the concerns related to Credit Suisse are again feeding the fear element in the stock markets.
 

Tata Power's subsidiary to set up solar power plant in Solapur

Tata Power's renewable energy arm, Tata Power Renewable Energy (TPREL), on Tuesday said it has secured a letter of award (LoA) for setting up a 200 MW solar PV project for Maharashtra State Electricity Distribution Company (MSEDCL) in Solapur, Maharashtra.

The company may choose to source the solar modules from its own factory in Karnataka or source from elsewhere. Also, TPREL will work with the installation of the project and the power will be generated by the company. Additionally, the project will be commissioned within 18 months.

The power distribution company claims that the project is expected to offset approximately 432.9 million (m) kg of Co2 emissions annually.

Further, Tata Power revealed that the project was awarded through competitive bidding, followed by a reverse e-auction.

After having secured the letter of award for this project, the total renewables capacity of TPREL has now reached 6,503MW, with an installed capacity of 3,909 MW (Solar - 2,981 MW & Wind - 928 MW) and 2,594MW under various stages of implementation.

Did you know that Tata Power is one of the undervalued stocks? As of 01 February 2023, the PEG ratio of Tata Power stood at 0.17 making it one of the least expensive price-to-earnings-growth stocks in the large cap space.

The company's revenue jumped 44% from Rs 77.2 bn in 2020 to Rs 111 bn for the financial year ended 31 March 2022.

The net profit zoomed 1,779% to Rs 27.8 bn from Rs 1.4 bn for the same period.

Going forward, its expansion plans will drive its revenue and profit. 
 

Franklin Templeton Fund buys a stake in this QSR company

Franklin Templeton Fund has picked up about 0.5% stake in Devyani International through a block deal on Tuesday. Franklin's India Flexi Cap Fund has bought about 62 lakh shares in an open market transaction for Rs 890 m. The deal was executed at an average price of Rs 145 per share.

Under the block deal, Singapore's Temasek Holdings, through its subsidiary Dunearn Investment Mauritius, has sold 2.9% equity in the company for Rs 4,990 m. Temasek has held 5.9% of the company, as of the December quarter.

The investment company held an 8.1% stake in the quick-service restaurant operator at the end of the June quarter. It reduced its stake by 2% in August last year.

Devyani International is one of the largest franchisees of yum brands such as KFC Pizza Hut and Taco Bells in the country. In addition, the company is a franchisee for the Costa Coffee brand and stores in India.

Devyani International is one of the 4 companies that turned profitable in 2022.

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