Asian shares were hesitant on Wednesday on concerns the Federal Reserve could signal a slower path of rate cuts this year, while the yen plumbed a fresh four-month low on expectations that policy in Japan will remain accommodative for a while longer.

MSCI's broadest index of Asia-Pacific shares outside Japan eked out a gain of 0.2%.

US stocks rose Tuesday as the Federal Reserve kicked off its two-day policy meeting.

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

Source: Equitymaster

At present, the BSE Sensex is trading 185 points higher and NSE Nifty is trading 43 points higher.

Eicher Motors, Maruti Suzuki, and Bajaj Auto are among the top gainers today.

Hindalco, UPL, and Tata Steel on the other hand are among the top losers today.

Broader markets are trading on a positive note. The BSE Midcap index and the BSE Small Cap index are trading flat.

Sectoral indices are trading mixed, with stocks in the auto sector, and the realty sector witnessing buying. Meanwhile, stocks in the metal sector and capital goods sector are witnessing selling pressure.

The rupee is trading at Rs 83.02 against the US dollar.

In commodity markets, gold prices are trading marginally higher at Rs 65,690 per 10 grams today.

Meanwhile, silver prices are trading flat at Rs 75,333 per 1 kg.
 

UltraTech Cement Acquires Kesoram Cement

The Competition Commission of India (CCI) has approved UltraTech's acquisition of the cement business of Kesoram Industries and also the purchase of a certain stake of Shriram Investment Holdings Private by Shriram Ownership Trust.

In a statement on Tuesday, the CCI said Kesoram Industries also has businesses in rayon, transparent paper, and chemicals, which are not part of this transaction.

In November last year, UltraTech had said it would acquire Kesoram's cement business in an all-stock deal valued at Rs 53.8 bn, a move that was seen as further bolstering its hold in southern India.

Separately, the anti-trust regulator said Shriram Ownership Trust will buy a 9.44% stake in Shriram Investment Holdings (SIHL) held by APRN Enterprises and another 20% held by Piramal Enterprises (PEL).

SIHL is an unregistered core investment company with a standalone asset size of Rs 39.8 bn and an annual turnover of Rs 18.8 bn as of March 2023.
 

Madhu Sasidhar Leads Apollo Hospital

Apollo, one of the world's largest vertically integrated healthcare providers, today announced the appointment of Madhu Sasidhar as President and Chief Executive Officer of its hospital division.

In this role, Sasidhar will oversee Apollo's hospital business and will focus on continuing to deliver the world's best clinical outcomes, coupled with enhancing Apollo's hallmark patient care and experience.

Before joining Apollo, Sasidhar held various roles at Cleveland Clinic, including President of Cleveland Clinic Tradition Hospital.

Sasidhar is a practicing physician with US board certifications in internal medicine, as well as pulmonary and critical care medicine. He is a published author with numerous contributions to book chapters, journal articles, and peer-reviewed publications.

Sasidhar is also a self-taught programmer with expertise in big data systems and holds a patent through Cleveland Clinic Innovations for a technology he invented.

He completed his medical education at JIPMER, Pondicherry, and pursued further studies in Internal Medicine at St Luke's-Roosevelt Hospital in New York City.

He also completed fellowships in Pulmonary and Critical Care Medicine at Yale University, New Haven, USA, and earned his Global Executive Master's in Business Administration from INSEAD, Fontainebleau, France.
 

Why HDFC Bank Share Price is Falling

HDFC Bank's share price extended losses for the fourth straight session on Tuesday as the lender is set to see a senior management exit.

The slump today comes as seasoned banker Arvind Kapil is set to leave the lender. He has been appointed as the new managing director and CEO of Poonawalla Fincorp.

Kapil's appointment, effective from June 24, is for a tenure of five years.

Currently serving as HDFC Bank's Group Head overseeing mortgage banking business, Kapil is renowned for his role in managing various loan portfolios, including home loans, loans against property, and HDFC Sales Pvt.

He has been instrumental in leading the retail lending franchise of HDFC Bank, covering areas such as unsecured loans, auto loans, two-wheeler loans, retail working capital loans, and gold loans.

Apart from that, HDFC Bank is gearing up for the long-awaited initial public offering (IPO) of its subsidiary HDB Financial Services. 

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