Asian markets traded mixed on Wednesday tracking overnight losses on Wall Street, amid escalating global trade tensions.

Japan's Nikkei 225 declined 0.16% while the Topix dropped 0.15%.

US stock market ended lower on Tuesday amid escalating trade tensions.

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

Source: Equitymaster

At present, the BSE Sensex is trading 209 points higher and NSE Nifty is trading 47 points higher.

BPCL, SBI and Adani Enterprises among the top gainers today.

Bajaj Auto, HCL Tech and Eicher Motors on other hand are among the top losers today.

The BSE Midcap index is trading 0.5% higher and the BSE Smallcap index are trading 0.6% higher.

Sectoral indices are trading mixed note today with stocks in auto sector, telecom sector and oil & gas sector witnessing buying. Meanwhile stocks in metal sector, FMCG sector and consumer durables witnessing selling pressure.

The rupee is trading at Rs 87.2 against the US dollar.
 

Ola Electric Misses Battery Production Deadline

Bhavish Aggarwal-led Ola Electric Mobility Limited announced on March 4 that it had missed the deadline outlined in the "Programme Agreement" between the Ministry of Heavy Industries and its wholly-owned subsidiary.

According to a letter from project management agency IFCI Limited, the company has yet to commence battery manufacturing operations at its Gigafactories, despite support from the PLI scheme.

In an exchange filing, Ola Electric stated that it is engaging with the relevant authorities to address the situation. A company spokesperson emphasized that Ola Electric remains poised to become the first in India to commercially manufacture lithium-ion cells under the government's ACC PLI scheme.

RVNL's New Project Win

RVNL received a Letter of Acceptance (LoA) from HPSEBL for a project valued at Rs 7.3 bn. The contract involves developing distribution infrastructure in Himachal Pradesh's Central Zone under the revamped reforms-based and results-linked distribution sector scheme (Loss Reduction Work) and is set to be completed within 24 months.

Earlier, on February 21, RVNL emerged as the lowest bidder (L1) for an engineering, procurement, and construction (EPC) contract from South Western Railway. The project includes designing, supplying, erecting, testing, and commissioning a 2x25 KV OHE & PSI System (TSSs, SPs & SSPs), along with electrical general services, engineering, and telecommunication work between Rayadurga and Topavagada in the TK-RDG section.

Additionally, on February 18, the company secured a LoA for a joint venture project worth Rs 5.5 billion (bn) for the Bengaluru Suburban Rail Project (BSRP) in Karnataka.
 

Biocon gets FDA Nod

Biocon Ltd announced on March 4 that its wholly-owned subsidiary, Biocon Pharma Ltd, has received final approvals from the US Food and Drug Administration (FDA) for its abbreviated new drug applications (ANDAs).

The approvals include Lenalidomide capsules in strengths of 2.5 mg, 5 mg, 10 mg, 15 mg, 20 mg, and 25 mg. Lenalidomide is prescribed for multiple myeloma, mantle cell lymphoma, follicular lymphoma, marginal zone lymphoma, and anaemia associated with myelodysplastic syndromes (MDS) in adults.

Additionally, Biocon received approval for Dasatinib tablets in strengths of 20 mg, 50 mg, 70 mg, 80 mg, 100 mg, and 140 mg. Dasatinib is used to treat Philadelphia chromosome-positive chronic myeloid leukemia (Ph+CML) in both adults and children aged one year and above. It is also indicated for Philadelphia chromosome-positive acute lymphoblastic leukemia (Ph+ALL) in adults when other treatments, such as imatinib, have not been effective. In pediatric cases, Dasatinib is used alongside chemotherapy for newly diagnosed Ph+ALL.

Biocon Pharma also received tentative approval of its ANDA for rivaroxaban tablets USP, in 2.5 mg, 10 mg, 15 mg and 20 mg strengths.
 

Coforge to Consider Stock Split

IT services firm Coforge Ltd. announced on March 5 that its board has approved a stock split, marking the first such move in the company's history. The company will split one equity share with a face value of Rs 10 into five shares, each carrying a face value of Rs 2.

The stock split remains subject to shareholder approval, with the record date to be announced in due course. The entire process, including the credit of new shares to shareholders' demat accounts, is expected to be completed within three months.

Following the stock split, Coforge's total outstanding shares will increase to 33.43 crore from the pre-split figure of 6.68 crore. Based on the current trading price of Rs 7,215, the theoretical post-split price would be Rs 1,443 per share, assuming no other market fluctuations.

An investor holding 100 shares pre-split would own 500 shares post-split, with the overall investment value remaining unchanged.

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