Stocks in Asia defied declines on Wall Street, where heavy selling in the largest technology companies signalled investors are paring exposure in US risk assets.

US stock indices declined on Tuesday, weighed down by tech shares, ahead of the Federal Reserve's interest rates decision.

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

Source: Equitymaster

At present, the BSE Sensex is trading 105 points higher and NSE Nifty is trading 43 points higher.

Tata Steel, Coal India, and JSW Steel are among the top gainers today.

TCS, Tren,t and HCL Tech on the other hand are among the top losers today.

The BSE Midcap index is trading 0.8% higher and the BSE Smallcap index is trading 1% higher.

Barring the media sector and IT sector, all other sectoral indices are trading higher today with stocks in the metal sector, telecom sector, and power sector witnessing buying.

The rupee is trading at Rs 86.7 against the US dollar.
 

Bajaj Auto Reappoints Rajiv Bajaj

Bajaj Auto has announced the reappointment of Rajivnayan Rahulkumar Bajaj as Managing Director and CEO for a five-year term starting 1 April 2025, pending shareholder approval.

Additionally, Abhinav Bindra has been reappointed as a Non-Executive Independent Director for another five-year term, effective 20 May 2025, following the conclusion of his current tenure.

These decisions were made based on recommendations from the Nomination and Remuneration Committee.

Furthermore, the company's board has approved a capital infusion of up to Rs 15 billion (bn) into its wholly-owned subsidiary, Bajaj Auto Credit Ltd (BACL), during FY 2025-26.

The investment, which may be in the form of equity capital, preference capital, or subordinated debt, will be made in multiple tranches to support BACL's growth and capital adequacy as it scales operations.

L&T to Consider Fund Raising

Larsen & Toubro (L&T) has announced that its board of directors will meet on March 21, 2025, to evaluate a proposal for raising funds through a debt issue.

In a regulatory filing, the company stated that the meeting will primarily focus on securing approval for the proposed fundraising plan via debt instruments.

The move is expected to support L&T's ongoing projects and financial strategy as the company continues to expand its infrastructure and engineering operations.

Bharti Airtel Secures Indus Deal Approval

Bharti Airtel shareholders have approved the sale of its passive infrastructure assets, including mobile and wireless communication towers, to its subsidiary Indus Towers Ltd through remote e-voting.

Classified as a material related party transaction, the proposal garnered overwhelming support, with 99.85% of votes in favour. The e-voting process was conducted between 15 February 2025, and 16 March 2025, with results announced on 18 March 2025, as per the company's regulatory filing with NSE and BSE.

Bharti Airtel stated that this approval is a significant step in its strategic plans, enabling the company to streamline operations and concentrate on its core telecom services. In February, Bharti Airtel and Bharti Hexacom Ltd finalized a deal to transfer 16,100 telecom towers to Indus Towers Ltd through a slump sale.
 

Zydus Lifesciences Secures FDA Approval

Zydus Lifesciences Ltd announced on Tuesday (March 18) that it has received final approval from the U.S. Food and Drug Administration (FDA) to manufacture and market apalutamide tablets, 60 mg, a generic version of Erleada tablets, 60 mg.

Apalutamide, an androgen receptor inhibitor, is used in the treatment of metastatic castration-sensitive prostate cancer. The tablets will be manufactured at Zydus Lifesciences Ltd (SEZ), Ahmedabad.

As per IQVIA MAT January 2025 data, apalutamide tablets generated annual sales of $1,099.8 million in the U.S. With this approval, Zydus now holds 420 approvals and has filed 483 ANDAs since FY2003-04.

For the latest quarter, Zydus Lifesciences reported a 17% revenue growth, reaching ?5,269 crore. Net profit rose 30% YoY to Rs 10.2 bn from Rs 7.9 bn. US formulations sales stood at US$ 285 million (m), marking a 29% YoY growth and surpassing the US$ 270-million estimate.

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