Asian markets traded mostly higher despite an overnight selloff in US tech stocks.

Japan's Nikkei 225 rose 0.19% while the Topix gained 0.7%. South Korea's Kospi added 0.38% and the Kosdaq was up 0.35%.

The US stock market ended mixed on Monday with the Dow Jones hitting a one-month high, while the Nasdaq falling over 1%.

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

Data Source: Equitymaster

At present, the BSE Sensex is trading 191 points higher and NSE Nifty is trading 53 points higher.

Hindalco, HDFC Bank, and M&M are among the top gainers today.

HCL Tech, NTPC, and Grasim Industries the other hand are among the top losers today.

Broader markets are trading on a positive note. The BSE Midcap index is trading 0.5% higher and the BSE Smallcap index is trading 0.8% higher.

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

The rupee is trading at Rs 83.48 against the US dollar.

In commodity markets, gold prices are trading 0.3% lower at Rs 71,614 per 10 grams today.
 

IndiGo to Double Flights Frequency

IndiGo has announced the launch of additional daily, non-stop flights between Mumbai and Jeddah, effective 15 August.

This strategic expansion caters to the growing demand for travel between India and the Middle East.

The addition of these daily flights reflects IndiGo's commitment to strengthening its international presence and connecting key destinations across its extensive network.

The Mumbai-Jeddah route connects two vibrant cultural and economic hubs.

Jeddah, the gateway to the holy cities of Mecca and Medina, welcomes travelers seeking both spiritual fulfillment and rich cultural experiences. Mumbai, renowned for its iconic landmarks, offers a taste of India's diverse heritage. This increased connectivity provides unparalleled convenience and flexibility for travelers.

A word of caution sounds about right at this point in time. If you're considering investing in airline stocks, make sure you do your due diligence. It's a risky sector.

If you get either the stock or your timing wrong, you could face serious losses. But if you buy the right stock at the right time, you could find yourself with a multibagger stock.
 

Happiest Minds Block Deal

IT firm Happiest Minds Technologies' promoter and executive chairman, Ashok Soota, has initiated a block deal to sell a 6% stake in the company. The total offer size for this deal amounts to Rs 7.5 bn.

The floor price for this sale is set at Rs 826 per share, representing a 10% discount to the last closing price. Kotak Securities has been appointed as the sole broker for the transaction.

Additionally, there is a 6-month lock-up period on the residual stake held by Ashok Soota.

Happiest Minds Technologies reported a 24.8% increase in consolidated net profit at Rs 719.8 m for the quarter ended March 2024. The company clocked a profit of Rs 576.6 m in the year-ago period.
 

Amara Raja's Arm Inks Licensing Pact

Automotive battery maker Amara Raja Energy & Mobility on Monday said that its wholly owned subsidiary Amara Raja Advanced Cell Technologies Private Ltd has signed a technical licensing agreement with GIB EnergyX Slovakia s.r.o., a subsidiary of Gotion High-Tech Co.

As part of the agreement, GIB EnergyX will license Gotion's world-class LFP (Lithium Iron Phosphate) technology for lithium-ion cells to ARACT.

This comprehensive agreement enables Amara Raja to manufacture world-class LFP cells in cylindrical and prismatic form factors.

The scope of licensing includes access to cell technology IP, support in establishing Gigafactory facilities conforming to the latest generation process technologies, integration with Gotion's global supply chain network for critical battery materials, and customer technical support for solution deployment.

The technology transfer and service support will fully complement Amara Raja's efforts to operationalize its Gigafactory manufacturing capacities and its advanced research and innovation center, 'e+ Energy Labs', that aims to lead India's R&D capabilities in this field.

Last year, Amara Raja announced an investment outlay of Rs 95 bn to establish the Amara Raja Giga Corridor in Telangana. The company aims to keep its products competitive and contemporary through access to continuous improvements in cell performance and process efficiencies through the partnership period.

Amara Raja and Gotion are both shareholders and board members of InoBat, an emerging lithium battery technology company in Slovakia, tackling advanced applications such as electric aviation and developing a robust 'Cradle to Cradle' ecosystem of the battery value chain.

GIB, a joint venture between Gotion High-tech and InoBat, has recently signed an investment agreement with the Government of Slovakia for the development of the first LFP battery Gigafactory in the country.

Going High-Tech has 8 global R&D centers, 8,000 patented technologies covering the battery industry value chain, 20 major manufacturing locations around the world, and a capacity layout expected to reach 300 GWh by 2025.

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