Asian markets traded lower on Tuesday following a mixed session overnight on Wall Street.

Japan's Nikkei 225 fell 1.34%, while the Topix declined 1.04%.

US stock market ended mixed on Monday as the rise in Treasury yields weighed.

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

Source: Equitymaster

At present, the BSE Sensex is trading 132 points higher and NSE Nifty is trading 33 points higher.

Infosys, Titan, and ICICI Bank are among the top gainers today.

BPCL, Tata Steel, and Bharat Electrical the other hand are among the top losers today.

Broader markets are trading on a negative note. The BSE Midcap index is trading 0.4% lower and the BSE Smallcap index is trading 1% lower.

Sectoral indices are trading mixed today with in IT sector and consumer durables sector witnessing buying. Meanwhile, stocks in the realty sector and auto sector witnessing selling pressure

The rupee is trading at Rs 84.08 against the US dollar.

In commodity markets, gold prices are trading 0.3% higher at Rs 78,234 per 10 grams today.
 

HFCL Q2 Results

Domestic telecom gear makes HFCL on Monday posted a 4.5% year-on-year rise in its consolidated net profit for the second quarter ended September 2024 (Q2FY25) to Rs 730 m.

The Q2 revenue, however, slipped 1.6% year-on-year to about Rs 10.9 bn.

HFCL Managing Director Mahendra Nahata noted that the company delivered steady performance despite the ongoing softness in demand for Optic Fiber Cables globally.

The company said Q2FY25 was marked by some significant milestones. HFCL delivered one of the world's largest advanced broadband network gateway projects for BSNL.

The company also entered into a strategic partnership with General Atomics Aeronautical Systems Incorporated (GA-ASI), US, to develop critical sub-systems for one of the world's most sophisticated unmanned aerial vehicles (UAVs).

Ola Electric Resolves Complaints

Ola Electric announced on Monday that it had resolved approximately 99.1% of the 10,644 complaints received from the Central Consumer Protection Authority (CCPA).

In a stock exchange filing, the company highlighted its robust mechanism for addressing complaints related to its vehicles.

This statement comes just a day before the deadline set by the CCPA, expiring on 22 October.

The CCPA issued a show-cause notice to the Bhavish Aggarwal-led company on 7 October, demanding an explanation for the handling of thousands of consumer complaints regarding service deficiencies and providing 15 days to respond.

Out of the total complaints, 3,364 pertained to slow service and repairs, 1,899 were related to delayed deliveries of Ola's electric scooters, and 1,459 highlighted unfulfilled service promises, leading to widespread consumer dissatisfaction.

Additional complaints pointed to misleading advertisements that exaggerated the performance, features, and availability of its products.
 

Hyundai Motor India's Debut

Shares of Hyundai Motor India Ltd. are set to start trading in Mumbai on Tuesday after a US$ 3.3 billion (bn) initial public offering that was the South Asian nation's largest ever.

The debut may set the tone for a string of other billion-dollar-plus deals coming to the market in India, one of the world's most vibrant venues for new share sales this year.

It also comes amid what is the busiest week for Asia-Pacific listings in more than two years, as companies and major shareholders rush to close deals before the Nov. 5 election in the US.

The IPO valued the Indian unit of South Korea's Hyundai Motor Co. at about US$ 19 billion. The parent sold a 17.5% stake in India's second-largest carmaker in the deal.

While the offering was eventually oversubscribed more than two times, book-building was slower than some had anticipated. Hyundai's deal saw strong demand from institutions, which flooded in on the last day of sale.

Retail investors, however, only bought about half the portion that had been reserved for them in the IPO.

Individual traders were turned off by the parent company getting all of the IPO proceeds as well as cooling demand in India's auto industry, analysts have said.

The poor retail interest stands in contrast to the frenzy seen in some recent IPOs, particularly smaller issues.

Enthusiasm for share sales has generally carried over to their post-listing performance. New listings in India have risen by an average of 39% on their first trading day this year.

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