Asian stocks clung to familiar ranges on Wednesday after contrasting results from tech bellwether Microsoft and chipmaker AMD suggested a divide in the AI landscape while the yen was firm ahead of the Bank of Japan's policy decision.

The S&P 500 fell Tuesday, dragged lower by declines in megacap tech stocks, as investors braced for quarterly reports from names in that cohort. Traders also set their eyes on Washington as the Federal Reserve began its latest policy meeting.

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

Source: Equitymaster

At present, the BSE Sensex is trading 73 points lower and NSE Nifty is trading 21 points higher.

NTPC, ONGC, and BPCL are among the top gainers today.

Tata Motors, Coal India, and IndusInd Bank the other hand are among the top losers today.

Broader markets are trading on a positive note. The BSE Midcap index is trading 0.3% higher and the BSE Smallcap index is trading flat.

Sectoral indices are trading mixed today, with stocks in the oil & gas sector and the power sector witnessing buying. Meanwhile, stocks in the IT sector and realty sector witnessing selling pressure.

The rupee is trading at Rs 83.72 against the US dollar.

In commodity markets, gold prices are trading 0.5% higher at Rs 69,487 per 10 grams today.
 

Vedanta's Demerger Scheme

Mining major Vedanta received a go-ahead from 75% of its secured creditors for obtaining clearance from stock exchanges and subsequently filing its demerger scheme with the NCLT for its proposed demerger.

Vedanta's demerger is said to create sector-focused entities, aligned with leadership goals in critical minerals, energy security as well as renewables and technology sectors.

Earlier this month, at Vedanta's annual general meeting (AGM), Chairman Anil Agarwal had said the Demerger of the company's businesses will lead to the creation of 6 strong companies, each a Vedanta in its own right.

Post the demerger, Vedanta's existing businesses will be structured in six independent companies Vedanta Aluminium, Vedanta Oil and Gas, Vedanta Power, Vedanta Steel and Ferrous Materials, Vedanta Base Metals, and Vedanta Ltd.

The demerger is planned to be a simple vertical split, for every 1 share of Vedanta Limited, the shareholders will additionally receive 1 share of each of the 5 newly listed companies.

Vedanta has a track record of giving strong returns to its shareholders. As of June 2024, Vedanta's total shareholder return over 5 years stood at 276%, while the 5-year average accumulated dividend yield at 65%, delivering significant value for shareholders.

Currently, Vedanta is the only company in the Indian subcontinent that has diversified its natural resources.

Currently, Vedanta is the only company in the Indian subcontinent that has diversified its natural resources. It has invested over US$ 35 billion in India and is expanding rapidly through 50 strategic growth projects.
 

GAIL Q1 Results

State-owned GAIL reported a consolidated net profit of Rs 31.8 bn for the quarter ending June 2024, a jump of 78% from Rs 17.9 bn reported in the last-year period.

Revenue from operations in the reporting period rose 6% year-on-year (YoY) to Rs 348.2 bn. It was Rs 328.5 bn in the same period last year.

On a sequential basis, profit after tax was up 29% from Rs 24.7 bn reported in the preceding March quarter. Meanwhile, revenue from operations also rose 6% compared with the fourth quarter of last fiscal year.

The company reported an EBITDA of Rs 47.9 bn in the reported quarter - an increase of 80% from Rs 26.6 bn posted in the last quarter. Meanwhile, EBITDA margins improved significantly to 13.8%.

Total expenses during the quarter increased marginally to Rs 313.9 bn compared to Rs 310.9 bn in the June quarter last year.

Segment-wise, revenue from natural gas rose to Rs 28.6 bn in the first quarter against Rs 25.3 bn in the last quarter. LPG segment revenues stood at Rs 1.8 bn in the same period.
 

Tata Consumer Products Q1 Profit Falls 8%

Tata Consumer Products on Tuesday reported an 8.3% fall in its net profit in the first quarter of 2024-25 (Q1FY25), when compared to the same period a year ago, due to higher exceptional items and a lower share of profits from associates and joint ventures. The net profit came in at Rs 2.9 bn, against Rs 3.2 bn reported in the first quarter of FY24.

Its revenue, meanwhile, was up 16.3% at Rs 43.5 bn during the quarter on the back of additional revenue from the two acquisitions (Organic India and Capital Foods), and its organic growth stood at 10 percent in the quarter.

In its India business, its beverages business revenue grew 6% (plus 1% organic growth), as the category was hit by an intense summer. Its coffee business continued its strong trajectory with a revenue growth of 28% for the quarter.

Nourishco (ready-to-drink business) recorded revenue growth of seven percent during the quarter. Its growth was muted on account of a high base and intense summer impacting out-of-home consumption.

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