Asian stocks fell after President Donald Trump's move to curb Chinese investments and proceed with tariffs on Canada and Mexico prompted investors to trim risky bets. A decline in US stocks at the end of trading also hurt sentiment.

US stock market ended lower on Monday, with big technology stocks creating the biggest drag as investors worried about demand for technology supporting artificial intelligence while they waited for results from market heavyweight Nvidia.

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 18 points higher.

M&M, Nestle, and Trent are among the top gainers today.

Hindalco, NTPC, and L&T on other hand are among the top losers today.

The BSE Midcap index is trading 0.3% lower and the BSE Smallcap index is trading 0.1% lower.

Sectoral indices are trading mixed today with stocks in the telecom sector and auto sector witnessing buying. Meanwhile, stocks in the realty sector, metal sector, and energy sector witnessing selling pressure.

The rupee is trading at Rs 86.89 against the US dollar.
 

Biocon Biologics launches YESINTEK

Biotechnology firm Biocon on Monday (24 February) said its unit Biocon Biologics announced the US market availability of YESINTEK (ustekinumab-kfce), a biosimilar to Stelara (ustekinumab).

This makes YESINTEK one of the first biosimilar alternatives to enter the US market for the blockbuster immunology drug.

YESINTEK is approved for the treatment of Crohn's disease, ulcerative colitis, plaque psoriasis and psoriatic arthritis, increasing patient access to more cost-effective treatment options for use in the treatment of common chronic autoimmune diseases.

YESINTEK will be available in all the same formulations currently provided by Stelara. The available presentations are 45 mg/0.5 mL PFS, 90 mg/mL PFS, 45 mg/0.5 mL vial, and 130 mg/26 mL vial.

YESINTEK will have commercial payor coverage at launch and also have a robust patient assistance program that includes benefits verification, and copay support, among other services.

NTPC to Invest Rs 2 Trillion in MP

State-owned power major NTPC, along with its subsidiary NTPC Green Energy Ltd (NGEL), announced on February 24 that it has signed multiple Memorandums of Understanding (MoUs) with the Madhya Pradesh government during the Global Investors Summit held in Bhopal on 24-25 February, 2025.

These agreements focus on developing renewable energy projects, including solar, wind, pumped hydro, and other carbon-neutral energy sources within the state.

The first MoU, signed between NGEL and Madhya Pradesh Power Generating Company Ltd (MPPGCL), aims to establish renewable energy projects of up to 20 GW or more, requiring an estimated investment of Rs 1,200 bn.

This agreement also facilitates the formation of a Joint Venture Company (JVC) to help meet the Renewable Generation Obligation (RGO) of MPPGCL and the Renewable Purchase Obligation (RPO) of Madhya Pradesh DISCOMs.

The second MoU signed between NTPC and the Madhya Pradesh government, focuses on developing sustainable non-fossil fuel power plants with an estimated investment of Rs 800 bn.

Madhya Pradesh Power Management Company Ltd (MPPMCL) represented the state government in signing this agreement.
 

Texmaco Rail Enters into MoU

Texmaco Rail & Engineering has entered into a strategic Memorandum of Understanding (MoU) with Nevomo, a Polish technology firm established in 2017 and a leading European innovator in next-generation Magrail technology and Linear Propulsion Systems.

This collaboration marks a significant step toward revolutionizing rail infrastructure, high-speed rail solutions, AI-driven predictive diagnostics, self-propelled wagons, and autonomous freight trains, with potential applications in India and globally.

Through this partnership, Texmaco and Nevomo aim to co-develop and implement cutting-edge Magrail and Linear Propulsion Systems to enhance railway efficiency, expand network capacity, and modernize railway and port infrastructure.

By combining Texmaco's extensive manufacturing expertise with Nevomo's advanced technology, the initiative seeks to drive quantum improvements in mining operations, captive rail networks, and logistics setups.
 

UPL Subsidiary Invests in Origeo

Agrochemicals major UPL announced on Monday (February 24) that its step-down subsidiary, UPL Global Ltd, UK, has made an additional investment in Origeo Comercio de Produtos Agropecuarios SA, a joint venture in Brazil. This investment is intended to support Origeo's working capital needs and drive further business growth.

Established on July 29, 2021, Origeo offers integrated agricultural solutions, including inputs, services, financing, and technical support for farmers across Brazil.

The joint venture is a strategic collaboration between UPL and Bunge, a leading global agribusiness firm.

UPL confirmed that the transaction is classified as a related party investment due to its joint venture nature and was executed via UPL Global.

The acquisition has been completed and does not require additional regulatory approvals. This move aligns with UPL's broader strategic goals in the agribusiness sector.

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