Asian stocks eased on Wednesday as diminishing expectations of early interest rate cuts from the Federal Reserve sapped risk appetite, with investors looking to the minutes of the US central bank's last meeting for clues on the policy outlook.

MSCI's broadest index of Asia-Pacific shares outside Japan was 0.1% lower on Wednesday. Japan's Nikkei eased 0.2%.

US stocks ended lower, with the Nasdaq showing the largest declines as chipmaker Nvidia stumbled ahead of its highly awaited earnings report later on Wednesday.

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

Source: Equitymaster

At present, the BSE Sensex is trading 108 points higher and NSE Nifty is trading 36 points higher.

Tata Steel, Hindalco and M&M are among the top gainers today.

Infosys, Axis Bank and Bajaj Auto on the other hand are among the top losers today.

Broader markets are trading on positive note. The BSE Mid is trading 0.3% higher and the BSE Small Cap index is trading 0.5% higher.

Sectoral indices are trading mixed, with socks in realty sector and metal sector witnessing buying. Meanwhile stocks in IT sector and media sector witnessed selling pressure.

The rupee is trading at Rs 82.88 against the US dollar.

In commodity markets, gold prices are trading 0.1% higher at Rs 62,237 per 10 grams today.

Meanwhile, silver prices are trading 0.2% higher at Rs 71,411 per 1 kg.
 

Wipro & IBM Expands Partnership

Wipro, a prominent technology services and consulting firm, in a move towards advancing Artificial Intelligence (AI) adoption, announced the launch of the Wipro Enterprise AI-Ready Platform on 20 February.

This innovative service is designed to provide businesses with the tools to construct their enterprise-level, fully integrated, and tailored AI environments.

The Wipro Enterprise AI-Ready Platform is the result of an expanded partnership between Wipro and IBM.

By merging Wipro's industry expertise with IBM's AI innovation, the collaboration aims to deliver joint solutions that advance the implementation of reliable and enterprise-ready AI solutions.

Wipro stated that the platform utilises the advanced functionalities of IBM's watsonx AI and data platform, comprising watsonx.ai, watsonx.data, and watsonx.governance, in addition to AI assistants.

This equips clients with a range of capabilities, including tools, large language models (LLMs), streamlined processes, and robust governance. The platform also establishes the groundwork for the development of future industry analytic solutions using watsonx. data and AI.

Key features of the Wipro Enterprise AI-Ready Platform include infrastructure and core software for AI and generative AI workloads, dynamic resource management for predictive analytics, and support for industry-specific use cases in banking, retail, health, energy, and manufacturing.

The platform also focuses on providing conversational AI for customer support, customized marketing, customer feedback analysis, content generation, and design optimization.

Hindalco's Subsidiary Files for IPO

Novelis a wholly owned subsidiary of the Aditya Birla group's Hindalco Industries, on Tuesday announced that it has confidentially submitted a draft registration statement with the Securities and Exchange Commission (SEC) of the United States for an initial public offering (IPO).

On successful completion of its IPO, Novelis will be among the few subsidiaries of Indian companies to be listed separately on foreign bourses.

Common shares are expected to be offered by Novelis' shareholders.

Novelis said it will not receive any proceeds from the sale of common shares by its sole shareholder.

Novelis did not give any details on the dilution by its promoter or the proposed valuation of the company.

Hindalco acquired Novelis in 2007 for US$ 6 bn in one of India Inc's biggest acquisitions. Later in 2020, Novelis acquired Aleris Corp, a US-based firm, at an enterprise valuation of US$ 2.8 bn.
 

Ashok Leyland Begins Electric Bus Plant

Ashok Leyland, the Indian flagship of the Hinduja Group and the country's leading commercial vehicle manufacturer, conducted the ground-breaking ceremony on Tuesday to set up a new integrated commercial vehicle plant focused on green mobility in Uttar Pradesh.

The primary focus will be on the production of electric buses while also having the capability to produce other vehicles powered by existing and other emerging alternative fuels.

This facility will be Ashok Leyland's seventh vehicle plant in the country. Once operational, the plant will initially have the capacity to produce 2,500 vehicles per year.

Ashok Leyland plans to expand this capacity to 5,000 vehicles annually over the next decade, anticipating the growing demand for electric and other types of vehicles in the coming years.

The greenfield manufacturing facility will be spread over 70 acres. Packed with the latest in manufacturing technology, this will be Ashok Leyland's most modern and green factory worldwide.

Ashok Leyland is set to play a significant role in the electric mobility sector of Uttar Pradesh. The state has achieved the notable feat of having the highest number of registered electric vehicles (EVs) in India. This showcases the state government's staunch commitment to promoting eco-friendly transportation solutions.

The establishment of this plant signifies a strategic initiative by Ashok Leyland, placing the company at the forefront of the green mobility revolution in the state.

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