Asian markets traded higher following overnight gains on Wall Street after Fed Chair Jerome Powell reaffirmed his view of likely rate cuts this year.

Japan's Nikkei 225 rallied 1.34% to trade near 40,000, while Topix gained 1.1%. South Korea's Kospi rose 1.2%. Markets in Hong Kong, mainland China and Taiwan are shut for a public holiday.

US stock market indices ended mixed on Wednesday amid gains in energy, materials and communication services stocks.

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

Data Source: Equitymaster

At present, the BSE Sensex is trading 150 points higher and NSE Nifty is trading 33 points higher.

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

IndusInd Bank, Hero MotoCorp, and HCL Tech on 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 Small Cap index is trading 0.6% higher.

Sectoral indices are trading mixed, with stocks in the finance sector, metal sector, and power sector witnessing buying. Meanwhile, stocks in the auto sector and media sector witnessed selling pressure.

The rupee is trading at Rs 83.43 against the US dollar.

In commodity markets, gold prices are trading 0.1% higher at Rs 69,849 per 10 grams today.

Meanwhile, silver prices are trading 0.5% higher at Rs 79,409 per 1 kg.
 

Vedanta Expands Alumina Refining Capacity

Vedanta Aluminium on 3 April successfully commissioned a 1.5 million tonnes per annum (mtpa) facility at its alumina refinery in Lanjigarh, Odisha.

This additional capacity, which is part of an existing 3 mtpa plant, will expand the firm's capacity to 3.5 mtpa.

The expansion is a significant step in the firm's efforts to be among the top three producers in the world.

Overall, the new addition will take the nameplate capacity at the Lanjigarh refinery from an existing 2 mtpa to 5 mtpa.

Vedanta Aluminium is a subsidiary of Vedanta Limited and is India's largest producer of aluminum, producing over half of India's aluminum in FY24.

Vedanta's EBITDA (excluding the arbitration claim) has been in line with the street estimates. The company is focused on debt reduction.

Moreover, the demerger process is on track and is likely to be completed as per the timeline. However, Vedanta might face some headwinds in the global commodity market.

These are headwinds such as lower demand from China, a slowdown in China's real estate sector, uncertainties in the Middle East, and low London metal exchange (LME) prices.

Avenue Supermarts' Q4 Update

Avenue Supermarts, the parent company of the retail chain D-Mart, has reported a significant surge in standalone revenue for the fourth quarter of the financial year 2023-24.

According to their latest business update, the company's revenue from operations stood at Rs 123.9 bn for the quarter ended March 2024, showcasing an increase from Rs 103.4 bn in the same period last year.

The quarterly revenue figures demonstrate a consistent growth trajectory for Avenue Supermarts over the past three years, with a noticeable surge from Rs 73 bn in Q4 of the financial year 2020-21 to the current figures.

Moreover, Avenue Supermarts has marked a milestone in its expansion journey, reaching a total of 365 stores as of 31 March 2024.

It is a part of Radhakishan Damani's portfolio. Everyone in the investing community knows Damani is known for his big success in Avenue Supermarts.

Damani came to fame and was considered India's retail king after the March 2017 IPO of his supermarket chain Avenue Supermarts.

Damani was the one who set up the supermarket chain in 2001 so his stake in the company is categorised under the promoter category.
 

KEC International's New Order Win

KEC International has secured new orders of Rs 8.2 bn across its various businesses:

Civil: The business has secured orders for infrastructure projects in India.

Metals & Mining: Setting up of a Steel plant in Northern India Cement: Building a Cement plant in Central India.

Carbon Black: Establishing a plant for Carbon derivates in Eastern India.

Transmission & Distribution (T&D): The business has secured orders for the supply of towers in the United States of America.

Cables: The business has secured orders for the supply of various types of cables in India and overseas.

More By This Author: