Asian stocks were off to a sluggish start on Wednesday.

The Nikkei index was trading 0.2% higher, while Hang Seng was trading 1.4% higher. Meanwhile, the Shanghai index is trading marginally higher.

The S&P 500 climbed to a record-high close on Tuesday as investors digested a mixed bag of early quarterly results and awaited a slew of additional reports from Tesla and other companies later this week.

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

Source: Equitymaster

At present, the BSE Sensex is up 200 points and NSE Nifty is trading 66 points higher.

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

Axis Bank, Asian Paints, and Eicher Motors on the other hand are among the top losers today.

Broader markets are trading on mixed. The BSE Mid Cap is trading 0.6% higher and the BSE Small Cap index is trading 1% higher.

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

The rupee is trading at Rs 83.15 against the US dollar.

In commodity markets, gold prices are trading marginally higher at Rs 61,997 per 10 grams today.

Meanwhile, silver prices are trading marginally higher at Rs 71,000 per 1 kg.
 

Pidilite Industries Q3 Profit Jumps 66%

India's Pidilite Industries posted a nearly 68% jump in third-quarter profit on Tuesday, the adhesive maker's biggest year-over-year growth in nine quarters, driven by sustained demand and easing costs.

Consolidated net profit rose to Rs 5.1 billion (bn) (US$61 million) in the October-December period from Rs 3 bn a year earlier.

The rising construction and infrastructure activity in the country drove demand for construction chemicals, which benefited industrial adhesives and chemical manufacturers like Pidilite.

The company's revenue increased 4% to Rs 31.3 bn during the quarter.

Sales increased 5% in its consumer and bazaar business, which accounts for nearly 81% of the total revenue. The segment houses Fevicol and the company's waterproofing brand Dr Fixit.

A drop in the average price of vinyl acetate monomer, a crucial raw material for adhesives, helped pull down Pidilite's total costs by 4%.

The company's shares closed down 5.8% ahead of the results. They rose 11.3% in the third quarter.

Tata Elxsi Q3 Results

Tata Elxsi shares will be in focus after the design and technology services company reported a 3.2% on-quarter and a 6% on-year growth in net profit at Rs 2.1 billion (bn) for the December 2023 quarter.

Tata Elxsi reported a 3.7% on-quarter and 11.8% on-year growth in revenue at Rs 9.1 bn.

The company is a provider of design and technology services across industries, including automotive, broadcast, communications, healthcare, and transportation.

For Q3FY24, the transportation segment grew 2.7% quarter-on-quarter (QoQ), aided by deal wins and ramp-up of Software Defined Vehicle engagements.

For the same period, the healthcare division grew 4.6% QoQ, driven by product engineering and regulatory services. The media and communications segment grew marginally by 0.6% QoQ.

Over the past month, shares of the company have lost 7.5% in trade. In comparison, the Nifty 50 index has slipped less than 1% in the same period.
 

Lupin Receives USFDA Approval

Pharmaceutical giant Lupin announced today that it has secured tentative approval from the United States Food and Drug Administration (US FDA) for its Abbreviated New Drug Application (ANDA) for Rivaroxaban Tablets.

These tablets are a generic equivalent of Janssen Pharmaceuticals' Xarelto Tablets, a popular blood thinner used for various cardiovascular conditions.

The approved tablets come in four dosages - 2.5 mg, 10 mg, 15 mg, and 20 mg - and are indicated for a wide range of conditions, including reducing the risk of stroke and systemic embolism in nonvalvular atrial fibrillation, treating deep vein thrombosis (DVT) and pulmonary embolism (PE), reducing major cardiovascular events in patients with coronary artery disease (CAD), etc.

The approval allows Lupin to enter the lucrative market for anticoagulant medications, providing more alternatives to patients. The company will manufacture Rivaroxaban Tablets at its facility in Pithampur, India.

Xarelto, the reference-listed drug (RLD), had estimated annual sales of US$ 8,249 million in the US as of November 2023.

Lupin's portfolio includes branded and generic formulations, biotechnology products, and Active Pharmaceutical Ingredients (APIs). The company operates in over 100 markets globally, with a presence in the US, South Africa, Asia Pacific, Latin America, Europe, and the Middle East.

Lupin holds leadership positions in the cardiovascular, anti-diabetic, and respiratory segments and has a significant presence in the anti-infective, gastrointestinal (GI), central nervous system (CNS), and women's health areas. In the US, Lupin ranks as the third-largest pharmaceutical company by prescriptions.

Lupin boasts 15 manufacturing sites, 7 research centers, and a global team of more than 20,000 professionals.

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