Asian shares are trading higher today on optimism that the Federal Reserve would pause its rate hikes this month after a mixed US jobs report, while oil jumped after Saudi Arabia pledged big output cuts.

The Nikkei is trading higher 1.7% and the Hang Seng index is trading higher by 0.5%. The Shanghai Composite is trading marginally higher.

US stocks ended higher on Friday after a strong report on the US job market suggested a recession may not be as close as Wall Street had feared.

The Dow Jones Industrial Average ended 2.1% higher, and the tech heavy Nasdaq Composite ended 1.9% higher.

Here's a table showing how US stocks performed on Friday Last week:

Data source: Equitymaster

Back home, Indian share markets are trading on a positive note following the trend on SGX Nifty.

At present, the BSE Sensex is trading higher by 322 points. Meanwhile, the NSE Nifty is trading up by 86 points.

M&M and Grasim are among the top gainers today.

BPCL and Tech Mahindra on the other hand are among the top losers today.

Broader markets are trading on a positive note. The BSE Mid Cap index is trading 0.3% higher and the BSE Small Cap index is trading higher by 0.7%.

Sectoral indices are trading on a mixed note with stocks in the capital goods sector and the power sector witnessing most buying. While stocks in the metal sector and realty sector are witnessing selling pressure.

Shares of Titan and Bajaj Auto hit their 52-week high today.

The rupee is trading at Rs 82.5 against the US dollar.

In commodity markets, gold prices are trading lower by 0.2% at Rs 59,480 per 10 grams today.

Meanwhile, silver prices are trading 0.2% lower at Rs 71,866 per 1 kg.
 

Tata Motors' passenger vehicle growth expectations

Tata Motors expects the passenger vehicle industry to grow to 5-7%in the current financial year compared with 27% sales growth in the last financial year with a dip in pent-up demand.

According to media reports, the auto major is looking to introduce new products, including CNG and electric models, while bolstering its existing range with new interventions to sustain growth.

Further, the company expects the growth rate to be more moderate this year and anticipates a return to double-digit growth beyond the current financial year. Also, the increase in vehicle prices due to the transition to real driving emissions (RDE) could impact demand in this financial year.

Tata Motors is focusing on demand generation through targeted marketing efforts and measures to improve conversion rates. The company is also expanding its portfolio by introducing CNG and electric vehicle models, with expectations of substantial growth in both segments.

Tata Motors aims to benefit from these developments while simultaneously driving margin improvement through a cost-reduction initiative.

Tata Motors remains in the fast lane when it comes to electric vehicles (EVs). The Tata group is leading India's EV revolution, and Tata Motors has remained at the forefront.

Also, the electric vehicle (EV) megatrend is a once-in-a-century revolution happening right in front of us.

The revolution has taken the auto sector by storm. All segments of the sector are ripe for disruption, and India's top EV stocks are set to benefit from this shift.

Bajaj Finserv to invest Rs 50 billion in Pune

Bajaj Finserv on Saturday signed a Memorandum of Understanding (MoU) with the Maharashtra government to develop Rs 50 billion (bn) projects in Pune.

The MoU was signed by Harshdeep Kamble, Industry Secretary, Government of Maharashtra, and S Sreenivasan, Chief Financial Officer, Bajaj Finserv.

In line with the company's ESG focus, the project is planned as a sustainable development one that meets the highest global standards of certifications with green solutions and a net-zero approach.

The Bajaj Finserv Campus is planned in Pune, and the project is expected to create 40,000 jobs and continue to develop Pune as a financial center.

Work on the project will commence in 2023 and envisions state-of-the-art connectivity and facilities for business. The development will have a positive impact socially and economically, as it will create new jobs and business opportunities for partners, vendors, suppliers, and contractors in and around Pune.

Bajaj Finserv shares took a hit in January 2023, falling 23% in a week. 
 

Wipro sets record date for buyback

IT major Wipro has set 16 June 2023 as the record date for the whopping Rs 120 bn buyback plan.

The IT major had announced a Rs 120 bn buyback plan and had fixed a floor price of Rs 445 per equity share. Wipro will buy back up to 269,662,921 shares of face value Rs 2 each from the shareholders and account for 4.9% of all equity shares.

This would be Wipro's first buyback in over two years. The last buyback of Wipro was Rs 95 bn carried between 29 December 2020, to 11 January 2021.

Members of the promoter and promoter group of the company have indicated their intention to participate in the buyback offer. As of 31 March 2023, the promoter and promoter group holds over Rs 4 bn equity shares or 72.92%.

In the past month, Wipro's share price has fallen around 8%, hitting a 52-week low. 

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