Asian markets were on the tone to end the week on the front foot as another steep slide in the dollar and US bond yields extended the Fed-fuelled buying frenzy.

The Nikkei is trading 1.1% higher while the Hang Seng index is trading 3.6% higher.

US stocks ended firmer on Thursday, with the Dow Jones Industrial Average notching its second straight record high close, lifted by optimism that borrowing rates.

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

Data Source: Equitymaster

At present, the BSE Sensex is trading 233 points higher and NSE Nifty is trading 74 points higher.

Hindalco, UPL and Infosys are among the top gainers today.

Nestle, Axis Bank, and Bajaj Finserv 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 0.4% higher and the BSE Small Cap index is trading higher by 0.9%.

Sectoral indices are trading mixed today, with stocks in the metal sector and the IT sector witnessing the most buying. Meanwhile, stocks in the banking sector and FMCG sector witness selling.

Shares of MRF and Coforge hit their 52-week high today.

The rupee is trading at Rs 83.32 against the US dollar.

In commodity markets, gold prices are trading 0.1% higher at Rs 62,533 per 10 grams today.

Meanwhile, silver prices are trading 0.1% higher at Rs 75,128 per 1 kg.
 

Hero MotoCorp to Buy Stake in Ather

Two-wheeler maker Hero MotoCorp, on Thursday, said it will an additional stake in electric two-wheeler-maker Ather Energy for up to Rs 1.4 bn. The transaction is poised to raise Hero MotoCorp's stake in Ather Energy from the current 36.6% to 39.7%.

The acquisition, expected to be completed by 31 January 2024, involves the purchase of additional shares from an existing shareholder of Ather.

Back in September, Hero MotoCorp announced a Rs 5.5 bn investment in the rights issue of Ather Energy Private.

The investment comprised Series E2 Compulsory Convertible Preference Shares and was aimed at deepening Hero MotoCorp's involvement in the electric mobility sector.

Ather Energy, established in October 2013, is engaged in various aspects of the electric mobility ecosystem. This includes designing, manufacturing, selling, servicing, and software development for electric automobiles and charging infrastructure.

With a comprehensive approach, Ather also manages its charging infrastructure and plays a vital role in the storage, distribution, and management of electric power, including battery energy.

Hero MotoCorp hits a 33-month high. 

Hero MotoCorp, one of the top companies in the EV sector could be prime beneficiaries as Nifty heads towards 40,000.
 

Vedanta Eyes NCD

Vedanta, on Thursday, said the meeting of the committee of directors will be held next week to consider the proposal for issuance of Non-Convertible Debentures (NCDs) on a private placement basis.

The issuance of NCDs is part of its routine refinancing undertaken in the ordinary course of business.

The announcement comes with Vedanta Resources Ltd (VRL) - the UK-headquartered parent company of Vedanta group - stating that it has secured a US$ 1.25 billion (bn) loan from private credit lenders to refinance/repay part of the US$ 3.2 bn debt maturing in 2024 and 2025.

Vedanta Resources said the fundraising will help create a long-term sustainable capital structure and demonstrate its continued ability to access global capital markets and investor confidence in the underlying business.

As part of the exercise, the company intends to address the three bond maturities using a mix of cash and new bonds.

Accordingly, it will exchange about half of the January 2024 bond with new bonds maturing in January 2027.

Further, it will exchange most of the August 2024 and March 2025 bonds with new amortizing bonds maturing in December 2028.
 

Cipla Hikes Stake in Digital Tech Company

Pharmaceutical major Cipla has invested Rs 420 million (m) in GoApptiv, increasing its stake in the digital tech company to 22.99% on a diluted basis.

In line with Cipla's ambition to strengthen investments in channels of the future, this development will further expand Cipla's presence across the healthcare continuum, especially to the underserved population by enabling greater access to lifesaving treatments.

This will be Cipla's third investment in GoApptiv, which will be channeled through a mix of equity and compulsorily convertible preference shares.

Following Cipla's initial investments in GoApptiv in 2020 and 2022, the digital tech firm has seen substantial growth in its reach and product range in less-explored areas.

Pharmaceutical giant Cipla is reportedly exploring a stake sale, and contenders are cropping up in an intense competition.

It is among the Top 5 Nifty 50 Stocks that Beat Earnings Estimates by a Wide Margin in Q1.

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