Asian markets traded lower on Friday tracking overnight losses on Wall Street.

Japan's Nikkei 225 declined 1.5%, while the Topix fell 1.2%. South Korea's Kospi dropped 0.8% and the Kosdaq dropped 0.8%.

The US stock market indices ended over a percent lower each on Thursday, with the S&P 500 seeing the biggest daily percentage drop since 13 February, after US Federal Reserve officials took a cautious approach in comments on the outlook for interest rate cuts.

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

Source: Equitymaster

At present, the BSE Sensex is trading 128 points lower and NSE Nifty is trading 38 points lower.

Cipla, M&M, and HDFC Bank are among the top gainers today.

BPCL, JSW Steel, and Hindalco on the other hand are among the top losers today.

Broader markets are trading on a positive note. The BSE Midcap index and the BSE Small Cap index are trading flat.

Sectoral indices are trading mixed, with stocks in the healthcare sector, realty sector, and FMCG sector witnessing buying. Meanwhile, stocks in the realty sector and telecom sector witnessed selling pressure.

The rupee is trading at Rs 83.42 against the US dollar.

In commodity markets, gold prices are trading 0.5% lower at Rs 69,380 per 10 grams today.

Meanwhile, silver prices are trading 1.4% lower at Rs 78,870 per 1 kg.
 

Ultratech Cement Completes Solar Energy Project

UltraTech Cement, on Thursday, 4 April 2024 completed a 100-megawatt (MW) solar energy project under the Group Captive Scheme in Rajasthan.

This is the company's first project to source power for its captive consumption from the inter-state transmission network, the Aditya Birla Group cement major informed exchanges.

Power from this project will be available to the company's units in Rajasthan, Gujarat, Himachal Pradesh, Tamil Nadu, and Odisha among others. The company now has a capacity of 612 MW of renewable power and 278 MW of WHRS.

UltraTech Cement has committed to increasing its green power mix to 85% by 2030 and the project reaffirms its dedication to innovation, sustainability, and the pursuit of a brighter, cleaner future for all, the filing added.

In a separate filing, the cement manufacturer also informed that it has received approval from the National Company Law Tribunal (NCLT), Kolkata, on 3 April 2024 for the proposed scheme of amalgamation of UltraTech Nathdwara Cement and its wholly-owned subsidiaries with the company.

Earlier, on Tuesday, UltraTech Cement had commissioned two new grey cement manufacturing units, taking its total capacity to 151.6 MTPA.

The Aditya Birla Group firm, which is on an expansion drive, is poised to invest Rs 324 bn towards ongoing capex over the next three years.

UltraTech is the third largest cement producer in the world, excluding China. It is followed by Adani Group firm Ambuja Cements, which has an installed capacity of 77.4 MTPA.

Ultratech is India's largest cement company operating at a total capacity of 133 MT.

The cement firm, over the past decade, has grown ahead of other largecaps add capacity both organically and inorganically with a market share of around 25%.

Nestle Wins Maggi Case

The National Consumer Dispute Redressal Commission (NCDRC) has dismissed a 2015 complaint by the Department of Consumer Affairs (DoCA) against the sale of Maggi noodles, Nestle India said in an exchange filing on Thursday.

The DoCA alleged that the company had indulged in unfair trade practices by manufacturing and selling hazardous and defective goods to the public.

It had further sought compensation of Rs 2.8 bn and punitive damages to the tune of Rs 3.6 bn from the company.

The complaint filed by the Union of India, Department of Consumer Affairs in 2015... was dismissed by NCDRC in favor of the company vide NCDRC's order dated 2 April 2024.

The Food Safety and Standards Authority of India (FSSAI) found excess levels of lead and monosodium glutamate (MSG) in Maggi noodles in 2015, following which several states banned the product.

The company had pulled out the product from the market and destroyed over 35,000 tonnes of Maggi noodles. However, the ban was lifted five months later.

Nestle, India's one of the most expensive stocks did its first-ever stock split.

Has the split in Nestle stock made it more attractive for retail investors? 

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