Asian share markets are trading on a cautious note today as global investors waited to see whether China recorded a first-quarter bounceback from its punishing pandemic lockdowns that led to a major economic slowdown.

The Nikkei is down 0.4% while the Hang Seng is trading lower by 0.8%. The Shanghai Composite is trading on a flat note.

US stock markets ended on a positive note on Monday, to kick off the first full week of earnings reporting season.

The Dow Jones Industrial Average ended 0.3% higher while the tech-heavy Nasdaq Composite ended flat.

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

Source: Equitymaster

Back home, Indian share markets are trading on a negative note tracking weak global cues.

At present, the BSE Sensex is trading down by 173 points. Meanwhile, the NSE Nifty is trading lower by 50 points.

HCL Tech and Tata Motors are among the top gainers today.

Reliance and Tech Mahindra are among the top losers today.

The BSE Mid Cap index is up 0.3%, while the BSE Small Cap index is trading higher by 0.2%.

Sectoral indices are trading on a mixed note. Stocks in the auto sector and financial sector witness buying.

Meanwhile stocks in the telecom sector, and the IT sector witness selling.

Shares of DLF and Indian Bank hit their 52-week high today.

The rupee is trading at Rs 82.07 against the US dollar.

In the commodity markets, gold prices trade higher by 0.2% at Rs 60,277 per 10 grams.

Meanwhile, silver prices are trading flat at Rs 74,841 per 1 kg.

Speaking about the stock market, IEX trades at a lofty PE multiple of close to 48x its trailing twelve-month earnings.

The stock is in a bit of a comeback mode lately having gone up 20% from its 52-week lows.
 

Invesco Exits Zee Entertainment

Once the largest public shareholder in Zee Entertainment (Zee), global investment management fund Invesco exited the firm completely on Monday.

Invesco Oppenheimer-owned OFI Global China Fund LLC sold its 5.1% stake in Zee Entertainment Enterprises (ZEEL) for Rs 10 billion (bn).

As per BSE India's bulk deal data, the investment firm offloaded 49.1 million shares at Rs 204.50 apiece.

Morgan Stanley, Goldman Sachs, and Mauritius-based fund Segantii India Mauritius were among the buyers of the shares offloaded by Invesco on Monday, picking up a 1.6%, 0.7%, and 0.9% stake.

Invesco had been reducing its shareholding in Zee since it withdrew its demand seeking the reconstitution of the company board under MD & CEO Punit Goenka in March 2022.

However, the company supported the proposed merger with Sony Pictures Networks India.

Zee Entertainment Enterprises is one of India's leading media and entertainment companies.

The share price of the company took a beating in January 2022, declining 12% in a month, and has been falling since then, down 155 in 2023. 

Vedanta to set up an electronic manufacturing hub in India

Mining giant, the Vedanta Group, signed memoranda of understanding (MoU) with 20 Korean companies from the display glass industry in a bid to develop an electronics manufacturing hub in India.

The agreement was signed during the Korea Biz-Trade Show 2023 event, where Vedanta presented its plans to venture into semiconductor and display manufacturing in the country.

Vedanta has also applied for the government's semiconductor scheme and has formed a joint venture with Foxconn. However, the application has not yet received the go-ahead due to a lack of production-grade technology.

It aims to produce cheaper, quality, and more innovative semiconductors and displays in the next two and a half years.

The group during the India Today Conclave 2023, had signed MoUs with 100 Japanese companies, which will help him achieve this dream. The group foresees over 700-800 companies associating with Vedanta.

By forming a recent joint venture with Foxconn to manufacture semiconductor chips, the company has made its space among India's top 5 semiconductor stocks.

Also, as China tries to move up the technology supply chain with advanced chips, the US is getting wary, which makes semiconductors the top Indian megatrends.
 

Angel One Q4 Results

Financial services company Angel One reported over 20 YoY growth in revenue to Rs 8.3 bn against Rs 6.8 bn in the same quarter last year.

It reported a 30% YoY surge in profit to Rs 2.7 bn against Rs 2 bn in the same quarter last year.

Angel One's Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) jumped nearly 30% YoY to Rs 3.9 bn against Rs 2.9 bn in the same quarter last year. While the margin increased by 3.1% to 46.6% against 43.5% in the same quarter last year.

The board of directors also announced a final dividend of Rs 4 per share during the board meeting.

Furthermore, the Mumbai-headquartered company's board appointed Amit Majumdar as Executive Director.

Angel Broking shares have eroded over half of the company's market cap from its peak in March 2023. 

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