Asian markets traded higher on Tuesday, tracking overnight rally on Wall Street. Japan markets were closed for a holiday.

US stock market ended higher on Monday, led by AI-related stocks and steelmakers.

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

Source: Equitymaster

At present, the BSE Sensex is trading 200 points lower and NSE Nifty is trading 80 points lower.

Hindalco, Infosys, and Maruti Suzuki are among the top gainers today.

BPCL, Coal India, and Eicher Motors on other hand are among the top losers today.

The BSE Midcap index is trading 1.3% lower and the BSE Smallcap index is trading 1.9% lower.

Barring the IT sector sector all other sectoral indices are trading lower with stocks in the healthcare sector, power sector, and realty sector witnessing selling pressure.

The rupee is trading at Rs 86.9 against the US dollar.
 

ONGC, BP Partner for Energy Expansion

State-run Oil and Natural Gas Corp. Ltd (ONGC) has signed a memorandum of understanding (MoU) with bp to collaborate on oil and gas exploration, production, energy trading, and other segments of the energy business both in India and globally.

The agreement was signed on Monday, ahead of the India Energy Week 2025. Under this partnership, both companies will focus on deep-water exploration, enhancing production efficiency, and optimizing ONGC's aging fields.

Additionally, they plan to jointly bid for offshore acreage under India's Open Acreage Licensing Program (OALP) rounds alongside their respective partners.

This collaboration follows ONGC's recent decision to appoint bp as a technical service provider to boost output from its flagship Mumbai High oil and gas field.

RVNL Wins Kavach Contract

State-owned Rail Vikas Nigam (RVNL) on Monday (10 February) said it has emerged as the lowest bidder (L1) for a Rs 3.4 bn contract from South Western Railway.

The project involves the survey, design, supply, installation, testing, and commissioning of Kavach equipment and other associated works over 790 route km (RKM) in the Hubballi and Mysuru divisions.

RVNL's net profit fell 27% year-on-year (YoY) to Rs 2.9 bn, down from Rs 3.9 bn in the same period last year, due to lower operating margins and reduced earnings.

Revenue from operations for the rail PSU declined by 1.2% YoY to Rs 48.6 bn, compared to Rs 49.1 bn in Q2 FY24.

Kavach is an automatic train protection (ATP) system developed to enhance railway safety by preventing collisions and ensuring speed regulation.
 

GAIL Revives US LNG Plans as Export Ban Lifts

GAIL India plans to acquire a stake in a US liquefied natural gas (LNG) plant or secure long-term LNG supply contracts following the Trump administration's decision to lift the ban on export permits for new projects.

The decision to lift the ban will improve LNG supply, allowing us to revive plans to either invest in a plant or secure long-term US LNG contracts.

He added that the company would finalize its approach after conducting a tendering process for long-term LNG purchases.

As the world's fourth-largest LNG importer, India aims to increase the share of gas in its energy mix from 6.2% to 15% by 2030, with GAIL leading as the country's top gas distributor.

The company had previously stalled its 2023 plan to acquire up to a 26% stake in a US LNG plant after then-President Joe Biden paused approvals for new export projects.

Gupta further noted that global LNG prices could ease post-2026 as additional supply comes online from new projects in the US and other regions.
 

Lupin Secures USFDA Approval

Drug firm Lupin announced on Monday (February 10) that it has received approval from the United States Food and Drug Administration (FDA) for its abbreviated new drug application (ANDA) for ipratropium bromide nasal solution (0.03% nasal spray, 21 mcg/spray).

This approval allows Lupin to market a generic equivalent of Atrovent nasal spray (0.03%) by Boehringer Ingelheim Pharmaceuticals, Inc.

The product will be manufactured at Lupin's Pithampur facility in India. Ipratropium bromide nasal solution (0.03%) is indicated for the symptomatic relief of rhinorrhea associated with allergic and nonallergic perennial rhinitis in adults and children aged six years and older.

As per IQVIA MAT data for December 2024, the reference-listed drug (RLD) Atrovent nasal spray had estimated annual sales of US$ 22 million in the US.

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