Asian shares opened on a cautious footing on Monday in the wake of Wall Street's slide and oil's volatility, against a backdrop of escalating violence in the Middle East.

The MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.4%. Japan's Nikkei tumbled 1.6%.

US stocks ended mixed after a US Treasury auction sent bond yields higher.

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

Source: Equitymaster

Back home, Indian share markets are trading on a positive note.

At present, the BSE Sensex is trading lower by 150 points. Meanwhile, the NSE Nifty is trading lower by 39 points.

Coal India and Tata Motors are among the top gainers today.

Nestle and TCS on the other hand are among the top losers today.

Broader markets are trading positively. The BSE Mid Cap index is trading 0.2% higher and the BSE Small Cap index is trading up by 0.4%.

Sectoral indices are trading mixed with stocks in the energy sector, metal sector and IT sector witnessing buying. Meanwhile, stocks in the power and realty sectors witness selling pressure.

The rupee is trading at Rs 83.25 against the US dollar.

In commodity markets, gold prices are trading marginally higher at Rs 57,674 per 10 grams today.

Meanwhile, silver prices are trading 0.2% higher at Rs 69,044 per 1 kg.
 

IOC-NTPC Power Up Renewables

Indian Oil Corporation, the nation's biggest oil firm, will invest Rs 16.6 bn as equity in a newly set up joint venture with energy major NTPC Ltd for setting up renewable power plants.

In June, IOC and NTPC formed a 50:50 joint venture company, IndianOil NTPC Green Energy, to set up renewable energy projects to meet round-the-clock power requirements of refineries of the oil company.

IndianQil NTPC Green Energy Private will develop renewable energy-based power projects (viz. solar PV, wind, any other renewable energy, energy storage, or any combination of the same) to meet the round-the-clock (RTC) power requirements of new projects of IndianQOil Refineries.

The aim is to generate a minimum capacity of 650 MW of round-the-clock renewable power to fulfill the energy requirements of IOC refineries.

NTPC, through its wholly owned subsidiary, NGEL, has set an ambitious target of building a renewable generation portfolio of 60 GW over the next decade to aggressively pursue its green energy business.

It is aiming to build a portfolio of 3 GW renewable energy and 0.6 million tonnes of biofuels by 2025.

The renewable energy portfolio is to be expanded to 35 GW by 2030, and 200 GW by 2050.

Alongside, it plans to raise the capacity to produce biofuels from agri and municipal waste to 7 million tonnes and biogas to 9 million tonnes by 2050.

Its renewable energy portfolio currently stands at 239 MW, which is being expanded through new wind, solar, hydel, and pumped hydro projects. It is collaborating with NTPC to augment its renewable energy capacity by around 2.8 GW.

IOC is also solarising 20,705 petrol pumps with an installed capacity of 121 MW. Initiatives in EVs are being intensified by setting up 4,700 charging stations and 66 battery swapping stations.

Indian Oil Corporation has been a key beneficiary of rising crude oil prices over the past twelve months. The share price of IOC has zoomed by 38% in the last year.

A transition from grey to green hydrogen is happening at a faster pace than expected and Indian Oil Corporation contributing to this transition. 
 

Avenue Supermarts Q2 Results

Avenue Supermarts's second-quarter profit fell, missing consensus estimates, as persistently high inflation and weakening consumer demand weighed on trade. Consolidated net profit of the Radhakishan Damani-led company fell 9% over the same period last year to Rs 6.2 bn in the three months to September.

The company reported an 18.7% YoY (year-on-year) rise in consolidated revenue from operations at Rs 126.2 bn against Rs 106.4 bn a year ago. The revenue rose 6.4% from Rs 118.7 bn in the previous quarter.

Earnings before Interest, Tax, Depreciation, and Amortization (EBITDA) in Q2FY24 stood at Rs 10.1 bn, as compared to Rs 8.9 bn in the corresponding quarter of last year. EBITDA margin stood at 8% in Q2FY24 compared to 8.4 percent in Q2FY23.

The stock for long has been a part of Radhakishan Damani portfolio.

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