Sensex Today Trades Lower; Hindustan Copper Tanks 6%

Asian shares fell on Wednesday following declines across the board in the US as inflation and growth concerns sapped risk sentiment.

The Nikkei is trading 1.2% lower while the Hang Seng index is down 1.4%. The Shanghai Composite is trading down by 0.3%.

US stocks ended lower on Tuesday after discouraging data on China raised worries about the global economy.

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

Stock/Index LTP Change ($) Change (%) Day High Day Low 52-Week High 52-Week Low
Alphabet 130.27 -1.56 -1.18% 131.99 129.82 134.07 83.45
Apple 177.45 -2.01 -1.12% 179.48 177.05 198.23 124.17
Meta 301.95 -4.24 -1.38% 307.23 300.03 326.2 88.09
Tesla 232.96 -6.8 -2.84% 240.5 232.61 314.67 101.81
Netflix 423.7 -4.08 -0.95% 429.12 421.04 485 211.73
Amazon 137.67 -2.9 -2.06% 141.28 137.23 146.57 81.43
Microsoft 321.86 -2.18 -0.67% 325.09 320.9 366.78 213.43
Dow Jones 34,946.40 -361.2 -1.02% 35,219.37 34,908.50 35,679.13 28,660.94
Nasdaq 13,631.10 -157.3 -1.14% 13,774.98 13,611.94 14,446.55 10,088.83

Source: Equitymaster

Back home, Indian share markets are trading on a negative note following the trend on SGX Nifty.

At present, the BSE Sensex is trading lower by 110 points. Meanwhile, the NSE Nifty is trading down by 56 points.

ITC and Infosys are among the top gainers today.

Hindalco and Adani Ports 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 mixed and the BSE Small Cap index is trading higher by 0.4%.

Sectoral indices are trading on a mixed note with stocks in the FMCG sector and IT sector witnessing buying. While stocks in the metal sector and auto sector witnessing selling pressure.

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

The rupee is trading at Rs 82.26 against the US dollar.

In commodity markets, gold prices are trading 0.3% at Rs 58,813 per 10 grams today.

Meanwhile, silver prices are trading 0.2% lower at Rs 69,865 per 1 kg.
 

M&M global EV push

Mahindra & Mahindra on Tuesday said it aims to bolster its presence globally as it unveiled a pickup concept, which it plans to introduce in the international markets.

The auto major, which also showcased the electric version of its sports utility vehicle Thar, noted that it plans to sell its Born Electric (BE) products in markets like Europe and the UK.

Its products are doing well in the domestic market, and it is now time to scale up business in overseas geographies.

Based on the INGLO EV platform, the automaker plans to introduce five electric SUV models under two brands, XUV and the all-new electric-only brand called BE.

Legacy brands will come under the XUV brand while the all-new electric model would be rolled out under the BE lineage.

Mahindra showcased some of the battery electric vehicle concepts last August in Oxfordshire, UK.

The automaker said it plans to introduce the product in existing markets, including South Africa, Australia, New Zealand, MENA (Middle East and North Africa), and South and Central America.

Subsequently, ASEAN markets will witness the Global Pik Up's introduction, reflecting a phase-wise strategy.

This robust and tough vehicle, engineered with cutting-edge technology, is not only versatile and capable but also meets high standards of safety.

The electric vehicle (EV) megatrend is a once in a century revolution happening right in front of us.

The revolution has taken the auto sector by storm. All segments of the sector are ripe for disruption, and India's top EV stocks are set to benefit from this shift.

Take a look at the chart below, which shows the massive opportunity in the two-wheeler EVs.

It remains to see how it pans out.

M&M is among the top 5 Indian stocks with consistently rising operating margins.
 

IndiGo's co-founder to sell shares

The family of IndiGo co-founder Rakesh Gangwal is likely to sell shares worth Rs 37.3 bn through a block deal on Wednesday, according to a term sheet. This is part of Gangwal's plan to bring down his family's stake in the company.

The offer floor price for the deal is Rs 2,400 per share, which is a 5.8% discount on the company's last closing price of Rs 2,549 per share. The Gangwal family has put up 15.6 million shares for sale, representing approximately 4% of its existing outstanding shares in the company.

According to BSE data, the total stake of the promoters in InterGlobe Aviation stood at 67.7% as of June 2023, of which Gangwal and his related entities held 29.7%.

After Wednesday's block sale, the Gangwal family's stake in the company would come down to 25.7%.

Gangwal resigned from the IndiGo board in February last year.

Indian airlines are known for their mischiefs and managing an airline business is not so easy. How has IndiGo managed to take off in recent months then? 
 

Vi defers 5G spectrum payment

Vodafone Idea Limited (VIL) is going to defer its annual 5G spectrum purchase installment by a month. The company said it is ready to pay the interest for the delay.

VIL purchased a 5G spectrum worth Rs 187.9 bn in an auction held in August last year. The telco has chosen to settle its dues to the government in 20 equal installments and made the initial payment of Rs 16.8 bn in August 2022.

In its earnings report for April to June 2023, the company posted a loss of Rs 78.4 bn.

However, its Average Revenue Per User (ARPU) rose 3% sequentially to Rs 139. VIL stated that its 4G customer base grew from 122.6 million to 122.9 million compared to the previous quarter.

During this quarter, the company lost 4.5 million mobile subscribers, bringing its user base to 221.4 million as of June 2023.

The telecommunications sector in India has undergone significant changes in recent years, with the introduction of new technologies, 5G, and the entry of new players. 


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Disclosure: Equitymaster Agora Research Private Limited (Research Analyst) bearing Registration No. INH000000537 (hereinafter referred as 'Equitymaster') is an independent equity ...

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