Asia-Pacific markets began the week on a mixed note Monday, as investors reacted to the 30% tariffs imposed by U.S. President Donald Trump on the European Union and Mexico over the weekend.

US stock market extended Friday's decline, with investors booking profits at higher levels amid growing trade uncertainties.

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

Source: Equitymaster

At present, the BSE Sensex is trading 278 points lower, and the NSE Nifty is trading 69 points lower.

Sun Pharma, NTPC, and Tata Steel are among the top gainers today.

Infosys, Tech Mahindra, and Bajaj Finance, on the other hand, are among the top losers today.

The BSE Midcap index is trading 0.02% higher, and the BSE Smallcap index is trading 0.2% lower.

Sectoral indices are trading mixed today, with stocks in the metal sector and the oil & gas sector witnessing buying. Meanwhile, stocks in the IT sector and the media sector witness selling pressure.

The rupee is trading at Rs 86.0 against the US dollar.
 

RITES Bags Turnkey Contract in Karnataka

RITES has secured a Rs 0.5 billion (bn) contract to construct and renovate government colleges in Karnataka under the PM USHA Scheme.

The project was first evaluated on a Project Management Consultancy (PMC) basis, but it has since been changed to a turnkey model, which includes RITES' fees in addition to the overall project cost.

The contract must be completed within 36 months of the agreement date. The scope includes extensive building and renovation projects carried out under the PM USHA Scheme of the central government.

RITES announced two contract wins last week, a domestic joint venture and an international entity. African Rail Company issued a purchase order to the company for the delivery and commissioning of two fully restored Cape Gauge ALCO diesel-electric locomotives.

RITES will provide warranty services and technical support for locomotive overhauls valued at Rs 0.3 bn for Zimbabwe, Mozambique, and Botswana. The project will be completed in nine months.

Separately, Southwestern Railway has granted the RITES-Aryan joint venture a Letter of Acceptance for the renovation of Tumakuru Station. Under an engineering, procurement, and construction agreement, the scope covers general electrical services, signal and telecommunication systems, and civil works.
 

Wockhardt Exists US Generic for Innovation

Wockhardt Ltd is exiting the US generic drug market to focus on more profitable areas.

The company is shifting its US business strategy to focus on innovation and advanced products and will exit the US generic pharmaceutical market.

Wockhardt's US generics business was losing money for years, including an Rs 6.8 bn loss last year, so the company has decided to shut it down.

Wockhardt's US subsidiaries, Morton Grove Pharmaceuticals and Wockhardt USA, have filed for voluntary liquidation under US bankruptcy law.

The company is focusing on two main areas, developing new antibiotics and creating insulin products using advanced technology to address diabetes needs.

Its exit from US market won't affect its operation in other countries like India, UK, Ireland, which will continue to function normally.

Wockhardt is reducing losses in generics and focusing on new insulin and antibiotics in the hopes that these fields will drive future growth.

Adani Green Boosts Renewable Energy Capacity

On Friday, Adani Green Energy Ltd. reported that, in comparison to the same period last year, its operational renewable energy generation capacity increased by 45% to 15,816 MW during the June quarter.

According to a regulatory filing, it's operational RE capacity in April-June 2024 was 10,934 MW.

The 15,816 MW of renewable energy capacity includes 11,156 MW of solar, 1,986 MW of wind, and 2,674 MW of hybrid renewable energy.

During the quarter, sales of renewable energy increased 42% to 10,479 million units (MUs) from 7,356 MUs during the same period last year.

In the June quarter alone, the company has already reached 31%, or 6,138 MUs, of its total committed generation of 19,667 MW (annual commitment as per power purchase agreements).

During the quarter, it added 1.6 GW of greenfield renewable energy capacity and operationalised 3,763 MW of solar, 585 MW of wind, and 534 MW of hybrid renewable capacity.

More By This Author: