Asian shares slid to nine-month lows on Thursday, while the dollar was at a two-month peak as fears over China's sluggish economic recovery and concerns that the Federal Reserve may still raise interest rates rattled investors.

The Nikkei is trading 0.4% lower while the Hang Seng index is down 0.1%. The Shanghai Composite is trading flat.

US stocks slipped on Wednesday after the Federal Reserve's minutes showed that FOMC members were divided over the rate hike in July.

The Dow Jones Industrial Average shed 0.51% and the Nasdaq Composite lost 1.15%.

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

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 207 points. Meanwhile, the NSE Nifty is trading down by 67 points.

Titan and SBI are among the top gainers today.

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

Broader markets are trading on a positive note. The BSE Mid Cap index and the BSE Small Cap index is trading higher by 0.5%.

Sectoral indices are trading on a mixed note with stocks in the consumer durables sector and realty sector witnessing buying. While stocks in the FMCG sector and energy sector witnessing selling pressure.

Shares of Trent and Lupin hit their 52-week high today.

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

In commodity markets, gold prices are trading 0.4% lower at Rs 58,460 per 10 grams today.

Meanwhile, silver prices are trading 0.3% lower at Rs 69,505 per 1 kg.
 

Government to sell IRFC shares

The government is planning to sell a part of its holding in the state-owned Indian Railway Finance Corp (IRFC) through an offer for sale (OFS) in the current fiscal.

The government currently holds an 86.4% stake in the financing arm of the Indian Railways. An inter-ministerial group (IMG) comprising senior officers from the Department of Investment and Public Asset Management (DIPAM) and the Railways Ministry has started consultations to decide on the quantum of stake dilution.

To make the central public sector enterprise compliant with Sebi's minimum public shareholding (MPS) norm, the government has to dilute its 11.4% stake in IRFC.

As per MPS norm, a listed entity must have a minimum public float of 25% within five years of listing.

After largely underperforming for two years since listing, the railway stock has risen 75% in four months, hitting a new 52-week high. 

Nazara Technologies invests in Snax Games

Nazara Technologies will invest up to US$ 500,000 in Israel-based Snax Games as the diversified gaming and sports media firm looks to expand its portfolio.

The investment will be made by Nazara Technologies Singapore subsidiary in one or two tranches in the form of a Simple Agreement for Future Equity (SAFE).

Following the agreement, Nazara Singapore will have the right to acquire equity shares in Snax Games at a future date.

The company has also entered into a publishing agreement with Snax Games, acquiring exclusive rights to publish the games in the Indian subcontinent and the Middle East region on a revenue-sharing basis for five years.

The startup's leadership team has over 20 years of experience and has been involved in developing multiple top-grossing games and intellectual properties for prominent gaming companies such as Scopely, Plarium, and CrazyLab.

Snax Games plans to build mobile games in a new genre called casual multi-game and is working on its first game called Parties & Puzzle, which will soon be made available through Nazara's publishing platform, the company said in a statement.

The company recently received the board's approval to raise up to Rs 7.5 bn through the issuance of equity shares. It intends to raise this capital through qualified institutional placements, preferential allotment, or a combination of both.

IT stocks offering a decent return on Equity (ROE), sales growth, and profit growth appeal to many.
 

VIP Industries MD step down

Luggage maker VIP Industries has announced the appointment of Neetu Kashiramka as the company's managing director (MD) designate, effective 15 August, following the resignation of Anindya Dutta.

Kashiramka will continue as the chief financial officer (CFO) while additionally taking over the responsibility of a managing director designate till 13 November.

She will take over as managing director and CFO of the company, effective 14 November, subject to shareholder's approval.

Kashiramka joined VIP Industries on 7 April 2020 and was appointed executive director and CFO, with effect from 8 May 2023. Kashiramka is a qualified chartered accountant having over 26 years of post-qualification experience. Before joining the company, she worked as CFO at Greaves Cotton.

Kashiramka started her career with Kewal Kiran & Company and thereafter moved to Jyothy Laboratories.

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