Asian shares markets are trading lower today after momentum in the US equities faded and Congress considered the debt accord that's needed to head off a catastrophic default.

The Nikkei is trading lower by 1.3% and the Hang Seng index is trading lower 2.3%. The Shanghai Composite is down 0.7%.

Stocks on Wall Street closed mixed on Tuesday, pressured by worries about the US lawmakers opposed to a deal to raise the US $ 31.4 trillion (tn) (about Rs 2,597.1 tn) debt ceiling, but supported by another surge in Nvidia shares that briefly lifted the chipmaker into the rare club of companies valued at US $ 1 trillion (about Rs 82.7 tn).

The Dow Jones Industrial Average ended 0.2% lower and the tech heavy Nasdaq Composite ended up 0.4%.

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

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 254 points lower. Meanwhile, the NSE Nifty is trading down by 70 points.

Sun Pharma and Tech Mahindra are among the top gainers today.

SBI and HDFC on the other hand are among the top losers today.

Check out the NSE Nifty heatmap to get the complete list of gainers and losers.

Broader markets are trading on a positive note. The BSE Mid Cap index is trading higher marginally and the BSE Small Cap index is up 0.3%.

Sectoral indices are trading on a mixed note. Stocks in the IT sector and health sector witness buying.

On the other hand, stocks in the banking sector and power sector witness selling.

Shares of Polycab India and Torrent Pharma hit their 52-week high today.

The rupee is trading at Rs 82.69 against the US dollar.

In commodity markets, gold prices are trading lower by Rs 6 to Rs 59,940 per 10 grams today.

Meanwhile, silver prices are trading lower marginally at Rs 71,035per 1 kg.
 

Suzlon Q4 results

Renewable energy company Suzlon on Tuesday posted a consolidated net profit of Rs 3.2 billion (bn) for the March 2023 quarter. The company attributed the positive performance to a reduction in expenses during the period.

The company reported a consolidated net loss of Rs 2.1 bn in the March 2022 quarter.

Suzlon's revenue for the financial year 2023 stood at Rs 59.5 bn, with Rs 16.9 bn generated in the fourth quarter alone. The company's earnings before interest, taxes, depreciation, and amortization (EBITDA) for the financial year amounted to Rs 8.3 bn, resulting in an EBITDA margin of 14%.

In the fourth quarter, Suzlon achieved a profit of Rs 2.3 bn, with an EBITDA margin of 13.8%.

The company's profit after tax (PAT) before exceptional items for the financial year was Rs 1.7 bn, while the PAT for the fourth quarter stood at Rs 680 million (m).

Suzlon's cumulative orders as of 30 May 2023, reached 1,542 megawatts (MW), including an order book of 652 MW as of 31 March 2023, and subsequently secured orders of 890 MW.

Speaking of the energy sector, the Nifty Energy index has corrected over 16% in the first two months of 2023 but the recovery in the month of March 2023 indicates that a reversal is on the cards.

On the weekly chart, the index is trading at the confluence of support.

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Promoters divest stake from Kalptaru Projects International

Promoters of Kalpataru Projects International (earlier known as Kalpataru Power Transmission) on Tuesday divested 6% of their stake in the firm for Rs 4.7 bn through open market transactions.

Parag Mofatraj Munot (promoter) and two promoter group entities, Kalpataru Constructions and Kalpataru Viniyog offloaded 96.3 lakh shares of Kalpataru Projects International.

The shares were disposed of in the range of Rs 485.06-485.75 per share.

Post this latest transaction, the combined promoter holding has reduced to 41.3% from 47.2%.

Kalpataru Projects International Limited (KPIL) is amongst the leading engineering, procurement, and construction (EPC) companies. KPIL is part of the Kalpataru Group established in 1969.

It is a diversified conglomerate with interest in real estate, power generation, agri logistics and EPC in major infrastructure segments like power transmission and distribution, buildings and factories, roads and highways, water and irrigation, railways and oil and gas.
 

Coal India raise price of non-coking coal

A week after approving its new wage agreement allowing higher allowances and benefits for non-executive employees, Coal India raised the price of non-coking coal by 8%.

The revision would come into effect from 31 May. This is the first hike in the price of non-coking coal in five years. The last hike in the prices of non-coking coal was carried out in 2018.

The increase in prices would lead to incremental revenue of Rs 27 bn for the remaining period of the current financial year 2024. This will be applicable to all subsidiaries of Coal India, including NEC for regulated and non-regulated sectors.

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