Asian shares were mostly on the backfoot on Tuesday, marking their first session of the new year, following the cuts in the US stocks on Friday as euphoria over rate cuts by the US Fed faded away.

US Stock markets observed a public holiday on Monday on the account of the new year.

Here's a table showing how US stocks performed on Friday (30 Dec 2023):

Source: Equitymaster

At present, the BSE Sensex is trading 367.4 points lower and NSE Nifty is trading 94 points lower.

Coal India and Cipla are among the top gainers today.

M&M and L&T on the other hand are among the top losers today.

Broader markets are trading higher. The BSE Mid Cap and the BSE Small Cap index are trading marginally higher.

Sectoral indices are trading mixed, with socks in the healthcare sector and the realty sector witnessing the most buying. Meanwhile, stocks in the auto sector and IT sector witness selling pressure

The rupee is trading at Rs 83.32 against the US dollar.

In commodity markets, gold prices are trading 0.2% higher at Rs 63,442 per 10 grams today.

Meanwhile, silver prices are trading 0.3% higher at Rs 74,612 per 1 kg.
 

Nestle Receives Tax Order

The FMCG company has received an order from the Additional Commissioner, Office of the Principal Commissioner, Central Goods & Services Tax & Central Excise Commissionerate, Chandigarh.

The order demands the payment of tax amounting to Rs 464 m under the CGST/SGST Act, along with applicable interest and penalty amounting to Rs 46.5 m.

Apart from this, the company is reaching its record dates for stock split.

The company will issue stocks split in a ratio of 1:10. This means a sub-division of one equity share of the company, having a face value of Rs 10 each, into ten equity shares having a face value of Rs 1 each.

The record date for the same is 5 January 2023.

This is the first time the company has announced a stock split in at least two decades.

Bharti Airtel to Acquire Stake in Beetel Teletech

Bharti Airtel Services, a wholly-owned subsidiary of Bharti Airtel, has agreed to the acquisition of 49.5 m shares or 97.1% stake in Beetel Teletech, another Bharti Group company.

Pegging the cost of acquisition at Rs 6.7 bn, the company said that this acquisition is a part of the company's strategy to enable indigenization initiatives within its ecosystem of telecom products in line with the Government's policy of Make In India' and add distribution and service capabilities (including system integration) largely for the enterprise business.

Consequently, Beetel will become a subsidiary of the company.

The acquisition is a related party transaction in terms of the provisions of SEBI listing regulations.

Beetel Teletech was incorporated on 30 March 1999.

On the strength of its in-house technical capabilities, relationship with global OEMs, and channel composing of a large number of channel partners, distributors, and retailers, it is engaged in designing and delivering technical solutions and services and distributing a wide range of products from IT peripherals.

Beetel distributes a host of leading brands including Avaya, HP/Poly, Samsung, and Siemens.

It also holds a 49% stake in a Joint Venture which has two facilities for manufacturing landlines, telecom, and networking products, including products that are manufactured in compliance with the Production Linked Incentive (PLI) Scheme to Promote Telecom and Networking Products Manufacturing in India' notified by the Ministry of Communications.
 

TVS Motor Posts 25% Jump in Sales

TVS Motor Company on Monday reported a 25% rise in total dispatches at 3,01,898 units in December 2023.

The company had sold a total of 2,42,012 units in December 2022.

Two-wheelers sales were at 2,90,064 units in December 2023, compared to 2,27,666 units in the same month last year, up 27%.

Domestic two-wheeler sales grew by 33% at 2,14,988 units in December 2023 as against 1,61,369 units in December 2022

Motorcycle sales rose by 19% to 1,48,049 units last month compared to 1,24,705 units in December 2022.

TVS Motor Co sold 11,232 units of iQube electric scooter in December 2023 as against sales of 11,071 units in the same month last year.

Three-wheeler sales were at 11,834 units last month compared to 14,346 units in December 2022.

More By This Author: