Asian markets traded lower on Thursday as the Japanese yen weakened to a near 38-year low and ahead of economic data in the region.

Japan's Nikkei 225 fell 0.93% while the Topix declined 0.36%. South Korea's Kospi dropped 1%

US stock market indexes closed with modest gains on Wednesday ahead of the release of an inflation report.

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

Source: Equitymaster

At present, the BSE Sensex is trading 175 points lower and NSE Nifty is trading 50 points lower.

NTPC, JSW Steel and Grasim Industries among the top gainers today.

Tech Mahindra, Wipro and HCL Tech the other hand are among the top losers today.

Broader markets are trading on positive note. The BSE Midcap index is trading 0.5% higher and the BSE Smallcap index is trading 0.4% higher.

Sectoral indices are trading mixed today, with socks in metal sector and power sector witnessing most buying. Meanwhile stocks in auto sector and IT sector witnessing selling pressure.

The rupee is trading at Rs 83.51 against the US dollar.

In commodity markets, gold prices are trading 0.2% lower at Rs 70,920 per 10 grams today.
 

Dr Reddy to Acquire Haleon's Nicotine

Dr Reddy's Laboratories Ltd on Wednesday (June 26) said its subsidiary, Dr Reddy's Laboratories SA, has signed a definitive agreement with Haleon plc and its associate companies to acquire the global portfolio of consumer healthcare brands in the Nicotine Replacement Therapy (NRT) category, excluding the United States.

This acquisition includes the purchase of shares of Northstar Switzerland SARL, a Haleon group company. Dr Reddy's will acquire the share capital of Northstar Switzerland SARL for a total consideration of GBP 500 million with an upfront cash payment of GBP 458 million and performance-based contingent payments of up to GBP 42 million, payable in 2025 and 2026.

The portfolio to be acquired features Nicotinell, a leading global brand in the NRT category with a presence in over 30 countries across Europe, Asia (including Japan), and Latin America.

Additionally, the acquisition includes regional market-leading brands such as Nicabate in Australia, Thrive in Canada, and Habitrol in New Zealand and Canada. This strategic acquisition encompasses all product formats, including lozenges, patches, gums, as well as pipeline products, in all applicable global markets outside the United States.

The transaction's closing is subject to satisfactory completion of customary conditions to closing, including regulatory approvals. The transaction is expected to close in early Q4 of calendar year 2024.

Upon closing of the transaction, Dr Reddy will acquire the NRT business in all countries outside of the United States. However, operations will transition to Dr Reddy's in a phased approach to ensure successful business integration.

Nicotinell is the second biggest brand globally (excluding the United States) in the NRT category. It holds the first or second position in 14 of the top 17 global markets, with the lozenge/mini lozenge format holding the top globally.
 

SBI to Raise Infrastructure Bond

The State Bank of India (SBI) has raised Rs 100 bn through 15-year infrastructure bonds to fund projects in sectors like power, roads etc. The coupon rate for bonds is 7.4%.

With the current issuance, the total outstanding Long-Term Bonds issued by the country's largest bank is at Rs 497.2 bn.

The coupon of 7.4 represents a spread of 21 bps over the corresponding government bond yield curve. The instrument is rated AAA with a stable outlook. Earlier, it had placed a 15-year infrastructure bond at a coupon of 7.5% in September 2023.

The current issue was oversubscribed by about four times the base issue size of Rs 50 bn. The total number of bids received was 143 indicating wider participation with heterogeneity of bids. The investors were across provident funds, pension funds, insurance companies, mutual funds, and corporates.

The proceeds of bonds will be utilised to enhance long-term resources for funding infrastructure and affordable housing segments.

PI Industries to Acquire Plant Health

Shares of PI Industries Ltd. jumped 5% on Thursday (June 27) morning after the company informed stock exchanges about its offer to acquire Plant Health Care for approximately £32.8 million.

lant Health Care is a leading provider of novel patent-protected biological products to global markets. Its core patented products act as 'vaccines for plants', making plants healthier, more resistant to disease and stress, thereby improving crop yield and quality.

With this acquisition, the brokerage believes that PI Industries would also be able to transfer technology to manufacture biological products with a total addressable market (TAM) of more than US$ 10 bn.

PI Industries' acquisition of Plant Health Care is expected to be completed in around three months.

The offered purchase consideration of £32.8 million will be paid in cash and funded from the earlier Qualified Institutional Placement (QIP) proceeds.

The consummation of the proposed acquisition will be subject to the scheme becoming effective through a UK court process, which requires approval by a majority of shareholders holding not less than 75% of the shares.

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