Most Asian stocks fell slightly on Tuesday as a stimulus-driven rally in Chinese markets ran dry, while concerns over high for longer interest rates also chipped away at sentiment.

Hong Kong's Hang Seng index was the worst performer for the day, battered by a rout in electric vehicle and technology stocks.

The Nasdaq closed at a record high on Monday while the S&P 500 gained slightly as technology stocks advanced ahead of Nvidia's highly anticipated earnings and investors gauged the timing of an interest rate cut by the Federal Reserve.

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

Source: Equitymaster

At present, the BSE Sensex is trading 125 points lower and NSE Nifty is trading 23 points lower.

Coal India, JSW Steel, and BPCL are among the top gainers today.

Nestle, M&M, and HUL the other hand are among the top losers today.

Broader markets are trading on a positive note. The BSE Midcap index and the BSE Smallcap index are trading 0.1% lower.

Sectoral indices are trading mixed, with stocks in the power sector, capital goods sector, and metal sector witnessing buying. Meanwhile, the stocks in the realty sector, the auto sector, and the FMCG sector witnessed selling pressure.

The rupee is trading at Rs 83.33 against the US dollar.

In commodity markets, gold prices are trading 0.7% lower at Rs 73,832 per 10 grams today.
 

Mazagon Dock's Expansion Plan

Mazagon Dock Shipbuilders, which celebrated its 250th year of service on 14 May, aims to continue its thrust of indigenization and boosting exports.

The company has received an export order for six vessels from a European client.

The company also recently procured extra land from the Mumbai Port Authority for expanding its infrastructure.

The company has recently acquired an additional 15 acres of land on a long-term lease from Mumbai Port Authority. Plans are in place to create infrastructure and certain balancing facilities, which will enhance the infrastructure, capabilities, and capacities of the existing yard, Singhal added.

Mazagon Dock Shipbuilders had supplied practically all frontline weapon-intensive combat-worthy platforms, with the majority being indigenous to the Indian Navy.

Mazagon Dock Shipbuilders (MDL), located in Mumbai, is a well-known shipyard in India. MDL started as a small dry dock and has now developed into a renowned shipbuilding company.

It primarily manufactures vessels for the defence sector and has so far built 802 vessels, including 28 warships ranging from advanced destroyers to missile boats, and 7 submarines.

Lupin Receives 6 USFDA Observations

Lupin said that the US Food and Drug Administration (USFDA) issued form 483 with six observations after the inspection conducted at its Somerset, New Jersey manufacturing facility.

The Pre-approval inspection was conducted from 7 May 2024 to 17 May 2024 and closed with an issuance of a Form-483 with six observations.

It will respond to the USFDA within the stipulated timeframe.

Mumbai-based Lupin is an innovation-led transnational pharmaceutical company. It develops and commercializes a wide range of branded and generic formulations, biotechnology products, and APIs in over 100 markets in the US, India, South Africa, and across the Asia Pacific (APAC), Latin America (LATAM), Europe, and Middle East regions.

The issuance of a Form-483 indicates observations made by FDA inspectors concerning potential violations of regulatory significance. US FDA investigators would have observed conditions that may constitute violations of the Food Drug and Cosmetic (FD&C) Act and related Acts.

Companies typically respond to such observations with a detailed corrective action plan, aiming to address and resolve the identified issues to ensure compliance with FDA regulations.

Lupin said the company is addressing the observations comprehensively and will respond to the US FDA within the stipulated timeframe.
 

Patanjali Fails Quality Test

A Patanjali official and two others have been sentenced to six months in prison by a Uttarakhand court after samples of the Patanjali Navratna Elaichi Soan Papdi, a traditional sweet, failed a quality test.

The District Food Safety Officer of Pithoragarh in Uttarakhand collected the samples from a shop in Berinag Market in September 2019 following concerns about the product.

Patanjali Ayurveda Limited and Ajay Joshi were each fined Rs 10,000, while Abhishek Kumar was ordered to pay Rs 25,000 and Pathak Rs 5,000.

Samples collected from Leeladhar Pathak's shop on September 17, 2019, were sent to a testing lab in Rudrapur, where they were found to be of substandard quality. Subsequently, cases were registered against the three men by the District Food Safety Officer.

The Chief Judicial Magistrate's court stated that failure to serve their sentences would result in additional imprisonment ranging from seven days to six months for the accused.

Meanwhile, in a recent development, the Supreme Court asked Patanjali Ayurved whether the sale of its 14 products, whose manufacturing licenses were suspended by the Uttarakhand State Licensing Authority last month, had stopped.

Senior advocate Balbir Singh, appearing for Patanjali, told the Supreme Court that the company had stopped the sale of these products.

Patanjali Foods Limited, formerly Ruchi Soya Industries Limited, is the leader in edible oil and soya food businesses in India.

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