Asian markets slumped, while the US stock futures also plunged after the US President Donald Trump announced reciprocal tariffs, imposing a 10% baseline tariff on all imports to the US.

US stock market ended higher on Wednesday ahead of President Trump's sweeping tariff announcements. Trump began speaking after Wall Street closed.

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

Source: Equitymaster

At present, the BSE Sensex is trading 345 points lower, and the NSE Nifty is trading 88 points lower.

Sun Pharma, Cipla, and Shriram Finance are among the top gainers today.

TCS, Infosys, and HCL Tech, on the other hand, are among the top losers today.

The BSE Midcap index is trading flat, and the BSE Smallcap index is trading 0.3% higher.

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

The rupee is trading at Rs 85.7 against the US dollar.
 

PNB Q4 Update

Punjab National Bank (PNB) has reported strong provisional financial results for the quarter and year that ended March 31, 2025, highlighting significant growth across key business segments.

The bank's global business expanded to Rs 26.8 trillion (tn), marking a 14% increase from Rs 23.5 tn in the previous year. Domestic business also saw steady growth, rising 13.2% to Rs 25.8 tn.

PNB's deposit base recorded substantial gains, with global deposits increasing by 14.3% year-on-year to Rs 15.7 tn. Domestic deposits grew 13.3% to Rs 15.1 tn, reflecting sustained customer trust in the bank.

On the lending front, global advances rose 13.6% to Rs 11.2 tn, while domestic advances climbed 13.2% to Rs 10.7 tn. The bank's global Credit-Deposit (CD) Ratio remained strong at 71.37%.

These results underscore PNB's focus on sustainable growth and its ability to seize market opportunities.

The bank remains committed to enhancing its financial position and delivering value to stakeholders. Further details will be provided after the statutory audit.
 

Bharat Electronics Shares in Focus

Bharat Electronics' share price is expected to be in focus on April 3 after the company secured a contract worth Rs 5.9 billion with the Indian Air Force. Additionally, the company has concluded negotiations for orders valued at Rs 50 billion.

For the financial year 2024-25, Bharat Electronics reported a 16% growth in turnover, reaching approximately Rs 230 billion, which includes export sales of around US$ 106 million.

In March, the company received an order worth Rs 24.6 bn for Ashwini Radars from the Indian Air Force, along with additional orders totalling Rs 28.1 bn.

Over the past year, the stock has gained more than 27%, reflecting strong business momentum and investor interest.

Indian Pharma Firms Dodge Tariffs

India's pharmaceutical sector, heavily reliant on US trade, has, for now, avoided the impact of the steep reciprocal tariffs announced by US President Donald Trump on 2 April.

According to a White House fact sheet released shortly after Trump's address, pharmaceuticals are among the products exempted from these tariffs, bringing significant relief to Indian drug manufacturers.

The US remains India's largest export destination for pharmaceutical goods, with Indian firms supplying over 45% of generics and 15% of biosimilars used in the country.

Major players such as Aurobindo Pharma, Dr. Reddy's, Zydus Lifesciences, Gland Pharma, and Sun Pharma derive 30-50% of their total revenues from the US market, making the exemption a crucial development.

However, the industry isn't entirely in the clear.

Trump, in his speech, emphasized that pharmaceutical manufacturing in the US will "come roaring back," leaving the possibility of future trade restrictions open.
 

Lupin Acquires UK based Pharma Firm

Drug firm Lupin on Wednesday said it acquired UK-based Renascience Pharma for 12.3 million pounds (around Rs 1.4 bn).

Lupin Healthcare (UK) Ltd, a wholly-owned subsidiary of the Mumbai-based drug maker, is acquiring a 100% stake in Renascience, which supplies products in the UK.

With the acquisition, Lupin Healthcare (UK) Limited gains full ownership of Renascience which, going forward, will trade as its subsidiary, Lupin Ltd said in a statement.

Renascence is the sole supplier of branded injectable cephalosporines for infectious diseases, a topical treatment for ear pain and a branded quinazoline-like diuretic for cardiovascular and renal indications in the UK market.

Co-founder & Director of Renascience, Eric Che noted that Lupin has the cultural fit, capabilities and experience for the next stage of growth.

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