Asian markets traded lower on Thursday following an overnight choppy session on Wall Street and as investors await China inflation data.

Japan's benchmark Nikkei 225 fell 0.14% and the Topix declined 0.29%.

US stock market ended mixed on Wednesday as investors reacted to the key jobs data.

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

Source: Equitymaster

At present, the BSE Sensex is trading 239 points lower and NSE Nifty is trading 75 points lower.

Hindalco, Bajaj Auto, and Infosys are among the top gainers today.

L&T, Tata Motors, and Trent hand are among the top losers today.

The BSE Midcap index is trading 0.3% lower and the BSE Smallcap index is trading marginally lower.

Barring the IT sector and media sector, all other sectoral indices are trading on a negative note today with stocks in the capital goods sector and realty sector witnessing selling pressure.

The rupee is trading at Rs 85.93 against the US dollar.

In commodity markets, gold prices are trading 0.2% higher at Rs 77,876 per 10 grams today.
 

BHEL Commissions 2 Units

Bharat Heavy Electricals (BHEL) has achieved a significant milestone in Bhutan with the successful commissioning of two units of the 6x170 MW Punatsangchhu-II Hydroelectric Project (PHEP-II).

Executed as part of a bilateral agreement between the Government of India and the Royal Government of Bhutan, PHEP-II is a greenfield hydro project located in the Wangdue district of Western Bhutan.

Notably, the Francis Turbine installed in the project is designed to operate at a rated head of 241 meters - the highest for any Francis Type Hydro Turbine in Bhutan. Upon the commissioning of all six units, the expected annual power generation will be 4,357 gigawatt-hours.

Unit 1 and Unit 2 of the 6x170 MW PHEP-II were synchronized on 16 Dec 2024 and 17 Dec 2024, respectively.

A ceremony marking Bhutan's National Day was held at the project site on 17 Dec 2024, graced by His Excellency Lyonpo Gem Tshering, Minister of Energy & Natural Resources for the Royal Government of Bhutan and Chairman of PHPA-II.

With India ramping up its nuclear energy capacity to address rising demand and a commitment to net-zero emissions, BHEL stands as the leading nuclear power stocks to keep an eye on.
 

Lupin Receives USFDA Approval

Lupin, a global pharmaceutical company, announced that it has received a Voluntary Action Indicated (VAI) classification from the United States Food and Drug Administration (US FDA) for its Pithampur Unit-1 manufacturing facility.

The Establishment Inspection Report (EIR) was issued following an inspection of the facility conducted from September 16 to 27 September 2024.

Lupin, headquartered in Mumbai, India, is a global pharmaceutical player with products distributed in over 100 markets.

The company specialises in pharmaceutical products, including branded and generic formulations, complex generics, biotechnology products, and active pharmaceutical ingredients.
 

Tata Motors Shares in Spotlight

Tata Motors shares are expected to be closely watched on Thursday following a mixed performance report from its luxury division, Jaguar Land Rover (JLR), for Q3 FY25.

JLR's wholesales grew by 3% year-on-year (YoY) to 1,04,427 units, signaling a rebound from previous supply chain disruptions. However, retail sales dropped by 3% YoY to 1,06,334 units.

Strong performance was seen in JLR's high-margin flagship models, with the Range Rover witnessing a 22% YoY rise, Range Rover Sport climbing 17%, and Defender growing by 13%. Collectively, these premium models represented 70% of the total wholesale volumes during the quarter.

In terms of regional performance, North America led with a 44% YoY growth in wholesales, followed by Europe, which recorded a 6% increase. However, notable declines were observed in China (-38%), the UK (-17%), and other overseas markets (-1%).

For the financial year-to-date (YTD), JLR's retail sales reached 3,20,622 units, reflecting a 1% YoY increase. Meanwhile, YTD wholesales amounted to 2,89,485 units, marking a slight 1% drop compared to the previous year.

Demand for the Range Rover showed significant strength, with wholesale volumes surging 48% sequentially compared to Q2 FY25 as supply chain challenges eased. The model also posted a 22% YoY increase in volumes, underlining its consistent popularity and strong demand.

Below is the chart showing annual performance of the share price.

Novelis Launches US$ 500 Million Debt Offering

US-based Novelis Inc, which is part of Hindalco Industries, on Wednesday (8 January) announced that it plans to offer US$ 500 m in senior unsecured notes due 2030 in a private offering.

The offering is exempt from registration under the Securities Act of 1933.

The notes will be guaranteed by Novelis and some of its subsidiaries on a senior unsecured basis. Proceeds from the offering will primarily be used to repay US$ 491 m in outstanding borrowings under its revolving credit facility. Any remaining funds will be used for general corporate purposes.

The notes and guarantees will not be registered under the Securities Act or state securities laws, and will not be sold within the United States, except to qualified institutional buyers under Rule 144A or in offshore transactions under Regulation S.

Novelis reported an 18% decline in net income for the second quarter as the recycled aluminium products maker was hit by production disruptions in its Sierre plant in Switzerland following massive flooding.

The company reported a net income of US$ 128 million during the three months ended September 30, down 18% from the same period last year.

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