Asian equities fell on Thursday, led by chip stocks as investors fret over the prospect of escalating trade tensions between the US and China, while the yen surged to a six-week high in the wake of suspected interventions by Tokyo last week.

MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.57%, with tech heavy South Korean shares down nearly 1%.

US stock market ended mixed on Wednesday with the S&P 500 and the Nasdaq suffering heavy losses as tech stocks plunged.

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

Source: Equitymaster

At present, the BSE Sensex is trading 162 points lower and NSE Nifty is trading 46 points lower.

ONGC, Sun Pharma, and Axis Bank are among the top gainers today.

Bajaj Auto, Coal India, and Adani Ports the other hand are among the top losers today.

Broader markets are trading on a negative note. The BSE Midcap index is trading 1.2% lower and the BSE Smallcap index is trading 1.4% lower.

Sectoral indices are trading on a negative note today, with stocks in the metal sector and energy sector witnessing the most selling pressure.

The rupee is trading at Rs 83.57 against the US dollar.

In commodity markets, gold prices are trading 0.3% higher at Rs 74,390 per 10 grams today.
 

IREDA's Nepal Investment Plan

State-owned IREDA on Wednesday said the company will invest Rs 2.9 bn in a 900 MW hydroelectric power project in Nepal. The Board of Directors of IREDA gave in-principle approval for the equity investment at a meeting on Tuesday.

Indian Renewable Energy Development Agency Ltd. (IREDA) has received approval for Rs 2.9 bn equity investment for up to 10% stake in special purpose vehicles (SPVs) in association with state-run hydropower generating company SJVN.

The above will be subject to approval from the central government, and other statutory and regulatory authorities, as applicable.

IREDA also plans to become a "Maharatna" PSU by the end of the financial year 2030, for which it has laid out growth targets for itself.

Indian Renewable Energy Development Agency, founded in March 1987, is a Navratna PSU. It is administratively controlled by the Ministry of New and Renewable Energy (MNRE).

Tata Power's Renewable Energy Drive

Tata Power Co. Ltd plans to invest around Rs 200 bn in the current fiscal year, chairman N. Chandrasekaran said at the company's 105th annual general meeting (AGM) on Friday.

The bulk of this investment will bolster its renewable energy business, with the rest earmarked for transmission and distribution operations.

This is over and above the Rs 120 bn invested in FY24. A large part of this will be towards accelerating the company's renewable energy portfolio and balance towards transmission and distribution businesses.

The company will also explore opportunities in small modular nuclear reactors, once the government gives necessary permissions, along with new distribution opportunities in other states, as and when these opportunities arise, said Chandrasekaran.

It serves 12.5 million consumers through its distribution business and is targeting to reach 50 million.

The Tata Group company is well positioned to lead India's green energy shift with a focus on providing round-the-clock renewable energy, especially to commercial and industrial (C&I) consumers.

The company is also aiming to increase its market share in the rooftop solar space under the PM Surya Ghar Yojana and enhance its renewable energy portfolio from the current 9 GW to 15 GW within five years.
 

Glenmark Pharma Receives USFDA Approval

Glenmark Pharmaceuticals said that it has received final approval from the US Food & Drug Administration (USFDA) for Topiramate capsules.

The approved drug is bioequivalent and therapeutically equivalent to Topamax capsules of Janssen Pharmaceuticals and will be distributed in the U.S. by Glenmark Therapeutics Inc., USA.

Topiramate is used alone or with other medications to treat certain types of seizures including primary generalized tonic-clonic seizures and partial onset seizures. It is also used with other medications to control seizures in people who have Lennox-Gastaut syndrome (a disorder that causes seizures and developmental delays) as well as to prevent migraine headaches but not to relieve the pain of migraine headaches when they occur in adults and children 12 years of age and older.

According to IQVIA, the Topamax Capsules market achieved annual sales of approximately $21.9 million sales for the 12 months ending May 2024.

Glenmark's current portfolio consists of 198 products authorized for distribution in the U.S. marketplace and 50 ANDAs pending approval with the U.S. FDA.

Glenmark Pharmaceuticals is a global innovation-driven pharmaceutical company with a presence across specialty, generics, and OTC businesses.

Glenmark Pharma is actively involved in the discovery of new molecules, NCEs (new chemical entity), and NBEs (new biological entity).

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