Stocks in Asia declined after a rally on Wall Street halted within striking distance of its all-time highs.

Shares fell in Japan, Australia, and South Korea, after the US benchmark edged lower to end an eight-day winning streak.

US markets took a breather on Tuesday to snap their longest rally this year, with all three major indexes closing in the red as the focus shifts to Fed Chair Powell's speech at Jackson Hole later this week.

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

Data Source: Equitymaster

At present, the BSE Sensex is trading 102 points lower and NSE Nifty is trading 9 points lower.

Coal India, Bharti Airtel, and L&T are among the top gainers today.

ICICI Bank, Tech Mahindra, and Shriram Finance the other hand are among the top losers today.

Broader markets are trading on positive. The BSE Midcap index is trading 0.1% higher and the BSE Smallcap index is trading 0.6% higher.

Sectoral indices are trading mixed today, with stocks in the FMCG sector and the metal sector witnessing buying. Meanwhile, the stocks in the auto sector and realty sector are trading lower.

The rupee is trading at Rs 83.82 against the US dollar.

In commodity markets, gold prices are trading 0.3% higher at Rs 71,990 per 10 grams today.
 

Bombay HC Quashes L&T GST

Larsen & Toubro said on 20 August that the Bombay High Court has quashed a Rs 22.4 bn GST demand raised against the company.

Following this, the company received the High Court's order on 19 August, allowing the Writ petition filed by the Company and has quashed and set aside the show cause notice issued by the GST authorities.

In 2018, the Director General of GST Investigation, Mumbai issued one show cause notice on 18 October 2018 against L&T Finance Ltd, alleging that additional interest, penal

interest and default interest charged between 2013-14 to 2016-17 to customers is liable to service tax and goods and services tax (GST).

Further in 2020, the Principal Commissioner of CGST, Mumbai confirmed the show cause notice against L&T Finance in February 2020 following which L&T Finance filed an appeal against the said order before the Customs Excise and Service Tax Appellate Tribunal.
 

Exide Invests Rs 750 Million

Exide Industries Ltd. invested approximately Rs 750 m in a wholly owned subsidiary to set up a greenfield plant in Bengaluru.

The investment was through a subscription in the equity share capital of Exide Energy Solutions Ltd. on a rights basis, according to an exchange filing on Tuesday.

The company acquired 20.8 m shares at a premium of Rs 26 apiece. The total investment in its armstand at Rs 26.5 bn.

EESL will use the investment to set up the greenfield plant and meet its various funding requirements. The plant is for manufacturing and selling lithium-ion battery cells, modules and packs.

EESL was incorporated on 24 March 2022 and is engaged in the manufacturing and selling of lithium-ion battery cells, modules, and packs for India's electric vehicle market and stationary applications.

Cyient to sell 14.5% stake in Cyient DLM

IT firm Cyient said on 20 August that its board approved the sale of a 14.5% stake in subsidiary Cyient DLM through a block deal.

The floor price will likely be at Rs 748.7 per share, around a 5% discount to Rs 788.05 per share closing on the NSE today.

The Board of Directors of the Company, at its meeting held today, 20 August 2024 (Tuesday) has considered and approved the sale of up to 11.4 m equity shares i.e. approximately 14.5% of the total outstanding equity shareholding of its subsidiary, Cyient DLM Limited, by way of a share sale utilising the block deal window mechanism provided by the stock exchanges.

Cyient said it will utilize the proceeds for its capital requirements and retirement of debts.

The investment banker to the deal is Axis Bank.

As of 30 June 2024, Cyient had a 66.7% stake in Cyient DLM, showing exchange data.
 

Reliance Jio Introduces JioTV+

Reliance Jio on Tuesday introduced the JioTV+ app, allowing users to connect two TVs with a single JioAirFiber connection. The offer also provides access to 800+ Digital TV channels, across 10+ languages and 20+ genres.

Interestingly, users can choose to watch content from over 13 popular OTT apps with a single login, according to a release.

The JioTV+ app offers features to users that allow them a seamless entertainment experience.

Users can also access channels and OTT apps. 800+ digital TV channels including general entertainment, News, Sports, Music, Kids, Business, and Devotional, the release added.

Apart from this, there are 13 OTT apps that users can enjoy.

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