Asian markets traded lower tracking overnight losses on Wall Street, with Japan's Nikkei leading the decline.

Japan's Nikkei 225 dropped 1.9%, while the Topix fell 1.1%

US stock market indices ended lower on Tuesday, with the technology-heavy Nasdaq falling 1% as chip stocks tumbled, while the energy sector fell 3%.

The Dow Jones Industrial Average declined 324.8 points, or 0.8%, to 42,740.4, while the S&P 500 dropped 44.6 points, or 0.8%, to 5,815.3.

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

Source: Equitymaster

At present, the BSE Sensex is trading 125 points lower and NSE Nifty is trading 35 points lower.

BPCL, Hindalco, and HDFC Life are among the top gainers today.

Trent, HUL, and TCS the other hand are among the top losers today.

Broader markets are trading on mixed. The BSE Midcap index and the BSE Smallcap index are trading marginally higher.

Sectoral indices are trading mixed today with stocks in oil & gas sector and telecom sector witnessing the most buying. Meanwhile, stocks in the realty sector and auto sector witnessing selling pressure.

The rupee is trading at Rs 84.06 against the US dollar.

In commodity markets, gold prices are trading 0.1% higher at Rs 76,418 per 10 grams today.
 

Cochin Shipyard OFS

The Narendra Modi government on Tuesday (15 October) announced plans to divest a 5% stake in Cochin Shipyard Ltd through an Offer for Sale (OFS), with a floor price set at Rs 1,540 per share.

The OFS includes a base offer of 2.5%, with an additional 2.5% available as a green shoe option. The sale will open on 16 October for non-retail investors and on 17 October for retail investors.

As of 30 September, the government had a 72.9% stake in Cochin Shipyard.

Cochin Shipyard reported a 76.5% year-on-year (YoY) jump in net profit at Rs 1.7 bn for the quarter that ended 30 June 2024. In the corresponding quarter, Cochin Shipyard posted a net profit of Rs 987 m.

The company's revenue from operations surged 61.1% to Rs 7.7 bn against Rs 4.8 bn in the corresponding period of the preceding fiscal.

Cochin Shipyard's growth was led by the Ship Building segment, where revenue grew 62% from last year to Rs 5.3 bn. The Ship Building segment contributes 68% to the company's overall topline.

Cochin Shipyard is India's first greenfield shipbuilding yard and the only shipyard with a shipbuilding capacity of 110 thousand deadweight tons (DWT) and a repairing capacity of 125 thousand DWT.

It has a wide product portfolio, including tankers, product carriers, bulk carriers, passenger vessels, and air defense ships, through which it serves its reputed clientele.
 

Adani Energy Solutions Acquires SPVs

Adani Energy Solutions Ltd (AESL) on Tuesday said it had acquired two project special purpose vehicles from PFC Consulting Ltd for cash consideration of about Rs 380 m.

In two separate BSE filings, AESL stated that on 14 October 2024, it executed share purchase agreements with PFC Consulting Ltd (PFCCL) for acquiring 100% equity shares of Jamnagar Transmission Ltd and Navinal Transmission.

PFCCL, a subsidiary of Power Finance Corporation, received a cash consideration of Rs 19,28,48,589 for JTL and Rs 19,14,40,997 for NTL.

Jamnagar Transmission Ltd (JTL) is established for the development of a network expansion scheme in Gujarat for a drawl of about 3.6 GW load under Phase-I in the Jamnagar area.

National Transmission Ltd (NTL) aims to drawl up to 4.5 GW load in the Mundra area of Gujarat from bulk consumers/ distribution licensees and green hydrogen.

Adani Energy Solutions (formerly Adani Transmission Limited) is a prominent player in India's power transmission sector.

PNC Infra's Project Win

PNC Infratech share price will remain in focus on 16 October after the company received Letters of Acceptance from Maharashtra State Road Development Corporation (MSRDC) for two EPC road projects.

The company received an order for the construction of access-controlled Pune Ring Road in Pune District Package PRR E2 from Indori to Chimbali in the State of Maharashtra on Engineering, Procurement, and Construction (EPC) mode for a contract value of Rs 22.7 bn.

The other project is for the construction of a controlled expressway connector to Hindu Hrudaysamrat Balasaheb Thackeray Maharashtra Samruddhi Mahamarg from Jalna to Nanded in the State of Maharashtra on EPC Mode (Length:28.895 Km) for the accepted contract amount of Rs 23.6 bn.

Both contracts are to be executed in 30 months.

The company has incorporated a subsidiary 'PNC AAKSIIYA JOINT VENTURE' a special purpose vehicle on 14 October 2024 to execute a new engineering, procurement, and construction (EPC) project awarded by the City & Industrial Development Corporation (CIDCO) of Maharashtra.

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