Asian markets traded lower on Wednesday, tracking overnight losses on Wall Street after cautious comments from the US Federal Reserve Chair Jerome Powell.

US stock market ended lower on Tuesday, breaking a three-session string of record closing highs, after comments from Federal Reserve Chair Jerome Powell.

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

Source: Equitymaster

At present, the BSE Sensex is trading 316 points lower, and the NSE Nifty is trading 105 points lower.

Maruti Suzuki, Trent, and Tata Steel are among the top gainers today.

Tech Mahindra, Tata Motors, and ICICI Bank, on the other hand, are among the top losers today.

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

Barring the metal sector, all other sectoral indices are trading negatively today, with stocks in the power sector and media sector witnessing selling pressure.

The rupee is trading at Rs 88.1 against the US dollar.
 

Swiggy Surges After Rapido Stake Sale

Shares of Swiggy came in focus after the company's board approved the sale of its stake in Rapido to Setu AIF Trust and MIH Investments One B.V.

Through this sale, Swiggy will sell all its 11.8% stake in Rapido. For Rs 19.7 billion (bn), it will sell 1,63,990 Series D Compulsorily Convertible Preference Shares (CCPS) in Rapido and 10 equity shares to MIH Investments One B.V.

It will also sell 35,958 Rapido Series D CCPS to Setu AIF Trust (Westbridge) for Rs 4.3 bn.

The stake sale is consistent with the company's guidance from the end of the June quarter.

In addition, Swiggy's board approved the sale and transfer of its quick-commerce company, Instamart, to Swiggy Instamart Pvt Ltd., an indirect step-down wholly owned subsidiary, through a slump sale on Tuesday.
 

Bajaj Electricals Acquires Morphy Richards Rights

Bajaj Electricals Ltd has approved a proposal to acquire the Morphy Richards brand and its intellectual property rights from Glen Electric, part of Ireland's Glen Dimplex Group, for Rs 1.4 bn.

The deal will give Bajaj Electricals control over the Morphy Richards brand in India, Nepal, Bhutan, Bangladesh, Maldives, and Sri Lanka, after being associated with it for over 20 years, pending definitive agreements and regulatory approvals.

Since April 2002, BEL has been marketing Morphy Richards products in India, putting them in the category of high-end home appliances.

With a broad range of products covering kitchen appliances, breakfast preparation, clothing care, and floor care, the nearly 90-year-old Morphy Richards brand is present in 26 countries.

The acquisition benefits Bajaj Electricals, a division of the Bajaj Group, by bolstering its EPC (engineering, procurement, and construction) business and consumer products segment, which already includes appliances, fans, lighting, and non-stick cookware under Nirlep Appliances.
 

Torrent Power Acquires Newzone Firms for Thermal Project

Torrent Power Limited, a company based in Ahmedabad, announced that it had paid Rs 2.1 bn to acquire shares of Newzone India Private Limited (NZIPL) and Newzone Power Projects Private Limited (NZPPPL).

The Sarawagi Family and associated HUFs have contributed 11,95,110 shares of NZIPL, which represent 49% equity, and 30,00,000 shares of NZPPPL, which represent 100% equity, to the acquisition. Since NZPPPL already owned 51% of NZIPL, Torrent Power effectively owned both companies.

In the Annupur district of Madhya Pradesh, NZIPL owns about 922 acres of land that is both privately owned and leased by the government. This land is intended to be used for the implementation of a thermal power project.

It is anticipated that the acquisition will be finished in four months.

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