Asian shares rose on Thursday as markets wagered that US rates have peaked after more dovish remarks from Federal Reserve officials.

Meanwhile traders awaited the US consumer inflation report later in the day for further monetary policy clues.

MSCI's broadest index of Asia-Pacific shares outside Japan gained 0.7% to the highest level in three weeks. Tokyo's Nikkei rallied 1.3%

Wall Street closed higher after Federal Reserve minutes showed a growing sense of uncertainty around the path of the US economy, with volatile data and tightening financial markets posing risks to growth and leading policymakers to extend a rate pause last month.

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

Data Source: Equitymaster

Back home, Indian share markets are trading on a negative note.

At present, the BSE Sensex is trading lower by 97 points. Meanwhile, the NSE Nifty is trading lower by 22 points.

Hindalco, Grasim industry and BPCL are among the top gainers today.

TCS, Nestle and Cipla on the other hand are among the top losers today.

Broader markets are trading positively. The BSE Mid Cap index is trading 0.3% higher and the BSE Small Cap index is trading up by 0.5%.

Sectoral indices are trading mixed with stocks in the metal sector and power sector witnessing buying. Meanwhile, stocks in the IT sector and realty sector witnessed selling pressure.

The rupee is trading at Rs 83.14 against the US dollar.

In commodity markets, gold prices are trading 0.2% higher at Rs 58,045 per 10 grams today.

Meanwhile, silver prices are trading 0.4% higher at Rs 69,700 per 1 kg.
 

Delta Corporation Q2 Results

Mumbai-based casino and gaming company Delta Corp on Wednesday (11 October) reported a 1.6% year-on-year (YoY) jump in net profit at Rs 694 m for the second quarter.

In the corresponding quarter last year, Delta Corp posted a net profit of Rs 683 m.

In the second quarter, its revenue from operations stood at Rs 2.7 bn during the period under review, up 0.2% from the corresponding period of the preceding fiscal.

At the operating level, EBITDA was flat at Rs 1 bn in the second quarter, a corresponding period in the previous fiscal.

The EBITDA margin stood at 37.1% in the reporting quarter compared to 37.2% in the year-ago period. EBITDA is earnings before interest, tax, depreciation, and amortisation.

The company has also appointed Anil Malani as its president and chief financial officer (CFO), effective from 11 October 2023. Malani brings to the table over 35 years of extensive experience spanning a diverse range of industries.

His career has been marked by remarkable contributions to the hospitality, entertainment, IT, consumer electronics, office automation, and renewable energy sectors.

Further, Delta has appointed Manoj Jain as its chief operating officer (COO), commencing his role on 11 October 2023.

With a career that has been closely intertwined, with the Delta Corp family since July 2008, Jain has played a crucial role in the organisation's growth.

Delta Corp shares crashed around 18% to hit a low of Rs 140 on 25 September 2023.

JSW Steel wins Karnataka iron ore mine

JSW Steel on Wednesday said it has emerged as the preferred bidder for the Jaisinghpura North Block iron ore mine in Karnataka.

JSW Steel has received a communication from the Karnataka government in this regard.

The highest final offer price by the company to become a Preferred Bidder is 150.3% of the value of the mineral dispatched. The projected iron ore resource is 17.66 in MMT (metric million tonnes).

The company will take all requisite steps as per the tender document to obtain a letter of intent, and all statutory clearances to execute the Lease Deed with Mine Development and Production Agreement (MDPA) and start the mining operations.

Part of JSW Group, JSW Steel is a leading steel-making company in India.

With domestic steel demand robust across sectors, driven by constructions and railways, JSW is all set to enjoy sectoral tailwinds. 
 

Jindal Power submits EoI for grounded Go First

Jindal Power has reportedly expressed interest in buying the beleaguered low-cost Go First carrier, which is owned by the Wadia family and is the first commercial airline in India to have voluntarily sought bankruptcy protection.

The expression of interest (EoI) was submitted by unlisted Jindal Power, owned by Worldone Pvt Ltd, a closely held company of Jindal.

The sources, however, did not give any clarity on whether Jindal Power was seeking to acquire the airline outright or come in as a strategic investor in Go First.

There were two other bidders for the airline but did not meet the eligibility criteria set out by the creditors, suggesting that their bids were not considered for further evaluation in the acquisition process of Go First.

In July, Go First's resolution professional invited EoIs for the carrier's sale.

The crisis-hit airline is facing significant financial challenges with more than Rs 200 bn in admitted claims from creditors.

The promoter of Jindal Steel and Power has been diversifying his business interests in recent years, expanding his privately held business empire and exploring new ventures.

Jindal Power stands in the list of Top 5 Steel Companies in India by Growth.

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