Asian share markets stabilized today after steep losses in the past trading session, as investors considered the prospects that interest rates would remain higher for a longer period in many developed economies.

The Nikkei is trading flat while the Hang Seng is trading higher by 0.8%. The Shanghai Composite is up by 0.3%.

US stocks ended lower on Monday as investors shifted gears after considering the possibility that the US Federal Reserve may take longer to start cutting interest rates.

The Dow Jones ended 0.1% lower while the tech-heavy Nasdaq Composite ended lower by 1%.

Here's a table showing how US stocks performed yesterday:

Source: Equitymaster

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

Benchmark indices are volatile today tracking mixed global cues and the performance of Adani group stocks.

At present, the BSE Sensex is trading lower by 120 points. Meanwhile, the NSE Nifty is trading lower by 23 points.

Bajaj twins, IndusInd Bank, and Reliance Industries are among the top gainers today.

Tata Steel, ITC, and Tata Motors are among the top losers today.

Broader markets are trading on a negative note. The BSE Mid Cap index is trading lower by 0.8%, while the BSE Small Cap index is down 0.1%.

Sectoral indices are trading on a mixed note. Stocks in the telecom sector, and finance sector witness buying.

Meanwhile stocks in the FMCG sector, IT sector, and metal sector witness selling.

Shares of Britannia and Zydus Lifesciences hit their 52-week high today.

The rupee is trading at Rs 82.75 against the US dollar.

In the commodity markets, gold prices trade higher by Rs 116 at Rs 57,071 per 10 grams.

Meanwhile, silver prices are trading higher by 0.2% Rs 67,532 per 1 kg.
 

Adani group stocks price band revised

The National Stock Exchange of India (NSE) has revised the circuit limits of two of the Adani group stocks - Adani Green Energy and Adani Transmission to 5%.

The NSE revised the price bands of both companies to 10% from 20% last week.

Stock exchanges set the circuit limits to prevent large movements in the price of stocks in a very short time.

Shares of billionaire Gautam Adani's companies have been in free-fall since a 24 January critical report by Hindenberg Research, sparking fears of wider financial contagion.

Protesters on Monday also expressed anger about investments made by the state-backed Life Insurance Corporation (LIC) and State Bank of India (SBI) in the Adani Group.

Adani has rejected in detailed rebuttals the Hindenberg report's allegations of stock manipulation, use of tax havens, and criticism that it had unsustainable debt.

During the weekend, one of the experts on valuation - Aswath Damodaran said that shares of Adani Enterprises could be valued at Rs 945.

His fair value suggests another 38% drop from its share price.

UltraTech Cement increases its cement manufacturing capacity

One of the top cement stocks in India, UltraTech Cement on Monday said it has commissioned a 1.5 metric tonnes per annum (MTPA) brownfield cement grinding unit at Jharsuguda, Odisha.

With this, the company's total cement capacity in the state of Odisha has gone up to 4.1 MTPA. Also, the company's total cement manufacturing capacity in India now stands at 122.9 MTPA.

At present, UltraTech Cement's production capacity is 119.9 MTPA and after the completion of the sanctioned expansion along with the current expansion programs, which are estimated to be completed by the financial year 2023, it would go up to 159.3 MTPA.

UltraTech has 22 integrated manufacturing units, 27 grinding units, one clinkerisation unit, and 8 bulk packaging terminals. Its nearest rival was Holcim India, which with its two Indian units - Ambuja Cements and ACC, has a combined installed production capacity of 70 MTPA.

Did you know that Ultratech Cement is one of the top 5 cement companies in India by growth?
 

JK Paper Q3 results

JK Paper on Monday reported its quarterly results. Its profit more than doubled in the third quarter, on the back of higher demand for copier papers and packaging boards from schools and offices post-pandemic.

The paper producer said its consolidated net profit after tax for the quarter ended 31 December 2022 was at Rs 3.3 billion (bn), from Rs 1.5 b rupees reported in the corresponding period during the last financial year.

Demand for products like documentation papers, photocopies, and multipurpose papers remained strong during the quarter, as offices followed work-from-office and hybrid models after the lockdowns were lifted.

The company's revenue from its paper and board business surged 59.6% to Rs 16.3 bn in the quarter. Overall net revenue from operations jumped nearly 61% to Rs 16.4 bn.

JK Paper has also been expanding the business through acquisitions, including its purchase of an 85% stake each in Horizon Packs and Securipax Packaging last year, with the remaining 15% to be bought within the next three years.

For the quarter under review, the company also declared an interim dividend of Rs 4 per share to be paid on or before 7 March 2022.
 

New achievement for IEX

Indian Energy Exchange (IEX), India's premier energy exchange, achieved 8,639 MU total volume in January 2023, including Green Power trade of 347 MU, and 3.95 lakh RECs (equivalent to 395 MU). The total electricity volume on the Exchange in January at 8,245 MU, saw an increase of 9% year-on-year and 4% on a month-on-month basis.

This might be a relief for investors because as of late IEX's share price was falling.

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