Asian share markets are lower today after Wall Street shares slumped, battered again by worrying economic data and concerns about the impact of further aggressive Fed action next week.

The Nikkei fell by 1.1% while the Hang Seng was down by 0.9%. The Shanghai Composite is trading lower by 0.4%.

Wall Street indices ended lower on Thursday, extending their losses in late afternoon trading as a raft of economic data failed to alter the expected course of aggressive tightening by the Federal Reserve amid growing warnings of global recession.

The Dow Jones fell by 0.6% while the tech heavy Nasdaq ended lower by 1.4%.

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

Benchmark indices opened on negative note today following the trend on SGX Nifty. As the session progressed, losses were extended.

At present, the BSE Sensex is trading lower by 658 points. Meanwhile, the NSE Nifty is trading down by 197 points.

IndusInd Bank and Sun Pharma are among the top gainers today.

M&M, TCS, and Tech Mahindra are among the top losers today.

Broader markets are trading on a negative note. The BSE Mid Cap index is down by 0.8% while the BSE Small Cap index is trading lower by 1.1%.

Sectoral indices are trading deep in the red. Stocks in the IT sector and metal sector are witnessing most of the selling.

CEAT, Adani Enterprises and Adani Transmission hit their 52-week high today.

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In the commodity markets, gold prices fall. Today, gold prices are trading lower by Rs 77. Currently, gold prices are trading at Rs 49,235 per 10 grams.

Note that gold prices have fallen and have taken quite a knock in recent weeks.

Meanwhile, silver prices are trading lower at Rs 56,309 per kg. Silver prices too have fallen a lot in recent days.

The rupee is trading at 79.8 against the US dollar.

In news from the media sector, three investors of PVR offload their shares in the open market.

Multiplexes operator PVR shares are in focus as three investors offloaded their holding in the company in the open market.

Gray Birch Investment exited the company, while Plenty PE firms sold a certain portion of their stake in PVR.

As per the bulk deals data on BSE, Plenty Private Equity FII I sold 762,499 equity shares at Rs 1,877.1 per share aggregating to nearly Rs 1.4 bn.

Further, in the open market, Plenty Private Equity Fund I sold 1,076,259 equity shares in PVR at Rs 1,887 per share -- valuing about Rs 2 bn.

Additionally, Gray Birch Investment offloaded 2,206,743 equity shares in the company at Rs 1,871.2 per share. The transaction amounted to Rs 4.1 bn.

With that, Gray Birch has sold its entire holding in the company.

Together, the three investors sold 40,45,501 equity shares in PVR amounting to Rs 7.6 bn.

As of 30 June 2022, Gray Birch held 3.61% in PVR, while Plenty Private Equity FII I held 2.50%, and Plenty Private Equity Fund I held 3.52%.

On 13 September, the Competition Commission of India (CCI) rejected a complaint against the proposed merger of multiplex chains PVR and INOX Leisure.

On 27 March, PVR and Inox Leisure announced a merger to create a multiplex behemoth with a network of over 1,500 screens across India. The merger will be carried in a swap ratio of 3:10 i.e., 3 shares of PVR for 10 shares of Inox.

Note that PVR share price was recently falling owing to flop movies. Take a look at the chart below:

(Click on image to enlarge)

Moving on to news from the agriculture sector, United Phosphorus (UPL) acquired a renewable energy company.

On Thursday, UPL said it has acquired 26% stake in Clean Max Kratos, which is into renewable energy.

Clean Max was incorporated on July 28 with paid up capital of Rs 1 lakh. The company, which is into solar/wind power generation, is yet to commence operations.

In a regulatory filing, UPL said Clean Max Kratos would develop and maintain a hybrid 28.05 MW solar and 33 MW wind power project under the captive model as envisaged under the electricity laws.

This project will enable UPL to increase its renewable energy usage to 30% of its total global power consumption from the current level of 8 per cent.

UPL will initially acquire 2,600 shares of Rs 10 each in Clean Max Kratos for a consideration of Rs 26,000. UPL will further invest, in one or more tranches, about Rs 396 m in Clean Max Kratos maintaining its shareholding to 26%of the paid-up share capital.

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