Asian stocks tracked a drop on Wall Street following hotter-than-expected US inflation data, while a slump in the yen past 150 per dollar triggered a warning from Japan.The Nikkei index is trading 0.7% lower, while Hang Seng was trading 0.2% higher.US stocks sank on Tuesday after the worse-than-expected inflation data dampened hopes of interest rates cut in May.Here’s a table showing how US stocks performed on Tuesday:
Data Source: EquitymasterAt present, the BSE Sensex is trading 650 points lower and NSE Nifty is trading 185 points lower.M&M, Eicher Motors and Bajaj Auto are among the top gainers today.Infosys, Wipro and Tech Mahindra on the other hand are among the top losers today.Broader markets are trading on marginally lower. The BSE Mid is trading 0.6% lower and the BSE Small Cap index is trading 0.2% lower.Sectoral indices are trading mixed, with socks in auto sector and energy sector witnessing buying. Meanwhile stocks in banking sector and IT sector witnessed selling pressure.The rupee is trading at Rs 83.11 against the US dollar.In commodity markets, gold prices are trading flat at Rs 61,430 per 10 grams today.Meanwhile, silver prices are trading 0.4% lower at Rs 69,389 per 1 kg.
Wipro Acquires AggneIT major Wipro has acquired a 60% stake in US-based insurtech Aggne Global for US$ 66 million to strengthen its competitive advantage in the insurance sector, particularly in the property and casualty (P&C) insurance space.Founded in 2019, Aggne is incorporated in the US and India, with offices in Tampa, Florida, and Hyderabad, India. The company has 230 employees based in India and the United States.With this investment, Wipro becomes a majority shareholder in Aggne, which brings to Wipro a unique set of capabilities and intellectual property (IP) in the P&C insurance space.Aggne offers a range of services designed to help insurers transform operations, drive new efficiencies, and deliver optimal customer experiences. The company focuses on building industry-changing solutions for the P&C insurance industry, with a commitment to collaborating with clients as partners.Further, Wipro’s commitment to talent development will provide our employees with new growth opportunities for Aggne.Wipro logged over 20% YoY growth in large deal wins despite Q3 being a weak quarter for IT companies.
IRCTC Q3 Net Profit Jumps 17%
Indian Railway Catering and Tourism Corporation (IRCTC) has reported a net profit of Rs 3 billion (bn) for the December quarter of FY24, a growth of 17.4% from Rs 2.6 bn in the year-ago period.Revenue increased 21.8% on year to Rs 11.2 bn.IRCTC is the catering and ticketing arm of the Indian Railways, which manages food services on trains and offers online ticket booking services.Earnings before interest, tax, depreciation and amortization (EBITDA) for the quarter was at Rs 3.9 bn, growing by 20.9%. EBITDA margin was at 35.2% compared to 35.5% YOY.It stands among the Top Stocks to Benefit from the Upcoming Ram Mandir Inauguration.
Sula Vineyards Q3 ResultsSula Vineyards, India’s biggest wine manufacturer, reported a more than 9% rise in third-quarter profit on Tuesday, helped by increased demand for its premium brands and wine tourism business.The Mumbai-headquartered company said its consolidated net profit rose to Rs 42.9 bn (US$ 5.2 million) from Rs 39.3 m a year ago.Its wine segment, which houses premium brands such as Dindori and Rasa, reported a nearly 4% rise in revenue during the quarter. This is Sula’s biggest segment and accounts for 89% of the top line.Its smaller wine tourism segment, logged a 16% rise in revenue as more people visited the company’s vineyards, located in the cities of Nashik and Bengaluru, especially over the long Christmas weekend.Total revenue rose 4% to 2.2 bn.Its margins on earning before interest, tax, depreciation and amortization (EBITDA) expanded to 33.7% from 31% a year ago.Additionally, Sula declared an interim dividend of Rs 4 per share for the financial year 2024.The company distribute wines under a bouquet of popular brands, including RASA, Dindori, The Source, Satori, Madera & Dia, with its flagship brand Sula being the category creator of wine in India.The company earns its revenue mainly from the production of wine, the import of wines and spirits, and the distribution of wines and spirits.More By This Author:Sensex Today Ends 483 Points Higher; IT Stocks Shine Sensex Today Trades Higher; Coal India Rises 3%, Hindalco Tanks 14%Sensex Today Ends 167 Points Higher; SBI & Sun Pharma Top Gainers
