Asian share markets rallied on Wednesday as risk assets and investor sentiment around the world soaring after cooling US inflation data on Tuesday looked to close the door on more rate hikes.The Nikkei is trading 1.9% higher while the Hang Seng index gained 2.4%. The Shanghai Composite is trading 0.5% higher.US stocks posted their biggest daily percentage gains since 27 April on Tuesday as softer-than-expected inflation data supported the view that the Federal Reserve may be done raising interest rates.Here’s a table showing how US stocks performed on Tuesday:
Data Source: EquitymasterBack home, Indian share markets are trading on a positive note.At present, the BSE Sensex is trading higher by 576 points. Meanwhile, the NSE Nifty is trading up by 180 points.Hindalco and ONGC are among the top gainers today.Brtitannia and Nestle on the other hand are among the top losers today.Broader markets are trading on a positive note. The BSE Mid Cap index is trading 0.5% and the BSE Small Cap index is trading lower by 1%.Sectoral indices are trading on a positive note with stocks in the IT sector, realty sector, and energy sector witness buying.Shares of CAMS and Trent India hit their 52-week high today.The rupee is trading at Rs 83.1 against the US dollar.In commodity markets, gold prices are trading 0.2% higher at Rs 60,200 per 10 grams today.Meanwhile, silver prices are trading 0.3% higher at Rs 71,816 per 1 kg.
Adani Ports’ Highest-Ever Half-Yearly RevenueAdani Ports and Special Economic Zone (APSEZ) has registered its highest-ever half-yearly revenue of Rs 128.9 bn and EBITDA of Rs 74.3 bn in the second quarter, according to a press release by Adani Ports and Logistics.The APSEZ announced its results for the second quarter and six months ending 30 September 2023 on Monday.The splendid performance was on the back of a 14% year-on-year increase in cargo volume coupled with improving operational efficiencies at our ports, which has resulted in our domestic ports EBITDA improving by 2.2% YoY to 72% during H1 FY24 (first half of financial year 2023-24).APSEZ reported a 48% jump in cargo volumes to reach its lifetime high monthly volumes of 37 MMT.He further said that APSEZ is comfortably placed to achieve its full-year revenue and EBITDA guidance, and its actions to drive medium-to-long-term growth are progressing as per the plan.Adani Ports and Special Economic Zone (APSEZ) is the largest commercial port operator in India accounting for nearly one-fourth of the cargo movement in the country.
Grasim Industries Q2 Profit Rises 15%
Grasim Industries, on 13 November, reported consolidated net profit for the September quarter of 2023 at Rs 11.6 bn, registering a growth of 15.3% from Rs 10.1 bn in the same quarter last year.Its revenue from operations came in at Rs 302.2 bn, up 9.9% from Rs 274.9 bn in the corresponding quarter last fiscal.EBITDA of the company rose by 19% YoY to Rs 45.1 bn thanks to contributions from key subsidiaries UltraTech Cement and Aditya Birla Capital.The company noted that pent-up festive demand resulted in volume improvement in VSF business, while oversupply in the domestic market of caustic soda and lower realisations in line with a sharp decline in global prices impacted the overall standalone performance.For its viscose business, festive demand and inventory replenishment in the domestic value chain resulted in volume growth, while export demand for the value chain remained weak from major overseas markets.In the textile segment, elevated input prices impacted the performance in the linen sub-segment.
Tata Steel’s Job CutsThe Dutch division of Tata Steel on 13 November said it would cut around 800 jobs at its IJmuiden plant to increase profitability.Tata currently employs 9,200 people in IJmuiden, on the Dutch coast around 30 km (19 miles) west of Amsterdam.The reorganization would mainly hit managerial and support staff and was necessary to keep a competitive edge as the Dutch steel plant moved to more sustainable production methods.Tata’s steel factory is responsible for around 7% of the total CO2 emissions of the Netherlands, making it the biggest single polluter in the country.The company is working with the Dutch government on plans to switch to greener ways of making steel but has not yet reached an agreement on the support it says it would need.In its latest plan, Tata would replace production based on coal and iron ore with ovens running on metal scrap and hydrogen by 2030 without providing financial details.This Tata Group company faced another setback in May 2023. More By This Author:Sensex Today Ends 72 Points Higher; NTPC & ONGC Top GainersSensex Today Trades Lower; M&M, Titan Top LosersSensex Today Ends 143 Points Lower
