Japan’s Nikkei share average fell more than 1% on Tuesday as the market reacted to US President-elect Donald Trump’s fresh promises of tariffs. Meanwhile, South Korea’s KOSPI eased 0.4%.Wall Street’s main indexes ended higher on Monday, with the small-cap Russell 2000 index hitting an all-time high after Scott Bessent’s nomination as U.S. Treasury secretary helped push bond yields lower.Here’s a table showing how US stocks performed on Monday:
Data Source: EquitymasterAt present, the BSE Sensex is trading 245 points higher and NSE Nifty is trading 69 points higher.Tech Mahindra, HCL Tech and Asian Paints among the top gainers today.NTPC, ONGC and L&T other hand are among the top losers today.Broader markets are trading on positive note. The BSE Midcap index is trading 0.5% higher and the BSE Smallcap index is trading 0.6% higher.Barring power sector all other sectoral indices are trading higher today with stocks in IT sector, telecom sector and media sector witnessing most buying.The rupee is trading at Rs 84.26 against the US dollar.In commodity markets, gold prices are trading 0.2% higher at Rs 75,492 per 10 grams today.
HUL Approves DemergerThe board of directors of Hindustan Unilever (HUL) on Monday gave an in-principle approval to demerge the ice cream business into an independent listed entity.Subject to necessary approvals and procedures, shareholders of HUL will receive shares in the new entity in proportion to their shareholding in the company, HUL said in a release.For the purpose of the proposed demerger, the board has also approved the incorporation of a wholly owned subsidiary.The decision to demerge is subject to the approval of the board and the shareholders of the demerger scheme. The scheme will be implemented before the board early next year.The board has authorised HUL’s management to undertake the preparatory steps required for the potential demerger of the ice cream business, including drawing up the scheme of arrangement.In September, the HUL board constituted a committee of independent directors of the company to evaluate the prospects and way forward for the ice cream business pursuant to Unilever’s decision to separate this business. Based on the recommendation of the committee, the board announced the separation of the business in October.
Wipro Appoints CEO
On Monday, Wipro Ltd announced Omkar Nisal’s appointment as the chief executive officer of Europe Strategic Market Unit (SMU), effective immediately.Nisal will report to CEO and MD Srini Pallia and join the Wipro executive board. Nisal succeeds Pierre Bruno, who is stepping down. Omkar will continue to be based in London.Nisal has been with Wipro since 2012, establishing himself as a trusted advisor to clients. He has built high-performing teams that work with clients across business sectors to deliver exceptional results.Among his many achievements over the years, Nisal successfully ran Wipro’s banking-EMEA business, working closely with large and niche financial institutions across the UK, Europe, the Middle East, and Africa.This included enabling them through their digital transformation with a significant focus on customer journey redesign, enterprise engineering, ways of working, and AI-led automation. He most recently served as the senior vice president and managing director of the UK and Ireland business, managing over a billion dollars.Nisal, an honours graduate in computer science, continues to be a deep technologist at heart, having applied for patents in the areas of channels, AML (anti-money laundering), and fraud detection.
Zomato Launches QIPFood and grocery delivery firm Zomato shares will be in focus on Tuesday after the firm has set a floor price of Rs 265.91 per share for its qualified institutional placement (QIP), which it opened on Monday.According to the QIP’s preliminary placement document, Zomato plans to utilise proceeds from the fundraise mainly towards expanding the footprint of its quick commerce unit Blinkit, and on advertising and marketing.Blinkit is in the midst of a massive expansion exercise planning to have 1,000 dark stores, or micro warehouses from where 10-minute deliveries are made, by end of the ongoing fiscal, and 2,000 such stores by end of 2026.Meanwhile, Zepto is also planning to operate over 700 dark stores by the end of FY25, while Swiggy Instamart aims for its dark store count to grow to 741 from around 557 as of 30 June.Swiggy had said in its prospectus that it plans to invest Rs 1,179 for the expansion of its quick commerce business.More By This Author:
