Asian stock markets were in a wary mood on Monday as surging bond yields challenged equity valuations, particularly for the richly priced tech sector, in a week packed with central bank meetings and major economic data.The US stock market ended mixed on Friday, with the S&P 500 and Dow posting weekly declines, while the Nasdaq secured its fourth consecutive week of gains.The Dow Jones Industrial Average declined 86.06 points, or 0.20%.Here’s a table showing how US stocks performed on Friday:
Source: EquitymasterAt present, the BSE Sensex is trading 252 points lower and NSE Nifty is trading 66 points lower.Cipla, Bajaj Finance, and Shriram Financeare among the top gainers today.TCS, Titan and Bharti Airtel other hand are among the top losers today.The BSE Midcap index ended 0.4% higher and the BSE Smallcap index are trading 0.6% higher.Sectoral indices are trading mixed today with stocks in the realty sector and capital goods sector witnessing the most buying. Meanwhile, stocks in the banking sector and the metal sector witnessing selling pressure.The rupee is trading at Rs 84.84 against the US dollar.In commodity markets, gold prices are trading 0.2% lower at Rs 77,024 per 10 grams today.
Lupin Acquires Three TrademarksGlobal pharma major Lupin Limited announced on Friday the acquisition of anti-diabetes trademarks GIBTULIO, GIBTULIO MET and AJADUO from Boehringer Ingelheim International GmbH (Boehringer Ingelheim), to strengthen its diabetes portfolio in India.As per the terms of the agreement, the trademark rights for these brands will be transferred to Lupin by March next year. Lupin has been marketing GIBTULIO and GIBTULIO MET since 2016, and AJADUO since 2018 in the Indian market through existing co-marketing agreements with Boehringer Ingelheim India.Empagliflozin is also indicated to reduce the risk of cardiovascular death in adults with type 2 diabetes, and the risk of cardiovascular death and hospitalization for heart failure in adults with chronic kidney disease.
RITES Bags New ContractState-run engineering firm RITES Ltd on Friday (December 13) said it has been awarded a contract worth Rs 2.9 bn by the Ministry of External Affairs (MEA), Government of India. The project involves providing Project Implementation Services for the construction of an Integrated Check Post (ICP).The project is slated for completion within 59 months, including the defect liability period. The contract value includes construction costs along with Project Management Consultancy (PMC) fees but excludes GST.RITES net profit for the quarter fell by 25% to Rs 825 m. RITES had reported a net profit of Rs 1.1 bn during the same period last year. Revenue for the quarter declined to Rs 5.4 bn, compared to Rs 5.8 bn during the same period last year, a drop of 7.1%.
Dixon Technologies & Vivo Forms JVDixon Technologies and Vivo India announced on 15 December, the execution of a binding term sheet for a proposed joint venture. Dixon, a leader in electronics manufacturing in India, will hold a majority 51% stake in the joint venture.In contrast, Vivo India, a subsidiary of global smartphone giant Vivo, will hold the remaining 49%.Despite their collaboration, neither Dixon nor Vivo India will hold stakes in each other, maintaining their independence outside the joint venture.This ensures a clear focus on the objectives of the new entity while preserving the strategic interests of both parties.The transaction will be subject to execution of such definitive agreements, completion of customary conditions precedent and receipt of applicable regulatory approvals including as required under the foreign exchange control laws of India.The Vivo partnership will help Dixon in strengthening its strong foothold in the Android smartphone ecosystem in India.
Afcons Infra’s Shares in Focus
Shares of Afcons Infrastructure, a subsidiary of the Shapoorji Pallonji Group, are in focus after the company received a Letter of Acceptance (LOA) from Madhya Pradesh Metro Rail Corporation for the Bhopal Metro Phase 1 project worth Rs 10.1 bn.The project involves the design and construction of an elevated viaduct, thirteen elevated metro stations, which will connect Bhadbhada Chauraha to Ratnagiri Tiraha for the Bhopal Metro Rail Project.
Premier Explosives Signs MoUPremier Explosives Ltd on Friday (13 December) said it has entered into a Memorandum of Understanding (MoU) with Global Munition Ltd, a subsidiary of NIBE Ordnance and Maritime Ltd, to establish a joint venture focused on manufacturing Defence and Aerospace products.The joint venture will be structured with a 51:49 equity split, with Global Munition holding the majority share.Premier Explosives Ltd manufactures explosives and & accessories. These include Emulsion and Slurry explosives, LD cartridge explosives, Bulk Explosives, Small-dia non-permitted explosives, Permitted explosives, Cast Boosters, and pillow packs for secondary blasting.The company is India’s first private-sector explosives manufacturer and supplies solid propellants for India’s prestigious missile programs like Akash, Astra, and LRSAM.More By This Author:Sensex Today Rallies 843 Points; Nifty Above 24,750Sensex Today Trades Lower; Nifty Below 24,500; SAIL & NMDC Down 3%Sensex Today Ends 236 Points Lower; Nifty Below 24,550
