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Sensex Up 400 Points, Nifty Above 18,250; Tech Mahindra & Tata Motors Surge 5%
Tue, 26 Oct 10:30 am

Sensex Up 400 Points, Nifty Above 18,250; Tech Mahindra & Tata Motors Surge 5%

Asian share markets are trading higher today, boosted by gains in US shares that hit record highs as Tesla topped US$1 tn in value.

The Nikkei soared 1.9% while the Shanghai Composite advanced 0.2%. The Hang Seng is trading lower by 0.4%.

In US stock markets, Wall Street indices hit fresh records on Monday as investors awaited earnings from tech firms and cheered the latest Tesla surge.

The Dow Jones and S&P 500 closed at record highs as earnings season kicked in to high gear in one of the heaviest reporting weeks of the quarter with bellwethers in multiple sectors poised to announce results.

The Dow gained 0.2% while the Nasdaq rallied 0.9%.

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

Market participants are closely watching shares of Bajaj Finance, Kotak Mahindra Bank, Axis Bank, Ambuja Cements, and Cipla as these companies will announce their September quarter results today.

The BSE Sensex is trading up by 383 points. Meanwhile, the NSE Nifty is trading higher by 128 points.

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Tech Mahindra and Bajaj Finance are among the top gainers today. ICICI Bank, on the other hand, is among the top losers today.

Broader markets rose sharply today after witnessing selloff in the past few sessions.

The BSE Mid Cap index and the BSE Small Cap index are trading higher by 1.5% and 1.9%, respectively.

All sectoral indices are trading in green with stocks in the realty sector and consumer durables sector witnessing most of the buying.

Shares of TCI Express and Canara Bank hit their 52-week highs today.

The rupee is trading at 75.02 against the US$.

Gold prices are trading down by 0.2% at Rs 48,106 per 10 grams.

Meanwhile, silver prices are trading down by 0.3% at Rs 65,918 per kg.

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In news from the energy sector, BPCL is among the top buzzing stocks today.

India's plan to privatise Bharat Petroleum Corp (BPCL) has hit a roadblock, with bidders struggling to find partners and spread their financial risks.

The three suitors - Vedanta group, Apollo Global Management and I Squared Capital are talking to global energy giants and sovereign and pension funds, but haven't been able to finalize partners.

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Reportedly, some bidders are finding it difficult to invest due to sustainability rules that make it tougher for them to buy a stake in an oil refiner.

This fresh hurdle to sell government's entire stake could temper some of the euphoria generated by the recent sale of Air India to the Tata group and slow down the nation's biggest privatisation drive.

The sale BPCL would have fetched about US$13 bn for the exchequer and other shareholders.

A global push toward green energy and pressure from investors to slash emissions is holding back companies from making large investments in fossil fuels.

For BPCL, the bidders have been slow in conducting due diligence as they wait for new partners to join. That will likely upend the federal government's aim to complete selling its entire 53% holding in BPCL by the end of this financial year in March.

The government had planned to seek financial bids for this sale next month.

BPCL shares fell over 3.5% yesterday following this news. Today, they opened lower by 2%.

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Moving on to news from the automobile sector, shareholders of Eicher Motors on Monday gave consent to the reappointment of Siddhartha Lal as managing director of the company.

Lal was approved as MD, two months after a similar proposal had been defeated due to concerns over his remuneration.

Two ordinary resolutions - one approving Lal's reappointment for five years effective from 1 May and the second fixing his annual compensation at a maximum of 1.5% of the company's profits - were passed with 93.75% and 98.56% votes in their favour.

This comes after a special resolution to reappoint Lal as the MD and to approve his annual remuneration with a cap at 3% of profits failed to pass muster at the company's annual general meeting (AGM) on 17 August.

Special resolutions need 75% of shareholder votes to be approved.

More than 72% of the institutional shareholder votes cast at the AGM were against the resolution after proxy advisory firms raised red flags citing high remuneration for Lal despite a decline in the company's profit.

Most proxy advisory firms had given their thumbs up to these resolutions.

What proxy advisory firms do is give recommendations to institutional shareholders on how to vote on resolutions proposed by the companies they have invested in.

Institutional shareholders like mutual funds, foreign portfolio investors and insurance companies hold about 38.4% stake in Eicher Motors.

Eicher Motors share price is presently trading up by 1.3%.

To know more, check out Eicher Motors' 2020-21 annual report analysis.

Speaking of Eicher Motors, note that Siddhartha Lal is credited with turning around Eicher Motors' fortunes through his razor-sharp focus on building the Royal Enfield brand and striking a joint venture deal with Swedish truck and bus maker Volvo.

When Siddhartha Lal entered the family business in the year 2000, Eicher's management was examining a sale or shutdown of the Royal Enfield business.

This was because at that time, Royal Enfield's motorcycle sales totaled 2,000 units per month.

From 2,000 units in the year 2000, Royal Enfield sells 70,000 units a month on an average at present.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

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