Asian stocks rose on Wednesday, while the dollar was steady as a softening US labor market firmed up bets of an interest rate cut in September from the Federal Reserve ahead of a crucial payrolls report this week.MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.24 percent, while the Nikkei fell 1 percent as the Japanese yen flirted with two-week highs.US stocks flipped between negative and positive territory on Tuesday, finishing narrowly in the green as investors shifted their rate-cut expectations after weaker-than-expected economic data.Here’s a table showing how US stocks performed on Tuesday:

Source: EquitymasterAt present, the BSE Sensex is trading 237 points higher and NSE Nifty is trading 78 points higher.HUL, Britannia, and Nestle are among the top gainers today.L&T, Hindalco, and NTPC the other hand are among the top losers today.Broader markets are trading on a negative note. The BSE Midcap index is trading flat and the BSE Smallcap index is trading 0.6% lower.Sectoral indices are trading mixed, with stocks in the FMCG sector and telecom witnessing buying. Meanwhile, stocks in the energy sector, realty sector, and power sector witnessing the most selling pressure.The rupee is trading at Rs 83.4 against the US dollar.In commodity markets, gold prices are trading marginally higher at Rs 72,112 per 10 grams today.
 Tata Motors to set up a New Commercial Vehicle SubsidiaryTata Motors on Tuesday said its board has approved to set up a wholly-owned subsidiary to house the commercial vehicles business.The company has proposed the name of the new unit as TML Commercial Vehicles.The entity is proposed to be a wholly-owned subsidiary of the company, Tata Motors said in a regulatory filing.In March this year, Tata Motors announced the demerger of its commercial and passenger vehicle segments into two separate listed entities to better capitalize on growth opportunities.As part of the initiative, the CV business and its related investments would be housed in one entity, while the passenger vehicle business, including electric vehicles, Jaguar Land Rover, and its related investments, will come under a separate listed entity.Tata Motors Limited is a leading global automobile manufacturer with a portfolio that covers a wide range of cars, SUVs, buses, trucks, pickups, and defense vehicles.It’s a US$ 34 bn organization and a leading global automobile manufacturing company.

Hindalco Postpones IPO
Novelis Inc., the US subsidiary of Hindalco Industries, has decided to postpone its initial public offering (IPO) for now.Hindalco said Novelis will continue to evaluate the timing for the public offer in the future.The company had planned to raise between US$ 810 m and US$ 945 m by offering shares priced between US$ 18 and US$ 21. With an additional greenshoe option, the total proceeds were expected to range from $931.5 million to US$ 1.1 billion.This IPO was anticipated to be the largest ever by an Indian company in the US.The shares to be sold in the IPO were to come from AV Minerals (Netherlands) NV, another subsidiary of Hindalco Industries. AV Minerals planned to offload around 45 m shares. After the IPO, Hindalco would have retained 92.5% ownership of Novelis, holding 555 m common shares.Novelis is the world’s largest recycler of aluminium, with customers that include Coca-Cola, Ford and Jaguar LandRover. The company had clocked strong EBITDA/tonne of $540 in Q4FY24, supporting Hindalco’s operating performance.
 Wipro Partner’s ZscalerWipro said that it has partnered with Zscaler to introduce Wipro Cyber X-Ray, an AI-assisted decision support platform.Wipro Cyber X-Ray empowers enterprise CXOs to make optimized security investment decisions and communicate cyber values to senior leadership and the board.Wipro Cyber X-Ray offers an easy-to-navigate executive dashboard to visualize cyber risk posture, activate cyber initiatives, and deliver value to the organization by helping to understand over- or underinvestment in security programs.Wipro Cyber X-Ray helps top management executives make more informed decisions based on the intelligence provided and validates if the cyber investment is helping them achieve the desired maturity. The platform also provides security processes, strategy, and performance benchmarking to help enhance organizations’ cybersecurity posture.Wipro is a leading technology services and consulting company focused on building innovative solutions that address clients’ most complex digital transformation needs.India’s third-largest IT company is having a rough time lately. More By This Author:Sensex Today Tanks 4,390 Points | Nifty Ends Below 22,200, Down 5%
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