Asian shares were hammered on Thursday as a slump in global tech stocks sent investors fleeing into less risky assets, including short-dated bonds, the yen, and the Swiss franc.MSCI’s broadest index of Asia-Pacific shares outside Japan lost 0.7%.The US stock market ended sharply lower on Wednesday, with the S&P 500 and Nasdaq closing at multi-week lows. The Nasdaq Composite also posted its largest single-day percentage decline since October 2022 to finish at its lowest point since June 10.Here’s a table showing how US stocks performed on Wednesday:

Source: EquitymasterAt present, the BSE Sensex is trading 515 points lower and NSE Nifty is trading 154 points lower.Tata Motors, L&T, and ONGC are among the top gainers today.Axis Bank, Hindalco, and Tata Steel the other hand are among the top losers today.Broader markets are trading on a positive note. The BSE Midcap index is trading 0.6% lower and the BSE Smallcap index is trading flat.Barring FMCG sector and capital goods sector all other Sectoral indices are trading negative today, with stocks in the metal sector and banking sector witnessing selling pressure.The rupee is trading at Rs 83.71 against the US dollar.In commodity markets, gold prices are trading 1.6% lower at Rs 67,855 per 10 grams today.
 L&T Q1 ResultsEngineering and construction major Larsen and Toubro (L&T) on Wednesday reported 12% year-on-year growth in its consolidated net profit to Rs 27.9 bn for the quarter ended 30 June 2024Revenue from operations increased 15% year-on-year to Rs 551.2 bn, led by robust execution witnessed in the projects and manufacturing (P&M) portfolio on the back of a large order book.The company received orders worth Rs 709.4 bn at the group level in the first quarter, registering year-on-year growth of 8%, aided by the strong ordering momentum in the Middle East.During the quarter, orders were received across multiple segments like offshore vertical of hydrocarbon business, renewables, transmission and distribution, roads, nuclear power, hydel and tunnel, ferrous metals, health, and the precision engineering sectors.International orders stood at Rs 325.9 bn during the quarter, which comprised 46% of the total order inflow.The consolidated order book of the company stood at Rs 4.9 trillion (tn) at the end of June quarter with the share of international orders at 38%.The company has clocked an EBITDA of Rs 56.2 bn, which is an increase of 15% year-on-year. Margins for the same period were at Rs 10.2%.

Nestle India partners Dr Reddy’s Lab
Nestle India Ltd. and Dr Reddy’s Laboratories Ltd. have announced the formation of a joint venture, which will be called Dr Reddy’s and Nestle Health Science Ltd. Nestle will hold 49% equity in Dr Reddy’s Nutraceuticals Ltd., an erstwhile subsidiary of Dr Reddy’s Laboratories, with the rest owned by the latter, it said in an exchange filing.The newly formed company will comprise 1,00,000 shares with a face value of Rs 10.The company was incorporated on March 13 with a paid-up share capital of Rs 10,00,000.The partnership was reportedly made to combine the established reputed range of nutritional products (including vitamins, minerals and health supplements) of Nestle Health Science with the nutraceuticals portfolios and established market share of Dr Reddy’s Laboratories in India.
 RBL Block DealEQT AB is likely to sell its entire 7.9% stake in RBL Bank on Thursday through an open market transaction. The deal is estimated at around Rs 10.8 bn (US$ 129 million) at the floor price.IIFL Securities is the sole book runner for the deal. According to the term sheet issued by IIFL, Maple II BV, an entity of EQT AB, is offering to sell 47.8 m shares of the bank at a floor price of Rs 226 per share, a 5% discount to Wednesday’s closing price of Rs 237.9.As of 30 June 2024, EQT held a 7.9% stake in the bank. In November 2020, RBL Bank raised Rs 9.9 bn from Baring Private Equity Asia in fresh capital through a preferential allotment of shares.In 2022, EQT AB acquired Hong Kong-based Baring Private Equity Asia.Incorporated in 1943, RBL Bank a private sector bank in India with an expanding presence across the country.The bank offers services under five business verticals namely: corporate & institutional banking, commercial banking, branch & business banking, retail assets, and treasury and financial markets operations.More By This Author:Sensex Today Ends 280 Points Lower; Nifty Below 24,450
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