Stocks in Asia rose, following a big tech-led rally in US benchmarks, as investors look to key inflation data later Wednesday for clues on the Federal Reserve’s next steps.The MSCI Asia Pacific Index – a gauge for benchmarks in the region – inched higher in early trading, extending gains after closing at a two-year high Tuesday.US stocks rose on Tuesday following the release of fresh US economic data, while investors waited for another key inflation report.Here’s a table showing how US stocks performed on Tuesday:

Source: EquitymasterAt present, the BSE Sensex is trading 174 points higher and NSE Nifty is trading 77 points higher.Cipla, Coal India, and NTPC are among the top gainers today.Eicher Motors, Sun Pharma, and HDFC Bank the other hand are among the top losers today.Broader markets are trading on a positive note. The BSE Midcap index is trading 0.9% higher and the BSE Small Cap index is trading 1% higher.Barring the auto sector, all other sectoral indices are trading on a positive note, with stocks in the power sector, realty sector, and metal sector witnessing selling pressure.The rupee is trading at Rs 83.48 against the US dollar.In commodity markets, gold prices are trading 0.2% higher at Rs 72,425 per 10 grams today.
 Cipla’s Promoter to Sell StakePharma major Cipla is likely to see a block deal worth Rs 26.4 bn on Wednesday, 15 May, with the promoter family (includes Shirin Hamied, Samina Hamied, and Rumana Hamied) and Okasa Pharma selling up to a 2.5% stake in the company via a block deal, according to sources.The Cipla block deal may happen at a price between Rs 1,289.5 and Rs 1,357.3 per share, which is a discount of 5% from yesterday’s closing.At the end of March 2024, promoters’ holdings in Cipla were at 33.5%, while mutual funds increased their holdings from 16.7% to 16.8% in the January-March quarter, as per Moneycontrol data. FIIs or FPIs have increased their holdings from 25.7% to 25.8% in the quarter.Cipla’s financial results were in line with his estimates and margin, according to Param Desai.Along with its financial results, the pharmaceutical giant also revealed its strategic intent to venture into the weight loss segment in India, tapping into the growing demand for solutions to combat obesity.While Cipla is working on an obesity drug, the pharma major is also open to marketing US drugmaker Eli Lilly’s weight loss drugs in India. The drugmaker already has an existing partnership with Lilly to sell and promote Eli Lilly’s diabetes drugs in the country.
 Bharti Airtel Q4 ResultsBharti Airtel’s net profit (attributable to owners) for the January-March quarter (Q4) of FY24 declined 31.1% year-on-year (YoY) to Rs 20.7 bn, impacted by the devaluation of African currencies, particularly the Nigerian Naira. Sequentially, the profit fell 15.2% from Rs 24.4 bn.The telecom service provider saw its annual profits fall to Rs 74.6 bn in FY24, down from Rs 83.5 bn in FY23.While strong 4G and 5G customer additions continued, the consolidated revenue from operations came in at Rs 375.9 bn in Q4, a 4.4% YoY jump. Other income in the quarter under review stood at Rs 3.2 bn.The company’s average revenue per user (ARPU), a key performance metric for telecom firms, rose 8.2% YoY to Rs 209, up from Rs 193 in Q4FY23. However, it rose only marginally from Rs 208 in the preceding quarter. Airtel’s ARPU is the highest among the country’s top telecom players, beating Jio’s Rs 181.7 and Vodafone Idea’s Rs 145.The telco’s consolidated earnings before interest, taxes, depreciation, and amortization (EBITDA) during the quarter were Rs 195.9 bn, while the EBITDA margin was 52.1%.The India business posted an EBITDA of Rs 152.9 bn, with a margin of 53.6%.Even at this Arpu, the return on capital employed, however, continues to be low due to the absence of tariff hikes in the industry.Airtel rolled out 10,500 new towers over the quarter to further strengthen network coverage. The company has rolled out 43,102 towers in FY24.Apollo Tyre Q4 ResultsIndia’s Apollo Tyres reported a lower profit for the fourth quarter on Tuesday, hurt by increased tax expenses.Apollo Tyres, which manufactures tyres for Maruti Suzuki, Mahindra and Mahindra and TVS Motor Company Ltd among others, is one of the major players in the sector, which has a turnover of US$11 bn.The Gurgaon, Haryana-based company recorded a deferred tax liability along with its tax expenses for the quarter, following up on a 2023 amendment to income tax laws.Analysts have noted a significant surge in natural rubber prices during the quarter, a crucial raw material for the tyre industry.Tyre major Apollo Tyres Ltd on Tuesday (14 May) reported a 13.7% year-on-year (YoY) decline in net profit at Rs 33.5 bn for the fourth quarter that ended 31 March 2024.In the corresponding quarter, Apollo Tyres posted a net profit of Rs 4.1 bn, the company said in a regulatory filing. The company’s revenue from operations increased 0.2% to ?62.6 bn against Rs 62.5 bn in the corresponding period of the preceding fiscal.More By This Author:Sensex Today Ends 329 Points Higher; Nifty Tops 22,200Sensex Today Trades Marginally Higher; Nifty Above 22,150Sensex Today Ends 112 Points Higher; Pharma Stocks Shine