Sensex Today Trades Higher | Nifty Above 22,900 Level | Timken Jumps 6%

Tue, 28 May 10:30 am

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Asian stocks traded in a narrow range on Tuesday ahead of a swath of global inflation prints that's expected to influence monetary policy.Equities in Japan, Australia and South Korea traded mixed.

Wall Street was closed on Monday for Memorial Day holiday. Here's a table showing how US stocks performed on Friday:

Stock/Index	LTP	Change ($)	Change (%)	Day High	Day Low	52-Week High	52-Week Low
Alphabet	176.33	1.27	0.73%	177.3	175.2	179.95	115.83
Apple	189.98	3.1	1.66%	190.58	188.04	199.62	164.08
Meta	478.22	12.44	2.67%	479.85	466.3	531.49	249.17
Tesla	179.24	5.5	3.17%	180.08	173.73	299.29	138.8
Netflix	646.75	11.08	1.74%	652	637.6	652	344.73
Amazon	180.75	-0.3	-0.17%	182.44	180.3	191.7	114.31
Microsoft	430.16	3.16	0.74%	431.06	424.41	433.6	309.45
Dow Jones	39069.59	4.33	0.01%	39220.31	39020.29	40077.4	32327.2
Nasdaq	18808.35	184.96	0.99%	18851.99	18664.79	18907.54	13812.19

Source: Equitymaster

At present, the BSE Sensex is trading 44 points higher and NSE Nifty is trading 22 points higher.

Tata Steel, Hindalco, and Shriram Finance are among the top gainers today.

Adani Ports, Tech Mahindra and Coal India the other hand are among the top losers today.

For a comprehensive overview of key players in the financial sector, check out list of Fin Nifty Companies.

For impact of the Bank Nifty companies and comprehensive overview of the index, check out Equitymaster's Bank Nifty Companies list.

Broader markets are trading on negative note. The BSE Midcap index ended 0.6% higher and the BSE Smallcap index is trading 0.4% lower.

Sectoral indices are trading mixed, with socks in metal sector and healthcare sector witnessed buying. Meanwhile the stocks in realty sector, telecom sector and power sector witnessed selling pressure.

The rupee is trading at Rs 83.13 against the US dollar.

In commodity markets, gold prices are trading 0.1% lower at Rs 71,930 per 10 grams today.

Now track the biggest movers of the stock market using stocks to watch today section. This should help you keep updated with the latest developments...

Speaking of stock market, Research Analyst, Richa Agarwal, in her latest video talks that While data is the new gold, the data center ecosystem could be the goldmine to strike it rich.

Tune in for list of stocks to ride this opportunity.

Tata Motor's Strong Growth Ambition

Tata Motors-owned Jaguar Land Rover (JLR) expects to grow faster than the luxury car segment this fiscal, as it bolsters localisation and expands its product range.

The company, which is set to commence local assembly of Range Rover and Range Rover Sport in India, witnessed a sales growth of 81% in the 2023-24 fiscal year at 4,436 units, as compared to FY23.

The automaker aims to double its business in India over the next three years.

Initiatives like enhanced localisation of products, which would lead to a reduction in prices and expansion of the sales network in the country would help the company grow faster than the industry.

He noted that in five years, the domestic luxury car segment should double from the current size of 48,000 units per annum.

It is a sequential process as the automaker continues to create various experiences like the Range Rover House and expands its sales network.

To decode the era of Tata Motors, check out Is Tata Motors Still a One-Trick Pony?

Cochin Shipyard Bags International Order

Cochin Shipyard Limited (CSL), a state-owned company, announced on Monday that it has secured an international order from North Star Shipping, a leading UK-based offshore renewable operator.

The order is for the construction of hybrid Service Operation Vessels (SOVs) to be deployed under contract with Siemens Gamesa at the Scottish Power Renewables East Anglia THREE offshore wind farm, situated off the Suffolk coast.

The shipbuilding contract also has the option to contract two more such vessels. North Star earlier in the year contracted another hybrid SOV with Cochin Shipyard.

The 85m Hybrid SOVs are designed by VARD AS, Norway based on the proven 4 19 design and built for the service, maintenance, and operational needs of the offshore wind industry. The vessels are equipped with a fully electric azimuth propulsion system and a 3D motion-compensated gangway system (walk2work) which forms the mission equipment. The vessels are to be classed with DNV Norway.

The hybrid electric propulsion system is powered by 4 Nos. diesel generator sets along with a large Lithium battery pack, to achieve emission reduction to a large extent. The vessels shall have high-standard interiors to accommodate 80 technicians and crew with DNV comfort ratings and a Dynamic Positioning System.

Earlier, CSL won another contract to construct hybrid Service Operation Vessels ('SOVs') for the offshore wind renewables market, with an option for one more.

SpiceJet Withdraws Appeal

A two-judge bench of the Delhi High Court on 27 May refused to stay an order of a single judge of the court asking low-cost airline SpiceJet to return two aircraft and three engines to its lessor TWC aviation.

SpiceJet chose to withdraw the appeal and pursue the case before a single judge. However, the court granted the airline till 17 June to return the aircraft and engines, instead of 28 May which was planned earlier.

A bench led by Justice Rajiv Shakder noted that it would be unfair to grant any order of this sort when the airline owes the lessor over Rs 1.2 bn. According to the court, SpiceJet does not have the right to use the aircraft and engine without paying the requisite lease amount.

When SpiceJet asked for a week's extension to return the aircraft and engine, the court asked it to withdraw the appeal if it wished for this order, thus the airline chose to withdraw it.

During the hearing, senior advocate Amit Sibal argued that SpiceJet was ready to pay US$ 500,000 every week for the next five weeks. He contended that returning the aircraft and the engines would cause losses to the airline as it amounts to nearly 10% of its fleet.

Sibal further argued that SpiceJet has thus far settled its dispute with 15 lessors/stakeholders so far, and they will settle it with TWC as well.

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

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