The Hang Seng is trading lower by 1.3%.
In US stock markets, Wall Street indices ended higher on Tuesday after a choppy session as a key meeting of the Federal Reserve got under way.
Both, the Dow Jones and the Nasdaq gained 0.2%.
Back home, Indian share markets are trading on a flat note.
Market participants are tracking shares of Adani Green, Kotak Mahindra Bank, Adani Total Gas, Havells India, and Tata Consumer as these companies will announce their March quarter results today.
Meanwhile, the initial public offering (IPO) of Life Insurance Corporation of India (LIC) opened for subscription today.
The company is selling its shares in the range of ₹902-949 apiece.
The BSE Sensex is trading down by 59 points. Meanwhile, the NSE Nifty is trading lower by 22 points.
Power Grid and NTPC are among the top gainers today. Dr Reddy’s Lab, on the other hand, is among the top losers today.
The BSE Mid Cap index is up 0.1%. The BSE Small Cap index is trading higher by 0.4%.
Sectoral indices are trading mixed with stocks in the realty sector and energy sector witnessing buying interest.
Pharma stocks and consumer durable stocks, on the other hand, are trading in red.
Shares of Swan Energy and NLC India hit their 52-week highs today.
Gold prices are trading down by 0.4% at ₹50,620 per 10 grams.
Meanwhile, silver prices are trading at ₹62,482 per kg.
Crude oil prices gained after industry data showed drawdowns in US crude and fuel stockpiles, raising supply concerns.
In news from the steel sector, Tata Steel is among the top buzzing stocks today.
Steel major Tata Steel yesterday posted a 37% jump in its consolidated net profit at ₹98.4 bn for the quarter ended March 2022. This was mainly on account of higher income.
The company had reported a net profit of ₹71.6 bn in the year-ago quarter.
Tata Steel’s total income during the quarter under review jumped to ₹696.2 bn from ₹503 bn in the year ago period.
In Indian operations, the company achieved its highest-ever annual crude steel production of 19.06 m tons, registering a growth of 13%. The company topped deliveries of 18.2 m tons during the fiscal year.
Revenue from the European operations increased 54%.
The company board recommended a dividend of ₹51 per share. It also announced a proportionate dividend of ₹12.75 per equity share or 510% for the partly paid-up ordinary shares of the company.
Apart from this, the Tata group company’s board approved sub-division of equity shares having face value of ₹10 each into 10 equity shares of Re 1 each.
For the entire financial year ended March 2022, Tata Steel reported a 436% rise in the net profit to 401.5 bn as against a net profit of ₹74.9 bn in the previous fiscal year.
Commenting on the performance, TV Narendran, CEO and MD said,
Tata Steel has again demonstrated its ability to deliver stellar results despite heightened complexity in the face of Covid-19 as well as geopolitical tensions.
Our Indian business showed broad-based growth across our chosen segments due to our sustained focus on customer relationships, our distribution network and our portfolio of brands supported by our agile business model.
Tata Steel share price is currently trading up by 0.3%.
Moving on to news from the mining space, Coal India’s coal production surged to a record high of 534.7 lakh tonnes in April 2022, registering a year-on-year (YoY) growth of 6.02%, the government data showed on Tuesday.
The previous highest ever monthly production by Coal India was recorded in April 2019 having attained a production of 450.29 lakh tonnes.
During the month of April 2022, India’s total coal production stood at 661.54 lakh tonnes. While Coal India and its subsidiaries produced 534.7 lakh tonnes of coal, production by Singareni Colleries Company Ltd (SCCL) stood at 53.23 lakh tonnes and production from captive mines touched 73.61 lakh tonnes during the month.
The total coal production during the financial year 2021-22 stood at 7,770.23 lakh tonnes (provisional) compared to 7,160 lakh tonnes during 2020-21, recording a growth of 8.55%.
Coal India share price is currently trading 1% higher.
Speaking of Coal India, have a look at the chart below which shows the company’s performance over the past decade.
Despite having a monopoly, shares of Coal India that once traded at ₹350 (in 2010), now trade at ₹188.
This article is syndicated from Equitymaster.com