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PRE-MARKET REPORT
The domestic equity benchmark indices, Sensex and Nifty 50, are expected to open higher on Monday led by upbeat sentiment in the global markets on hopes of interest rate cuts.
Gift Nifty was trading around 24,916 level, a premium of nearly 60 points from the Nifty futures’ previous close, indicating a positive start for the Indian stock market indices.
The US stock market ended higher on Friday after dovish remarks from the US Fed Chair Jerome Powell cemented expectations of interest rate cuts by the central bank in September.
The Dow Jones Industrial Average jumped 462.3 points, or 1.14%, to 41,175.08, while the S&P 500 rallied 63.97 points, or 1.15%, to 5,634.61. The Nasdaq Composite ended 258.44 points, or 1.47%, higher at 17,877.79.
Asian markets traded mixed on Monday after dovish comments from US Fed Chair Jerome Powell and escalating tensions in the Middle East.
Japan’s Nikkei 225 fell 1.09%, while the Topix declined 1.02%. South Korea’s Kospi rose 0.22% and the Kosdaq gained 0.19%. Hong Kong Hang Seng index futures indicated a higher opening.
STOCKS TODAY
Oil and Natural Gas Corporation: ONGC has started production from its fifth oil well in the KG-DWN-98/2 Cluster-2 asset. Alongside this, the company has successfully commissioned its gas export line from the offshore site to the onshore terminal. Earlier in January, oil production commenced from the same asset, with 4 out of 13 wells already flowing. Gas production is also progressing, with 3 out of 7 online wells.
Transport Corporation of India: The company has received approval from the Board of Directors for the buyback of up to 13,33,333 equity shares (1.72% of paid-up equity) for a total of Rs 159 crore for Rs 1,200 per share. September 4 has been fixed as the record date for determining the names of equity shareholders eligible for the buyback.
Alembic Pharmaceuticals: The company has received approval from the US Food and Drug Administration (US FDA) for its Abbreviated New Drug Application (ANDA) for Betamethasone Valerate foam, 0.12%. The ANDA is therapeutically equivalent to the reference listed drug product (RLD), Luxiq foam, 0.12%, from Norvium Bioscience, LLC. Betamethasone Valerate foam is used to treat scalp skin conditions.
Ashoka Buildcon: The company has emerged as the lowest bidder for a project worth Rs 478 crore from the Mumbai Metropolitan Region Development Authority (MMRDA). The project involves designing and constructing an elevated road from Kalyan-Murbad Road to Badlapur Road to Pune Link Road, parallel to the Waldhuni River, crossing over the Karjat-Kasara railway line, including a slip road.
Zydus Lifesciences: Zydus’ subsidiary and Perfect Day Inc., a Temasek portfolio company, have signed an agreement where Perfect Day will sell its 50% shareholding in Sterling Biotech. Sterling Biotech will become a 50:50 joint venture with equal board representation following this transaction. The joint venture will establish a manufacturing facility to produce fermented animal-free protein for global markets.
Uno Minda: Tokai Rika Minda India, a joint venture between Tokai Rika Co., Japan, and Uno Minda, has announced the opening of a new manufacturing plant at Neemrana, RIICO Industrial Area, Rajasthan. The plant has an annual production capacity of 3,84,022 units per month and will manufacture smart keys, shift levers (shift by wire), seat belts, and other products.