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PRE-MARKET REPORT
The domestic equity market indices, Sensex and Nifty 50, are expected to open higher on Monday following gains in global markets.
Gift Nifty was trading around 25,432 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 on hopes of a bigger interest rate cut by the Federal Reserve this week. The Dow Jones Industrial Average gained 297.01 points, or 0.72%, to 41,393.78, while the S&P 500 rose 30.26 points, or 0.54%, to 5,626.02. The Nasdaq Composite closed 114.30 points, or 0.65%, higher at 17,683.98.
Asian markets opened mixed on Monday after the downbeat China’s economic data. Markets in Japan, China, South Korea, and Indonesia are closed for holidays. Japan’s Nikkei futures traded lower. MSCI’s broadest index of Asia-Pacific shares outside Japan was almost flat, after bouncing 0.8% last week. Hong Kong’s Hang Seng index futures were lower.
STOCKS TODAY
Oil India: State-run Oil India Ltd is looking to boost its refinery capacity in Assam to 180,000 barrels per day (bpd) by the fiscal year ending March 2027, as announced by Chairman Ranjit Rath. The company’s subsidiary, Numaligarh Refinery Ltd (NRL), is expanding its capacity from 60,000 bpd and building a crude oil pipeline connecting the refinery to Paradip Port in Odisha.
Adani Green Energy & Adani Power: Maharashtra State Electricity Distribution Company (MSEDCL) has issued a Letter of Intent for a 6,600 MW hybrid solar and thermal power supply. Adani Green Energy will provide 5,000 MW from its Khavda solar project, while Adani Power will supply 1,496 MW from its ultra-supercritical thermal plant.
Thermax: Thermax Ltd, an Indian clean air and energy solutions company, announced that its subsidiary, Thermax Babcock & Wilcox Energy Solutions, secured a repeat order for a 600 MW greenfield energy plant in Botswana. The order is valued at ₹516 crore.
Mazagon Dock: Mazagon Dock Shipbuilders declared a final dividend of ₹12.11 per share for FY 2024, setting September 19, 2024, as the record date for its AGM. This announcement has garnered attention from shareholders and market analysts.
Phoenix Mills: Phoenix Mills has set September 21, 2024, as the record date for its bonus share issue, offering one bonus share for every existing share, subject to approval at its AGM on September 13, 2024.
Sugar Stocks: The government has approved sugar mills and distilleries to produce rectified spirits and extra-neutral alcohol from sugarcane juice and B-heavy molasses. This move aims to increase production flexibility in ethanol and alcohol-based products, supporting diversification efforts within the sugar industry.