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PRE-MARKET REPORT
The domestic equity benchmark indices, Sensex and Nifty 50, are expected to open on a cautious note on Thursday following weakness in global markets.
Gift Nifty was trading around 24,520 level, a premium of nearly 40 points from the Nifty futures’ previous close, indicating a positive start for the Indian stock market indices.
The US stock market ended lower on Wednesday amid rising Treasury yields and selling in mega-cap stocks. The Dow Jones Industrial Average declined 409.94 points, or 0.96%, to 42,514.95, while the S&P 500 fell 53.78 points, or 0.92%, to 5,797.42. The Nasdaq Composite ended 296.47 points, or 1.60%, lower at 18,276.65.
Asian markets traded lower tracking overnight losses on Wall Street and economic data in the region. Japan’s Nikkei 225 declined 0.68%, while the Topix fell 0.82%. South Korea’s benchmark Kospi lost 0.32%, while the Kosdaq dropped 0.91%. Hong Kong’s Hang Seng index futures indicated a weaker open.
STOCKS TODAY
Escorts Kubota: The company has entered into a Business Transfer Agreement with Sona BLW Precision Forgings (Sona Comstar) for transferring the existing railway equipment business division (RED) as a going concern, on a slump sale basis, for Rs 1,600 crore. This aligns with the company’s strategic focus on the agri and construction equipment sectors.
Infosys: The digital services and consulting company unveiled its new and expanded Living Labs to help clients accelerate innovation and leverage emerging technologies for future-proofing their businesses. It also announced a collaboration with the University of Cambridge to establish a new AI Lab in London. Additionally, the company strengthened its collaboration with Meta to drive innovation in generative AI through open-source initiatives.
NLC India: The company has signed a Joint Venture Agreement with Rajasthan Rajya Vidyut Utpadan Nigam to set up a 3×125 MW lignite-based thermal power station in Rajasthan. It will also develop the mines to meet the fuel requirements of the thermal power station. Additionally, its subsidiary, NLC India Renewables, has signed a Joint Venture Agreement with Rajasthan Rajya Vidyut Utpadan Nigam to develop 2,000 MW of renewable power projects in Rajasthan.
Kalpataru Projects International: The Board will meet on October 28 to consider the company’s unaudited standalone and consolidated financial results for the quarter and half-year ended September 2024, as well as a proposal for raising funds via Qualified Institutions Placement (QIP).
Mankind Pharma: The company and its subsidiary, Appian Properties, have completed the acquisition of a 100% stake in Bharat Serums and Vaccines for Rs 13,768 crore. Post-acquisition, Bharat Serums, and Vaccines has become a wholly owned subsidiary of the company.
Adani Power: The Board will meet on October 28 to consider raising funds of up to Rs 5,000 crore via public issue and/or private placement of non-convertible debentures (NCDs) in one or more tranches.