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PRE-MARKET REPORT
The domestic equity market indices, Sensex and Nifty 50, are expected to open on a flat note Monday following largely mixed cues from global markets.
Gift Nifty was trading around 24,223 level, a premium of nearly 10 points from the Nifty futures’ previous close, indicating a flat-to-positive start for the Indian stock market indices.
Asian markets traded higher with the Japanese markets leading gains as the yen dropped after the country’s election results.
The Nikkei gained 1.79%, while the Topix rose 1.38%. South Korea’s Kospi added 0.51%, while the Kosdaq rallied 0.94%. Hong Kong’s Hang Seng index opened lower.
The US stock market ended mixed on Friday, with gains in mega-cap stocks supporting the Nasdaq index. The Dow Jones Industrial Average fell 259.96 points, or 0.61%, to 42,114.40, while the S&P 500 eased 1.74 points, or 0.03%, to 5,808.12. The Nasdaq Composite closed 103.12 points, or 0.56%, higher at 18,518.61.
STOCKS TODAY
ITD Cementation: The promoter, Italian-Thai Development Public Company, has entered into a Share Purchase Agreement with Renew Exim DMCC, part of the Adani Group, for selling a 46.64% stake at a price of Rs 400 per share. Renew Exim DMCC has also announced an open offer to acquire an additional 26% stake in ITD at Rs 571.68 per share. As of October 25, ITD’s stock price was Rs 534.
Avenue Supermarts: The DMart operator has completed the acquisition of a 26% shareholding in FP Ampere Energy (a wholly owned subsidiary of Fourth Partner Energy) for Rs 2 crore. Following this acquisition, FP Ampere became an associate company with Avenue Supermarts.
Bharat Petroleum Corporation: The Board has approved the company’s entry into a joint venture agreement with Oil India to develop a city gas distribution (CGD) project in Arunachal Pradesh. BPCL and Oil India will hold a 50:50 shareholding in the joint venture.
Suven Pharmaceuticals: The pharma company has received approval from the National Company Law Tribunal (NCLT) for the merger of Casper Pharma with itself. Casper Pharma is a wholly owned subsidiary of Suven.
Axis Bank: SEBI has issued a show cause notice to Axis Bank and its subsidiaries, Axis Securities and Axis Capital. Axis Bank and its subsidiaries are reviewing the contents of the show cause notice and will be filing responses with SEBI, as the transactions (purchase of shares of Max Life Insurance Company) were undertaken with the requisite regulatory approvals.