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PRE-MARKET REPORT
The domestic equity benchmark indices, Sensex and Nifty 50, are expected to open on a tepid note Monday following cautiousness in global markets.
Gift Nifty was trading at around 24,313 levels, a discount of nearly 70 points from the Nifty futures’ previous close, indicating a negative start for the Indian stock market indices.
The US stock market ended higher on Friday as Amazon’s strong earnings countered a significant drop in US job growth in October.
The Dow Jones Industrial Average gained 288.73 points, or 0.69%, to 42,052.19, while the S&P 500 rose 23.35 points, or 0.41%, to 5,728.80. The Nasdaq Composite ended 144.77 points, or 0.80%, higher at 18,239.92.
Asian markets traded higher following gains on Wall Street last week ahead of the US Presidential Elections and US Fed rate decision. Japan’s markets were closed for a holiday. South Korea’s Kospi gained 0.96%, while the Kosdaq rallied 2.24%. Hong Kong’s Hang Seng index futures indicated a lower opening. The Taiwan Weighted Index rose 0.27%
STOCKS TODAY
Premier Energies: The company’s subsidiaries, Premier Energies International and Premier Energies Photovoltaic, have received multiple orders totaling Rs 560 crore from two large independent power producers (IPPs) and others. These orders include Rs 513 crore for solar modules and Rs 47 crore for solar cells.
Zomato: On September 25, Adonmo raised additional capital from select new investors, and Zomato did not participate in this fundraising. As a result of the fundraiser, Zomato’s shareholding in Adonmo has decreased to 17%, down from 19% at the time of its investment in January 2022.
Rushil Decor: The company will carry out a planned shutdown of its Chikmagalur MDF manufacturing unit, tentatively scheduled from November 5 for 16 days for maintenance work. This is a planned shutdown, and there may not be any revenue loss, as the company has maintained proper inventory to manage it.
Sun Pharmaceutical Industries: The US District Court of New Jersey has granted a preliminary injunction delaying the launch of Leqselvi by Sun Pharma. As a result of this court decision, the company is prohibited from launching Leqselvi until a subsequent favourable court ruling or until the expiration of the patent in the lawsuit, whichever occurs first. The company disagrees with the court’s decision and intends to appeal immediately. Leqselvi (deuruxolitinib) is commonly used to treat severe alopecia areata.
Lokesh Machines: The company has clarified media reports indicating its name appears on the sanctions list of the United States Department of Treasury, stating that it has neither been contacted nor informed by the Department of Treasury about any such sanctions. However, it is in the process of reaching out to the Department of Treasury to gather more information.