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PRE-MARKET REPORT
The domestic market benchmark indices are anticipated to have a positive opening on Wednesday’s trade
The domestic market benchmark indices are expected to open positively on Wednesday, with the GIFT Nifty rising more than 185.5 points from Tuesday’s close on Nifty Futures, amid mixed signals from global markets.
US stocks reached record highs on Tuesday, despite Donald Trump’s recent comments about tariffs causing only minor reactions on Wall Street. Even though these tariffs could potentially disrupt the global economy if implemented, the market remained largely unaffected.
The S&P 500 rose by 0.6%, surpassing the all-time high it reached a couple of weeks ago. The Dow Jones Industrial Average increased by 123 points, or 0.3%, setting a new record just a day after its previous high. Meanwhile, the Nasdaq composite gained 0.6%, with Microsoft and other major tech companies driving the increase.
Asian equities are struggling, according to Rajeev De Mello, a global macro portfolio manager at Gama Asset Management, as reported by Bloomberg. Investors believe that the swift announcement of tariffs on China, primarily related to the export of fentanyl to the US, maybe just the first step towards implementing higher tariffs for other reasons. This ongoing uncertainty is likely to exert continued pressure on Asian markets.
STOCKS TODAY
Vedanta: Vedanta is set to invest $2 billion in Saudi Arabia to establish copper-processing facilities, aligning with the kingdom’s goal to become a global mining and metals hub. The investment will fund a smelter and refinery with an annual capacity of 400,000 metric tonnes. Additionally, the company plans to build a facility to produce up to 300,000 tonnes of copper rods annually, a key component for electric cables.
NTPC: NTPC Green Energy, under the Ministry of Power, has partnered with Maharashtra State Power Generation Company (MAHAGENCO) to form a 50:50 joint venture named MAHAGENCO NTPC Green Energy Private Ltd (MNGEPL). This collaboration aims to develop and operate renewable energy parks in Maharashtra under the Ultra Mega Renewable Energy Power Parks (UMREPP) program.
UltraTech Cement: India’s largest cement manufacturer, UltraTech Cement, has approved the allotment of unsecured redeemable non-convertible debentures (NCDs) worth ₹1,000 crore via a private placement. The NCDs, carrying an interest rate of 7.22 percent, will mature on November 24, 2034, and will be listed on the National Stock Exchange (NSE).
Kotak Mahindra Bank: The Competition Commission of India (CCI) has approved Kotak Mahindra Bank’s acquisition of Standard Chartered Bank India’s personal loans portfolio for ₹4,100 crore. According to the CCI, this acquisition involves Kotak taking over the unsecured personal loans portfolio from Standard Chartered Bank’s India branch.
Aster DM Healthcare: Aster DM Healthcare announced plans to acquire the remaining stake in Aster Adhaar Hospital (Prerana Hospital Limited) in Kolhapur, Maharashtra. With this move, Aster DM Healthcare will increase its ownership to 100 percent from the previous 87 percent. The acquisition will occur in two tranches, with completion expected by December 31, 2025.
Exide Industries: Exide Industries has invested ₹99.99 crore in its wholly-owned subsidiary, Exide Energy Solutions Ltd (EESL), through a rights issue. This brings the company’s total stake in EESL to ₹3,052.24 crore while maintaining 100 percent ownership. EESL focuses on manufacturing lithium-ion battery cells, modules, and packs for electric vehicles (EVs) and stationary applications.