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PRE-MARKET REPORT
The domestic equity benchmark indices, Sensex and Nifty 50, are expected to open lower on Monday following weak global cues.
Gift Nifty was trading around the 24,730 level, a discount of over 50 points from the Nifty futures’ previous close, indicating a negative start for the Indian stock market indices.
The US stock market ended mixed on Friday, with the Nasdaq and the S&P 500 rising to record closing highs. The Dow Jones Industrial Average declined 123.19 points, or 0.28%, to 44,642.52, while the S&P 500 rose 15.16 points, or 0.25%, to 6,090.27. The Nasdaq Composite ended 159.05 points, or 0.81%, higher at 19,859.77.
Asian markets traded mixed amid the release of economic data from the region and global geopolitical tensions. MSCI’s broadest index of Asia-Pacific shares outside Japan eased 0.2%.
Japan’s Nikkei 225 rose 0.5%, while the Topix gained 0.4%. South Korea’s Kospi fell 1.6%, while the Kosdaq declined 2.9% amid the ongoing political turmoil in the country. Hong Kong Hang Seng index futures indicated a lower opening.
STOCKS TODAY
Suven Pharmaceuticals: Suven Pharmaceuticals Limited has acquired a 56 percent controlling stake in NJ Bio Inc., a US-based Contract Research and Development Manufacturing Organisation (CRDMO) specializing in antibody-drug conjugates (ADC) and emerging modalities. The ₹535 crore investment underscores Suven’s commitment to expanding its footprint in the high-growth ADC market and strengthening its position as a technology-driven CDMO.
Reliance Power: Reliance Power Ltd, led by Anil Ambani, announced that its subsidiary Samalkot Power Ltd has fully settled its outstanding interest of $15.48 million on a term loan with the Export-Import Bank of the United States. The repayment resolves the subsidiary’s default, thereby curing Reliance Power’s contingent liability as the loan’s guarantor. The company stated, “Consequent to the aforesaid payment by Samalkot, the default of the company as a guarantor to the aforesaid loan stands cured.”
Laurus Labs: Laurus Labs Ltd reported that its subsidiary, Laurus Bio, has entered into a definitive agreement to secure an equity investment of ₹120 crore from Eight Roads Ventures and F-Prime Capital. In addition, Laurus Labs committed to co-investing ₹40 crore at the same valuation. Promoters of Laurus Bio have also been issued share warrants, exercisable within two years of issuance at the same valuation. Furthermore, both Laurus Labs and Eight Roads Ventures can invest up to an additional ₹35 crore by December 2025 under the same terms.
Larsen & Toubro: Engineering giant Larsen and Toubro (L&T) successfully overturned a customs duty demand of ₹702 crore following a favorable ruling by the Central Excise & Service Tax Appellate Tribunal, Ahmedabad. The demand arose from an earlier order by the Principal Commissioner of Customs, Ahmedabad, which denied duty exemptions to the company. L&T’s appeal was heard, and on December 5, 2024, the tribunal ruled in the company’s favor, setting aside the entire demand.
Paytm: One97 Communications, the parent company of Paytm, disclosed that its wholly owned Singapore-based subsidiary, One97 Communications Singapore Private, has sold the company’s stake in Japanese credit card firm PayPay. While the value of the transaction was not disclosed, the statement follows media reports indicating a $250 million (approximately ₹2,000 crore) deal with SoftBank Group for the stake sale.