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PRE-MARKET REPORT
The domestic equity benchmark indices, Sensex and Nifty 50, are likely to open on a cautious note Tuesday amid mixed trends in global markets.
Gift Nifty was trading around 24,720 level, a premium of nearly 25 points from the Nifty futures’ previous close, indicating a positive start for the Indian stock market indices.
US stock market indices ended lower on Monday weighed down by tech stocks amid a fall in Nvidia stock price and ahead of the release of crucial inflation data later this week.
The Dow Jones Industrial Average declined 240.59 points, or 0.54%, to 44,401.93, while the S&P 500 fell 37.42 points, or 0.61%, to 6,052.85. The Nasdaq Composite ended 123.08 points, or 0.62%, lower at 19,736.69.
Asian markets traded higher on Tuesday as investors assessed China’s announcement of “more proactive” fiscal measures and “moderately” looser monetary policy next year.
Japan’s Nikkei 225 gained 0.3%, while the Topix rose 0.35%. South Korea’s Kospi rallied 1.9% and the Kosdaq jumped 4%. Hong Kong’s Hang Seng index futures indicated a higher opening.
STOCKS TODAY
Vodafone Idea: Vodafone Idea announced that its board had approved the issuance of up to 175.53 crore shares on a preferential basis to two Vodafone Group entities, aiming to raise ₹1,980 crore. The issue price has been pegged at ₹11.28 per equity share. The company also clarified that the relevant date for determining the floor price for the preferential issue was December 6, 2024. This fundraising is critical for the debt-ridden telecom operator as it navigates financial challenges.
NHPC: NHPC disclosed plans to revise its borrowing strategy for FY25, with a board meeting scheduled for December 12, 2024. The company intends to raise to ₹2,600 crore by issuing unsecured, redeemable, taxable, non-convertible, and non-cumulative bonds through private placement. The revised borrowing plan is expected to strengthen the company’s financial position to support its ongoing and future projects.
Bharat Electronics: The state-run defence equipment manufacturer secured new orders worth ₹634 crore. These orders include maintenance of the Akash Missile System, telescopic sights for guns, communication equipment, jammers, and more. The company’s order book for FY24 has now reached an impressive ₹8,828 crore, underscoring its robust operational performance and sustained demand for defence equipment.
Torrent Power: Torrent Power announced that its ₹3,500 crore qualified institutional placement (QIP) issue was oversubscribed by four times, receiving bids worth ₹14,000 crore. The overwhelming response from domestic mutual funds, global investors, and insurance companies reflects strong confidence in the company’s fundamentals and the power sector in India.
Brookfield India REIT: Brookfield India Real Estate Trust’s board approved raising funds through an institutional placement of units, with the issue opening for bids on Monday. The floor price was set at ₹287.55 per unit. Shares of Brookfield India REIT ended at ₹290.49 on the NSE, a 1.25% increase from the previous close. The initiative follows the unitholders’ approval at a November 29, 2024 meeting.
Bajaj Finserv: Bajaj Finserv’s unlisted insurance subsidiaries, Allianz General Insurance and Bajaj Allianz Life Insurance reported strong premium performance for November 2024. Bajaj Allianz General Insurance achieved gross direct premiums of ₹1,364.67 crore for the month, contributing to ₹15,781.54 crore for FY24. Meanwhile, Bajaj Allianz Life Insurance recorded new business premiums of ₹659.35 crore in November, aggregating ₹7,449.08 crore for April-November 2024.