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PRE-MARKET REPORT
The domestic equity market indices, Sensex and Nifty 50, are expected to open lower on Wednesday tracking losses in global markets.
Gift Nifty was trading around the 23,755 level, a discount of nearly 40 points from the Nifty futures’ previous close, indicating a weak start for the Indian stock market indices.
The US stock market ended lower on Tuesday amid losses in technology stocks on rising Treasury yields. The Dow Jones Industrial Average declined 178.20 points, or 0.42%, to 42,528.36, while the S&P 500 dropped 66.35 points, or 1.11%, to 5,909.03. The Nasdaq Composite closed 375.30 points, or 1.89%, lower at 19,489.68.
Asian markets traded lower on Wednesday following overnight losses on Wall Street. Japan’s Nikkei 225 fell 0.57%, while the Topix declined 0.45%. South Korea’s Kospi gained 0.28% while the Kosdaq Index was flat. Hong Kong’s Hang Seng index futures indicated a flat opening.
STOCKS TODAY
Sobha: Realty firm Sobha Ltd reported a total sales value of ₹1,388.6 crore for Q3 FY25, marking a 28.9 percent year-on-year decline. However, the figure represented a 17.8 percent sequential increase, driven by a new sales area of 1.01 million square feet. The company saw a notable improvement in average price realization, which rose 16.5 percent year-on-year and 7.8 percent quarter-on-quarter to ₹13,663 per square foot. Sobha’s share in the sales value stood at ₹1,250 crore, reflecting a 27.2 percent increase over Q2 FY25.
RVNL: State-owned Rail Vikas Nigam Ltd (RVNL) announced the signing of a memorandum of understanding (MoU) with Dubai-based GBH International Contracting LLC (GBHIC) to collaborate on civil infrastructure projects in the Gulf Cooperation Council (GCC) region. RVNL stated that the partnership aims to leverage the expertise of both entities to identify and pursue business opportunities within the expanding infrastructure sector in GCC countries.
Tata Steel: Tata Steel Ltd reported a 6.17 percent year-on-year increase in crude steel production for India in Q3 FY25, reaching 5.68 million tonnes (MT). The ramp-up of its 5 MTPA blast furnace at Kalinganagar supported the increase. Deliveries in India hit a record 5.29 MT for the quarter, up 8.4 percent year-on-year, aided by robust domestic sales and strategic exports. The company’s filing also highlighted cumulative deliveries of 15.3 MT for the first nine months of FY25, a 4 percent year-on-year increase in domestic sales.
NTPC: NTPC Ltd announced the incorporation of NTPC Parmanu Urja Nigam Ltd (NPUNL), a wholly-owned subsidiary dedicated to nuclear energy initiatives. The new entity will focus on planning, developing, and operating nuclear energy projects for electricity generation and related purposes. The move aligns with NTPC’s diversification into alternative energy sources, as outlined in its regulatory filing dated January 7, 2025.
Mankind Pharma: Mankind Pharma pledged an additional 56.31 percent equity stake in its wholly-owned subsidiary Bharat Serums and Vaccines Ltd (BSV) to Catalyst Trusteeship Ltd. This move is part of the security arrangements for listed non-convertible debentures (NCDs) aggregating ₹5,000 crore, issued in three series. The pledge aligns with the terms of three debenture trust deeds executed in October 2024.
Jindal Worldwide: Jindal Worldwide declared a bonus issue of equity shares in a 4:1 ratio, granting four new fully paid-up shares for every existing share held by eligible shareholders. The bonus shares will be drawn from the company’s free reserves or securities premium account as of March 31, 2024. The decision, approved by the board on January 7, 2025, is subject to shareholder approval through a postal ballot.