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PRE MARKET REPORT
The domestic equity benchmark indices Sensex and Nifty 50 were trading lower in the pre-opening session on Monday.
GIFT Nifty indicates a negative start for the broader index in India, with a loss of 829 points or 3.61 percent. The Nifty futures were trading around 22,130 level.
Wall Street nosedived for a second straight day on Friday, confirming the Nasdaq Composite was in a bear market and the Dow Jones Industrial Average was in a correction, as an escalating global trade war spurred the biggest losses since the pandemic.
The Dow Jones Industrial Average fell 2,231.07 points, or 5.50%, to 38,314.86 points. The Nasdaq slid on Friday, 962.82 points, or 5.82%, to 15,587.7,9 and the S&P 500 lost 322.44 points, or 5.97%, to close at 5,074.08 points, its lowest finish in 11 months.
Asian stock markets plunged on Monday as fears of a global trade war saw Wall Street futures dive, and investors wagered the mounting risk of recession could see U.S. interest rates cut as early as May.
Japan’s Nikkei sank 7.8 percent to lows last seen in late 2023, while South Korea lost 4.6 percent. Hong Kong’s Hang Seng index and the Taiwanese benchmark sank 10 percent.
STOCKS TODAY
AstraZeneca Pharma India
The pharma company has received permission from the Central Drugs Standard Control Organisation to import for sale and distribution Osimertinib tablets 40mg and 80 mg (TAGRISSO) for an additional indication. Osimertinib is used to treat non-small cell lung cancer (NSCLC) in patients who have certain types of abnormal EGFR (epidermal growth factor receptor) genes.
Godrej Properties
The real estate developer has entered into an agreement for the prime land parcel in Versova, Mumbai. The parcel has an estimated developable potential of 4.4 lakh square feet of saleable area and an estimated revenue potential of Rs 1,350 crore.
Mazagon Dock Shipbuilders
The Government of India has decided to exercise the oversubscription option to the extent of 47.69 lakh shares (1.18%) stake in the offer for sale issue of Mazagon Dock on April 7. This is in addition to the base issue size of 1.14 crore shares (2.83% stake). Retail investors will get a chance to bid for the offer-for-sale issue on April 7.
ITC
The company has acquired 2.62 lakh equity shares of Ample Foods for Rs 131 crore. After this, the company’s shareholding in Ample Foods aggregates to 43.75% of its share capital.
TVS Motor Company
The company is set to strengthen its Electric Vehicle (EV) presence in Southeast Asia through the integration of ION Mobility’s assets, intellectual property, and talent into its operations. Southeast Asia represents one of the world’s fastest-growing regions for motorbike usage, offering a significant opportunity for expansion.
Source – Moneycontrol
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