PRE MARKET
Gift Nifty indicates a muted start for the broader index in India, with a gain of 3 points or 0.01 percent. The Nifty futures were trading around the 25,788 level.
US stocks rose on Thursday after two days of declines as Morgan Stanley and Goldman Sachs shares shot up following upbeat quarterly results, while Taiwan-based chipmaker TSMC’s blockbuster results boosted shares of U.S. chipmakers.
The Dow Jones Industrial Average rose 292.81 points, or 0.60%, to 49,442.44, the S&P 500 gained 17.87 points, or 0.26%, to 6,944.47, and the Nasdaq Composite gained 58.27 points, or 0.25%, to 23,530.02.
Asian stocks are set for their longest weekly winning streak since May, with a regional gauge of technology shares climbing to a record as investors step up bets on artificial intelligence.
Japan’s Nikkei went down -0.35 percent, while Hong Kong’s Hang Seng and the Taiwanese weighted index went up 0.04 and 1.09 percent, respectively.
STOCKS TODAY
Biocon
The biopharmaceutical company has closed a Qualified Institutions Placement (QIP), raising Rs 4,150 crore through the issuance of 11.26 crore equity shares to eligible qualified institutional buyers at Rs 368.35 per share. The QIP proceeds will be utilised to meet the cash consideration payable to Mylan Inc. (Viatris) for buying out its shareholding in Biocon Biologics.
Zydus Lifesciences
The company has received final approval from the United States Food and Drug Administration (USFDA) for Eltrombopag tablets, which are used for the treatment of thrombocytopenia (low platelet count) in specific blood disorders. Eltrombopag tablets had annual sales of $1,262.5 million in the United States. Additionally, the company has completed the acquisition of Agenus Inc.’s biologics manufacturing facilities and launched Zylidac Bio LLC in the US.
Dr Reddy’s Laboratories
The pharma company announced the launch of over-the-counter (OTC) Olopatadine Hydrochloride Ophthalmic Solution, the generic equivalent of Extra Strength Pataday Once-Daily Relief, in the US market, as approved by the USFDA. Olopatadine Hydrochloride Ophthalmic Solution USP, 0.7%, is an antihistamine eye drop indicated for the temporary relief of itchy eyes due to pollen, ragweed, grass, animal hair, and dander.
RailTel Corporation of India
The company has received a Letter of Acceptance (LoA) from Central Railway for a Rs 88.66 crore project involving the supply, installation, testing, and commissioning (SITC) of IP-MPLS network equipment at various stations of the Mumbai, Pune, Solapur, Bhusawal, and Nagpur divisions of Central Railway for unified communication on Indian Railways.
DLF
The National Company Law Tribunal (NCLT), Chandigarh, has approved the scheme of amalgamation between DLF and its 16 wholly owned subsidiaries, with the appointed date of the scheme being April 1, 2024. Consequent to the amalgamation, these 16 companies will stand dissolved without winding up and will cease to be subsidiaries of the company.
Source – Moneycontrol
