PRE MARKET
Gift Nifty indicates a strong opening for the broader index in India, with a gain of 139 points or 0.61 percent. The Nifty futures were trading around the 23,085.50 level.
Wall Street indexes lost ground in Tuesday’s volatile session as investors swayed between fears of rising oil prices and hopes for a resolution to the U.S.-Israeli war on Iran as U.S. President Trump claimed progress in talks, even as reports suggested that more American troops were headed to the Middle East.
The Dow Jones Industrial Average fell 84.41 points, or 0.18%, to 46,124.06, the S&P 500 lost 24.63 points, or 0.37%, to 6,556.37, and the Nasdaq Composite lost 184.86 points, or 0.84%, to 21,761.89.
Asian markets rose on Wednesday on reports that the U.S. is seeking a month-long ceasefire in its war on Iran, and had sent a 15-point plan to Iran for discussion, raising hopes for a resumption of oil exports out of the Persian Gulf.
Japan’s Nikkei, Hong Kong’s Hang Seng, and the Taiwanese weighted index edged up 2.28, 0.92, and 3.02 percent, respectively.
STOCKS IN NEWS
Sanathan Textiles
The company’s subsidiary, Sanathan Polycot, has entered into a Share Subscription and Shareholders’ Agreement, along with a Power Supply and Consumption Agreement (PSCA), to acquire a 26 percent stake in Serentica Renewables India 33 Private Limited, a subsidiary of Serentica Renewables India. The investment is aimed at sourcing renewable power as a captive consumer for a contracted capacity of 32 MW.
Welpsun Corp
Welspun Pipes Inc., USA (WPI), will acquire a 22 percent stake in East Pipes Integrated Company for Industry (EPIC) from Welspun Mauritius Holdings (WMHL) for SAR 979.90 million. WPI and WMHL are wholly owned subsidiaries of the company. The transaction has been executed and completed on the Tadawul Stock Exchange, where EPIC shares are listed.
Ceigall India
The company has received two work orders worth Rs 298 crore from Purvah Green Power, to be executed in Andhra Pradesh. Additionally, a tender worth Rs 207 crore, won by the company’s subsidiary Ceigall Infra Projects from the Punjab Infrastructure Development Board, has been cancelled due to administrative reasons.
NTPC Green Energy
The company has signed a Memorandum of Understanding (MoU) with Nxtra Data for the development of renewable energy projects to supply round-the-clock (RTC) renewable energy power to Nxtra Datacenters on a pan-India basis for captive consumption.
Waaree Energies
The Board has approved an increase in the company’s equity stake in its subsidiary, Waaree Transpower, from 64.04 percent to 75.10 percent. Additionally, the Board has approved capital expenditure of Rs 3,900 crore for a glass manufacturing plant in its wholly owned subsidiary, Waaree Green Glass, with a capacity of 2,500 TPD. The capex will be funded through a mix of debt and internal accruals.
Source – Moneycontrol
