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PRE-MARKET REPORT
The domestic equity market indices, Sensex and Nifty 50, are expected to open higher on Friday following a rally in global markets.
Gift Nifty was trading around 25,525 level, a premium of nearly 35 points from the Nifty futures’ previous close, indicating a positive start for the Indian stock market indices.
US stock market indexes ended higher on Thursday with the S&P 500 and the Dow hitting intraday record. The Dow Jones Industrial Average jumped 1.26% to close at 42,025.19, crossing the 42,000 level for the first time, while the S&P 500 surged 1.7% to end at 5,713.64, topping 5,700 for the first time. The Nasdaq Composite ended 2.51% higher at 18,013.98.
Asian markets traded higher on Friday tracking overnight rally on Wall Street, with Japan’s Nikkei leading gains. Nikkei 225 rallied 1.9% and the Topix gained 1.63%. South Korea’s Kospi rose 1.45% and the Kosdaq spiked 1.51%. Hong Kong’s Hang Seng index futures indicated a higher opening. Mainland China’s CSI 300 futures were flat.
STOCKS TODAY
NTPC: The company has received approval from the board for an investment of Rs 11,130.98 crore in the Darlipali Super Thermal Power Project, Stage-II (1×800 MW), and Rs 9,790.87 crore in the Sipat Super Thermal Power Project, Stage-III (1×800 MW).
Reliance Infrastructure: The Board has approved the issuance of up to 12.56 crore equity shares of the company, or warrants convertible into equity shares, at an issue price of Rs 240 per share through preferential allotment, and the raising of up to Rs 3,000 crore through the issue of equity shares to qualified institutional buyers via qualified institutional placement.
Phoenix Mills: The company’s subsidiary, Casper Realty, has been declared the highest bidder for two prime city-centric plots (measuring 13.14 acres) in Mohali, Punjab, with a combined bid value of approximately Rs 891 crore.
Tata Power: Tata Power and Singapore-based Indonesian mining company Adaro International have both sought compensation from each other over a dispute related to a coal supply agreement. Adaro has claimed $106 million and sought arbitration, while Tata Power has countered with a claim of $229.947 million for non-supply of coal.
Axis Bank: SEBI has restrained Axis Capital (a subsidiary of Axis Bank) from undertaking any new assignments as a merchant banker, arranger, or underwriter for any issue of securities in the debt segment. The regulator has also asked Axis Capital to respond to its observations within 21 days.
Rane Holdings: The company has acquired the remaining 51% stake in its joint venture, Rane NSK Steering Systems (RNSS), from NSK Ltd, Japan. RNSS has become a wholly-owned subsidiary and will be renamed Rane Steering Systems after the acquisition.