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PRE-MARKET REPORT
The Indian stock market benchmark indices Sensex and Nifty 50 are likely to open flat on Wednesday, following mixed global market cues.
The trends on Gift Nifty also indicate a flat start for the Indian benchmark index. The Gift Nifty was trading at around 24,690 levels, a premium of nearly 7 points from the Nifty futures’ previous close.
Wall Street’s main indexes closed lower on Tuesday as technology sector losses offset gains in communications services while investors waited for key inflation reports that may influence the Federal Reserve’s next interest rate decisions.
The Dow Jones Industrial Average fell 154.10 points, or 0.35%, to 44,247.83. The S&P 500 lost 17.94 points, or 0.30%, at 6,034.91 and the Nasdaq Composite dropped 49.45 points, or 0.25%, to 19,687.24.
Asian markets were mixed Wednesday after major Wall Street benchmarks declined ahead of key inflation data that could influence the Federal Reserve’s interest rate decision.
STOCKS TODAY
NTPC Green Energy: NTPC Green Energy announced that its subsidiary, NTPC Renewable Energy Ltd, has secured a 500 MW solar power project through an e-reverse auction organized by the Solar Energy Corporation of India (SECI) on December 9, 2024. This project is part of SECI’s 2000 MW ISTS-connected Solar PV Power Projects tender. Notably, the initiative involves developing an Energy Storage System (ESS) with a cumulative capacity of 1000 MW/4000 MWh, further boosting renewable energy infrastructure in India.
HDFC Bank: HDFC Bank has leased a significant four-lakh-square-foot office space at Mindspace Business Parks in Airoli West, Navi Mumbai. The total lease value stands at ₹320 crore, payable over 10 years, as reported by Hindustan Times on December 10, 2024. The bank signed two separate lease agreements with Mindspace Business Parks. The first agreement covers 1.97 lakh sq. ft. in Gigaplex Building 5, also known as Mindspace Business Park, including the lobby and floors five through eight. Additionally, the lease provides for 154 car parking slots.
Indian Overseas Bank: Indian Overseas Bank (IOB), a state-owned entity, has confirmed receiving a refund order worth ₹1,359.29 crore for the assessment year 2015-16. The refund includes interest accrued under Section 244A of the Income Tax Act. The order, dated August 17, 2024, aligns with earlier directives from the Commissioner of Income Tax (Appeals) issued in March and December 2023. The bank was notified of the refund through the Income Tax Portal on December 10, 2024.
HG Infra: HG Infra received a letter of acceptance from the Ministry of Road Transport and Highways (MoRTH) for upgrading a stretch of the NH-227B, also referred to as the ’84 Kosi Parikrama Marg,’ in Uttar Pradesh. The project will transform a 63.84-km section into a two-lane road with paved shoulders. This hybrid annuity mode (HAM) project has a bid cost of ₹763.11 crore, with MoRTH estimating the project value at ₹898.5 crore. The development aims to improve connectivity and facilitate smoother transportation in the region.
Asian Granito: Asian Granito, a prominent bathware and tiles manufacturer, entered into a joint venture agreement with Shudh Investments Ltd and Klyn Stone Ltd, both headquartered in the UK. The new entity, Klyn AGL Ltd, will operate in England and Wales, focusing on the sale of large porcelain slabs, tiles, and quartz products across the UK market. The joint venture agreement includes key provisions, such as the right of each party to appoint two directors to the board and to subscribe to fresh capital issuances in proportion to their shareholding.