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PRE-MARKET REPORT
The domestic equity benchmark indices, Sensex and Nifty 50, are expected to open on a tepid note on Monday, tracking sluggish global market trends.
Gift Nifty was trading at around 23,986 levels, a discount of nearly 6 points from the Nifty futures’ previous close, indicating a flat start for the Indian stock market indices.
The US stock market ended lower on Friday amid profit-taking across the board. The Dow Jones declined 333.59 points, or 0.77%, to 42,992.21, while the S&P 500 dropped 66.75 points, or 1.11%, to finish at 5,970.84. The Nasdaq Composite ended 298.33 points, or 1.49%, lower at 19,722.03.
For the week, the S&P 500 gained 0.7%, the Dow rose 0.36% and the Nasdaq added 0.75%.
Asian markets traded lower on Monday tracking a fall in Wall Street on Friday, amid losses in technology shares. MSCI’s broadest index of Asia-Pacific shares outside Japan dipped 0.2% but is still 16% higher for the year. Japan’s Nikkei 225 fell 0.21%, while the Topix traded around the flatline. South Korea’s Kospi declined 0.3%, while the Kosdaq dropped 0.41%.
STOCKS TODAY
Prestige Estates Projects: The south-based real estate developer has transferred three of its hospitality undertakings to its subsidiary, Prestige Hospitality Ventures, for Rs 313 crore. The hospitality undertakings include Mulberry Shades Bengaluru Nandi Hills, A Tribute Portfolio Resort; the underlying land and all rights at Moxy Outer Ring Road; and a 57.45% equity stake in Prestige Leisure Resorts. The company is consolidating its hospitality assets under a single vertical.
IL&FS Engineering and Construction Company: The company has received a sub-contracting works order worth Rs 302.82 crore related to Bhubaneswar Metro Phase-I from Ceigall India. The project involves part design and construction of the elevated viaduct, including a ramp for depot entry, as well as restoration works within the barricade of Bhubaneswar Metro Phase-I MRTS on a back-to-back basis.
Reliance Industries: The company has acquired technology-driven, oncology-focused healthcare platform Karkinos for Rs 375 crore. In its filing, Reliance said its subsidiary, Reliance Strategic Business Ventures, has subscribed to and has been allotted 1 crore equity shares of Rs 10 each, for cash, aggregating Rs 10 crore, and 36.5 crore optionally fully convertible debentures of Rs 10 each, for cash, aggregating Rs 365 crore of Karkinos Healthcare.
Aerpace Industries: AerVolt has secured an order worth Rs 97.5 crore for the supply of 50 MWp high-efficiency 595 Wp TOPCon technology smart solar panels. Delivery of the 595 Wp TOPCon bifacial solar panels for this tender is scheduled to begin in April 2025.
Coforge: The board has approved the scheme of amalgamation of Cigniti Technologies with Coforge. Currently, Coforge holds 54% of Cigniti’s expanded share capital. Cigniti shareholders will receive one equity share of Coforge for every five shares held.
PNC Infratech: The company has received in-principle approval from the National Highways Authority of India for the transfer of 100% of the stake held by its subsidiary, PNC Infra Holdings, in PNC Chitratlurga Highways (special purpose vehicle) to Highways Infrastructure Trust.