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PRE-MARKET REPORT
The domestic equity market indices are expected to open on a cautious note Friday tracking a weak trend in the global peers.
Gift Nifty was trading around the 22,477 level, a premium of nearly 20 points from the Nifty futures’ previous close, indicating a flat-to-positive start for the Indian stock market indices.
The US stock market ended lower on Thursday after the Dow Jones reached an intraday high of 40,000 for the first time.
The Dow Jones Industrial Average declined 38.62 points, or 0.10%, to 39,869.38, while the S&P 500 fell 11.05 points, or 0.21%, to 5,297.10. The Nasdaq Composite ended 44.07 points, or 0.26%, lower at 16,698.32.
Asian markets traded lower tracking overnight losses on Wall Street and ahead of key economic data from China.
Japan’s Nikkei 225 fell 0.78%, while the Topix dropped 0.33%. South Korea’s Kospi declined 0.11% and the Kosdaq plunged 1.66%. Hong Kong’s Hang Seng index futures indicated a higher opening.
STOCKS TODAY
Dixon Technologies: Shares of Dixon Technologies Limited advanced over 2 percent to Rs 8,275 in the afternoon on May 16 after it reported a 25 percent year-on-year (YoY) increase in net profit at Rs 98.5 crore for the fourth quarter ended March 2024. The shares have pared gains from the day’s high of Rs 8,349.
Ircon International: Shares of Ircon International rose around seven percent, extending gains for the third straight session. The stock climbed on account of high volumes as around three crore shares changed hands on BSE and NSE combined, higher than the one-month average trading volume of one crore shares. The stock is also trading higher on expectations of strong earnings in the Jan-March 2024 quarter.
Adani Energy: Adani Energy Solutions on Thursday said it has completed the acquisition of Essar’s Mahan-Sipat Transmission assets for an enterprise value of Rs 1,900 crore. The share acquisition is according to definitive agreements signed in June 2022, a company statement said. The acquisition covers a fully operational 400 kV, 673 ckt km (circuit kilometer) inter-state transmission line linking Mahan in Madhya Pradesh to the Sipat pooling substation in Chhattisgarh.
Vodafone Idea: Shares of Vodafone Idea are likely to fall on May 17 as the Telecom operator reported a weak set of numbers for the quarter that ended March 2024. Its net loss widened to Rs 7,674 crore in the quarter under review from Rs 6,418.9 crore in the year-ago period. The company’s revenue from operations, however, increased marginally to Rs 10,606 crore from Rs 10,531 crore in the same quarter last fiscal.
Signature Global: Realty firm Signature Global Ltd has set a target to sell housing properties worth Rs 10,000 crore in 2024-25, up 38 percent from the last fiscal, as it expects demand for residential assets to remain strong. In its investors presentation, the company has given a guidance of Rs 10,000 crore for sales bookings in the current fiscal.