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PRE-MARKET REPORT
The domestic equity market indices are expected to open on a muted note Tuesday amid mixed cues from global markets.
Gift Nifty was trading around 24,335 level, a discount of nearly 25 points from the Nifty futures’ previous close, indicating a flat-to-negative start for the Indian stock market indices.
The US stock market ended mixed on Monday ahead of the latest economic data this week.
The Dow Jones Industrial Average fell 140.53 points, or 0.36%, to 39,357.01, while the S&P 500 rose 0.23 points to end at 5,344.39 points. The Nasdaq Composite ended 35.31 points, or 0.21%, higher at 16,780.61.
Asian markets traded mostly higher on Tuesday led by Japanese shares.
Japan’s Nikkei 225 index rallied 2.53% to breach 36,000 for the first time since August 2, while the Topix index surged 2.16%. South Korea’s Kospi fell 0.2%, while the Kosdaq declined 1.57%. Hong Kong’s Hang Seng index futures indicated a higher opening.
STOCKS TODAY
JSW Steel: Through its wholly owned subsidiary JSW Steel (Netherlands) B.V., the company has executed transaction-related documents to acquire a 66.67% economic interest in M Res NSW via subscription to its non-voting Class B shares. The total purchase cost is $120 million. Additionally, JSW will infuse $50 million in M Res NSW as the deferred consideration payable in 2030.
Kotak Mahindra Bank: Sonata Finance and BSS Microfinance, both wholly-owned subsidiaries of the bank, have approved a Scheme of Amalgamation of Sonata with BSS on a going concern basis. The Scheme, however, will be subject to the approval of the respective shareholders and creditors of Sonata and BSS, as well as the approval of the concerned National Company Law Tribunal (NCLT).
Marico: The company’s manufacturing operations in Bangladesh have resumed at a normal scale. Operating conditions in the market have been gradually improving, and the retail sales force and distributors have been functioning since last week.
G R Infraprojects: The company has received a Letter of Intent from REC Power Development and Consultancy for the establishment of a transmission scheme for the integration of Tumkur-II REZ in Karnataka, valued at Rs 53.77 crore.
Power Grid Corporation of India: The company has been declared the successful bidder under Tariff-based competitive bidding to establish an inter-state transmission system on a build, own, operate, and transfer (BOOT) basis. The project comprises the augmentation of transformation capacity and associated bay extension works at the existing Bhadla-III substation in Rajasthan.
Asian Hotels (North): The board has approved the appointment of Preeti Gandhi as Chairperson of the company, effective August 12. Preeti Gandhi was previously an Independent Non-Executive Director. Furthermore, the board also appointed Krishna Kumar Acharya as a Whole Time Director of the company, designated as an Executive Director, effective August 12.