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PRE-MARKET REPORT
The domestic equity market benchmark indices, Sensex and Nifty 50, are expected to open on a flat note on Friday ahead of the Reserve Bank of India’s (RBI) monetary policy decision.
Gift Nifty was also trading around the 22,910 level, indicating a flat start for the Indian stock market indices.
The US stock market ended mixed on Thursday amid selling in technology and utility stocks, and as investors awaited the crucial US nonfarm payrolls report later today.
The Dow Jones Industrial Average rose 78.84 points, or 0.20%, to 38,886.17, the S&P 500 lost 1.07 points, or 0.02%, to 5,352.96 and the Nasdaq Composite lost 14.78 points, or 0.09%, to 17,173.12.
Asian markets traded mixed on Friday tracking mixed cues from Wall Street overnight and ahead of key economic data from China and Japan.
Japan’s Nikkei 225 and Topic were flat, while South Korea’s Kospi gained 1.45% and the Kosdaq rose 0.6%. Hong Kong’s Hang Seng index futures indicated a stronger opening.
STOCKS TODAY
Century Textiles: Shares of Century Textiles soared 14 percent in trade on June 6 after its arm, Birla Estates signed a pact to enter into a joint venture (JV) with Barmalt India to develop a land parcel for a luxury residential group housing at a marquee location in Gurugram. The land parcel spans 13.27 acres, with a development scope of around 2.4 million square feet, projecting a revenue potential of around Rs 5,000 crore.
ITC: ITC shares gained over 1 percent to Rs 434 apiece on June 6 after shareholders approved the demerger of the conglomerate’s hotel business. Around 99.6 percent of shareholders voted in favor of the demerger, while just 0.4 percent voted against it, ITC said in a stock exchange filing.
GMR Power and Infra: The board approved the allotment of 15,026 redeemable, rated, listed, and secured non-convertible debentures for an amount of Rs 150 crores. This will be done on a private placement basis, at the coupon rate of 10.92 percent per annum.
Bhagiradha Chemicals & Industries: The stock rallied 8.5 percent after Derive Trading And Resorts acquired a nearly 3.5 percent stake in the company via the open market. In the past two trading days, the stock of the company engaged in manufacturing crop care chemicals has zoomed 41 percent.
Wipro: The company was awarded a $500 million deal by a leading US communication service provider. Wipro will provide some products and industry-specific solutions for five years.
Union Bank: The company will meet on June 11 to discuss a capital raising plan. This will be done via rights issues, private placements, QIPs, or preferential allotment.