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PRE-MARKET REPORT
The domestic equity market indices, Sensex and Nifty 50, are expected to open flat on Wednesday following a mixed trend in global markets ahead of the US Federal Reserve monetary policy decision later today.
Gift Nifty was trading around 25,455 level, a premium of nearly 5 points from the Nifty futures’ previous close, indicating a flat start for the Indian stock market indices.
The US stock market ended mixed on Tuesday, with the blue-chip Dow Jones hitting a record intraday high for a second-straight day.
The Dow Jones Industrial Average fell 15.90 points, or 0.04%, to 41,606.18, while the S&P 500 rose 1.49 points, or 0.03%, to 5,634.58. The Nasdaq Composite ended 35.93 points, or 0.20%, higher at 17,628.06.
Asian markets traded mixed ahead of the US Fed interest rate decision. Japan’s Nikkei 225 gained 1.22% while the Topix rose 0.9%. South Korea and Hong Kong markets are closed today. Futures for mainland China’s CSI 300 stood higher at 3,163.
STOCKS TODAY
REC: The company has signed a non-binding financial commitment to increase its renewables loan book to over Rs 3 lakh crore by 2030. This will raise the share of renewables from the current 8% to 30% by 2030, as REC’s loan book is projected to reach Rs 10 lakh crore by then.
Reliance Power: The company’s obligations as a guarantor on behalf of Vidarbha Industries Power have been fully settled, resulting in the release and discharge of the corporate guarantee, undertakings, and all obligations related to the outstanding debt of Rs 3,872.04 crore. The company has settled all disputes with CFM Asset Reconstruction.
Torrent Power: The company has received a Letter of Intent from Maharashtra State Electricity Distribution Co. for the procurement of 1,500 MW of energy storage capacity from a pumped hydro storage project for 40 years.
Reliance Infrastructure: The company has agreed on a one-time settlement with Edelweiss Asset Reconstruction Company for all the obligations related to the non-convertible debentures issued by the company worth Rs 385 crore. The settlement will be completed before September 30, 2024. Edelweiss does not hold any equity shares in the company and is neither a related party nor part of the promoter group.
SKF India: AB SKF, the promoter shareholder of the company, has expressed its Board’s decision to initiate the separation of its automotive business globally. The Board has constituted a committee to review and propose the separation of operations, to list the automotive industry on Nasdaq Stockholm in the first half of 2026.
Vakrangee: The Board of Directors will meet on September 24 to consider a proposal for raising funds. Additionally, the company has partnered with Star Health Insurance to offer health insurance products across its network.