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PRE-MARKET REPORT
The domestic equity market is expected to open on a muted note Friday amid mixed cues from global peers. Further, Gift Nifty was trading around the previous close indicating a muted start for the Indian stock indices.
US stock market indexes registered record closing highs on Thursday amid optimism after the Federal Reserve reassured investors about the prospects for rate cuts this year.
The Dow Jones Industrial Average rallied 269.24 points, or 0.68%, to 39,781.37, while the S&P 500 rose 16.91 points, or 0.32%, to 5,241.53. The Nasdaq Composite ended 32.43 points, or 0.20%, higher at 16,401.84.
Asian markets traded mixed on Friday tracking an overnight rally on Wall Street and after the release of Japan’s inflation data.
Japan’s Nikkei 225 gained 0.55% to hit a fresh all-time high, breaching 41,000 level, while the Topix rose 0.42% to a fresh record. South Korea’s Kospi fell 0.12% and the Kosdaq declined 0.23%. Hong Kong’s Hang Seng index futures indicated a weak opening.
STOCKS TODAY
Tata Communications: The company has received approval from the board of directors to enter into a business transfer agreement for the hive-off of its identified new edged digital services business to its wholly owned subsidiary, Novamesh, as a going concern on a slump sale basis for Rs 458 crore.
Wipro: Wipro IT Services LLC, the step-down subsidiary of the company, has entered into an agreement with General Motors and Magna International to incorporate a new entity, i.e., SDVerse LLC. The said transaction was completed on March 20.
Mazagon Dock Shipbuilders: The Mumbai Port Authority (MPA) has allotted land and buildings (workshop land and clark basin) measuring 14.55 acres, which are adjacent to MDL Mumbai Yard, on a long-term lease basis to Mazagon Dock for 29 years, with effect from April 1, 2024, to March 31, 2053. The total allotment cost is Rs 354 crore.
Indian Renewable Energy Development Agency: The company said the board meeting will be held on March 28 to consider the borrowing program up to Rs 24,200 crore for FY 2024–25. The borrowing includes fundraising through the issuance of bonds, term loans, commercial paper, etc. from domestic and international markets.
Hero MotoCorp: The world’s largest manufacturer of motorcycles and scooters, has launched the VIDA Advantage package for its VIDA V1 Pro-electric scooter. The VIDA Advantage package offers peace of mind to customers by making EV ownership hassle-free.
Crompton Greaves Consumer Electricals: The company has received notice for a tax demand of Rs 68.67 crore (comprising tax of Rs 57.13 crore and interest of Rs 11.54 crore) from the Assessment Unit of the Income Tax Department for the Assessment Year 2022–23. The impact of the same on financials is Rs 54 crore.
Mahindra Lifespace Developers: The Mahindra Group company has launched a residential project, Mahindra Zen, in Bengaluru South. The said project is registered with the Karnataka Real Estate Regulatory Authority.