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PRE-MARKET REPORT
The domestic equity market indices, Sensex and Nifty 50, are expected to open flat on Tuesday tracking mixed cues from global markets.
Gift Nifty was trading around 25,355, a premium of nearly 17 points from the Nifty futures’ previous close, indicating a flat-to-positive start for the Indian stock market indices.
The US stock market was closed on Monday due to the Labor Day holiday. Futures tied to the Dow Jones Industrial Average declined 63 points, or 0.1%, while S&P 500 futures were marginally lower, and Nasdaq-100 futures saw minor gains.
Asian markets traded mostly higher on Tuesday amid South Korea’s inflation data release. Japan’s Nikkei 225 rose 0.18%, while the Topix gained 0.38%. South Korea’s Kospi added 0.17%, and the Kosdaq inched up 0.02%.
China’s CSI 300 futures were mostly flat after reaching a seven-month low on Monday. Hong Kong Hang Seng index futures indicated a lower opening.
STOCKS TODAY
Medi Assist Healthcare Services: Promoter Bessemer India Capital Holdings II Ltd is likely to sell Medi Assist’s shares worth Rs 540 crore through a block deal, reports CNBC-Awaaz citing sources. The shares are likely to be sold at Rs 570 apiece, which implies a nearly 7 percent discount to the current market price.
Adani Green Energy: The Board has approved the execution of binding documents between the company, Adani Renewable Energy Sixty Four (ARE64L), and TotalEnergies Renewables Singapore Pte. TotalEnergies will invest $444 million more to form a new 50:50 joint venture with Adani Green Energy. The new joint venture will house a 1,150 MWac portfolio.
Hindustan Aeronautics: The Cabinet Committee on Security has approved the proposal for the procurement of 240 aero-engines (AL-31FP) for the Su-30MKI aircraft of the Indian Air Force under the Buy (Indian) category from the company, at a cost of over Rs 26,000 crore.
Gensol Engineering: Gensol and Matrix Gas & Renewables emerged as the lowest bidders for the EPC contract to develop a bio-hydrogen project for India’s leading power generation company. Through this project, the companies will convert 25 tons of bio-waste into 1 ton of hydrogen per day. The project is valued at Rs 164 crore.
Welspun Corp: The board has approved an investment of $100 million by the company’s subsidiary, Welspun Pipes Inc., for the upgradation of HFIW (high-frequency induction welding) pipes manufacturing and coating capability in the USA. This investment will be funded through local debt and internal accruals and will be spread over 18 months.
TCNS Clothing Company: Baroda BNP Paribas Mutual Fund has bought a 0.98% stake in TCNS at an average price of Rs 576.14 per share, valued at Rs 35.95 crore. However, Morgan Stanley Asia Singapore Pte sold a 0.53% stake at an average price of Rs 574.64 per share, amounting to Rs 19.4 crore.