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PRE-MARKET REPORT
The domestic equity market indices, Sensex and Nifty 50, are expected to open on a tepid note Wednesday following mixed cues from global peers.
Gift Nifty was trading around 25,925 level, a discount of nearly 20 points from the Nifty futures’ previous close, indicating a negative start for the Indian stock market indices.
The US stock market ended higher on Tuesday with the S&P 500 and Dow Jones closing at record highs. The Dow Jones Industrial Average gained 83.57 points, or 0.20%, to 42,208.22, while the S&P 500 rose 14.36 points, or 0.25%, to 5,732.93. The Nasdaq Composite closed 100.25 points, or 0.56%, higher at 18,074.52.
Asian markets traded mostly higher tracking overnight gains on Wall Street, while China announced policy stimulus measures.
Japan’s Nikkei 225 eased marginally, but the Topix rose 0.3%. South Korea’s Kospi rose 0.4%, while the Kosdaq gained 0.43%. Hong Kong’s Hang Seng Index futures indicated a strong opening.
STOCKS TODAY
Easy Trip Planners: Promoter Nishant Pitti is likely to sell up to an 8.5% stake, or 15 crore equity shares, in Easy Trip via block deals, according to sources. The floor price per share is expected to be Rs 38, with a total transaction value of nearly Rs 580 crore. Nishant Pitti held a 28.13% stake in Easy Trip at the end of June 2024.
PC Jeweller: The board will meet on September 30 to consider an alteration in the share capital of the company by sub-dividing or splitting the existing equity shares having a face value of Rs 10 each. In the same meeting, the board will also consider the appointment of new directors, if any.
Zee Media Corporation: The board will meet on September 27 to consider raising funds through the issuance of permissible instruments or securities, in one or more tranches, via private placement, qualified institutional placement, preferential issue, or any other method.
Delta Corp: The board has approved the demerger of the company’s hospitality and real estate business via a Composite Scheme of Arrangement. Delta Penland, a subsidiary of Delta Corp, is a newly incorporated company that will carry on the hospitality and real estate business. As per the share entitlement ratio, Delta Penland will allot one new equity share for every equity share held by eligible shareholders in Delta Corp.
Gillette India: Distributor Procter & Gamble Bangladesh has terminated the Distribution Agreement with Gillette India, effective December 31, 2024. Due to this termination, the company will see a proportionate drop in net sales under this agreement. For FY24, net sales under the Distributor Agreement accounted for 2% of the company’s total net sales. This termination has no material impact on the company’s profits.
Tata Power Company: The company reported a fire incident in the control room of Unit No. 5 (a 500 MW unit) of the Trombay Plant on September 23. The cause of the fire is currently under investigation, and no injuries or loss of life have been reported. The company is in the process of assessing the actual damage caused by the fire. The plant is adequately insured.