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PRE-MARKET REPORT
The domestic equity benchmark indices are expected to see a muted opening today amid tracking subdued global market cues. Further, Gift Nifty also indicates a slightly positive opening for the domestic indices
The US stock market indices ended lower on Monday as investors’ focus shifted to upcoming economic data that could affect the timing of the Federal Reserve’s expected interest rate cut.
The Dow Jones Industrial Average dropped 62.30 points, or 0.16%, to 39,069.23, while the S&P 500 fell 19.27 points, or 0.38%, to 5,069.53. The Nasdaq Composite ended 20.57 points, or 0.13%, lower at 15,976.25.
Asian markets traded mixed on Tuesday following an overnight drop on Wall Street amid subdued investor sentiment.
Japan’s Nikkei 225 gained 0.3%, while the Topix rose 0.1%. South Korea’s Kospi eased 0.1% and the Kosdaq dipped 0.3%. Hong Kong’s Hang Seng index futures indicated a slightly higher open.
STOCKS TODAY
TVS Motor Company: Subsidiary TVS Motor (Singapore) Pte Ltd has agreed to acquire a further 8,000 equity shares in Killwatt GmbH for 4 million euros. With this, the shareholding of TVS Motor (Singapore) Pte Ltd in Killwatt GmbH will increase from 39.28 percent to 49 percent.
Wipro: The technology services and consulting company announced a joint private wireless solution with Nokia to help enterprises scale their digital transformation. This joint solution will provide enterprises with a more secure 5G private wireless network solution integrated with their operation infrastructure.
Canara Bank: The bank has received approval from the Board of Directors for the split of every equity share (face value of Rs 10 each) into 5 equity shares (face value of Rs 2 each), subject to the approval of the Reserve Bank of India. Meanwhile, the RBI has imposed a monetary penalty of Rs 32.30 lakh on the bank for non-compliance with certain directions.
Andhra Cement: Promoter Sagar Cements will be selling 46,08,607 equity shares, or a 5 percent equity stake, in Andhra Cement through an offer-for-sale (OFS) on February 27–28. The floor price has been fixed at Rs. 90 per share. The OFS will open for institutional investors on February 27 and retail investors on February 28.
Ducon Infratechnologies: Ducon and Germany’s DeltaVision signed a Memorandum of Understanding to provide innovative fluid control solutions for rocket fuel propulsion and hydrogen fuel delivery systems for the Indian market. The collaboration will comprise co-development, domestic industrialization, and manufacturing embedded products to feed the emerging Indian markets in the hydrogen and aerospace value chains.
Union Bank of India: The bank said its Committee of Directors for Raising Capital Funds approved the allotment of 22,11,57,390 equity shares to eligible qualified institutional buyers (including Morgan Stanley Asia (Singapore) Pte, Societe Generale-OODI, HDFC Life Insurance Company, BNP Paribas Financial Markets, SBI Life Insurance, and Sundaram Mutual Fund) at the issue price of Rs 135.65 per share against the floor price of Rs 142.78 per share, amounting to Rs 3,000 crore.
City Union Bank: The Reserve Bank of India has imposed a monetary penalty of Rs 66 lakh on City Union Bank for deficiencies in regulatory compliance. The RBI said there was a significant divergence between the non-performing assets (NPAs), and City Union Bank did not put in place a system of periodic review of risk categorization of its customers’ accounts.
Multi Commodity Exchange of India (MCX, and the Jakarta Futures Exchange (JFX): The largest exchange in the commodity and derivatives market in Indonesia, have entered into a Memorandum of Understanding (MoU) to enhance collaboration in key areas, including knowledge sharing, research, education, training, awareness creation, and other market development initiatives.