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PRE-MARKET REPORT
The domestic equity market indices, Sensex and Nifty 50, are expected to open on a muted note Monday following mixed trends in global markets.
Gift Nifty was trading around the 25,420 level, a premium of nearly 22 points from the Nifty futures’ previous close, indicating a mildly positive start for the Indian stock market indices.
The US stock market ended higher with the Dow scoring a second consecutive all-time closing high on Friday. The Dow Jones Industrial Average gained 0.55% to 41,563.08, while the S&P 500 rallied 1.01% to end at 5,648.40. The Nasdaq Composite Index closed 1.13% higher at 17,713.62.
Asian markets traded mixed ahead of a slew of economic data releases. MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.1%.
Japan’s Nikkei 225 rose 0.94% while the Topix gained 0.49%. South Korea’s Kospi declined 0.49%, and the Kosdaq fell marginally. Hong Kong Hang Seng index indicated a lower opening.
STOCKS TODAY
MOIL: The state-owned company has reduced the prices of ferro-grade manganese ores with a manganese content of Mn-44% and above by 20% for September. It has also lowered prices of all other Ferro grades of manganese ore with manganese content below Mn-44% by 15%, and prices of all SMGR (Mn-30% & Mn-25%), fines, and chemical grades by 15%.
Biocon: Subsidiary Biocon Pharma has received US FDA approval to inject Sacubitril/Valsartan tablets and Daptomycin. Biocon has also received an Establishment Inspection Report (EIR) from the US FDA for its greenfield API facility in Visakhapatnam, allowing it to commence commercial supplies to the US market.
GPT Infraprojects: GPT has been declared the lowest bidder for a Rs 204 crore project from CAO Construction, South Eastern Railway, involving the construction of a road over the bridge between Andul-Sankrail and Nalpur-Bauria stations.
Gujarat Gas: The board has approved a scheme of arrangement and amalgamation involving Gujarat State Petroleum Corporation (GSPC), GSPC Energy (GEL), and Gujarat State Petronet (GSPL) merging into GGL. Additionally, the scheme involves the demerger of GGL’s gas transmission business, which will be listed separately as GSPL Transmission Limited (GTL).
Siemens: The company has received an order from the Deputy Commissioner of Income-tax, with a potential tax demand of Rs 29.4 crore. This increases the total cumulative amount in ongoing litigations and disputes with the Deputy Commissioner of Income-tax to Rs 77.5 crore.
Insecticides India: The Board of Directors has approved a buyback of 500,000 shares (1.69% of equity) for up to Rs 50 crore at Rs 1,000 per share. The record date for the buyback is September 11.