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PRE-MARKET REPORT
The domestic equity market indices, Sensex and Nifty 50, are expected to open flat-to-positive on Thursday amid weakness in global markets.
Gift Nifty was trading around 24,675 level, a premium of nearly 35 points from the Nifty futures’ Tuesday’s close, indicating a mildly positive start for the Indian stock market indices.
The US stock market ended mixed on Wednesday with the S&P 500 and the Nasdaq suffering heavy losses as tech stocks plunged.
The Dow Jones Industrial Average gained 243.6 points, or 0.59%, to 41,198.08, while the S&P 500 declined 78.93 points, or 1.39%, to 5,588.27. The Nasdaq Composite ended 512.42 points, or 2.77%, lower at 17,996.93.
Asian markets traded lower on Thursday following an overnight selloff in US chip stocks amid rising geopolitical tensions.
Japan’s Nikkei 225 plunged over 2%, while the Topix declined 1.13%. South Korea’s Kospi dropped 1.27%, and the Kosdaq fell 1.48%. Hong Kong’s Hang Seng index futures indicated a lower opening.
STOCKS TODAY
KEC International: The RPG Group company has secured new orders worth Rs 1,100 crore for transmission & distribution (T&D) projects in India, the Middle East, Australia, and the Americas. These orders include a 765 kV transmission line and 765 kV GIS substation orders in India from the Power Grid Corporation of India, and a 132 kV transmission line in the United Arab Emirates (UAE).
Bharti Airtel: The telecom operator added 12.50 lakh subscribers in May 2024, up 66.2% from the addition of 7.52 lakh users in the previous month. The company held a 33.17% market share of wireless subscribers as of May 2024.
Adani Enterprises: Sirius Digitech, a joint venture between the Adani Group and Sirius International Holding (a subsidiary of International Holding Company (IHC)), signed binding agreements for the acquisition of Coredge.io, a sovereign AI and cloud platform company.
Glenmark Pharmaceuticals: The pharma company has received final approval from the United States Food & Drug Administration (US FDA) for Topiramate capsules USP, 15 mg, and 25 mg. Topiramate is used in the treatment of epilepsy.
Oil and Natural Gas Corporation: ONGC has commenced production from its coal bed methane (CBM) block in Bokaro, Jharkhand. The initial production stands at 1,70,000 SCMD and is expected to ramp up to 3,00,000 SCMD by the end of the current financial year.
Zee Entertainment Enterprises: The board has approved raising funds by issuing 5% foreign currency convertible bonds (FCCBs) up to USD 239 million (Rs 1,997.22 crore) maturing in 10 years on a private placement basis to proposed investors – Resonance Opportunities Fund, St. John’s Wood Fund, and Ebisu Global Opportunities Fund. The FCCB issue opened on July 16.