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PRE-MARKET REPORT
The domestic equity market is expected to open flat Thursday tracking mixed cues from Asian peers.
Gift Nifty was trading around the 23,522 level, a premium of nearly 20 points from the Nifty futures’ previous close, indicating a flat-to-positive start for the Indian stock market indices.
US stock futures traded little changed. Futures tied to the S&P 500 rose 0.05%, while Nasdaq 100 futures gained 0.2%. Dow Jones Industrial Average futures added 0.2%.
Asian markets traded mixed as investors awaited China’s one- and five-year loan prime rates.
Japan’s Nikkei 225 fell 0.28%, while the Topix eased 0.12%. South Korea’s Kospi rose 0.06%, while the Kosdaq inched up 0.04%. Hong Kong’s Hang Seng index futures indicated a lower opening.
STOCKS TODAY
Infoedge: Allcheckdeals India Private Limited, a wholly owned subsidiary of Infoedge, has agreed to invest Rs 1 crore in its wholly owned subsidiary, NewInc Internet Services Private Limited. NewInc is in the business of providing internet, computer, and electronic data processing services.
SPS Finquest: The company has received approval from the RBI for the proposed acquisition of 41,62,092 equity shares by its promoter, Sandeep Shah, along with Sanrina Consultancy Private Limited, a promoter group company. The company has also requested the delisting of its equity share capital from the BSE.
Gensol Engineering: The company received the second tranche under the greenshoe option allotment of 250 MW/500 MWh from Gujarat Urja Vikas Nigam Limited. This was for a standalone Battery Energy Storage Systems (BESS) project to reach 500 MW/1000 MWh. The project will generate a total revenue of Rs 2,685 crore over the 12-year Battery Energy Storage Purchase Agreement (BESPA) tenure and will supply electricity on an “On-Demand” basis to Gujarat State’s DISCOMs during peak and off-peak hours.
Gokaldas Exports: The company has agreed to invest in BRFL Textiles Private Limited by subscribing through Optionally Convertible Debentures. In its first tranche, the company will subscribe for Rs 50 crores, with the remaining OCDs worth up to Rs 300 crores to be subscribed in multiple tranches. These funds will be utilized mainly to meet working capital needs, with a smaller portion allocated to capex requirements.
Brigade Group: Brigade Group announced it would develop a third tower of the World Trade Center (WTC) at Infopark Kochi. The company signed a land lease agreement on June 19 for the Rs 150-crore project.
KEI Industries: Operations at its plants situated in Rakholi and Chinchpada have been partially affected due to a strike that began on June 19. The company noted that there are no strikes at its other plants and that they are in discussion with labor contractors and workers to resolve the issue.