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PRE-MARKET REPORT
The domestic equity market is expected to open lower on Friday following mixed global market cues.
Further Gift Nifty was trading around the 22,675 level, a discount of nearly 130 points from the Nifty futures’ Wednesday’s close indicating a gap-down start for the Indian stock market indices.
US stocks ended higher on Thursday, rebounding from sharp losses in the previous session, led by a rally in tech-related stocks.
The Dow Jones Industrial Average eased 2.43 points, or 0.01%, to 38,459.08, while the S&P 500 rose 38.42 points, or 0.74%, to 5,199.06. The Nasdaq Composite closed 271.84 points, or 1.68%, higher at 16,442.20.
Asian markets traded mixed on Friday tracking overnight movement on Wall Street and as investors await China trade data.
Japan’s Nikkei 225 rose 0.51% and the Topix gained 0.53%. South Korea’s Kospi fell 0.38%, while the Kosdaq added 0.62%. Hong Kong’s Hang Seng index futures indicated a weaker opening.
STOCKS TODAY
Phoenix Mills: The company reported total consumption at Rs 2,818 crore for the quarter ended March FY24, growing 27 percent over a year-ago period, while gross retail collections increased by 37 percent YoY to Rs 791 crore during the same period. In FY24, total consumption rose 22 percent to Rs 11,327 crore, and gross retail collections jumped 27 percent to Rs 2,743 crore compared to the previous year.
Dr. Reddy’s Laboratories: The pharma major has launched the drug-free, non-invasive migraine management wearable device Nerivio in Germany through its step-down subsidiary Betapharm. Nerivio is approved by the United States Food and Drug Administration (USFDA) and is CE-mark-certified in Europe. Last year, the company entered into an exclusive agreement with Theranica for the marketing and distribution of Nerivio in multiple markets.
Larsen & Toubro: The infrastructure major has completed the divestment of its entire 51 percent stake in L&T Infrastructure Development Projects to Epic Concesiones. Consequently, L&T IDPL and its subsidiaries have ceased to be subsidiaries of the company. L&T Infrastructure Development Projects is a joint venture between Larsen & Toubro and the Canada Pension Plan Investment Board.
Uno Minda: The automotive solutions and systems provider has secured a strategic land parcel of 94.32 acres at IMT Kharkhoda, Haryana HSIIDC, for its ongoing and future expansions. Of these, 25 acres have been designated for its greenfield alloy wheel plant, which has a capacity of 120,000 wheels per month. The plant, with a capital outlay of Rs 542 crore, will be set up in a phased manner over the next 5 years, with phase 1 commissioning in Q2 FY26.
Trident: The company has successfully commissioned the capacity of a 1.1 MW solar power project at Budhni, Madhya Pradesh. The total installed capacity of the roof-top solar power plant at the same facility has reached 29.5 MWp. The power generated from the solar power project will be consumed captively for manufacturing facilities at Budhni.
Bhagiradha Chemicals and Industries: The company has received approval from the board of directors for the sub-division or split of the existing one equity share (of a face value of Rs 10 each) of the company into 10 equity shares (of a face value of Rs 1 each).
Landmark Cars: The automobile retailer has incorporated a wholly owned subsidiary company, namely Landmark Premium Cars (LPCPL), to conduct the business of sales, after-sales, and allied business.