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PRE-MARKET REPORT
The domestic equity market indices, Sensex and Nifty 50, are expected to open lower on Thursday following a sharp decline in global markets.
Gift Nifty was trading around the 24,310 level, a discount of nearly 210 points from the Nifty futures’ previous close, indicating a gap-down start for the Indian stock market indices.
Asian markets plunged following overnight losses on Wall Street, with Japan’s Nikkei extending its six-day losing streak.
Japan’s Nikkei 225 tanked 2.64%, while the Topix tumbled 2.24%. South Korea’s Kospi declined 1.8%, while the Kosdaq dropped 2.32%. Hong Kong Hang Seng index futures indicated a lower opening.
The US stock market ended sharply lower on Wednesday, with the S&P 500 and Nasdaq closing at multi-week lows. The Nasdaq Composite also posted its largest single-day percentage decline since October 2022 to finish at its lowest point since June 10.
The Dow Jones Industrial Average declined 504.22 points, or 1.25%, to 39,853.87, while the S&P 500 dropped 128.61 points, or 2.31%, to 5,427.13. The Nasdaq ended 654.94 points, or 3.64%, lower at 17,342.41.
STOCK MARKET
Rail Vikas Nigam: The company has received a Letter of Acceptance from SER HQ-Electrical/South Eastern Railway for a project worth Rs 191.53 crore. The project involves the design, supply, erection, testing, and commissioning of a 132 KV traction substation, sectioning posts (SPs), and sub-sectioning posts (SSPs) in a 2x25KV system on the Rajkhaswan-Nayagarh-Bolani section of the Chakradharpur division of South Eastern Railway.
Sun Pharmaceutical Industries: The US Food and Drug Administration (US FDA) has made the content of a warning letter public. The company received a warning letter from the US FDA for its Dadra facility on June 19. There is no impact on the company’s financial, operational, or other activities. Sun Pharma will work with the US FDA and undertake all necessary steps to resolve the outstanding issues.
Dr Reddy’s Laboratories: The pharma company has transferred 49% of its equity share capital in the joint venture company, Dr Reddy’s and Nestle Health Science, to Nestle India. After the transfer, Dr Reddy’s Labs holds 51% of the share capital, while Nestle India holds 49% of the share capital in the joint venture company.
Dish TV India: The company has received board approval for raising funds to Rs 1,000 crore via equity shares or bonds, in one or more tranches. The board also approved the incorporation of a subsidiary in India to undertake the business of distributing products and services through a robust digital platform.
RBL Bank: Private equity firm EQT (formerly Baring PE Asia) is likely to sell a 7.9% stake in RBL Bank through a Rs 1,080-crore block deal on July 25, sources told CNBC-TV18. Baring PE will sell 4.78 crore shares at a floor price of Rs 226 per share.