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PRE-MARKET REPORT
The domestic equity benchmark indices, Sensex and Nifty 50, are expected to open lower on Tuesday following weakness in global markets.
Gift Nifty was trading around the 23,655 level, a discount of nearly 160 points from the Nifty futures’ previous close, indicating a gap-down start for the Indian stock market indices.
The US stock market ended lower on Monday in light volume trade on the penultimate trading day of an eventful year in which all three indexes posted strong double-digit gains.
The Dow Jones Industrial Average declined 418.48 points, or 0.97%, to 42,573.73, while the S&P 500 dropped 63.90 points, or 1.07%, to 5,906.94. The Nasdaq Composite closed 235.25 points, or 1.19%, lower at 19,486.79.
Asian markets traded lower on Tuesday tracking overnight losses on Wall Street, while investors await China’s manufacturing PMI for December. Japan and South Korea’s stock markets are closed for the New Year’s Eve holiday. Australian stocks fell about 0.7%, while Hong Kong’s Hang Seng index futures indicated a lower opening.
STOCKS TODAY
ITC: Kolkata-based diversified conglomerate ITC announced that ITC Hotels will be listed on stock exchanges within 60 days of receiving the National Company Law Tribunal (NCLT) order dated December 16, 2024. The demerger of ITC’s hotel business into ITC Hotels, sanctioned by the NCLT, is set to take effect on January 1, 2025. The company has fixed January 6, 2025, as the record date to identify ITC shareholders eligible for the allotment of ITC Hotels equity shares.
RVNL: State-owned company Rail Vikas Nigam Limited (RVNL) stated that it has been declared the lowest bidder (L1) by Central Railway for a project involving the design, supply, erection, testing, and commissioning of a 132/55 KV traction substation, sectioning posts, and sub-sectioning posts in the Bhusaval-Khandwa section. The contract focuses on upgrading the 2×25 KV traction system and incorporates Scott-connected transformers to support a loading target of 3,000 MT.
Hindalco Industries: Aditya Birla Group’s metal flagship Hindalco Industries announced the allocation of the Meenakshi coal mine in Odisha. The Ministry of Coal formalised the allocation through a vesting order. This development follows the signing of the Coal Mine Development and Production Agreement (CMDPA) on November 22, 2024, marking a significant step in Hindalco’s drive towards resource securitisation, energy efficiency, and sustainable growth.
Adani Green Energy: The company announced a leadership transition as part of the Adani Group’s internal planning efforts. Amit Singh, the current CEO of Adani Green Energy Limited (AGEL), will step down on March 31, 2025, to assume the CEO role for the Adani Group’s international energy business. Ashish Khanna, currently the CEO of Adani’s international energy business, has been appointed as the new CEO of AGEL, effective April 1, 2025.
Lupin: Pharma major Lupin stated that it has acquired the anti-diabetic medicine ‘Huminsulin’ in India from Eli Lilly and Company for an undisclosed sum, further strengthening its diabetes portfolio. Lupin has been marketing the ‘Huminsulin’ range of products through existing distribution and promotion agreements with Eli Lilly, India. The Huminsulin range of products is indicated for the treatment of Type 1 and Type 2 diabetes mellitus to improve blood sugar control in both adults and children, the company said in a regulatory filing.
Shriram Properties: Realty firm Shriram Properties announced the strategic sale of a 3.9-acre land parcel in Chennai to a prominent healthcare and educational group based in South India. The land, owned by its wholly-owned subsidiary SPL Shelters Private Ltd, is currently approved for retail space development.