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PRE-MARKET REPORT
The domestic equity indices, Sensex and Nifty, are expected to open lower on Friday following weakness in global markets. Further, Gift Nifty was also trading below the previous close indicating a gap-down start for the Indian indices.
US stock market indices ended lower on Thursday dragged by selling in chipmaker stocks for a second day and after a jump in producer prices.
The Dow Jones Industrial Average declined 137.66 points, or 0.35%, to 38,905.66, while the S&P 500 fell 14.83 points, or 0.29%, to 5,150.48. The Nasdaq Composite ended 49.24 points, or 0.3%, lower at 16,128.53.
Asian markets traded lower on Friday tracking overnight losses on Wall Street after a hot US inflation report.
Japan’s Nikkei 225 declined 0.4%, while the Topix gained 0.3%. South Korea’s Kospi fell around 1% and Kosdaq dropped 0.9%. Hong Kong’s Hang Seng index futures indicated a lower opening.
STOCKS TODAY
One97 Communications: The National Payments Corporation of India (NPCI) has approved One97 Communications, Paytm’s parent entity, to participate in UPI services as a third-party application provider (TPAP) under a multi-bank model. Under the new model, Paytm will provide the payment service in partnership with four new banks—Axis Bank, HDFC Bank, State Bank of India, and Yes Bank—who will act as its payment system provider (PSP).
Wipro: The technology services and consulting company has agreed with Desjardins to modernize consumer banking services using its NetOxygen Platform. The solution will improve Desjardins’ consumer lending and credit card business.
Ashok Leyland: Private equity firm Creador has invested $50 million in Hinduja Tech, the engineering R&D services company and a subsidiary of Ashok Leyland, to acquire 19.6 percent of the company’s shareholding. This investment placed Hinduja Tech at a post-money equity value of $255 million.
Tata Consumer Products: The board of directors of the company has approved the Share-based Long Term Incentive Scheme 2024 for the grant of performance share units (PSUs) to the eligible employees of the company and its subsidiaries. The company would be issuing PSUs not exceeding $9,000,000 in one or more tranches.
Crompton Greaves Consumer Electricals: The company has bagged orders from the Government of Maharashtra, Haryana, and Rajasthan for the supply, installation, testing, and commissioning of solar photovoltaic water pumping systems (SWPS) with PV modules under the PM-KUSUM Scheme.
RailTel Corporation of India: The company has received a work order from the Odisha Computer Application Centre (OCAC) amounting to Rs 113.46 crore. It will establish IP-MPLS network connectivity in Odisha under OdishaNet Phase 1.0.
Eris Lifesciences: The pharma company has received approval from the board of directors for its agreement to acquire a 19 percent equity stake in Swiss Parenterals from the promoters of the company for Rs 237.50 crore. Further, the company also acquired Biocon Biologics’ India-branded formulation business for Rs 1,242 crore, thereby entering the Rs 30,000+ crore injectables market in India.