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PRE-MARKET REPORT
The domestic equity indices are expected to open higher amid tracking mixed cues from global markets. Further, Gift Nifty also trading considerably higher than the previous close indicating a gap-up start for the Indian stock market indices.
The US stock market fell on Friday after a hotter-than-expected producer prices report eroded hopes for interest rate cuts by the Federal Reserve.
The Dow Jones Industrial Average declined 149.48 points, or 0.39%, to 38,623.64, while the S&P 500 fell 24.18 points, or 0.49%, to end at 5,005.15 points. The Nasdaq Composite ended 132.38 points, or 0.83%, lower at 15,775.65.
Asian shares traded mixed on Monday as fading chances for early interest rate cuts globally impacted the sentiment.
Japan’s Nikkei 225 eased 0.1%, while the Topix was flat. South Korea’s Kospi gained 0.8%, while the Kosdaq rose 0.1%. Hong Kong’s Hang Seng index futures indicated a slightly higher opening.
STOCKS TODAY
NHPC: The Prime Minister has laid the foundation stone for a 300 MW solar power plant in Bikaner, Rajasthan. The project is being set up by NHPC under the Government of India’s CPSU Scheme, Phase-II, Tranche-III, with a total investment of over Rs 1,732 crore. It is scheduled to be commissioned by September 2024.
Tata Power: The Tata Group company has received a Letter of Intent (LOI) from REC Power Development and Consultancy, a wholly-owned subsidiary of REC, to acquire Jalpura Khurja Power Transmission, a project special purpose vehicle (SPV). The Jalpura Khurja Power Transmission Project would be developed on a build-own-operate transfer basis to provide transmission service for 35 years from the scheduled date of commercial operation (SCOD), 18 months from the date of SPV acquisition. The estimated project cost is Rs 838 crore.
Bajaj Auto: The buyback committee constituted by the Board of Directors has fixed February 29 as the record date for determining the entitlement and the names of the equity shareholders who will be eligible to participate in the buyback. On January 8, the board approved a proposal for buyback of up to 40 lakh shares for Rs 10,000 per share, amounting to Rs 4,000 crore.
One 97 Communications: Paytm said it has partnered with Axis Bank for the settlement of merchant payments. The company issued a release stating that One97 Communications has shifted its nodal account to Axis Bank through an escrow account that it has opened with it. One97 Communications, the parent company of Paytm, Paytm QR, Soundbox, and card machines, will continue to operate seamlessly for all their merchant partners.
PB Fintech: The Insurance Regulatory and Development Authority of India (IRDAI) has granted in-principle approval to Policybazaar Insurance Brokers (Policybazaar), a wholly-owned subsidiary of the company, for the upgrade of its license from Direct Insurance Broker (Life & General) to Composite Insurance Broker.
Titagarh Rail Systems: The company has received an order from the Ministry of Defense to procure 250 specialized wagons. The order value is Rs. 170 crore. Execution of the contract is scheduled to start 12 months after the signing of the contract and be completed in 36 months.
GP Petroleums: The company has entered into a distributorship agreement with NOOR Trading, Bangladesh. This agreement is effective from February 1, 2024, and enables the marketing, advertising, promotion, import, distribution, supply, and sale of ‘REPSOL’ products in Bangladesh. These products are manufactured and marketed by GP Petroleums under the license of Repsol Lubricantes y Especialidades S.A., Spain.
Schaeffler India: The motion technology company has recorded a 9.25 percent on-year decline in consolidated profit at Rs 209.6 crore for the quarter ended December 2024, impacted by weak operating numbers. Revenue from operations grew by 4.5 percent to Rs 1,875 crore compared to the year-ago period. The board has recommended a dividend of Rs. 26 per share.