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PRE-MARKET REPORT
The domestic equity market is expected to open with gains amid mixed global cues. Gift Nifty also indicates a gap-up start for the domestic indices.
The US stock market indices ended mixed on Wednesday, with the Nasdaq closing lower for a third straight session. The Dow Jones Industrial Average gained 0.13% while the S&P 500 rose 0.13%. The Nasdaq closed 0.32% lower.
Asian markets traded mixed on Thursday following overnight gains on Wall Street with Japan’s Nikkei gaining 1.7% nearing a record high. while South Korea’s Kospi rose 0.5% higher. Hong Kong’s Hang Seng index futures indicated a weaker start.
STOCKS TODAY
Dr. Reddy’s Laboratories: The company received an appellate order confirming the tax demand, including interest and penalty, from the additional commissioner of central tax. Tax demand will be Rs 35.21 lakh, while interest and penalty will be Rs 23.11 lakh and Rs 35.21 lakh, respectively.
LTI Mindtree: LTIMindtree has signed a MoU with Eurolife FFH to set up Gen Al and digital hubs in Europe and India. The facilities will be developed in Poland, Europe, and Mumbai. Eurolife FFH will set up the Generative Al and Digital Hub in Athens to develop innovative solutions for insurance businesses in Greece, and LTIMindtree will provide deep domain expertise and support from its dedicated facilities in Poland and Mumbai.
Brigade Enterprises: The company announced it signed a joint development agreement with PVP Ventures to develop a 2.5 million-square-foot high-rise residential project spread across 16 acres in Perambur, Chennai, with a revenue potential of about Rs 2000 crore. The company’s subsidiary, Brigade Hotel Ventures, has signed a 45-year lease agreement with the landowners to build a 250-room resort on East Coast Road (ECR) in Chennai.
Nippon India Mutual Fund: The fund bought 80,00,000 shares, or a 0.66 percent stake, at Rs 164.1 in Devyani International after Yum Restaurants sold their entire stake of 5,30,83,330 shares at the same price.
Apollo Microsystems: The company announced that SBI sanctioned a Rs 110 crore term loan for the company. The funding will be used to establish the Integrated Plant for Ingenious Defense Systems (IPiDS) at Hardware Park, Hyderabad.
Eureka Forbes: Sources told CNBCTV-18 that Eureka Forbes promoter Lunolux is likely to sell up to a 12 percent stake, or 2.3 crore shares, through block deals. The floor price of the deal is set at Rs 494.75, a discount of 3 percent, and the deal size is Rs 1150 crore.
Homefirst Finance: The company announced it received a corporate agent (composite) license from IRDAI for soliciting life, general, and health insurance. The company will be able to solicit insurance products from its customers as a corporate agent.
Ceinsys Tech: Ceinsys received a service order from Fugro USA Land Inc. to extract all assets for 15581 miles of the New Mexico 2023–2024 Lidar project. The size of the contract will be Rs 5.26 crore.