Get App
PRE-MARKET REPORT
Indian markets are likely to open on a weak note on Wednesday following losses in Asian peers as U.S. yields held near four-month highs and oil prices jumped. Meanwhile, Gift Nifty was trading 33 points lower, indicating a negative start for the benchmark Nifty.
US stock market indices ended sharply lower on Tuesday, while the 10-year Treasury yields rose to their highest since late November.
The Dow Jones Industrial Average declined 396.61 points, or 1%, to 39,170.24, while the S&P 500 fell 37.96 points, or 0.72%, to 5,205.81. The Nasdaq Composite ended 156.38 points, or 0.95%, lower at 16,240.45.
Asian shares tracked Wall Street lower on Wednesday as U.S. yields held near four-month highs, while a powerful earthquake in the region raised concerns about possible disruptions to the vital chip-making industry.
Japan’s Nikkei dropped 1%, after a 20% blockbuster rally in the first quarter. Taiwan’s shares skidded 0.8% after a powerful earthquake with a magnitude of 7.2. China’s blue chips eased 0.3%, Topix dropped 0.82%. South Korea’s Kospi declined 0.8%while the Kosdaq slipped 1.24%. while Hong Kong’s Hang Seng index fell 0.6%.
STOCKS TODAY
Biocon: Subsidiary Biocon Biologics has completed the transfer of its branded formulations business in India to Eris Lifesciences on a slump sale basis for Rs 1,242 crore. The branded formulations business comprises metabolic, oncology, and critical care diagnostics.
Zee Entertainment Enterprises: The media and entertainment company’s MD and CEO, Punit Goenka, have decided to implement a 20 percent reduction in their remuneration. The management of the company, under his leadership, is implementing all the required measures across verticals to optimize costs and enhance productivity. In FY23, Punit Goenka received Rs 35 crore as remuneration.
UltraTech Cement: The company has commissioned two greenfield capacities: a 2.70 mtpa cement grinding unit at Karur, Tamil Nadu, and a 2.70 mtpa integrated cement plant at Kukurdih, Chhattisgarh. With this, its total domestic grey cement manufacturing capacity increased to 146.2 mtpa, while along with its existing capacity of 5.4 mtpa in the UAE, the company now has a total of 151.6 mtpa.
Anupam Rasayan India: The company has signed a letter of intent with a Japanese multinational company worth $90 million (Rs 743 crore) over the next 7 years to supply two advanced intermediates using fluorination chemistry.
PNC Infratech: The company has executed a settlement agreement with the National Highways Authority of India and its subsidiary, PNC Raebareli Highways, for Rs 117.15 crore under the Vivad Se Vishwas II (Contractual Disputes) Scheme of the Government of India.
Ramco Cements: The company commissioned Line II and commenced commercial production on March 31, 2024. The cement manufacturing capacity of Line II is 0.90 million metric tons per year (MTPA). With the commissioning of Line II, the aggregate capacity of the Odisha grinding unit has increased to 1.8 MTPA.
Tamilnad Mercantile Bank: The bank has received a notice of tax demand of Rs 110.04 crore from the Assessment Unit, Income Tax Department, for Assessment year 2022–23, due to certain additions and disallowances made. The bank is in the process of challenging the said order in the appropriate forum within the prescribed timelines.