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PRE-MARKET REPORT
The domestic equity indices are expected to open on a cautious note amid weakness in global peers, as investors watch out for key economic data releases. Further, Gift Nifty indicates a mildly positive start for the Indian stock market indices.
The US stock market indices ended marginally lower on Wednesday, a day ahead of key inflation data that can influence expectations for the timing of an interest rate cut from the Federal Reserve.
The Dow Jones Industrial Average eased 23.39 points, or 0.06%, to 38,949.02, while the S&P 500 fell 8.42 points, or 0.17%, to close at 5,069.76. The Nasdaq Composite ended 87.56 points, or 0.55%, lower at 15,947.74.
Asian markets traded lower on Thursday tracking overnight losses on Wall Street as investors await key economic data from the US and China. Japan’s Nikkei 225 declined 0.7% and the Topix dropped 0.3%. South Korea’s Kospi dipped 0.8%, while the Kosdaq fell 0.6%. Hong Kong’s Hang Seng index futures indicated a marginally higher open.
STOCKS TODAY
Coal India: The state-owned coal mining company has signed a joint venture agreement (JVA) with BHEL to undertake the coal-to-chemicals business. Initially, they will set up a coal-to-2,000-TPD ammonium nitrate plant using BHEL’s in-house-developed PFBG (pressurized fluidized bed gasification) technology. Coal India will hold a 51% stake, and the remaining 49% stake will be owned by BHEL.
Reliance Industries: Billionaire Mukesh Ambani-owned Viacom 18 Media and The Walt Disney Company have signed binding definitive agreements to form a joint venture (JV) that will combine the businesses of Viacom 18 and Star India. Reliance has agreed to invest Rs 11,500 crore in the JV for its growth strategy. The transaction values the JV at Rs 70,352 crore ($8.5 billion) on a post-money basis, excluding synergies. After completion of this deal, Reliance will hold a 16.34% stake in the joint venture, Viacom 46.82%, and Disney will hold 36.84%. Nita Mukesh Ambani will be the chairperson of the JV, with Uday Shankar as vice-chairperson.
PB Fintech: The Insurance Regulatory and Development Authority of India (IRDAI) has granted a Certificate of Registration to Policybazaar Insurance Brokers (Policybazaar), a wholly owned subsidiary of PB Fintech, to act as a composite insurance broker with effect from February 28. With this, the category of Policybazaar has been changed from Direct Insurance Broker (Life & General) to Composite Insurance Broker.
NTPC: NTPC Green Energy, a wholly owned subsidiary of NTPC, has signed a joint venture agreement with Maharashtra State Power Generation Company (MAHAGENCO) for the development of renewable energy parks in Maharashtra. The joint venture will develop GW-scale renewable energy parks and undertake projects of this scale in a phased manner.
Venus Pipes & Tubes: The stainless steel pipes and tubes manufacturer has announced its foray into the fittings business and capacity expansion for seamless and welded pipes and tubes. The company will be spending Rs 175 crore for the next phase of growth.
ICICI Securities: The Securities and Exchange Board of India (SEBI) has issued an administrative warning to ICICI Securities. The warning has been issued in connection with the inspection of books and records for the merchant banking activities of the company. ICICI Securities said the administrative warning will have no impact on the financial, operational, or other activities of the company.
Punjab & Sind Bank: The bank has received approval from the board of directors to raise capital up to Rs 2,000 crore through public issue, rights issue, qualified institutional placement(s), preferred issue, or any other mode in one or more tranches within 12 months.