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PRE-MARKET REPORT
The domestic equity benchmark indices, Sensex and Nifty 50, are expected to open on a muted note Friday amid mixed global market cues.
Gift Nifty was trading flat at around 23,400 level, indicating a muted start for the Indian stock market indices.
The US stock market ended mixed on Thursday, with the S&P 500 and Nasdaq registering record closing highs for a fourth session in a row, led by a rally in technology stocks.
The Dow Jones Industrial Average declined 65.11 points, or 0.17%, to 38,647.1, while the S&P 500 rose 12.71 points, or 0.23%, to 5,433.74. The Nasdaq Composite ended 59.12 points, or 0.34%, higher at 17,667.56.
Asian markets traded mixed on Friday ahead of the Bank of Japan’s interest rate decision.
Japan’s Nikkei 225 eased 0.09%, while the Topix was trading flat with a negative bias. South Korea’s Kospi rose 0.14%, while the Kosdaq declined 0.36%. Hong Kong Hang Seng index futures indicated a lower start.
STOCKS TODAY
Ambuja Cements: The company, owned by Adani Group, announced on June 13 that it will acquire a 100% stake in Penna Cement Industries Ltd (PCIL) for an enterprise value of ₹10,422 crore. The acquisition, expected to be completed within 3-4 months, is part of Adani’s goal to achieve a capacity of 140 million tonnes per annum (MTPA) by 2028. The acquisition will be funded through internal accruals and will help Ambuja expand its market presence in South India.
Vodafone Idea: On June 13, Vodafone Idea announced that its board has approved the issuance of about 166 crore shares at ₹14.80 per share to raise funds to ₹2,458 crore on a preferential basis. The shares will be allotted to Nokia Solutions and Networks India Private Limited and Ericsson India Private Limited. Post this issuance, the shareholding of Nokia and Ericsson in Vodafone Idea will be 1.5% and 0.9%, respectively.
Tata Consumer Products: TCPL plans to double its capital expenditure (capex) this fiscal year, with a significant portion of the investment going towards setting up a new plant in Vietnam. The company’s capex for the last fiscal year was around ₹308 crore, but it is expected to increase to more than double that amount, approximately ₹785 crore, this fiscal year. The company is making a significant investment of about ₹400 crore in a new plant in Vietnam.
LIC: Life Insurance Corporation of India is planning to acquire one of India’s five private standalone health insurance companies. LIC, with assets worth over ₹51 trillion and a market share of over 61.5% in life insurance, is keen to secure a composite license that will allow an insurer to sell both life and non-life policies.
Wipro: The IT firm is partnering with Hewlett Packard Enterprise to launch a GenAI solution at Wipro Cloud Studio’s Kodathi office to enhance operational efficiency and customer experience globally.
RITES: The company has signed an MOU with Delhi Metro Rail Corporation for collaboration in metro railway system projects, including rolling stock, depot management, station management, and maintenance of railway infrastructure.