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PRE- MARKET REPORT
The domestic equity indices are expected to open on a subdued note Tuesday following weak global market cues. Further, Gift Nifty also indicates a muted start for the Indian indices.
US stock market indices ended lower on Monday as US Treasury yields ticked higher ahead of key jobs data. The Dow Jones Industrial Average declined 97.55 points, or 0.25%, to close at 38,989.83, while the S&P 500 fell 6.13 points, or 0.12%, to 5,130.95. The Nasdaq Composite ended 67.43 points, or 0.41%, lower at 16,207.51.
Asian markets traded lower as China’s “Two Sessions” meeting got underway. Japan’s Nikkei 225 fell 0.34%, trading below the 40,000 mark, while the Topix declined 0.3%. South Korea’s Kospi dipped 0.26% and the Kosdaq dropped 0.52%. Hong Kong’s Hang Seng index indicated a weaker opening.
STOCKS TODAY
Tata Motors: The Tata Group company said its board of directors had approved its demerger into two separate listed companies – the commercial vehicles business and its related investments in one entity, and the passenger vehicles business, including EVs and JLR, and its related investments in another entity. The demerger will be implemented through an NCLT scheme of the arrangement, and all shareholders of Tata Motors will continue to have an identical shareholding in both the listed entities
Cyient: The engineering and technology solutions company announced its membership with the Massachusetts Medical Device Industry Council (MassMedic), the largest regional MedTech association in the US. This partnership signifies a strategic move by Cyient to deepen its commitment to the healthcare sector.
NTPC: NTPC Green Energy (NGEL), a wholly owned subsidiary of NTPC, has signed a Joint Venture Agreement (JVC) with Uttar Pradesh Rajya Vidyut Utpadan Nigam (UPRVUNL) for the development of renewable power parks and projects in Uttar Pradesh. The REpower generated from the proposed JVC will meet the Renewable Generation Obligation (RGO) of the UPRVUNL.
LTIMindtree: Fosfor, a product division of the technology consulting and digital solutions company, launched the Fosfor Decision Cloud (FDC). The FDC is a connected fabric that helps companies organize data to build automated, modular, trustworthy data transformation pipelines, build and deploy impactful AI applications, and harness the power of AI to make better business decisions faster.
IIFL Finance: The Reserve Bank of India (RBI) has directed the company to cease, with immediate effect, from sanctioning or disbursing gold loans or assigning, securitizing, or selling any of its gold loans. However, the RBI directed that the company continue to service its existing gold loan portfolio through the usual collection and recovery processes. The gold lending business contributed 32 percent of its total AUM at the end of the December FY24 quarter.
NBCC: HSCC (India), a wholly owned subsidiary of NBCC, has received a work order worth Rs 92 crore from the Post Graduate Institute of Medical Education and Research (PGIMER), Chandigarh. The order includes the appointment of an architectural consultant for comprehensive planning, designing, monitoring, and supervision of the construction of an extension block for the Advanced Eye Center and DDTC in front of the Drug De-Addiction Center at PGIMER.
Jindal Stainless: The stainless steel manufacturer commenced the usage of green hydrogen in its stainless steel plant in Hisar, Haryana, in association with Hygenco Green Energies, a global leader in deploying green hydrogen solutions. Meanwhile, promoter Virtuous Tradecorp picked up a 0.77 percent stake in the company via open market transactions on February 29 and March 1, increasing its stake to 7.38 percent from 6.61 percent earlier.