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PRE-MARKET REPORT
The domestic equity market is expected to open on a weak note Tuesday tracking mixed global market cues. Further, Gift Nifty was also trading below the previous close indicating a negative start for the Indian indices.
US stock market indices ended higher on Monday led by mega-cap growth stocks while investors awaited the US Federal Reserve’s policy meeting this week.
The Dow Jones Industrial Average gained 75.66 points, or 0.20%, to 38,790.43, while the S&P 500 rose 32.33 points, or 0.63%, to 5,149.42. The Nasdaq Composite ended 130.27 points, or 0.82%, higher at 16,103.45.
Asian markets traded lower on Tuesday ahead of the monetary policy decision from the Bank of Japan which is expected to end its negative interest rate policy after 17 years.
Japan’s Nikkei 225 fell 0.5% at open and the Topix was flat. South Korea’s Kospi declined 0.8%, while the Kosdaq eased 0.4%. Hong Kong’s Hang Seng index futures indicated a weak opening.
STOCKS TODAY
Tata Consultancy Services: Tata Sons has offered to sell 2.34 crore shares of the IT major at Rs 4,001 per share through block deals to raise to $1.1 billion, reported Bloomberg. The reported price represents a 3.6 percent discount to the last traded price.
Tata Steel: Tata Steel UK has decided to cease operations of the coke ovens at the Port Talbot plant in Wales after a deterioration of operational stability. It will increase imports of coke to offset the impact of the coke oven closures. Tata Steel is currently at an advanced stage of consultations with trade unions in the UK on its proposal for the planned restructuring involving the closure of the iron and steelmaking assets at Port Talbot.
Sonata Software: The modernization engineering company has signed a joint go-to-market agreement with Zones, LLC, a global provider of end-to-end IT solutions and cloud-managed services. As part of the five-year partnership, they will support cost efficiency and data optimization through joint offerings and the delivery of industry-specific solutions.
IOL Chemicals and Pharmaceuticals: The Brazilian Health Regulatory Agency (ANVISA) has completed the GMP audit of the company’s all 10 API manufacturing units at Barnala, Punjab, without any observation. The inspection was conducted on March 11–15.
Veritas (India): The company, in consortium with Genesys International Corporation, has received a Letter of Acceptance from Brihanmumbai Municipal Corporation (BMC) for the project worth Rs 155.85 crore. The project includes the development, implementation, and maintenance of a 3D city model and change detection using geospatial technology for BMC.
Lemon Tree Hotels: The company has signed a license agreement for Lemon Tree Hotels Agartala in Tripura. The hotel is expected to open in FY27. Carnation Hotels, a wholly-owned subsidiary and the hotel management arm of the company will be operating this hotel.
RPP Infra Projects: The company has received a letter of acceptance for a new project worth Rs 94.13 crore from the State Industries Promotion Corporation of Tamilnadu (SIPCOT). The project includes the formation of northern, western, and eastern side internal roads, the construction of RCC drains, RCC culverts, and minor bridges, and providing pipe-causeway and street light arrangements in SIPCOT Industrial Park, Shoolagiri.