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PRE-MARKET REPORT
The domestic equity market indices, Sensex and Nifty 50, are expected to open on a weak note Monday amid cautious investor sentiment after the latest Hindenburg report, and ahead of key domestic inflation data today amid mixed global market cues.
Gift Nifty was trading around 24,370 level, a discount of nearly 30 points from the Nifty futures’ previous close, indicating a negative start for the Indian stock market indices.
The US stock market ended higher on Friday, recovering most of its losses from the market rout earlier in the week.
The Dow Jones Industrial Average gained 51.05 points, or 0.13%, to 39,497.54, while the S&P 500 rose 0.47% to 5,344.16. The Nasdaq Composite closed 0.51% higher at 16,745.30.
Asian markets traded mixed on Monday ahead of key economic data in the region this week. MSCI’s broadest index of Asia-Pacific shares outside Japan edged up 0.2%.
Japan markets were closed for a holiday. Nikkei futures traded at 35,370 compared to a cash close of 35,025. South Korea’s Kospi gained 1.20% at open, while the Kosdaq rose 1.42%.
STOCKS TODAY
Oil and Natural Gas Corporation: The company has received approval from the Government of India for the infusion of additional equity capital of up to Rs 10,501 crore in ONGC Petro Additions (OPaL), conversion of backstopped Compulsorily Convertible Debentures (CCDs) amounting to Rs 7,778 crore, and balance payment of Rs 86 crore to share warrants, totaling Rs 18,365 crore. This will change the status of OPaL into a subsidiary of ONGC with a 95.69% equity stake.
Atul: Subsidiary Atul Bioscience has received the Establishment Inspection Report (EIR) from the United States Food and Drug Administration (FDA) for its manufacturing facility at Ambernath, Maharashtra. The EIR was issued after the facility’s last inspection conducted from May 6 to May 10, which concluded with zero FDA 483 observations.
Amara Raja Energy & Mobility: Subsidiary Amara Raja Advanced Cell Technologies has signed a Memorandum of Understanding (MoU) with Piaggio Vehicles, a 100% Indian subsidiary of the Italian auto giant Piaggio Group. Amara Raja will collaborate with Piaggio India to develop and supply LFP (lithium iron phosphate) Lithium-Ion (Li-ion) cells and chargers for its electric vehicles, along with developing cells and battery packs for their upcoming offerings.
Coffee Day Enterprises: The IDBI Trusteeship Services has admitted Coffee Day Enterprises into the National Company Law Tribunal (NCLT) to initiate the Corporate Insolvency Resolution Process (CIRP) for Rs 228.45 crore. The company is planning to take the required legal action in this regard.
Caplin Point Laboratories: The United States Food and Drug Administration (US FDA) conducted an unannounced inspection of Caplin Steriles’ injectable and ophthalmic manufacturing facility at Gummidipoondi. The inspection was conducted between August 5 and August 9 and concluded with zero observations.
Mastek: Hiral Chandrana has resigned as Group CEO of the company. The board has recommended Umang Nahata as the Interim Group CEO of Mastek Group, effective August 10. Umang Nahata is currently one of the non-executive Directors of the company.