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PRE-MARKET REPORT
The domestic equity market is expected to open lower on Wednesday tracking weak global market cues. Further, Gift Nifty is also trading lower than the previous close indicating a negative start for the Indian indices.
The US stock market indices declined more than 1% on Tuesday dragged by selling in mega-cap growth stocks and chip sector companies ahead of this week’s economic data
The Dow Jones Industrial Average dropped 404.64 points, or 1.04%, to 38,585.19, while the S&P 500 fell 52.3 points, or 1.02%, to 5,078.65. The Nasdaq Composite ended 267.92 points, or 1.65%, lower at 15,939.59.
Asian markets traded mixed on Wednesday following overnight losses on Wall Street amid a slide in tech stocks.
Japan’s Nikkei 225 fell 0.2%, while the Topix gained 0.3%. South Korea’s broader Kospi declined 0.25% and the Kosdaq rose 0.49%. Hong Kong’s Hang Seng index futures indicated a higher opening.
STOCKS TODAY
Zomato: China’s Ant Group arm, Antfin Singapore Holdings Pte, is likely to sell up to a 2 percent stake (17.64 crore shares) in Zomato for Rs 2,800 crore through a block deal, sources told CNBC-Awaaz. The floor price for the block deal has been fixed at Rs 159.4 per share, which represents a 4 percent discount from the current market price
Wipro: The IT services company has acquired a 27 percent stake in SDVerse LLC to strengthen its position as a software-defined vehicle and cloud car engineering services leader. The transaction is expected to be completed before the end of March 2024
NHPC: The state-run power company has started developing the 1,200-MW Jalaun Ultra Renewable Energy Power Park in Jalaun, Uttar Pradesh. The solar park will be developed by Bundelkhand Saur Urja, a subsidiary company of NHPC, with an investment of Rs 796.96 crore. The park is proposed to be set up in 24 months from the investment approval and will generate about 2,400 MUs of electricity annually.
Coal India: Chhattisgarh-based Coal India subsidiary South Eastern Coalfield’s Gevra mine is set to become the largest coal mine in Asia. The mine has been granted environmental clearance to expand production capacity to 70 million tons per year from the current 52.5 million metric tonnes.
Bharti Airtel: After receipt of notices for conversion of FCCBs of principal value of $40,862,000 from certain FCCB holder(s), the Special Committee of Directors for Fund Raising of the telecom operator has approved the allotment of 56,81,733 fully paid-up equity shares at a conversion price of Rs 518 per equity share to FCCB holders. The outstanding principal value of FCCBs, as listed on the Singapore Exchange, stands at $337.967 million.
Indian Railway Catering and Tourism Corporation: IRCTC has signed a Memorandum of Understanding (MoU) with Swiggy (Bundl Technologies) to provide pre-ordered meals to passengers of Indian Railways through IRCTC e-Catering Services. This service will be made available initially in Bengaluru, Vijayawada, Visakhapatnam, and Bhubaneswar stations, and the number of stations may be increased or decreased on mutual agreement during the currency of the Proof of Concept (PoC).
Aditya Birla Fashion and Retail: Investor Caladium Investment Pte Ltd. has exercised its right to convert all of the 6,58,00,866 warrants of the company into equity shares at the conversion ratio of one equity share in place of one warrant.