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PRE-MARKET REPORT
Indian markets are set to open on a negative note on Tuesday following a rise in the US dollar after U.S. President-elect Donald Trump pledged tariffs on all imports from Canada and Mexico, and additional tariffs on China.
At 7:50 AM, GIFT Nifty futures were down 78 points, trading at 24,275, indicating a negative market start.
Wall Street’s main indexes ended higher on Monday, with the small-cap Russell 2000 index hitting an all-time high after Scott Bessent was nominated for the U.S.
The S&P 500 gained 17.81 points, or 0.30%, to end at 5,987.15 points, while the Nasdaq Composite gained 51.50 points, or 0.27%, to 19,055.15. The Dow Jones Industrial Average rose 439.02 points, or 0.99%, to 44,735.53.
Japan’s Nikkei share average fell more than 1% on Tuesday as the market reacted to U.S. President-elect Donald Trump’s fresh promises of tariffs.
Meanwhile, South Korea’s KOSPI eased 0.4%. Australia’s stock benchmark eased 0.36%, a day after rising to a record high. U.S. S&P 500 futures pointed 0.3% lower following a 0.3% gain in the cash index overnight when the small-cap Russell 2000 index also hit an all-time high.
STOCKS TODAY
Zomato: Food delivery aggregator Zomato opened its Qualified Institutions Placement (QIP) offering, setting a floor price of ₹265.91 per equity share for a total issue size of ₹8,500 crore. On November 23, 2024, the company announced that its shareholders had approved the capital raise through a QIP. This follows the board’s decision last month to approve raising to ₹8,500 crore via QIP. The funds will be utilized to strengthen the company’s balance sheet.
BHEL: Bharat Heavy Electricals Limited (BHEL), in a consortium with Hitachi Energy India Ltd, announced it has secured a contract to establish two high-voltage direct current (HVDC) terminal stations. This is part of the Khavda Renewable Energy Zone Phase V project. The contract, awarded by Power Grid Corporation of India Ltd (PGCIL), aims to facilitate renewable energy evacuation from Khavda in Gujarat to Nagpur in Maharashtra.
New India Assurance: New India Assurance revealed it has secured a favorable ruling from the Income Tax Department for assessment years 2013-14 to 2019-20. Following appeals to the Commissioner of Income Tax (Appeals), the company is entitled to a cumulative tax refund of ₹1,945.08 crore, including ₹489.22 crore as interest. The company also stated it is actively working with tax authorities to expedite the refund process.
Power Grid: Power Grid Corporation of India Ltd announced it has emerged as the successful bidder for a transmission system project to evacuate power from a renewable energy installation spanning Rajasthan and Uttar Pradesh. The project, awarded under tariff-based competitive bidding (TBCB), will be executed on a build, own, operate, and transfer (BOOT) basis. Power Grid received the letter of intent (LoI) for the project on November 25, 2024.
Vedanta: Vedanta is proceeding with its second dollar bond issuance in two months, targeting up to $500 million. The move comes as a test of global investor sentiment toward Indian offshore debt, following the US indictment of Adani Group founder Gautam Adani in a bribery case. The bonds will feature call options, providing flexibility for the issuer.
Ashoka Buildcon: Ashoka Buildcon announced it has received a letter of award (LoA) from the National Highways Authority of India (NHAI) for a project worth ₹1,391 crore. The contract involves constructing a four-lane economic corridor from Bowaichandi to Guskara-Katwa Road along NH-116A in West Bengal under the hybrid annuity mode. The project will be completed in 910 days, including the monsoon period.