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PRE-MARKET REPORT
The domestic equity indices, Sensex and Nifty 50, are expected to open lower on Monday tracking mixed global market cues. Further, Gift Nifty was trading below the previous close indicating a negative start for the Indian indices.
US stock market indices ended lower on Friday dragged by technology stocks while investors weighed the interest rate outlook ahead of next week’s Federal Reserve meeting.
The Dow Jones Industrial Average dropped 190.89 points, or 0.49%, to 38,714.77, while the S&P 500 fell 33.39 points, or 0.65%, to 5,117.09. The Nasdaq Composite settled 155.36 points, or 0.96%, lower at 15,973.17.
Asian markets traded higher on Monday ahead of the release of key economic data from China, Japan’s Nikkei 225 rallied 1.34% and the Topix jumped 1.21%. South Korea’s Kospi traded flat, while Kosdaq rose 0.9%. Hong Kong’s Hang Seng index futures indicated a strong opening.
STOCKS TODAY
Life Insurance Corporation of India: The insurance giant has received approval from the government for a wage revision for its employees, effective August 1, 2022. The government has given LIC a nod to a 17 percent increase in the wage bill.
Aditya Birla Fashion and Retail: The company has received observation letters from BSE and the National Stock Exchange of India concerning the Scheme of Amalgamation between the company and TCNS Clothing Company. The stock exchanges have issued ‘no adverse objection’ and ‘no objection’ to the scheme. The effectiveness of the scheme will be subject to the approval of the National Company Law Tribunal.
Lupin: The US Food and Drug Administration (US FDA) inspected Lupin’s manufacturing facility at Aurangabad from March 6 to March 15. The inspection closed with the issuance of a Form 483 with one observation. The company is confident of addressing the concern raised by the US FDA and will resolve the same at the earliest.
Zydus Lifesciences: The pharma company has received final approval from the United States Food and Drug Administration (USFDA) to market Finasteride and Tadalafil capsules with USP 5 mg/5 mg strength. Zydus is the first approved applicant for Finasteride and Tadalafil capsules and therefore is eligible for 180 days of CGT exclusivity. Finasteride and Tadalafil are used to treat benign prostatic hyperplasia.
Ircon International: The company has received a Letter of Award from the National Highways & Infrastructure Development Corporation (NHIDCL) for the construction of a 2.5-kilometer twin-tube uni-directional Aizawl bypass tunnel and its approaches of 2.1 km on the Sairang-Phaiawk section of the NH-6 in Mizoram in EPC mode at a quoted bid price of Rs 630.66 crore.
SJVN: Subsidiary SJVN Green Energy (SGEL) has received the Letter of Intent (LOI) from Gujarat Urja Vikas Nigam (GUVNL) for a 200 MW solar project in GUVNL Phase XXIII. The tentative cost of construction and development for this project is Rs 1,100 crore.
JSW Energy: Subsidiary JSW Neo Energy has received a Letter of Award (LoA) for an additional 500 MW of wind capacity under the greenshoe option for the SECI wind power projects (Tranche XVI). Subsequent to this, the cumulative capacity allotted to JSW Neo under SECI Tranche XVI stands at 1,000 MW.