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PRE-MARKET REPORT
The domestic equity indices, Sensex and Nifty 50, are expected to open lower on Friday following weak global market cues.
Gift Nifty was trading around the 22,950 level, a discount of nearly 50 points from the Nifty futures’ previous close, indicating a negative start for the Indian stock market indices.
The US stock market ended lower on Thursday with the Dow Jones registering the largest daily percentage drop since March 22, 2023.
The Dow Jones Industrial Average plunged 605.78 points, or 1.53%, to 39,065.26, while the S&P 500 declined 39.17 points, or 0.74%, to 5,267.84. The Nasdaq Composite ended 65.51 points, or 0.39%, lower at 16,736.03.
Asian markets traded lower on Friday tracking overnight losses on Wall Street. The Nikkei 225 declined 1.83%, while the Topix plunged 1.22%. South Korea’s Kospi fell 1.34%, and the Kosdaq lost 0.95%. Hong Kong’s Hang Seng index futures indicated a weaker opening.
STOCK TODAY
JSW Paints: JSW Paints crossed Rs 2,000 crore in revenue from operation in FY24 and logged its first operating profit in five years of inception, a top company official said on Thursday. The JSW Group firm, which aims for Rs 5,000 crore revenue in the next two years, is expanding its retail presence in the home decorative business and adding more products in the industrial coating business, the company’s Joint Managing Director & CEO Sundaresan AS said.
Biocon: Biocon Biologics, a part of Biocon Ltd, on Tuesday said it has received approval from the US health regulator for its biosimilar product to treat different types of ophthalmology conditions. The US Food and Drug Administration (USFDA) has approved the company’s first-to-file application for Yesafili, a vascular endothelial growth factor inhibitor used to treat several different types of ophthalmology conditions, the company said in a statement.
Tech Mahindra: IT company Tech Mahindra on Thursday said it has partnered with Japanese broadcaster Fuji TV to develop and produce content across genres for the global entertainment industry. The partnership will combine Fuji TV’s original content with Tech Mahindra’s localization and animation services, according to a company statement.
Cipla: Drug major Cipla on Wednesday said it has received approval from the US health regulator to market a generic medication used to treat acromegaly and other conditions. The company has received the final approval from the US Food and Drug Administration (USFDA) to market Lanreotide injection in multiple strengths, the Mumbai-based drug maker said in a statement.
Waaree Energies: Solar solutions provider Waaree Energies on Thursday said the company will supply 445 MW solar modules to Statkraft India. Waaree Energies is set to illuminate single-location solar projects in Bikaner, Rajasthan, with a supply of 445 MW of its 540/545Wp dual glass bifacial modules, a company statement said.
Radisson Hotel Group: Global hospitality company Radisson Hotel Group on Wednesday said it has signed a strategic partnership with NILE Hospitality to expand its mid-scale brand Park Inn & Suites by Radisson in Rajasthan and Gujarat. This partnership is part of the global hospitality group’s robust expansion strategy, driven by the growing demand for quality hospitality experiences in tier II to V cities across India, Radisson Hotel Group said in a statement.