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PRE-MARKET REPORT
The domestic equity market indices, Sensex and Nifty 50, are expected to open on a muted note on Wednesday tracking losses in global markets.
Gift Nifty was trading around 24,695 level, a discount of nearly 12 points from the Nifty futures’ previous close, indicating a mildly negative start for the Indian stock market indices.
The US stock market ended lower on Tuesday, breaking its eight-day winning streak ahead of the Jackson Hole Economic Symposium.
The Dow Jones Industrial Average eased 61.56 points, or 0.15%, to 40,834.97, while the S&P 500 fell 11.13 points, or 0.20%, to 5,597.12. The Nasdaq Composite ended 59.83 points, or 0.33%, lower at 17,816.94.
Asian markets traded lower following overnight losses on Wall Street and trade data from Japan. Japan’s Nikkei 225 fell 0.75%, while the Topix declined 0.54%. South Korea’s Kospi eased 0.18%, and the Kosdaq dropped 0.66%. Hong Kong’s Hang Seng index futures indicated a lower opening.
STOCKS TODAY
Exide Industries: Exide Industries has further invested Rs 75 crore in its subsidiary Exide Energy Solutions on a rights basis. With this investment, the total investment made by the company in the subsidiary stands at Rs 2,652.24 crore. There is no change in the shareholding percentage of the company in the subsidiary following this acquisition.
BGR Energy Systems: The company has received an intimation of termination of the contract from Jharkhand Urja Sancharan Nigam (JUSNL project) concerning the supply, installation, testing, and commissioning of 132/33 kV GIS at Sarath, Sundernagar, and Chattarpur. There is no material impact on the company’s financials, operations, or other activities.
Petronet LNG: The company has entered into a Memorandum of Understanding (MoU) with LTL Holdings (LTL) of Sri Lanka for the supply of LNG to LTL’s dual-fuelled power plant(s) in Kerawalapitiya, Colombo. The proposed supply of LNG from Petronet’s Kochi LNG terminal would be through LNG ISO tank containers involving a multi-modal transport system. The initial term of LNG supply would be five years, extendable subject to mutual agreement.
Ola Electric Mobility: Ola’s scooters S1 X 3 kWh and S1 X 4 kWh have received Certification for Compliance with the eligibility assessment requirements as per the Production Linked Incentive (PLI) scheme for the automobile and auto components industry. The S1 X 3 kWh and S1 X 4 kWh scooters have successfully met the stringent minimum localization criteria of 50%, as mandated by the Ministry of Heavy Industries.
Genus Power Infrastructures: Genus Power Infrastructures’ wholly-owned subsidiary has received three Letters of Award (LOA) totaling Rs 3,608.52 crore to appoint advanced metering infrastructure service providers (AMISPs). The orders involve designing an Advanced Metering Infrastructure (AMI) system, including the supply, installation, and commissioning with FMS of about 4.26 million smart prepaid meters, and system meters, including DT Meters with corresponding energy accounting on a DBFOOT basis.
Cyient DLM: Promoter Cyient is likely to sell a 14.5% stake or 1.15 crore equity shares in Cyient DLM via block deals on August 21. The deal size is expected to be Rs 860.9 crore, with a floor price of Rs 748.65 per share. After the deal, Cyient’s shareholding in Cyient DLM will decline from 66.66% to 52.16%.