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PRE-MARKET REPORT
The domestic equity benchmark indices, Sensex and Nifty 50, are expected to open lower on Tuesday following a sell-off in global markets.
Gift Nifty was trading around 24,860 level, a discount of nearly 130 points from the Nifty futures’ previous close, indicating a negative start for the Indian stock market indices.
US stock market ended lower on Monday dragged by a sell-off in technology stocks. The Dow Jones Industrial Average dropped 398.51 points, or 0.94%, to 41,954.24, while the S&P 500 declined 55.13 points, or 0.96%, to 5,695.94. The Nasdaq Composite ended 213.94 points, or 1.18%, lower at 17,923.90.
Asian markets traded mostly lower, tracking overnight losses on Wall Street. MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.05%. Japan’s Nikkei 225 declined 0.75%, while the Topix fell 0.88%. South Korea’s Kospi dropped 0.61%, and the Kosdaq fell 0.14%. Chinese markets jumped over 10% at open after coming back from a long holiday. The CSI 300 index rallied 10.2%, while Hong Kong’s Hang Seng index declined over 3%.
STOCKS TODAY
FSN E-Commerce Ventures: Nykaa has recorded consolidated net revenue growth of mid-twenties in the quarter ended September 2024. However, fashion consumption has witnessed subdued demand in the first half of FY25. The industry is expected to see a gradual revival in the second half, driven by the festive and wedding season.
Tata Motors: Jaguar Land Rover, a subsidiary of the company, recorded retail sales of 1.03 lakh units for the quarter ended September 2024, down 3% compared to the same period a year ago. Production during the period declined by 7% YoY to 86,000 units, due to disruptions in the aluminium supply chain in Q1FY25. Wholesales were down 10% YoY to 87,303 units. JLR expects production and wholesale volumes to recover strongly in the second half of the year.
Zodiac Energy: The company has received an order worth Rs 154.27 crore from the Ahmedabad Municipal Corporation. The order involves the design, supply, installation, testing, and commissioning of a 30MW ground-mounted solar project in Gujarat, including erection, operation, and maintenance for five years.
IRCON International: Apex Buildsys has initiated a Rs 38.7 crore claim against IRCON. The claim is being adjudicated by an Arbitral Tribunal. Apex Buildsys is a contractor for IRCON, and the potential financial implications will depend on the final adjudication of the disputes or claims.
HDFC Bank: The Board has approved the sale of a 100% stake in HDFC Education and Development Services to Vama Sundari Investments (Delhi) for Rs 192 crore. Vama Sundari Investments is a related party of HDFC Asset Management Company, a subsidiary of HDFC Bank.
Eraaya Lifespaces: Its subsidiary, Ebix Cash, has secured a contract for providing network integration services to Punjab National Bank. The contract, valued at Rs 138.75 crore, has been awarded for a three-year period.