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PRE-MARKET REPORT
The Indian equity market is expected to open on a subdued note Tuesday following mixed cues from global peers. Further, Gift Nifty was trading below the previous close, indicating a negative start for the Indian stock indices.
The US stock market indices ended lower on Monday as the market rally showed signs of fatigue after the biggest weekly percentage gains for the indexes this year.
The Dow Jones Industrial Average declined 162.13 points, or 0.41%, to 39,313.77, while the S&P 500 dropped 15.97 points, or 0.31%, to 5,218.21. The Nasdaq Composite ended 44.35 points, or 0.27%, lower at 16,384.47.
Asian markets traded mixed on Tuesday tracking overnight losses on Wall Street.
Japan’s Nikkei 225 was flat, while the Topix fell 0.07%. South Korea’s Kospi rallied 1.14% to hit its highest level in two years, while the Kosdaq gained 0.18%. Hong Kong’s Hang Seng index futures indicated a slightly positive start.
STOCKS TODAY
Reliance Industries: The billionaire Mukesh Ambani-owned company has received the board approval for the acquisition of 100 percent equity shares of MSKVY Nineteenth Solar SPV and MSKVY Twenty-second Solar SPV from MSEB Solar Agro Power. The acquisition move is in line with the terms of the tender awarded to Reliance for setting up an aggregate solar capacity of 128 MW spread across various locations in Maharashtra under the Mukhyamantri Saur Krushi Vahini Yojana 2.0. The acquisition is expected to be completed by the end of April 2024.
Mankind Pharma: Investor Beige is likely to sell up to a 2.90 percent stake in a pharma company via block deals, reports CNBC-TV18, quoting sources. The offer price is in the range of Rs 2,103-2,214 per share, which is a discount of 0-5 percent to Friday’s closing price. Currently, Beige holds a 2.99 percent stake in Mankind.
Maruti Suzuki India: The country’s largest car maker has recalled 11,851 units of Baleno and 4,190 units of WagonR manufactured between July 30, 2019, and November 1, 2021. There is a possible defect in a part of the fuel pump motor, which, in a rare case, may lead to engine stalling or an engine starting issue. Meanwhile, Maruti invested Rs 1.99 crore in Amlgo Labs, a technology-led startup, for over 6.44 percent of its shareholding.
Hindustan Aeronautics: The company has signed a contract with the Guyana Defence Force (GDF) and the Guyana Government for the supply of two Hindustan-228 commuter aircraft along with the Manufacturer Recommended List of Spares (MRLS), ground handling equipment and ground support equipment, training, and hand-holding at a total value of MUSD 23.37 (approximately Rs 194 crore).
ICICI Securities: The Securities and Exchange Board of India (SEBI) has issued an administrative warning to ICICI Securities after the inspection of books and records for the merchant banking activities of the company conducted in December 2023. There is no impact on the financial, operational, or other activities of the company due to the administrative warning letter.
Rail Vikas Nigam: The state-run railway company has signed a MoU with the Airports Authority of India (AAI) for the construction of a subway or underpass to connect the operational area to the Airport Authority of India’s residential colony in Kolkata. The estimated cost of the project is Rs 229.43 crore.
UltraTech Cement: The company has commissioned 1 mtpa (million tons per annum) of brownfield cement capacity at Roorkee, Uttarakhand. With this, the capacity of said unit has been increased to 2.1 mtpa and the total grey cement manufacturing capacity in India to 138.39 mtpa