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PRE-MARKET REPORT
The domestic equity market indices, Sensex and Nifty 50, are expected to open lower on Thursday amid mixed global market cues.
Gift Nifty was trading around 23,840 level, a discount of nearly 60 points from the Nifty futures’ previous close, indicating a negative start for the Indian stock market indices.
On account of the New Year celebrations, the US stock market was closed on Wednesday, January 1, 2025.
US stock futures traded higher. Futures tied to the Dow Jones Industrial Average gained 2%, while S&P 500 futures rose 0.2%. Nasdaq-100 futures added 0.3%.
Asian markets traded cautiously ahead of China’s PMI data. Australia’s S&P/ASX 200 gained 0.17% at open. Japan’s markets will remain closed on Thursday and Friday.
STOCKS TODAY
Tata Motors: Tata Motors reported a modest 1 percent year-on-year growth in total domestic sales for December 2024, with 76,599 units sold compared to 76,138 units in December 2023. Passenger vehicle (PV) sales, including electric vehicles (EVs), increased by 1 percent to 44,289 units, up from 43,675 units during the same period last year. On the other hand, commercial vehicle (CV) sales declined by 1 percent, registering 33,875 units in December 2024, as opposed to 34,180 units in December 2023.
HDFC Life Insurance: HDFC Life Insurance Company disclosed that it received two GST orders on December 31, 2024, from the Assistant Commissioner of State Tax (INV-6), Investigation-A, Mumbai, Maharashtra. These orders pertain to the financial year from April 1, 2020, to March 31, 2021, and include a total tax demand of ₹152.87 crore and interest of ₹117.71 crore. While no penalty has been levied, the orders allege a short reversal of proportionate input tax credit on common services attributable to exempted supplies and excess availment of input tax credit under the reverse charge mechanism.
NMDC: NMDC, the country’s largest iron ore miner, reported a 5.1 percent year-on-year increase in iron ore production for December 2024, producing 4.71 million tonnes (MT) compared to 4.48 MT in December 2023. However, iron ore sales witnessed a decline of 6.7 percent year-on-year, standing at 3.91 MT versus 4.19 MT in the same period last year. Earlier, the company posted an 18.1 percent year-on-year growth in net profit at ₹1,211.6 crore for the second quarter ended September 30, 2024.
RailTel Corporation: RailTel Corporation of India Ltd announced that it received a ₹78.43 crore order from Bharat Coking Coal Ltd (BCCL). The telecom infrastructure provider confirmed this development in a regulatory filing, stating that the work order from BCCL amounts to ₹78,43,30,164, inclusive of taxes.
CSB Bank: CSB Bank Ltd, a Thrissur-based private lender, recorded strong growth in the quarter ended December 31, 2024. Total deposits rose by 22.17 percent year-on-year to ₹33,406 crore, up from ₹27,345 crore in the corresponding period last year. Term deposits drove this growth with a 28.10 percent year-on-year increase, reaching ₹25,365 crore compared to ₹19,802 crore. CASA deposits grew by 6.60 percent year-on-year to ₹8,041 crore from ₹7,543 crore.
South Indian Bank: South Indian Bank Ltd reported an 11.94 percent year-on-year growth in gross advances for the quarter ended December 31, 2024, reaching ₹86,965 crore compared to ₹77,686 crore in the same period last year. Total deposits rose by 6.28 percent year-on-year to ₹1,05,378 crore from ₹99,155 crore. CASA deposits also increased by 4.13 percent to ₹32,831 crore from ₹31,529 crore.