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PRE-MARKET REPORT
The domestic equity benchmark indices, Sensex and Nifty 50, are expected to open lower on Monday tracking weak cues from global peers.
Gift Nifty was trading around 24,401 level, a discount of nearly 135 points from the Nifty futures’ previous close, indicating a negative start for the Indian stock market indices.
The US stock market slumped Friday as the global technical outage caused by a software glitch added uncertainty to an already anxious market.
The Dow Jones Industrial Average declined 377.49 points, or 0.93%, to 40,287.53, while the S&P 500 fell 39.59 points, or 0.71%, to 5,505. The Nasdaq Composite ended 144.28 points, or 0.81%, lower at 17,726.94.
Asian markets traded lower on Monday amid news of US President Joe Biden dropping out of the presidential race and as investors look out for the People’s Bank of China’s loan prime rate decision.
MSCI’s broadest index of Asia-Pacific shares outside Japan eased 0.2%, having shed 3% last week. Japan’s Nikkei 225 fell 0.5%, while the Topix declined 0.41%. South Korea’s Kospi dropped 0.16%, while the Kosdaq fell 0.39%. Hong Kong’s Hang Seng index indicated a marginally higher opening.
STOCKS TODAY
Vedanta: The company closed its Qualified Institutions Placement (QIP) issue, raising Rs 8,500 crore by selling 19.31 crore equity shares at Rs 440 per share. Institutional investors including Morgan Stanley, Societe Generale, SBI MF, Nippon MF, ICICI Mutual Funds, and Copthall Mauritius Investment participated.
JSW Infrastructure: India’s second-largest private commercial port operator acquired the Under Development Slurry Pipeline Project from JSW Utkal Steel, a wholly-owned subsidiary of JSW Steel, for Rs 1,700 crore. They will enter a 20-year long-term take-or-pay agreement to transport iron ore through the pipeline.
Oil and Natural Gas Corporation: ONGC Videsh signed a definitive Sale Purchase Agreement (SPA) to acquire a 0.615% participating interest in the offshore Azeri Chirag Gunashli (ACG) oil field in Azerbaijan from Equinor. Additionally, it will acquire 0.737% shares of the Baku Tbilisi Ceyhan (BTC) pipeline company through its subsidiary ONGC BTC. The acquisitions, totaling up to USD 60 million, are expected to be completed in the coming months.
EMS: The company has received a Letter of Acceptance from the Uttarakhand Urban Sector Development Agency for the Development of the Water Supply and Sewerage System in Vikas Nagar, Dehradun. The order value is Rs 535.19 crore, with EMS holding a 95% share along with another joint venture partner for an 18-year operation and maintenance (O&M) period.
Allcargo Gati: Total volume, including surface and air express, stood at 1,00,000 tonnes in June 2024, marking a marginal MoM decline of 3% and a YoY decline of 2%. The company reported a 1% improvement in yield compared to the previous month, driven by a better product mix.
Anant Raj: Subsidiary Anant Raj Cloud entered into a Memorandum of Understanding with Google LLC to collaborate on providing data center infrastructure, managed services, and cloud platforms to public and private enterprises. They also plan to develop innovative technological solutions for potential customers.