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PRE-MARKET REPORT
The domestic equity market is expected to open higher amid cautiousness on Tuesday tracking mixed global market cues. Further Gift Nifty also indicates a positive start for the Indian stock market indices.
The US stock market indices ended mixed on Monday ahead of the consumer inflation data this week that could provide new clarity on the US Federal Reserve’s interest rate cut trajectory going ahead.
The Dow Jones Industrial Average gained 46.97 points, or 0.12%, to 38,769.66, while the S&P 500 fell 5.75 points, or 0.11%, to 5,117.94. The Nasdaq Composite ended 65.84 points, or 0.41%, lower at 16,019.27.
Asian markets traded mixed following a mixed trade overnight on Wall Street and after Japan’s corporate inflation came in higher than estimates.
Japan’s Nikkei 225 fell 1.12% and the Topix declined 1.37%. South Korea’s Kospi gained 0.18%, while the Kosdaq rose 0.55%. Hong Kong’s Hang Seng index futures indicated a higher opening.
STOCKS TODAY
InterGlobe Aviation: Promoter Rakesh Gangwal sold 2.25 crore equity shares (equivalent to 5.8 percent of paid-up equity) in the IndiGo operator via open market transactions, amounting to Rs 6,785.73 crore. However, foreign investor Morgan Stanley Asia (Singapore) Pte bought 21 lakh shares in the company at an average price of Rs 3,015.1 crore, valued at Rs 633.17 crore.
Aurobindo Pharma: The Prequalification Unit Inspection Team (PQT-INS) of the World Health Organization (WHO) inspected Unit IV, a formulation manufacturing facility, of APL Healthcare, a wholly owned subsidiary of the company, in Andhra Pradesh, during September 11–15, 2023. After the inspection, the PQT-INS has decided to recommend to the Prequalification Assessment Team that the facility be named as a manufacturing site in the dossier for Dolutegravir, Lamivudine, and Tenofovir Disoproxil Fumarate tablets in the 50/300 mg strengths.
Mahindra and Mahindra: Production in February grew by 26.07 percent year-on-year to 73,380 units, and sales increased by 26.2 percent to 71,384 units, but exports fell 31.6 percent to 1,539 units compared to the previous month.
ITC: British American Tobacco Plc, the maker of Lucky Strike cigarettes, is preparing to kick off a sale of part of its stake in Indian partner ITC Ltd. as soon as this week, people with knowledge of the matter said. London-listed BAT has been speaking with Bank of America Corp. and Citigroup Inc. about a potential divestment of around $2 billion to $3 billion in ITC stock through block trades. BAT currently owns about a 29 percent stake in ITC.
Mankind Pharma: AstraZeneca Pharma India and Mankind Pharma entered into a distribution agreement for AstraZeneca’s budesonide and formoterol fumarate dihydrate (inhaled corticosteroid (ICS) and long-acting beta-agonist (LABA) combination) brand Symbicort in India. AstraZeneca will retain the intellectual property rights to budesonide and formoterol fumarate dihydrate and will continue to be the Marketing Authorization Holder (MAH) and import license.
HG Infra Engineering: The company has received a letter of award from the National Highways Authority of India (NHAI) for an access-controlled highway of 4 lanes in Andhra Pradesh in hybrid lane mode. The project cost is Rs 862.11 crore, and the construction period for the said project is 24 months.
HIL: The company has received board approval for the acquisition of 100 percent shareholding in Crestia Polytech along with four other entities, namely Topline Industries, Aditya Polytechnic, Sainath Polymers, and Aditya Industries, for Rs 265 crore on a cash-free and debt-free basis. This acquisition will strengthen the company’s pipes and fittings business in Eastern India.