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PRE-MARKET REPORT
The domestic equity market indices, Sensex and Nifty 50, are likely to open higher on Thursday amid mixed global cues.
Gift Nifty was trading around the 25,366.50 level, a premium of nearly 116 points from the Nifty futures’ previous close, indicating a positive start for the Indian stock market indices.
A day after the market saw its biggest slump in a month, Wall Street continued to lose ground on Wednesday as US stock indexes continued to fall, with losses accruing from the technology, energy, and other sectors.
Following a 2.1% decline on Tuesday, the S&P 500 dropped by 0.2%. The Nasdaq composite also decreased by 0.3%. Despite this, the Dow Jones Industrial Average saw an increase of 0.1%.
Asian markets recovered some of the ground following a worldwide sell-off, according to a Bloomberg report, as traders anticipated this week’s US payrolls data to determine the degree of the Federal Reserve’s easing.
The rise in chipmaker stocks drove a more than 1% increase in the Kospi index of South Korea. Japan’s benchmarks changed in tandem with the strength of the yen. The yen lost some of its previous strength. Surprising gains in real earnings kept the yen strong and the Bank of Japan on course for another rate hike.
STOCKS TODAY
Reliance Industries (RIL): The company’s Board of Directors will meet on September 5 to consider the issue of bonus shares in the ratio of 1:1 to the company’s equity shareholders. Additionally, Reliance was awarded for building a 10 GWh battery storage project under the government’s Production-Linked Incentive Scheme.
PNB Housing Finance: The Board of the housing finance company will meet on September 9 to consider the issuance of non-convertible debentures (NCDs) up to Rs 2,500 crore on a private placement basis, in tranches over the next six months.
Vedanta: ICRA has upgraded the rating on the company’s long-term instruments from ‘AA-’ to ‘AA’ and reaffirmed the rating on short-term instruments at ‘A1+’. The ratings remain on ‘watch with developing implications’.
Suzlon Energy: The company has executed a Conveyance Deed with OE Business Park (OEBPPL) for the sale of the One Earth Property, its corporate office, for Rs 440 crore. OEBPPL is a special-purpose vehicle, shares of which are held by funds managed by 360 ONE Alternates Asset Management. Upon completion of the sale, the One Earth Property will be leased back to Suzlon for five years with sub-leasing and licensing rights.
Kalpataru Projects International: The board has approved the conversion of the outstanding loan granted to the company’s subsidiary Kalpataru Power Do Brasil Participações S A (KPBPSA), Brazil, into equity shares of KPBPSA. The equity shares will be subscribed at BRL 2.10 per share.
Mastek: ICICI Prudential Mutual Fund and Ghisallo Master Fund LP bought a 2.36% stake in the IT company at an average price of Rs 2,751 per share, amounting to Rs 200.2 crore. However, Europacific Growth Fund sold a 5.57% stake in Mastek at an average price of Rs 2,766.36 per share, valued at Rs 475.6 crore.