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PRE-MARKET REPORT
Indian markets are likely to open on a positive note on Monday as RBI on Friday kept the repo rates unchanged, as expected. Further, Gift Nifty also was trading higher than the previous close of Nifty futures indicating a positive opening for the Indian indices.
US stock market indices ended higher on Friday after a strong jobs report.
The Dow Jones Industrial Average gained 307.06 points, or 0.80%, to 38,904.04, while the S&P 500 rallied 57.13 points, or 1.11%, to 5,204.34. The Nasdaq Composite ended 199.44 points, or 1.24%, higher at 16,248.52.
Asian markets traded mixed on Monday ahead of key economic data from the region. Japan’s Nikkei 225 rallied 1.01%, while the Topix gained 0.77%. South Korea’s Kospi fell 0.17% and the Kosdaq declined 0.76%. Hong Kong’s Hang Seng index futures indicated a stronger opening.
STOCKS TODAY
Adani Wilmar: The Adani Group witnessed double-digit growth in both edible oils and food businesses during the quarter ended March FY24, driven by increased retail penetration, particularly focusing on under-indexed markets. The company also achieved its highest-ever volume during the quarter, and it continued to gain market share.
Vodafone Idea: The telecom operator has received approval from its board of directors for fund-raising up to Rs 2,075 crore from Oriana Investments, an Aditya Birla Group entity. The company will issue up to 1,39.5 crore equity shares to Oriana Investments at an issue price of Rs 14.87 per share, subject to shareholder approval in a general meeting.
Tata Steel: The Tata Group company said India’s crude steel production grew by 4.5 percent year-on-year to 5.38 million metric tons (MT), while deliveries increased by 5 percent YoY to 5.41 MT and were the highest ever quarterly deliveries. Further, in FY24, Tata Steel India achieved the highest-ever annual crude steel production of 20.8 MT, with a growth of 4 percent YoY by debottlenecking across sites and achieving higher steel production at Neelachal Ispat Nigam, and deliveries increased by 5.6 percent YoY to 19.9 MT.
Cochin Shipyard: The company has signed the Master Shipyard Repair Agreement (MSRA) with the United States Navy. The MSRA is a non-financial agreement and is effective April 5. This will facilitate the repair of US Naval vessels under the Military Sealift Command in the Cochin Shipyard.
JSW Energy: The company has closed its qualified institution placement (QIP) issue and raised Rs 5,000 crore via the allotment of 10.3 crore equity shares to 97 qualified institutional buyers at an issue price of Rs 485 per share. Goldman Sachs picked up Rs 1,356.1 crore worth of equity shares, and Nomura India bought Rs 500.15 crore worth of shares.
Punjab National Bank: The public sector lender has recorded total business of Rs 23.56 lakh crore for the quarter ended March FY24, growing 8.8 percent YoY, with total deposits increasing 7 percent to Rs 13.7 lakh crore and advances rising 11.5 percent YoY to Rs 9.85 lakh crore. Domestic deposits increased 6.6 percent YoY, and CASA deposits grew 2.6 percent YoY, while domestic advances rose 11.2 percent YoY.
Gland Pharma: The generic injectable-focused pharmaceutical company has received approval from the United States Food and Drug Administration (USFDA) for Eribulin Mesylate injection. It expects to launch this product in the near term through its marketing partner. Eribulin injections are used in the treatment of breast cancer that spreads to other parts of the body.