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PRE-MARKET REPORT
The domestic benchmark equity indices are expected to open higher on Friday tracking positive global market cues. Further, Gift Nifty also indicates a positive start for the domestic indices.
The US stock market indices rallied, with the S&P 500 and Nasdaq closing at record highs on Thursday led by tech stocks, after the release of inflation data.
The Dow Jones Industrial Average gained 47.37 points, or 0.12%, to 38,996.39, while the S&P 500 rose 26.51 points, or 0.52%, to 5,096.27. The Nasdaq Composite ended 144.18 points, or 0.90%, higher at 16,091.92.
Asian markets traded higher on Friday tracking an overnight rally on Wall Street and as investors awaited China manufacturing data. Japan’s Nikkei 225 gained 0.72%, while the Topix index rose 0.50%. Hong Kong’s Hang Seng index futures indicated a lower opening. South Korean markets were shut for the Movement Day holiday.
STOCKS TODAY
Biocon: The US Food and Drug Administration (FDA) inspected Biocon Biologics’ Biocon Campus (Site 1) facility on February 20–28, which pertains to the rh-Insulin (rhI) drug substance supply to a customer for veterinary use. After the inspection, the US FDA issued Form 483 with four observations. The company will submit a comprehensive Corrective and Preventive Action (CAPA) plan to the US FDA within the stipulated time and is committed to addressing these observations expeditiously. The outcome of this inspection at site 1 does not impact the manufacturing and distribution of the company’s commercial products in the US market.
Adani Enterprises: The company has divested its 100 percent stake in subsidiary Vizag Tech Park to Adani Infrastructure and Developers for Rs 150.81 crore. With this, Vizag Tech Park has ceased to be a subsidiary of the company.
Godrej Industries: The company has increased its stake in subsidiary Godrej Capital to 89.48 percent, up from 87.23 percent earlier. It has bought the said 2.25 percent stake from June 2023 to February 2024. Godrej Capital is a core investment company that holds equity shares of Godrej Housing Finance and Godrej Finance.
ICICI Bank: The private sector lender has purchased an additional 25,14,365 equity shares of ICICI Lombard General Insurance for around Rs 431 crore. Consequently, ICICI Lombard has become a subsidiary of the bank. On February 27, it bought 80,98,658 equity shares in ICICI Lombard for Rs 1,356 crore.
Vedanta: The Supreme Court dismissed Vedanta’s plea seeking the reopening of its Sterlite Copper smelter plant in Tamil Nadu for judgment. The court said it has to be mindful of the principle of sustainable development, and the health and welfare of the residents of the area are matters of utmost concern.
TVS Motor Company: Subsidiary TVS Motor (Singapore) Pte Ltd. has paid 2 million euros and initiated the acquisition of 8,000 equity shares in Killwatt GmbH. Post-acquisition, the shareholding of TVS Motor (Singapore) in Killwatt GmbH will be increased from 39.28 percent to 49 percent via newly issued shares of Killwatt GmbH.
Larsen & Toubro: The infrastructure major has announced commissioning its first indigenously manufactured electrolyzer at the green hydrogen plant at the A M Naik Heavy Engineering Complex in Hazira, Gujarat.