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PRE MARKET
Gift Nifty indicates a positive start for the broader index in India, with a gain of 73.5 points or 0.29 percent. The Nifty futures were trading around the 24,951.50 level.
Traders boosted bets on a September rate cut after Powell’s comments, now placing a nearly 90% chance of a reduction, versus about 75% before Powell’s remarks.
The Dow Jones Industrial Average rose 846.24 points, or 1.89%, to 45,631.74, surpassing its most recent record close on December 4, 2024. The S&P 500 gained 96.74 points, or 1.52%, to 6,466.91, and the Nasdaq Composite gained 396.22 points, or 1.88%, to 21,496.54.
Asian equities gained at the open, tracking Wall Street’s rally, after Federal Reserve Chairman Jerome Powell opened the door to resuming interest rate cuts.
Japan’s Nikkei, Hong Kong’s Hang Seng, and the Taiwanese weighted index gained 0.67, 1.4,3 and 1.70 percent, respectively.
STOCKS TODAY
Yes Bank
Sumitomo Mitsui Banking Corporation (SMBC) has received approval from the Reserve Bank of India (RBI) to acquire up to a 24.99% stake in Yes Bank. This approval is valid for one year from the date of the RBI’s letter. The RBI clarified that, following the acquisition, SMBC will not be considered a promoter of Yes Bank.
Titagarh Rail Systems
The company has received a Letter of Acceptance (LoA) from Banaras Locomotive Works for the complete shell assembly of WAG-9HC locomotives. The order is valued at Rs 91.12 crore
RailTel Corporation of India
The company received an order from Rajasthan Skill & Livelihoods Development Corporation (RSLDC) for Project Management Consultancy (PMC) work, valued at Rs 13.16 crore.
Schloss Bangalore
The Board has approved the change in the company’s name to Leela Palaces Hotels & Resorts and has recommended the reappointment of Anuraag Bhatnagar as Whole-Time Director.
CEAT
CEAT OHT Lanka has signed an agreement with the Board of Investment of Sri Lanka (BOI) to formalise a $171 million investment. This investment follows CEAT’s acquisition of Michelin Group’s construction compact line business, including their Sri Lanka-based Midigama plant and casting product plant in Kotugoda.
Source – Moneycontrol