Get App
PRE-MARKET REPORT
The domestic equity indices are expected to open on a cautious note Wednesday and may see a bounce back from a sharp slide in the previous session, amid positive global market cues. Further, Gift Nifty was trading slightly above the previous close indicating a positive opening for the Indian stock market indices.
US stock market indices ended higher on Tuesday led by energy and tech stocks, while investors looked ahead to the Federal Reserve’s policy meeting for clues on interest rate policy.
The Dow Jones Industrial Average gained 320.33 points, or 0.83%, to 39,110.76, and the S&P 500 rose 29.09 points, or 0.56%, to 5,178.51. The Nasdaq Composite closed 63.34 points, or 0.39%, higher at 16,166.79.
Asian markets traded higher on Wednesday tracking overnight gains on Wall Street.
Japanese markets are closed for a public holiday. South Korea’s Kospi rose 1.12% and the Kosdaq gained 0.34%. Hong Kong’s Hang Seng index futures indicated a stronger opening.
STOCKS TODAY
UltraTech Cement: The Competition Commission of India has given its approval to the acquisition of Kesoram Industries’ cement business by UltraTech from Kesoram Industries. The board of directors of the company approved this acquisition in November 2023.
Adani Enterprises: The Adani Group company said subsidiary Adani Tradecom has acquired a 49 percent stake in Adani Green Technology from Adani Trading Services LLP. Hence, Adani Green Technology (AGTL) has become a (step-down) wholly-owned subsidiary of Adani Enterprises. With this, Mundra Solar, a wholly owned subsidiary of AGTL, has also become a (step-down) wholly owned subsidiary of the company.
Tata Consultancy Services: Central Bank, a leading Midwest regional bank in the US, will use TCS’s BaNCS, the universal financial solution, to update its core technology infrastructure, drive innovation, and strengthen customer relationships. Central Bank’s strategic partnership with TCS aims to create frictionless and flexible customer onboarding processes, enabling continued growth for the bank.
Bharti Airtel: As a part of internal re-alignment, the telecom operator will purchase a 95 percent shareholding in Airtel Limited, a step-down wholly-owned subsidiary company, from another wholly-owned subsidiary company and transfer its entire shareholding in subsidiary Nxtra Data to Airtel Limited. In addition, Bharti Hexacomm, the unit of Bharti Airtel, has received approval from the capital markets regulator SEBI to float an IPO.
Aurobindo Pharma: The pharma company has received final approval from the US Food and Drug Administration (USFDA) to manufacture and market Mometasone Furoate Monohydrate nasal spray, 50 mcg/spray. The product will be launched in Q1 FY25. Mometasone Furoate Monohydrate nasal spray is used for the treatment of the nasal symptoms of seasonal allergic and perennial allergic rhinitis.
Persistent Systems: The IT services company has executed a Share Purchase Agreement (SPA). As per the SPA, the 100 percent shareholding of Persistent Systems UK will be transferred from Aepona Group, Ireland, to the company for 7,430,000 pounds. Both are step-down subsidiaries of the company.
Time Technoplast: The company has received approval from the Petroleum and Explosives Safety Organization (PESO) for the manufacturing of a high-pressure Type-IV composite cylinder prototype for hydrogen. The testing of a 1 percent lot of cylinders will be completed in six months.