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PRE-MARKET REPORT
The domestic equity market is expected to open higher, with the benchmark indices Sensex and Nifty 50 likely to extend rally, following positive cues from global markets.
Gift Nifty was trading around 25,075 level, a premium of nearly 160 points from the Nifty futures’ previous close, indicating a positive start for the Indian stock market indices.
US stock market ended higher on Friday led by buying in megacaps technology stocks and as inflation data boosted optimism of interest rate cuts by the US Fed soon.
The Dow Jones Industrial Average rallied 1.64% to 40,589.34, while the S&P 500 jumped 1.11% to 5,459.10. The Nasdaq Composite Index ended 1.03% higher at 17,357.88.
Asian markets traded higher on Monday ahead of a week of key central bank decisions in Japan, the US, and the UK.
Japan’s Nikkei rallied 2.02%, while the Topix gained 1.52%. South Korea’s Kospi rose 0.8%, while the Kosdaq added 0.48%. Hong Kong Hang Seng index futures indicated a lower opening.
STOCKS TODAY
UltraTech Cement: The cement major has received board approval for the acquisition of a 32.72% stake in India Cements for Rs 390 per share. The cost of acquisition is Rs 3,954 crore. In addition, it announced an open offer for an additional 26% stake in India Cements at Rs 390 per share, which is a 4 percent premium over Friday’s closing price.
Biocon: The US Food and Drug Administration conducted the cGMP and pre-licensing inspection at Biocon Biologics facilities in Bengaluru from July 15-26. At the close of the inspection, the regulator issued a Form-483 with 10 observations: one across the four drug substance facilities, seven across the two drug product facilities, and two on the analytical quality control laboratories.
Bharat Heavy Electricals: BHEL has received a Letter of Intent (LOI) from Damodar Valley Corporation (DVC) for setting up the 2×800 MW Koderma Phase-II thermal power station at Koderma in Jharkhand on an EPC basis. The contract is worth Rs 10,000 crore.
Maruti Suzuki India: The automobile company has received a final assessment order with a total tax demand (including interest) of Rs 779.2 crore. It has also received a Show Cause Notice for the initiation of penalty proceedings concerning this order. Maruti will be filing an appeal before the Income Tax Appellate Tribunal and stated that the order would have no impact on the financial, operational, or other activities of the company.
Jubilant Pharmova: The company has received an order from the Income Tax Department for FY20, raising a tax demand of Rs 38.13 crore on its subsidiary Jubilant Generics due to mistakes apparent from records apart from certain transfer pricing adjustments.
Colgate Palmolive India: The company has received a final assessment order for Assessment Year 2020-21, demanding Rs 248.7 crore (including interest) for transfer pricing-related issues. The company will be filing an appeal before the Income Tax Appellate Tribunal against the said order. There is no impact on the financial operations or any other activities of the company due to this order.