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PRE-MARKET REPORT
The domestic equity indices, Sensex and Nifty 50, are expected to open higher on Tuesday following gains in global markets.
Gift Nifty was trading around 24,655 level, a premium of nearly 65 points from the Nifty futures’ previous close, indicating a positive start for the Indian stock market indices.
US stock market ended higher on Monday led by tech stocks, with the S&P 500 and the Nasdaq extending their winning streak to eight consecutive sessions, the longest in 2024.
The Dow Jones Industrial Average rallied 236.77 points, or 0.58%, to 40,896.53, while the S&P 500 rose 54 points, or 0.97%, to 5,608.25. The Nasdaq Composite ended 245.05 points, or 1.39%, higher at 17,876.77.
Asian markets traded higher on Tuesday tracking an overnight rally on Wall Street and as China released key economic data.
Japan’s Nikkei 225 rallied 1.1%, while the Topix gained 0.78%. South Korea’s Kospi jumped 0.99%, and the Kosdaq surged 1.19%. Hong Kong’s Hang Seng index futures indicated a higher opening.
STOCKS TODAY
Zomato: Antfin Singapore is set to sell 13.6 crore shares of Zomato, accounting for 1.54 percent of the company’s equity, through a block deal on Tuesday. The shares will be offered at a floor price of ₹251.68 per share, slightly below the last closing price of ₹262.17.
Bajaj Auto: Bajaj Auto announced it will increase its accounting provision for deferred tax by ₹211 crore due to recent regulatory changes in the Finance Act, 2024. This adjustment follows the removal of indexation benefits on long-term capital gains from debt mutual funds acquired before April 1, 2023, and a reduction in the applicable tax rate.
Nucleus Software: Nucleus Software’s board will meet on August 22 to consider a potential share buyback, marking the third such initiative after previous buybacks in 2017 and 2021. The board will decide whether to execute the buyback via a tender offer or through the open market.
Poly Medicure: Poly Medicure launched its Qualified Institutional Placement (QIP) issue on August 19, with a floor price of ₹1,880.69 per share. The issue size is expected to be around ₹1,000 crore, and the funds will likely be used for new manufacturing facilities, inorganic growth, and general corporate purposes.
IndusInd Bank: IndusInd Bank has received approval from the Reserve Bank of India (RBI) to establish a mutual fund asset management business as a wholly-owned subsidiary. The RBI also authorized the bank to inject equity capital into the new subsidiary.
Hindustan Copper: Life Insurance Corporation of India (LIC) has sold a 2.09 percent stake in Hindustan Copper, amounting to ₹447 crore, through an open market transaction. With the sale of 2,01,62,682 shares at an average price of ₹221.64 per share, LIC’s stake in the state-owned company has reduced from 8.17 percent to 6.09 percent.