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PRE-MARKET REPORT
The domestic equity market indices, Sensex and Nifty 50, are expected to open higher on Tuesday following gains in global markets.
Gift Nifty was trading around 25,040, a premium of nearly 46 points from the Nifty futures’ previous close, indicating a positive start for the Indian stock market indices.
The US stock market ended higher on Monday in a short covering rally after a steep fall last week. The Dow Jones Industrial Average rallied 484.18 points, or 1.20%, to 40,829.59, while the S&P 500 rose 62.63 points, or 1.16%, to 5,471.05. The Nasdaq Composite ended 193.77 points, or 1.16%, higher at 16,884.60.
Asian markets traded higher on Tuesday following an overnight rebound on Wall Street and ahead of trade data in the region.
Japan’s Nikkei 225 gained 0.52% and the Topix rose 0.65%. South Korea’s Kospi index added 0.17% and the Kosdaq gained 0.18%. Hong Kong Hang Seng index futures indicated a higher opening.
STOCKS TODAY
GMR Airports: GMR Airports Infrastructure Ltd announced plans to increase its stake in Delhi International Airport Ltd to 74 percent by acquiring an additional 10 percent from Fraport AG for $126 million. The deal, subject to approvals from the Airports Authority of India and shareholders, is expected to close within 180 days.
Adani Green Energy: Adani Green Energy Ltd (AGEL) fully redeemed its USD 750 million Holdco Notes before the September 2024 maturity date. These bonds, issued in 2021 at a 4.375 percent interest rate, were instrumental in funding AGEL’s expansion. Over three years, its energy capacity grew from 3.5 GW to 11.2 GW, representing a 48 percent CAGR.
Dixon Technologies: HP India is collaborating with Dixon Technologies’ subsidiary, Padget Electronics, to manufacture notebooks, desktops, and all-in-one PCs in Chennai under the PLI 2.0 scheme. This new facility aims to produce up to 2 million units annually and generate 1,500 jobs.
Adani Power: The Adani Group has alerted Bangladesh’s interim government about $500 million in overdue payments related to a power project, potentially escalating tensions amid Bangladesh’s financial challenges. The country’s power liabilities now total $3.7 billion, with a significant portion owed to Adani Power.
Suzlon Energy: Suzlon has secured a 1,166 MW wind project in Gujarat with NTPC Green Energy Limited, involving the installation of 370 wind turbines. This deal contributes to NTPC’s goal of adding 60 GW of renewable energy by 2032, bringing Suzlon’s order book to nearly 5 GW.
Bank of Baroda: The bank raised ₹5,000 crore through a 10-year infrastructure bond issue, which was oversubscribed nearly three times. Priced at 7.26 percent, the issuance exhausts the bank’s approved limit for infrastructure bonds, though room remains for future raises via tier I or tier II bonds.