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PRE-MARKET REPORT
The domestic equity benchmark indices, Sensex and Nifty 50, are expected to open higher on Tuesday tracking positive momentum in global peers.
Gift Nifty was trading around the 23,590 level, a premium of nearly 130 points from the Nifty futures’ Friday’s close, indicating a strong start for the Indian stock market indices.
The US stock market ended sharply higher on Monday with the S&P 500 and Nasdaq scoring record closing highs led by a rally in technology shares amid enthusiasm over artificial intelligence.
The Dow Jones Industrial Average gained 188.94 points, or 0.49%, to 38,778.10, while the S&P 500 jumped 41.63 points, or 0.77%, to 5,473.23. The Nasdaq Composite ended 168.14 points, or 0.95%, higher at 17,857.02.
Asian markets traded higher tracking an overnight record rally on Wall Street led by technology stocks.
Japan’s Nikkei 225 gained 0.84%, while the Topix rose 0.64%. South Korea’s Kospi rallied 0.9%. Hong Kong Hang Seng index futures indicated a higher opening.
STOCKS TODAY
Tata Consultancy Services: TCS announced that it has received an adverse judgment from the United States District Court, Northern District of Texas, Dallas Division. The court ruled that TCS is liable for a total of $194.2 million, which includes $56,151,583 in compensatory damages, $112,303,166 in exemplary damages, and $25,773,576.60 in prejudgment interest. TCS plans to defend its position through a review petition or an appeal to the appropriate court.
Adani Enterprises: Gautam Adani and Adani Group companies increased their stake in Adani Enterprises by over 2% through open market purchases from September 2023 to June 2024. This increased their total shareholdings in Adani Enterprise from 71.95% to 73.95%.
Zydus Lifesciences: The company’s injectable manufacturing unit at Pharmez SEZ, Matoda, has been classified as Official Action Indicated (OAI) by the US FDA following a March inspection, indicating the need for further administrative sanctions and mandatory corrective actions.
LIC: Life Insurance Corporation of India clarified that no formal proposal has been initiated to enter the health insurance market via acquisition. The company said it routinely evaluates various strategic opportunities, including inorganic growth options.
Biocon: The company’s API manufacturing facility in Visakhapatnam, Andhra Pradesh, received three observations from the US FDA following a GMP inspection on June 14, 2024. The company will respond within the stipulated time frame, it said in an exchange filing.
Indus Tower, Vodafone Idea: Vodafone Group may sell its entire $2.3 billion stake in Indus Towers through block deals next week. This is part of Vodafone Idea’s strategy to raise funds for its ambitious 5G rollout and 4G coverage expansion plans.