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PRE-MARKET REPORT
The domestic equity market indices, Sensex and Nifty 50, are expected to open higher on Thursday following a rally in global markets.
Gift Nifty was trading around the 25,200 level, a premium of nearly 80 points from the Nifty futures’ previous close, indicating a positive start for the Indian stock market indices.
The US stock market ended higher on Wednesday with the S&P 500 and the Dow Jones scoring record closing highs.
The Dow Jones Industrial Average rallied 431.63 points, or 1.03%, to 42,512.00, while the S&P 500 rose 40.91 points, or 0.71%, to 5,792.04. The Nasdaq Composite closed 108.70 points, or 0.60%, higher at 18,291.62.
Asian markets traded higher on Thursday following the overnight rally on Wall Street. Japan’s Nikkei 225 gained 0.5%, while the Topix rose 0.4%. South Korea’s Kospi added 0.2%, and the Kosdaq fell 0.2%. Hong Kong Hang Seng index futures indicated a higher opening.
STOCKS TODAY
Adani Enterprises: The company has launched a qualified institutional placement (QIP) at a floor price of ₹3,117 per share, aiming to raise up to ₹16,600 crore. The funds will be used to finance various projects, including airport expansions. SBI Capital Markets, Jefferies India, and ICICI Securities are the book-running lead managers for the issue.
Vedanta: As part of its liquidity management strategy, Vedanta has repaid $869 million to bondholders by redeeming bonds due in 2027 and 2028 ahead of maturity. This move is expected to reduce interest costs for the company.
Jio Financial Services: Jio Payments Bank, a subsidiary of Jio Financial Services, has obtained a mutual fund distribution license from AMFI, allowing it to distribute direct mutual fund plans. This aligns with the company’s broader expansion in the financial services sector, which includes a joint venture with BlackRock.
Zee Entertainment Enterprises: Following a probe by SEBI regarding alleged fund diversions, the Independent Investigation Committee (ICC) set up by ZEEL found ‘no material irregularities’ in the company. This comes after scrutiny involving Chairman Emeritus Subhash Chandra and CEO Punit Goenka concerning the alleged diversion of over ₹2,000 crore.
JSW Infrastructure: The company has received a Letter of Intent from the Maharashtra Maritime Board to develop a multipurpose port in Palghar district, with an estimated cost of ₹4,259 crore. The project is expected to create 1,500 jobs and support JSW’s goal of increasing capacity by FY30.
ICICI Securities: The National Company Law Tribunal has approved the delisting of ICICI Securities, making it a wholly-owned subsidiary of ICICI Bank. Shareholders of ICICI Securities will receive 67 shares of ICICI Bank for every 100 shares they own, and minority shareholder objections have been dismissed.
Tata Stocks: Tata group companies are likely to be in focus following the passing of Chairman Emeritus, Ratan Naval Tata, during the night of Thursday, October 10.