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PRE-MARKET REPORT
The domestic equity benchmark indices, Sensex and Nifty 50, are expected to open on a cautious note Friday tracking losses in global markets.
Gift Nifty was trading around 24,840 level, a premium of nearly 30 points from the Nifty futures’ previous close, indicating a mildly positive start for the Indian stock market indices.
The US stock market ended sharply lower on Thursday dragged by selling in mega-cap growth stocks, with the blue-chip Dow falling the most.
The Dow Jones Industrial Average plunged 533.06 points, or 1.29%, to 40,665.02, while the S&P 500 declined 43.68 points, or 0.78%, to 5,544.59. The Nasdaq Composite closed 125.70 points, or 0.7%, lower at 17,871.22.
Asian markets traded lower on Friday tracking overnight losses on Wall Street.
Japan’s Nikkei 225 fell 0.16%, while the Topix declined 0.28%. South Korea’s Kospi plunged 0.93%, and the Kosdaq lost 0.29%. Hong Kong’s Hang Seng index futures indicated a lower opening.
STOCKS TODAY
Dr Reddy’s Laboratories: The pharma company signed a non-exclusive patent licensing agreement with Takeda Pharmaceutical Company to commercialize Vonoprazan tablets in India. Vonoprazan is a novel, orally active potassium-competitive acid blocker (PCAB) used to treat reflux esophagitis and other acid-peptic disorders.
Tech Mahindra: The company has approved a plan to merge its step-down subsidiary, vCustomer Philippines (Cebu) Inc., with its parent company, vCustomer Philippines Inc. vCustomer Philippines Inc. a wholly owned subsidiary of Tech Mahindra. The merger is subject to regulatory approvals in the country of incorporation.
Zydus Lifesciences: The United States Food and Drug Administration (USFDA) has inspected the company’s injectables manufacturing facility at Jarod, Gujarat, from April 15 to April 23 this year. The USFDA has determined that the inspection classification of this facility is Official Action Indicated (OAI).
GPT Infraprojects: The company has received an order worth Rs 103 crore from NHAI, New Delhi, and Eastern Railway, Kolkata. The contract is an enhancement of the existing contract with NHAI and Eastern Railway, Kolkata.
Tata Consumer Products: The Capital Raising Committee of the board will meet on July 23 to consider the rights issue price and related payment mechanisms, rights entitlement ratio, the record date, and the timing of the issue. The board had approved a rights issue worth Rs 3,000 crore in January 2024.
Vodafone Idea: The Capital Raising Committee of the board has approved the second tranche of the allotment of 41,52,02,701 equity shares worth Rs 614.5 crore at an issue price of Rs 14.80 per share, to Nokia Solutions and Networks India and Ericsson India, vendors of the company, on a preferential basis.