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PRE-MARKET REPORT
The Indian equity market is expected to open on a positive note Thursday tracking an upmove in global peers amid improved investor sentiment. Further, Gift Nifty was trading above the previous close of Nifty futures, indicating a positive start for the Indian stock indices.
Asian markets traded higher following overnight gains on Wall Street after Fed Chair Jerome Powell reaffirmed his view of likely rate cuts this year.
Japan’s Nikkei 225 rallied 1.34% to trade near 40,000, while Topix gained 1.05%. South Korea’s Kospi rose 1.22%. Markets in Hong Kong, mainland China, and Taiwan are shut for a public holiday.
The US stock market indices ended mixed on Wednesday amid gains in energy, materials, and communication services stocks.
The Dow Jones Industrial Average fell 43.1 points, or 0.11%, to 39,127.14, while the S&P 500 gained 5.68 points, or 0.11%, to 5,211.49. The Nasdaq Composite closed 37.01 points, or 0.23%, higher at 16,277.46.
STOCKS TODAY
Vedanta: Aluminium producer Vedanta Aluminium has expanded its alumina refining capacity to 3.5 million metric tonnes per year (MTPA). It has commissioned a 1.5 MTPA capacity alumina refinery in Lanjigarh, Odisha, which is part of the company’s new 3 MTPA facility. This will take the overall nameplate capacity at the Lanjigarh refinery from an existing 2 MTPA to 5 MTPA.
HCL Infosystems: The company has received a final arbitration award in the arbitration filed by the company against the Government of the National Capital Territory of Delhi (GNCTD) for the recovery of dues against setting up and maintaining a wireless secured communications network (TETRA). The monetary relief has been awarded in favor of the company as per the arbitral award of Rs 4.5 crore, along with interest at 8 percent per annum from the date of the award until payment. The counterclaims worth Rs 163 crore filed by the GNCTD against the company have also been disallowed.
KEC International: The infrastructure EPC major has received new orders of Rs 816 crore across its various businesses, including orders for the supply of towers in the United States of America, setting up steel plants in Northern India, and plants for carbon derivatives in Eastern India.
Avenue Supermarts: The D-Mart operator has recorded standalone revenue at Rs 12,393.46 crore for the quarter that ended March FY24, growing 19.9 percent over Rs 10,337.12 crore in the year-ago period. The total number of stores stood at 365 at the end of March 2024.
Vodafone Idea: The telecom operator said the board of directors will be meeting on April 6 to consider the issuance of equity or convertible securities on a preferential basis to one or more promoter group entities for Rs 2,075 crore.
L&T Finance Holdings: The retail loan book at the end of Q4FY24 is estimated at around Rs 80,010 crore, growing 31 percent over a year-ago period, while retail disbursements during the quarter at Rs 15,030 crore increased by 33 percent YoY. Retailization of the portfolio is estimated at around 94 percent at the end of Q4 FY24, against 75 percent in the same period last fiscal.
Union Bank of India: The bank’s DIFC Dubai branch has arranged for a syndicated term loan of $500 million, including a green shoe of $100 million, in two tranches with a tenure of 3 years and 5 years. This is the first syndicated term loan raised by the bank at the overseas center. Under this facility, the bank has drawn $100 million under Tranche A as of April 3.