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PRE-MARKET REPORT
The domestic equity indices, Sensex and Nifty 50, are expected to open higher on Tuesday following a positive trend in the global markets.
Gift Nifty was trading around the 25,990 level, a premium of nearly 75 points from the Nifty futures’ previous close, indicating a positive start for the Indian stock market indices.
The US stock market ended moderately higher on Monday after US Federal Reserve policymakers backed rate cuts and voiced support for more cuts in the rest of the year.
The Dow Jones Industrial Average gained 61.29 points, or 0.15%, to 42,124.65, while the S&P 500 rose 16.02 points, or 0.28%, to 5,718.57. The Nasdaq Composite ended 25.95 points, or 0.14%, higher at 17,974.27.
Asian markets traded higher on optimism over China’s stimulus measures. MSCI’s broadest index of Asia-Pacific shares outside Japan was 0.04% higher at 586.31, levels last seen on July 15.
Japan’s Nikkei 225 rose 1.47%, while the Topix gained 1%. South Korea’s Kospi added 0.6% and the Kosdaq rose 0.68%. Hong Kong’s Hang Seng index rallied 2.18%, while the mainland Chinese CSI 300 gained 1%.
STOCKS TODAY
Coal India: The state-run coal mining company has signed a joint venture agreement with Rajasthan Rajya Vidyut Utpadan Nigam (RRVUNL) for setting up a 2×800 MW brownfield thermal power project at RRUVNL’s existing Kalisindh Thermal Power Station. Coal India will hold a 74% stake in the joint venture, with the remaining 26% held by RRVUNL.
Power Grid Corporation of India: The company has been declared the successful bidder to establish an inter-state transmission system in Gujarat and has received the Letter of Intent. The project involves the installation of STATCOMs at Khavda Pooling Station 1 and Khavda Pooling Station 3, along with associated bay extension work in Gujarat.
BGR Energy Systems: The Chennai Metropolitan Water Supply & Sewage Board has terminated a contract worth Rs 440 crore with BGR due to delays in project execution and poor quality of RO water. BGR Energy noted that the termination will reduce its turnover and profit to the extent of the pending contracts, with no other material impact on its financials, operations, or other activities.
AstraZeneca Pharma: The company has received approval to import, sell, and distribute Durvalumab Solution for infusion (Imfinzi) from the Central Drugs Standard Control Organisation, Directorate General of Health Services, Government of India. Durvalumab is used to treat adults with biliary tract cancer (BTC).
Reliance Power: The board has approved the issuance of up to 46.2 crore equity shares or warrants convertible into equity shares at an issue price of Rs 33 per share, aggregating Rs 1,524.60 crore, through a preferential allotment.
Alicon Castalloy: SBI Mutual Fund bought a 2.29% stake in the company at an average price of Rs 1,300 per share. Rajeev Sikand, meanwhile, sold a 1.23% stake, and promoter entity Pamela Trading LLP offloaded a 0.98% stake in Alicon at the same price.