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PRE-MARKET REPORT
The domestic equity benchmark indices Sensex and Nifty 50 are expected to open cautiously on Friday ahead of the announcement of the RBI policy.
Gift Nifty was trading around 24,800, a premium of nearly 35 points from the Nifty futures’ previous close, indicating a mildly positive start for the Indian stock market indices.
The US stock market ended lower on Thursday, dragged by technology shares and as investors awaited Friday’s jobs report.
The Dow Jones Industrial Average declined 248.33 points, or 0.55%, to 44,765.71, while the S&P 500 fell 11.38 points, or 0.19%, to 6,075.11. The Nasdaq Composite ended 34.86 points, or 0.18%, lower at 19,700.26.
Asian markets traded mixed on Friday tracking overnight losses on Wall Street. Japan’s Nikkei 225 fell 0.6%, while the Topix declined 0.5%. South Korea’s Kospi gained 0.05%, while the Kosdaq dropped 1.9%. Hong Kong Hang Seng index futures indicated a higher opening.
STOCKS TODAY
Vodafone Idea: Vodafone Idea announced plans to raise ₹2,000 crore through a preferential equity issuance to its promoter, Vodafone Group. In a regulatory filing, the debt-laden telecom giant confirmed that its board will meet on December 9, 2024, to review and approve the fundraising proposal.
RITES: RITES Ltd has been appointed as the Project Management Consultant (PMC) for the Phase II campus development of the Indian Institute of Management (IIM) Raipur. The project, valued at ₹148.25 crore (excluding GST), involves end-to-end construction management, supervision, and monitoring. The campus is expected to be completed within 23 months.
Canara Bank: Canara Bank has received approval from the Reserve Bank of India (RBI) to divest stakes in two of its subsidiaries—13 percent in Canara Robeco Asset Management Company Ltd and 14.5 percent in Canara HSBC Life Insurance Company Ltd—via Initial Public Offerings (IPOs). The RBI has directed the state-owned lender to meet the government’s October 31, 2029, deadline to reduce its shareholding in both entities to 30 percent.
FSN E-Commerce: Nykaa Fashion, the fashion arm of FSN E-Commerce Ventures Ltd, announced on Thursday the resignation of its Chief Executive Officer, Nihir Parikh. According to the company, Parikh has been relieved of his duties with immediate effect. The resignation marks a significant change in leadership for Nykaa Fashion as it navigates a competitive landscape in the e-commerce sector.
Raymond Lifestyle: Raymond Lifestyle announced the appointment of Gautam Hari Singhania as its Executive Chairman, despite opposition from proxy advisory firms. The company disclosed in a regulatory filing that 86.85 percent of the total 4,17,57,480 votes cast were in favor of the resolution, while 13.15 percent were against it. The decision solidifies Singhania’s leadership role in steering the lifestyle division of the iconic Raymond brand.
Garden Reach Shipbuilders & Engineers (GRSE): Garden Reach Shipbuilders announced a contract for constructing the second 7,500 Deadweight Tonnage (DWT) Multi-Purpose Vessel (MPV) in a series of four additional vessels. The deal was signed on December 4, 2024, in Hamburg, Germany, following the company’s September 2024 announcement of securing an order for these vessels.