PRE MARKET
Gift Nifty indicates a strong opening for the broader index in India, with a gain of 141.5 points or 0.95 percent. The Nifty futures were trading around the 25,666 level.
Wall Street closed higher on Tuesday, with tech stocks leading the charge as renewed enthusiasm for artificial intelligence offset concerns over potential disruptions caused by the nascent technology.
The Dow Jones Industrial Average rose 370.44 points, or 0.76%, to 49,174.50, the S&P 500 gained 52.32 points, or 0.77%, to 6,890.07 and the Nasdaq Composite gained 236.41 points, or 1.05%, to 22,863.68.
Asian stocks opened higher after a rally in technology shares lifted Wall Street benchmarks, tempering concern about the disruptive effects of artificial intelligence that had rattled markets for weeks.
Japan’s Nikkei, Hong Kong’s Hang Seng, and the Taiwanese weighted index climbed 1.43, 0.3,0 and 1.38 percent respectively.
STOCKS IN NEWS
HG Infra Engineering
The company has been declared the lowest bidder by NHAI for a project worth Rs 1,582 crore. The project involves the construction of a new six-lane, access-controlled Capital Region Ring Road (Package-III) from Gobindpur (NH-55) to Tangi near Bandola Toll Plaza (NH-16) in Odisha under the Hybrid Annuity Mode.
Indian Railway Finance Corporation
The Government of India is set to sell up to 26.13 crore equity shares (2 percent stake) on February 25–26, with an option to additionally sell up to another 26.13 crore shares (2 percent stake) through a separate window of the BSE and the National Stock Exchange of India. The floor price for the offer for sale has been fixed at Rs 104 per share.
Aditya Infotech
Promoters and Dixon Technologies are likely to sell up to a 5.8 percent stake in Aditya Infotech via a block deal, with the offer size estimated at around Rs 1,000 crore, CNBC-TV18 reported, quoting sources. As per the filing to the exchanges, promoters Hari Khemka Business Family Trust and Rishi Khemka will sell up to a 2 percent stake in the company to comply with the minimum public shareholding requirements. The total promoter and promoter group shareholding stood at 76.74 percent of the total paid-up equity as of February 24.
Rail Vikas Nigam
The company has received a Letter of Acceptance (LoA) for an order worth Rs 270.22 crore from Central Railway. The order involves the design, supply, erection, testing, and commissioning of a 220/132/55 KV traction substation, sectioning posts (SPs), and sub-sectioning posts (SSPs) in a 2 x 25 KV traction system (Scott Connected Transformer) for the Daund–Solapur section of Central Railway.
Hindalco Industries
Novelis has announced its entry into a subscription agreement with AV Minerals, the sole shareholder of Novelis and a wholly owned subsidiary of the company. As per the agreement, AV Minerals has agreed to purchase 13.33 lakh Novelis common shares (no par value) for $200 million at a price of $150 per share.
Source – Moneycontrol
