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PRE MARKET REPORT
The domestic equity benchmark indices Sensex and Nifty 50 were trading flat in the pre-opening session on Friday.
GIFT Nifty indicates a negative start for the broader index in India, with a loss of 85.50 points or 0.37 percent. The Nifty futures were trading around 23,229 level.
The US stock market ended lower on Thursday due to the US President’s new and extensive tariffs.
The Dow Jones Industrial Average fell 1,682.61 points, or 3.98%, to 40,542.71. Dow futures extend fall after Wall Street sees the most significant drop since 2020. The S&P 500 lost 275.05 points, or 4.85%, to end at 5,395.92 points, while the Nasdaq Composite dropped 1,053.60 points, or 5.99%, to 16,547.45.
The Asian market traded lower on Thursday, primarily due to the U.S. announcement of broad import tariffs. The International Monetary Fund warned that these tariffs pose a significant risk to the global economy.
STOCKS TODAY
Jio Financial Services
The company and BlackRock have collectively subscribed to and received 6.65 crore equity shares of Jio BlackRock Investment Advisers, a 50:50 joint venture between them, for a total of Rs 66.5 crore. The joint venture will use this investment to support its business operations. To date, the total investment in the joint venture amounts to Rs 84.5 crore.
Ultratech Cement
The Board has approved the purchase of 6.42 crore equity shares in Wonder WallCare, with an enterprise value of up to Rs 235 crore. The company has signed a Share Purchase Agreement with Wonder Cement and Kushal Sogani to acquire a stake in Wonder WallCare. Following the acquisition, Wonder WallCare will become a fully owned subsidiary of the company.
Tejas Netwokrs
Tejas Networks is a key supplier of 4G/5G RAN equipment and routers and is expected to benefit from the telco’s 5G network expansion. The shares of the company hiked nearly 9 percent following the reports of BSNL’s Rs 61,000 crore 5G expansion plan, boosting investor sentiment.
Mazagon Dock Shipbuilders
The Government of India is planning to sell up to a 4.83% stake in the company through an offer-for-sale (OFS) on April 4 and April 7. The OFS consists of a base size of 2.83% and a greenshoe option of 2%. The minimum price for the offer has been set at Rs 2,525 per share.
Jupiter Wagons
The company’s subsidiary, JupiterTatravagonka Railwheel Factory (JTRF), has invested in land in Krodha, Odisha, for its upcoming railwheel and axle forging plant. Jupiter Tatravagonka plans to make an investment of Rs 2,500 crore in phases to develop this facility. The plant is expected to produce 1 lakh forged wheelsets annually.
Source – Money Control
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