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PRE-MARKET REPORT
The domestic equity market indices, Sensex and Nifty 50, are expected to open lower on Monday following weakness in Asian peers amid mixed global cues.
Gift Nifty was trading around the 26,315 level, a discount of nearly 30 points from the Nifty futures’ previous close, indicating a weak start for the Indian stock market indices.
The US stock market ended mixed on Friday, with the blue-chip Dow Jones index closing at a record high. The Dow Jones Industrial Average rallied 137.89 points, or 0.33%, to 42,313.00, while the S&P 500 lost 7.20 points, or 0.13%, to 5,738.17. The Nasdaq Composite ended 70.70 points, or 0.39%, lower at 18,119.59.
Asian markets traded lower on Monday led by a steep fall in Japanese stocks. Japan’s Nikkei 225 plunged over 4%, while the Topix declined 3.13%. South Korea’s Kospi dropped 0.54%, and the Kosdaq fell 0.49%. Hong Kong’s Hang Seng index futures indicated a lower opening.
STOCKS TODAY
Welspun Enterprises: The company has been declared the L1 bidder by the Brihanmumbai Municipal Corporation (BMC) for a project worth Rs 1,989.9 crore. The project involves the design and construction of an 8.48 km tertiary treated water conveyance tunnel from the Dharavi WWTF to the Ghatkopar WWTF, to be executed within a period of 93 months.
IDFC First Bank: The board has approved the amalgamation of IDFC Financial Holding Company with IDFC, effective September 30, and the merger of IDFC with IDFC First Bank, effective October 1. Furthermore, the board appointed V Vaidyanathan as MD & CEO of the bank for three years, effective December 19, 2024.
Dr Reddy’s Laboratories: The pharmaceutical company has invested $620 million in preference shares of its subsidiary Dr Reddy’s Laboratories SA, Switzerland. The subsidiary has allotted 6.2 million non-convertible preference shares, each with a nominal value of $100, to the company.
Punjab National Bank: The state-run lender has raised Rs 5,000 crore via Qualified Institutions Placement (QIP). It has approved the allotment of 48.19 crore shares to eligible qualified institutional buyers at a price of Rs 103.75 per share, including Citigroup Global Markets Mauritius – ODI, BOFA Securities Europe SA – ODI, SBI Contra Fund, Morgan Stanley Asia (Singapore), and Goldman Sachs.
Apollo Hospitals Enterprise: The board of Apollo Healthco has approved the allotment of Rs 2,475 crore worth of compulsorily convertible non-cumulative participating preference shares (CCPS – Class A and B) with a face value of Rs 100 per share, to Rasmeli, an Advent affiliate, for a 16.9% stake. Following the allotment, Apollo Hospitals’ stake in its subsidiary, Apollo Healthco, will reduce from 94.91% to 78.879%.
Adani Enterprises: April Moon Retail, a joint venture company of Adani Airport Holdings, has executed a Share Purchase Agreement with Cococart Ventures (CVPL) and its existing shareholders, Karan Ahuja and Arjun Ahuja, for the acquisition of a 74% stake in CVPL for Rs 200 crore. Adani Airport Holdings is a subsidiary of Adani Enterprises.