Pre Market Report: Dalal street may open lower; Adani Enterprises, Airtel and Zomato in focus

Market Opening - An Overview

SGX Nifty futures were trading 0.21% lower at 15,589, indicating that Dalal Street was headed for a negative start on Wednesday.

Most Asian shares were trading lower as investors were worried over the risks of an economic downturn. Japan’s Nikkei 225 index dipped 0.02%, Topix rose 0.14%. China’s Hang Seng fell 0.58% and CSI 300 index fell 0.22%.

Indian rupee fell 9 paise to close at 78.08 against the US dollar on Tuesday.

FII/DII Trading Data

Stocks in News Today

Adani Enterprises: The flagship company of Adani Group was among 11 bidders to have shown interest in the first-ever coal import tender issued by national miner Coal India Ltd. Recently, NTPC awarded 6.25 MT of imported coal tender worth Rs 8,300 crore to Adani Enterprises.

Bharti Airtel: The telecom’s subsidiary, Bharti Airtel International, has announced the commencement of tender offer to purchase for cash up to $300 million of its 5.35% Guaranteed Senior Noted due 2024 in order to optimize its balance sheet and reduce debt .

Zomato: The food delivery company has scheduled its board meeting on June 24 to consider a potential acquisition transaction by the company, accorduring to its regulatory filing. The consideration for the acquisition may be discharged through issuance of equity shares on preferential basis.

PVR and Inox: Both the multiplex operators informed BSE that the market regulator Securities and Exchange Board of India (SEBI) approved their proposed merger. The two companies in March had announced a merger in a share swap ratio of 3:10, which means 3 shares of PVR for every 10 shares of Inox. The companies would next seek shareholders approval.

HDFC Bank: The country’s largest private lender is planning to facilitate a shift in its payments module from the existing core banking platform. This move is expected to ensure minimal payments downtime, even if core banking is not available.

Hero MotoCorp: The company has introduced Euro-V complaint Xpulse 200 4V motorcycle and Dash 110 and Dash 125 scooters in Turkey.

Yes Bank: The lender has introduced a new fixed deposit product which is linked to the repo rate. The bank will offer 6 per cent interest rate (repo rate + 1.10 per cent mark up) for deposits of one year to less than 18 months and 6.5 per cent (repo rate + 1.60 per cent) for 18 months to 3 years.

Astral: The company has subscribed to Optionally Convertible Debentures of Rs 194 crore allotted by Gem Paints, and has appointed majority directors on the board of Gem Paints, and Esha Paints. Gem Paints and Esha Paints have become a subsidiary and step-down subsidiary of the company, respectively.