Pre Market Report: GIFT Nifty indicates flat opening for indices; Innova captab, Dr.Reddy, Reliance Power, Zomato in focus

Market Opening – An Overview
GIFT Nifty Futures on the NSE IX was trading 0.09% lower at 21,829, signaling that Dalal Street was headed for a flat to negative start on Monday. 

US Stocks fell slightly on Friday, but the S&P 500 closed out 2023 with a surprising gain of 24 percent as inflation slowed, the economy remained strong and the Federal Reserve signaled an end to its rate-hiking campaign.

Asia-Pacific markets fell on the last trading day of 2023, with China stocks being the sole exception as the country’s tech companies continued their advance.

The Indian rupee was down by 1 paisa against the US dollar on Friday.

Stocks in News Today

Innova Captab: Canara Robeco Mutual Fund has picked up 9 lakh equity shares in the pharma firm through open market transactions at an average price of Rs 474.41 each, and Invesco Mutual Fund bought 6 lakh shares at an average of Rs 452.1 on the listing day. In total, they bought a 2.6 percent stake in Innova.

Dr Reddy’s Laboratories: The step-down subsidiary Dr Reddy’s Laboratories, Inc has acquired 10,14,442 preferred A-1 shares of Edity Therapeutics, an Israel-based development stage biotechnology company, equivalent to 6.46 percent of the shareholding of Edity on a fully diluted basis.

Reliance Power: The company has transferred the development rights and associated physical assets of the proposed 1,200 MW KalaiII hydro-electric project at Lohit River Basin of Arunachal Pradesh to THDC for Rs 128.39 crore.

Zomato: The company has received three orders from the sales tax officer, Delhi, and deputy commissioner, Bengaluru, alleging short payment of GST along with applicable interest and penalty under the Central Goods and Services Tax Act, with an amount totaling to Rs 4.24 crore. These orders pertain to the financial year 2018.

SRF: The company said the fluorocarbon refrigerant gas capacity expansion project (HFC) was commissioned on December 30 at a cost of Rs 317 crore. In July 2021, the board approved a project for the expansion of fluorocarbon refrigerant gas capacity with backward integration into a key raw material at Dahej.

PVR INOX: The Nippon Life India Trustee picked up 2 lakh equity shares, equivalent to 0.2 percent of paid-up equity, in the multiplex chain via open market transactions during July 25–December 27, 2023. With this, Nippon Life’s shareholding in the company increased to 7.54 percent, up from 7.33 percent earlier.

Godrej Properties: The Mumbai-based real estate developer has acquired 4 acres of land with a developable potential of approximately 0.7 million square feet of saleable area in Yeshwantpur, Bengaluru. The land was acquired through an outright purchase for the development of premium residential apartments.

KPI Green Energy: The company has announced the issue of a bonus equity share in the proportion of 1:2 (one bonus equity share of Rs 10 each for every two existing equity shares of Rs 10 each fully paid up).