Pre Market Report: GIFT Nifty indicates positive opening for indices; SBI, HDFC Bank, Bank of India, Powergrid in focus

Market Opening - An Overview

GIFT Nifty Futures on the NSE IX was trading 0.23% higher at 21,047, signalling that Dalal Street was headed for positive start on Wednesday.

Wall Street finished mixed on Tuesday after fresh employment data bolstered bets that the US Federal Reserve will cut interest rates as soon as March.

Asian indices were trading higher in the early trade on Wednesday with Japan’s Nikkei up 1.7 percent and South Korea’s Kospi up 0.4 percent.

The Indian rupee closed flat at 83.38 against the US dollar on Tuesday.

FII/DII Trading Data

Stocks in News Today

SBI: The lender is picking up a 20 percent additional stake held by SBI Capital in SBI Pension Funds for Rs 229.5 crore. With this transaction, SBI’s stake in SBI Pension Funds will reach 80 percent. SBI said the RBI and PFRDA have approved the acquisition, which will be completed on December 15.

HDFC Bank: The country’s largest private sector lender has sought approval from the shareholders for the re-appointment of Sashidhar Jagdishan as the managing director and chief executive officer of the bank and the appointment of V Srinivasa Rangan as an executive director of the bank. The bank also sought approval from shareholders for the reappointment of MD Ranganath and Sandeep Parekh as independent directors on the board. 

Bank of India: The bank has announced a QIP with a floor price of Rs 105.42 per share. Its Capital Issue Committee is meeting on December 8 to consider and determine the issue price, including any discount.

Powergrid: The company received an LOI to establish an inter-state transmission system project for “the transmission system for the evacuation of an additional 7 GW of RE power from Khavda RE Park under Phase III Part B.” The work comprises the establishment of a new 765/400 kV switching station at Vataman in Ahmedabad district.

Force Motors: The company produced 2216 total units in November 2023. Domestic sales came in at 1732 units, while exports were at 339 units.

Axiscades Technologies: The company acquired a 100 percent stake in Epcogen for Rs 26.25 crore. Epcogen engages in engineering design and solutions for the energy space.

Swan Energy: SBI Life Insurance Company bought 20 lakh shares in the company, and Europe-based financial services company Societe Generale purchased 18 lakh shares in the firm at an average price of Rs 414 per share, which in total amounted to Rs 157.32 crore.

Sapphire Foods India: The Foreign Investor Government of Singapore has bought 20,19,694 shares in Sapphire Foods via an open market transaction at an average price of Rs 1,400 per share, whereas Arinjaya (Mauritius) sold 27 lakh shares at an average price of Rs 1,400.01 per share.