Pre Market Report: SGX Nifty indicates positive opening for major indices; BPCL, IOC, M&M, Reliance Power in focus

Market Opening - An Overview

Nifty futures on the Singapore Exchange were trading 0.57% higher at 17,919, signalling that Dalal Street was headed for a positive start on Friday.

Asian shares were trading higher as investors were cautiously optimistic over central banks tackling inflation. Japan’s Nikkei 225 index rose 0.45% and Topix increased 0.29%. Meanwhile, Hang Seng jumped 1.96% and CSI 300 index gained 0.93%.

The Indian rupee rose 19 paise to 79.71 against the US dollar on Thursday.

FII/DII Trading Data (9-9-22)

Stocks in News Today

Bharat Petroleum Corp (BPCL): The oil refiner is planning to charter a ship to load 700,000 barrels of Russia’s Sokol crude oil this month, Reuters reported citing sources familiar with the deal. The cargoes could not be loaded and lifted earlier in May as ship insurance cover had not been available then due to pressure from Western sanctions against Russia for its invasion of Ukraine, the report said.

Indian Oil Corporation (IOC): Thyssenkrupp Industrial Solutions India said it has bagged a $75-million EPC contract from the oil major, Indian Oil Corporation, to construct a catalytic dewaxing unit (CDWU) at its Baroda refinery in Gujarat. The proposed CDW unit will have an annual capacity of a 270-kilo tonne.

Mahindra & Mahindra (M&M): The company unveiled its first electric SUV named XUV400. The car will be initially sold in 16 cities including Mumbai, Bengaluru, Chennai and Delhi NCR.

Reliance Power: The company announced that it would raise Rs 933 crore through a private placement of shares to VFSI Holdings, an affiliate of investment firm Varde Partners. This development would result in VFSI picking up a 15% stake in Reliance Power.

Future Lifestyle Fashions Ltd (FLFL): The company said that it has received a three-month extension from the Registrar of Companies for holding its Annual General Meeting. The company is expected to hold the AGM by December 31, 2022, it said in a statement.

Samvardhana Motherson: The company has signed an agreement to acquire assets of frame manufacturing and assembly operations from Daimler India Commercial Vehicles which has a facility in Chennai. Additionally, the company has signed a long-term agreement with DICV for supply of the complete frame assembly.

Jet Airways: Three director-level executives and the Vice President of Sales, Distribution, and Customer Engagement, have resigned from their respective positions. Vishesh Oberoi, director of flight operations, Neeraj Chandan, director of flight safety and Sorab Variava, director of training, have resigned in the last one month, according to various news reports.

PNC Infratech: The company has signed a agreement for a HAM project with National Highways Authority of India (NHAI) for a bid project cost of Rs 1,458 crore. The road project in Uttar Pradesh is expected to be constructed in 24 months and operated for 15 years.

Hatsun Agro Product: SBI Mutual Fund has bought an additional 15.2 lakh shares or 0.7% stake in the dairy company through open market transactions. After this transaction, the mutual fund house has increased its stake in the company to 5.6% from 4.9% earlier.