Pre Market Report: SGX Nifty signals lower opening for Nifty, Sensex; RIL, SBI, HDFC Bank and Biocon in focus

Market Opening - An Overview

Nifty futures on the Singapore Exchange were trading 1.07% lower at 15,681.50, signalling that Dalal Street was headed for a gap-down start on Wednesday.

Asian stocks fell, tracking the US markets overnight, due to a gloomy economic outlook and lower US consumer confidence. Japan’s Nikkei 225 index fell 1.07% and Topix lost 0.77%. China’s Hang Seng dropped 1.04% and CSI 300 index was flat.

Indian rupee lost 43 paise to 78.77 against the US dollar on Tuesday.

FII/DII Trading Data

Stocks in News Today

Reliance Industries Ltd (RIL): Billionaire Mukesh Ambani has resigned from Reliance Jio’s board and has named his elder son, Akash Ambani, as the non-executive director and chairman of Jio’s board.

SBI, HDFC Bank, ICICI Bank: The three banks have acquired a 9.54% stake each in Perfios Account Aggregation Services Private Limited (Perfios AA). The lenders bought the shares at a price of Rs 50 apiece.The banks acquired 8,05,520 equity shares each by paying Rs 4.03 crore each for the stakes.

Biocon: The CBI approached the Delhi High Court to challenge the lower court’s order that denied custody of those arrested in the CDSCO bribery scandal, which involved a senior executive of Biocon Biologics. The CBI said that the delay could impede investigation.

Adani Ports & SEZ: The company has approached Supreme Court after Bombay High Court dismissed the company’s plea challenging disqualification of their bid by the Board of Trustees of Jawaharlal Nehru Port Authority.

J&K Bank: The state-owned bank will raise up to Rs 2,000 crore, via a mix of debt and equity, in the current fiscal 2022-23. The board approved to raise equity capital of nearly Rs 500 crore in one or more tranches by way of rights issue or preferential allotment, private placement or qualified institutional placement or a follow on public offer.

Future Group: The Singapore International Arbitration Centre (SIAC) denied Future Group’s plea to terminate the arbitration proceedings initiated by e-commerce major Amazon against Future Retail’s deal with Reliance Industries.

Bajaj Consumer: The FMCG company plans to launch new products in different categories under their flagship brand Bajaj Almond Drops to tap on the popular hair oil label. They also launched a moisturizing soap under the Bajaj Almond Drop umbrella and plan to bring products in hair-care and skincare under one uniform brand.

Route Mobile: The company approved buyback of shares for an aggregate amount of Rs 120 crore. It will buyback 705,882 shares, representing 1.12% of the total paid up share capital at maximum buyback price of Rs 1,700 per share.

India Cements: The cement player said it has completed the acquisition of the entire paid-up equity and preference share capital of Springway Mining (SMPL). SMPL has become a wholly-owned subsidiary of our company with effect from June 27, 2022. SMPL is in the process of setting up a cement plant in Madhya Pradesh.

Orient Bell: The tile maker announced on-time completion of two of projects involving capex of Rs 20 crore. GVT Tile plant capacity in Sikandrabad (UP) has increased by 0.7 million square metres (MSM) per annum and there was a conversion of Dora plant (Gujarat) from ceramic floor to vitrified floor.