Equity benchmark indices are likely to open with minor cuts on Thursday tracking losses across global markets after the US Fed’s 25 bps hike overnight. As indicated by the SGX Nifty, which was quoting at 17,110 levels, the Nifty index may open around 50 points lower.
US markets erased gains sometime after Fed’s hike announcement as Treasury Secretary Janet Yellen said that regulators are not looking to provide any “blanket” deposit insurance or guarantee to stabilise the US banking system.
Dow Jones, the S&P 500, and NASDAQ Composite declined 1.6 per cent each.
Asia-Pacific markets also moved in tandem this morning. Key indices Nikkei 225, Hang Seng, the S&P 200, Kospi, and Straits times fell 0.2-0.8 per cent.
Meanwhile, here are some stocks to watch out in trade today:
Hindustan Aeronautics: The government plans to sell up to 3.5 per cent of its stake in aerospace and defence company Hindustan Aeronautics (HAL) through an offer for sale (OFS) to raise over Rs 2,867 crore this fiscal, according to an exchange filing on Wednesday. It owns a 75 percent stake in HAL. READ
Reliance Industries: After making a splash with the relaunch of iconic beverage brand Campa, Reliance Consumer Products (RCPL) — the fast-moving consumer goods (FMCG) arm and wholly-owned subsidiary of Reliance Retail Ventures — is set to expand its packaged consumer goods portfolio to neighbourhood mom-and-pop stores (kiranas) with the launch of home and personal care products. READ
Hero MotoCorp: Hero MotoCorp on Wednesday said it will increase prices of its model range by around 2 per cent from next month in order to offset the impact of rise in production cost in order to conform to stricter emission norms. READ
Nazara Technologies: Absolute Sports, the parent company of Sportskeeda, on Wednesday said it has acquired a 73.27 per cent stake in Pro Football Network LLC (PFN) worth $1.82 million (about Rs 16 crore) through primary infusion of capital and secondary stock purchases. Sportskeeda is a subsidiary of Indian gaming firm Nazara Technologies. READ
Larsen & Toubro: The company signed an agreement with France-based McPhy Energy for a long-term partnership where the latter will grant an exclusive manufacturing license of its pressurised alkaline electrolyser technology to the former, including future product upgrades.
Also Read : GR Infra jumps over 4% after it emerges L-1 bidder for Rs 872 cr project
PNC Infratech: The company’s subsidiary Sonauli Gorakhpur Highway received the appointed date of March 6, 2023 for the four-laning of Sonauli-Gorakhpur section of NH-29 national highway in Uttar Pradesh.
Power Grid Corporation: The company acquired six special purpose vehicles from REC Power Development and Consultancy for a cumulative consideration of Rs 80.23 crore. The SPVs have been mostly formed for the construction of Transmission Projects in Khavda region of Gujarat.
Coromandel International: The board approved the company’s foray into contract development and manufacturing organisation business and speciality and industrial chemicals. The board also approved scaling up the company’s crop protection chemicals business.
HG Infra Engineering: The company has been selected as the lowest bidder by the National Highways Authority of India for the construction of six-lane greenfield Varanasi-Ranchi-Kolkata highway from Lepo village in Jharkhand to Kamlapur village on the Jharkhand-West Bengal border. The estimated project cost is Rs 764.01 crore.
IGL: The company and Bharat Heavy Electricals (BHEL) have signed an MoU for the development, manufacturing & deployment of Type-IV cylinders, hydrogen blending in city gas distribution (CGD) and fuel cell-based power backup systems
GR Infraprojects: The company emerged as the lowest bidder for six-laning of Surat-Nashik-Ahmednagar-Solapur greenfield stretch from Hasapur to Badadal in Maharashtra at a cost of Rs 872.17 crore. It has also been selected for construction of civil works at the Dibang Multipurpose Project in Arunachal Pradesh for Rs 3,637.12 crore.
Chalet Hotels: The company will acquire 100% stake of Sonmil Industries for 74.65 crore and 82.28% stake in The Dukes Retreat. Sonmil owns the land in Khandala where The Dukes Retreat runs a property.
Indiabulls Housing Finance: The company will delist 5.68 lakh Global Depository Receipts, representing 0.12% of its paid-up capital, from Luxembourg Stock Exchange due to low trading volume.