Trends in the SGX Nifty indicate a negative opening for the broader index in India amid return of the Covid scare.
Wall Street's major averages closed lower on Thursday with technology-heavy Nasdaq's 2 percent drop leading losses as investors worried that data showing a resilient economy would lead the US Federal Reserve to keep hiking interest rates for longer than feared.
The Dow Jones Industrial Average fell 348.99 points, or 1.05 percent, to 33,027.49, the S&P 500 lost 56.05 points, or 1.45 percent, to 3,822.39 and the Nasdaq Composite dropped 233.25 points, or 2.18 percent, to 10,476.12.
Asia-Pacific shares traded lower, taking the lead from losses on Wall Street while investors also looked ahead to some economic data in the region. Japan’s core consumer price index at 3.7 percent in November on an annualized basis, marking the fastest pace since December 1981.
Stocks in news Reliance Industries: Reliance Industries-backed Reliance Strategic Business Ventures (RSBVL) has acquired a 23.3% stake in Exyn Technologies (Exyn) for a total of $25 million. This deal is expected to have synergies with Reliance’s investments and strategic initiatives in drone, industrial safety and security, and robotics areas. RIL announced the development in its regulatory filing.
Reliance Industries also said its subsidiary Reliance Jio Infocomm Limited has been awarded an order from Indian Oil Corporation Limited (IOCL) to provide an SD-WAN (Software Defined Wide Area Network) solution to power the oil company's retail automation and critical business processes across 7,200 outlets for 5 years.
Landmark Cars: Landmark Cars will list today. The Initial Public Offer (IPO) of automobile dealership chain Landmark Cars got subscribed 3.06 times on the last day of subscription on Thursday, helped by huge interest from institutional buyers.
Abans Holdings: The Abans Holdings IPO is expected to debut on the bourses today. The rice band is fixed at Rs 256 per share to Rs 270 per share at a face value of Rs 2 each.
Lupin: Lupin Pharmaceuticals Inc is voluntarily recalling 4 lots of Quinapril tablets due to the presence of a nitrosamine impurity, N-Nitroso-quinapril, observed in recent testing above the acceptable daily intake (ADI) level. Till date, Lupin has received no reports of illness that appear to relate to this issue. Lupin discontinued the marketing of Quinapril tablets in September 2022.
JK Cement: JK Cement on Thursday announced its foray into the paints business by acquiring a 60% stake in Rajasthan-based Acro Paints in a Rs 153 crore deal. Its wholly-owned subsidiary JK Paints and Coatings Ltd has entered into a share purchase agreement with Acro Paints Ltd and its shareholders to acquire a 60 per cent controlling stake in the company.
Bank of Maharashtra: The public sector lender Bank of Maharashtra (BoM) said that it has raised Rs 880 crore through Additional Tier 1 (AT1) bonds that complied with Basel III. The issue closed on the same day and the deemed date of allotment is December 26.
Ramco Systems: Ramco Systems received the boards' approval to raise funds to the tune of Rs 160 crore through the issuance of equity shares and warrants on a preferential basis. The shares will be issued on a private placement basis. Further, the shares will be issued at a premium compared to the current market price. As per the regulatory filing, Ramco Systems will issue up to 14,59,854 warrants at a price of Rs 274 per warrant aggregating to Rs 40 crore.
Mahindra Lifespace Developers: Realty firm Mahindra Lifespace Developers has completed the acquisition of a 9.24-acre land parcel in Mumbai from Mahindra & Mahindra Ltd for Rs 365 crore. In February this year, Mahindra Lifespace announced that it would purchase the land in Kandivali, Mumbai from Mahindra & Mahindra Ltd for the development of a housing project. Mahindra & Mahindra is the promoter and holding company of Mahindra Lifespace Developers.
3i Infotech: The IT company has received contract worth Rs 10.25 crore for digital infrastructure managed services from Eureka Forbes. The contract is for a period of three years, with the option to extend it with mutual agreement.
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