Dalal Street Breakfast: 02 May 2024

Pre-Market Report for the Indian Stock Market with Nifty Key Levels at 8 AM

Today’s Markets

• The US Federal Reserve announced its interest rate decision yesterday after a two-day Federal Open Market Committee (FOMC) meeting, leaving the benchmark interest rates unchanged at 5.25 per cent - 5.50 per cent for the sixth straight time.

• US Cash market went up briefly following the FED announcement but cooled down later.

• US Cash market ended mixed. Dow 🟢 +0.23%, S&P500 🔴 -0.34%, NASDAQ 🔴 -0.33%.

• US Futures are now trading higher at 🟢 +0.53%

• Europe ended lower: London FTSE 🔴 -0.28%, Paris CAC 🔴 -0.99% , Frankfurt DAX 🔴 -1.03%

• Asia opens down: Japan Nikkei 🔴 -0.24% , China Shanghai 🔴 -0.26%

• Commodities: Gold 🟢 +1.02% , Crude Oil 🟢 +0.41%

• GIFT Nifty is trading higher above the open at 22750 indicating a neutral to positive opening for Nifty.

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Key Stock Updates

New Orders & Projects:

• Wipro bags multi-million-dollar deal with Nokia for IT support.

• Rail Vikas Nigam Limited Emerges As The Lowest Bidder (L1) From Eastern Railway

• GE T&D India secures Power Grid orders to build Transmission Asset Management Centre in Odisha.

• Mishra Dhatu Nigam Limited (MIDHANI) secures Rs. 139 Cr order. Total open order now Rs. 1830 Cr.

Partnerships, Acquisitions & Investments:

• Jindal Stainless invests INR 5,400 crore for capacity expansion to 4.2 MTPA, strategic acquisitions announced.

• Indiabulls Real Estate acquired Sky Forest Projects for INR 646.71 crore, expanding its Mumbai presence.

• Max Estates secures INR 388 crore investment from New York Life for expansion, focusing on residential growth.

• Sonata Software & Denodo partner to enhance data management for enterprises.

• Airtel Xstream partners with Sun NXT, offering extensive regional content, enriching the subscriber experience.

• Godrej & Boyce and Godrej Properties to continue collaboration for Vikhroli development.

• Vikas Lifecare invests ₹85 million in its JV, IGL Genesis Technologies, for a Smart Gas Meter plant in NOIDA.

• FILATEX India acquires Texfil Pvt. Ltd., becoming wholly-owned subsidiary.

Business Operations:

• Hero MotoCorp: April 2024 sales surge by 34.7%, surpassing 5.33 lakh units.

• Maruti Suzuki April 2024 sales: 168,089 units; domestic: 140,448.

• Tata Motors reports 77,521 unit sales in April 2024, showing growth in commercial and passenger vehicles.

• TVS Motor Company reports 25% sales growth in April 2024.

• Eicher Motors Limited reports 12% growth in motorcycle sales for April 2024.

• Tata Elxsi Wins Two iF DESIGN AWARDS 2024: UI/UX and Product Design Excellence.

• Greaves Electric Mobility introduces India's first high-performance family electric scooter - Ampere Nexus, at a starting price of Rs 1,09,900.

• Granules India: FDA approves Colchicine Capsules, expanding US market presence.

Management Changes:

• Kotak Mahindra Bank: Krishnan Venkat Subramanian (KVS Manian) has resigned as Joint Managing Director of the bank to pursue other opportunities in financial services.

• RHI Magnesita India Ltd announces Azim Syed as Chief Financial Officer effective May 1, 2024. Vijaya Gupta resigns.

Key Deals:

• SBFC Finance Limited: Arpwood Partners Investment Advisors Llp sells ₹396.96Cr; SBI Mutual Fund buys ₹170Cr; Custody Bank Of Japan Ltd buys ₹100Cr; Arpwood Capital Private Limited sells ₹97.46Cr; Morgan Stanley Asia Singapore Pte buys ₹60.49Cr

• Cartrade Tech Limited: CMDB II sells ₹26.26Cr

• CSL Finance Limited: Blue Diamond Properties Private Limited buys ₹20.12Cr

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Today’s Results Announcements

• Adani Enterprises

• Adani Ports and Special Economic Zone

• Coal India

• Dabur India

• Federal Bank

• COFORGE LIMITED

• Blue Star

• Ajanta Pharma

• CIE Automotive India

• Blue Dart Express

• CEAT

• Gallantt Ispat

• AGI Greenpac

• Astec Lifesciences

• Aptech

• Bliss GVS Pharma

• Associated Alcohol and Breweries

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Today’s IPOs

Open for Bidding:

• Storage Technologies & Automation Limited (STAL)

• Amkay Products Limited (AMKAY)

• Sai Swami Metals & Alloys Limited (SAI)

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Today’s Economic Calendar

• 10:30 - HSBC Manufacturing PMI Final (Apr)

• 17:00 - M3 Money Supply YoY (Apr)

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Nifty Futures - Key Levels

Bullish above 22721 and Bearish below 22689. Please note that these levels are plotted in the Nifty Futures chart. To know how to use the key level system, please check this post.

That’s all for today.