The Indian stock market is showing indications of a weak opening on Monday, with GIFT Nifty trading lower ahead of the start of domestic market hours. At around 7:30 am, GIFT Nifty was down 22 points, or 0.09%, at 23,339.
The domestic market had received support over the previous three trading sessions, with softer Brent crude prices cited as one of the key factors. Progress in repairs to Saudi Arabia’s pipeline and the availability of alternative export routes have reduced concerns over a prolonged disruption to crude oil supplies, putting pressure on oil prices.
Changes in crude oil prices are significant for an oil-importing country such as India, as they can affect inflation, the import bill and companies’ costs. Market specialists cited the period of interest rate increases being behind, softer treasury yields and b domestic liquidity as factors that could influence market sentiment. Global economic developments and investor reactions could also contribute to market volatility.
Lenskart Solutions is expected to remain in focus amid a potential block deal. Platinum Jasmine A 2018 Trust may sell up to 3 crore equity shares, equivalent to a 1.7% stake in the company. The offer has a total size of Rs 2,047.4 crore, with a floor price of Rs 682.45 per share.
Rail Vikas Nigam Limited (RVNL) has received a Letter of Acceptance from East Coast Railway for a project worth Rs 404.88 crore.
Welspun Michigan Engineers, a subsidiary of Welspun Enterprises, has received two sewer rehabilitation projects from the Ahmedabad Municipal Corporation. The projects have a combined value of Rs 351.24 crore and are being funded by the World Bank.
Refex Industries has received a Rs 160 crore contract from a government company in Madhya Pradesh. Under the contract, the company will undertake the lifting of 10 lakh metric tonnes of pond ash and fly ash through the RCR, or road-cum-rail, mode.
GR Infraprojects has received a letter from the National Highways Authority of India (NHAI) concerning the Agra-Gwalior Greenfield Road Project. The project is valued at Rs 4,262.78 crore, and September 7 has been declared as the appointed date.
Knowledge Marine & Engineering Works has received its third green tug contract from the Mumbai Port Authority. The Rs 279.33 crore agreement involves the construction and leasing of a battery-operated green tug for 15 years.
HEG’s subsidiary Replus Engitech has received orders worth Rs 217.56 crore from Indus Towers for the supply of lithium-ion battery banks.
Mazagon Dock Shipbuilders has signed a memorandum of understanding (MoU) with NSHIPAP to participate as an anchor shipyard in the proposed Greenfield Shipbuilding Industrial Cluster at Dugarajapatnam in Andhra Pradesh. The initiative is related to the company’s shipbuilding expansion plans.
IT company Coforge has announced plans to expand its capabilities for automotive lenders, fleet operators and remarketing organisations. The company will work on improving vehicle inspection processes through AI-based lifecycle intelligence, with the stated objective of supporting faster and information-based business decisions during remarketing.
Manipal Health Enterprises has fully repaid the outstanding listed non-convertible debentures (NCDs) issued by its wholly owned subsidiary, Manipal Hospitals. The NCDs had a nominal value of Rs 5,310 crore.
Augmont Enterprises, Lumino Industries, Symbiotec Pharmalab and Elitcon International are scheduled to announce their quarterly earnings today.
Hy-Tech Engineers reported a 10.9% increase in profit to Rs 4.6 crore from Rs 4.14 crore. The company’s revenue also increased 13.4% to Rs 43.04 crore from Rs 38 crore in the previous period.
