Stock Market Today: Due to bullish market movements worldwide, Indian equity benchmarks Nifty 50 and Sensex are set to open Tuesday’s session strongly. Before the opening bell on Dalal Street, GIFT Nifty futures, a forerunner of the Nifty 50 index, were up 61.5 points or 0.32 percent at 19,487.5.
Asian markets update
On Tuesday, Asian markets rose as a result of slight advances on Wall Street and more Chinese support for its ailing real estate sector. While the US market futures were barely changed, the benchmark indices in Japan and South Korea opened higher. The mood improved when Taiwan Semiconductor Manufacturing Co. announced better-than-expected sales, and Chinese regulators boosted pressure on financial institutions to loosen terms for real estate companies by encouraging discussions to extend outstanding loans, according to Bloomberg.
Stock Market Today: Stocks in focus
Vedanta
Taiwan’s Foxconn said that it is leaving a joint venture with Vedanta, which is led by billionaire Anil Agarwal and was established to manufacture semiconductors in India. Foxconn added that it was attempting to have its name taken off of what Vedanta now completely owns. The electronic giant continued, “It has nothing to do with the entity, and attempts to maintain its original name would confuse future stakeholders.” According to CNBC-TV18, Vedanta announced that it was completely committed to its semiconductor fab project and has lined up other partners to launch India’s first foundry.
SBI
The largest lender in the nation has proposed to take part in National Securities Depositories’ initial public offering (IPO) by offering to sell up to 2% of the company’s equity, or 40 lakh shares, in NSDL. In NSDL, the bank owns a 5% interest.
Apollo Building Products
APL Apollo Building Products, a subsidiary of the business, has received incentives of Rs 500 crore from the State Investment Promotion Board (SIPB) of the Chhattisgarh government. For establishing a manufacturing unit in Baloda Bazar, Chhattisgarh, incentives are given.
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