After a long weekend, Indian stock markets are likely to open on a positive note with bullish signals emanating from SGX Nifty. The SGX NIfty is ruling at 14,793, which is almost 180 points higher than Nifty April futures’ close of 14,608.50 on the NSE on Friday.

However, Asian markets and US stocks ended on a mixed tone. While the Dow Jones Industrial Average gained overnight, tech-heavy Nasdaq and S&P 500 ended in the red.

Among the Asia-Pacific stocks, Korea, China, Hong Kong, and Taiwan were marginally ahead, Japan's Nikkei and Australian stocks are down a bit.

Analysts say that rising number of Covid-19 cases and possible shutdown are keep investors on edge. Flow of funds from foreign institutional investors, who are worried over rising US yields, will dictate market directions, said experts.

Investors are concerned over the second wave of coronavirus in the country which has gripped key states such as Maharashtra, Punjab and Karnataka, among others. Covid-19 cases also witnessed a re-surge across the world and some European countries put fresh restrictions. Lockdowns imposed across countries can impact the global demand and world economy growth severely which also led to sharp correction in the crude oil prices.

On the other hand, US bond yield continues to remain firm at nearly 1.7 per cent thus weighing on sentiments. FPIs remained net sellers in Indian equities during the week, though the market tried to recover some losses on the last trading day of the week tracking positive trade in global markets, said Choice Securities in a note.

Stocks to watch

Biocon Ltd, an innovation-led global biopharmaceutical company, has announced a partnership between Biocon Pharma Limited, a wholly-owned subsidiary of Biocon Ltd, and Libbs Farmaceutica, a leading pharmaceuticals company in Brazil, to launch generic drugs in Brazil, the world’s sixth most populous country. This partnership, which marks the entry of Biocon’s generic formulations into Latin America, builds upon a successful association with Libbs, which began in 2017 to launch biosimilar Trastuzumab in Brazil. It reflects Biocon’s commitment to make affordable healthcare accessible for patients the world over, by establishing a strong global presence for its formulations portfolio, either directly or through strategic partnerships.

Hindustan Petroleum Corporation Ltd has entered into a share purchase agreement for acquisition of shares of HPCL Shapoorji Energy Private Ltd, an associate unlisted company of HPCL, from SP Ports Private Limited, a joint venture partner. HPCL Shapoorji Energy Private Limited (Target Entity) is in the process of setting up and development of 5 MMTPA LNG storage and regasification terminal at Chhara, Gujarat. Since the target entity is still in construction phase, there has been nil revenue from operations. HPCL, a Maharatna CPSE, holds 50 per cent of the equity share capital of the Target Entity as of December 31, 2020. The company or its group companies does not have any interest in the Target Entity other than the 50 per cent shareholding stated herein above.

The board of Lumax Industries has approved capital expenditure amounting up to ₹80 crore for setting up of new manufacturing unit(s) in Sanand, Gujarat, to cater to the orders received from MG Motors and other customers. The total capex will be funded by a mix of debt and internal accruals and peak annualised turnover is expected to be approximately ₹150 crore post commissioning. The project is expected to be operational by Q3 FY22.

Adani Transmission has signed definitive agreements with Essel Infraprojects for acquisition of Warora-Kurnool Transmission (WKTL). As per the agreement, WKTL will develop, operate, and maintain transmission lines aggregating to around 1,750 ckt km. The two significant, 765 kV inter-state transmission lines link Warora to Warangal and Chilakaluripeta to Kurnool via Hyderabad, with a new 765/400 kV sub-station at Warangal, which shall be built & operated as a part of the agreement.

Vascon Engineers has received a letter of acceptance for ₹515.63 crore from Uttar Pradesh Public Works Department for establishment of new medical colleges. The work has to be completed within 18 months from the date of receipt of letter of acceptance, it said in a notice to the stock exchanges.

The board of Wheels India has approved the company’s intention to sell the non-core, small-sized fabrication plant at Deoli.

Rane Holdings Ltd has acquired 8,49,978 equity shares of ₹10 each fully paid-up (1.95 per cent) in its subsidiary Rane (Madras) Limited (RML) arising on conversion of 8,49,978 warrants (partial conversion of the 25,49,936 warrants) into underlying equity shares. The overall shareholding stands increased to 99,72,816 shares (68.47 per cent). The balance 16,99,958 warrants are due for conversion on or before July 29, 2022.

Ramco Industries has invested ₹5.98 crore in the capital of Lynks Logistics Ltd by way of subscribing to 5.98 crore equity shares of ₹1 each, through their rights issue. “Consequent to the investment, the total shareholding of our company in Lynks Logistics Limited is 28,52,84,587 shares of face value of ₹1 each constituting 23.78 per cent of its paid-up share capital.” The object of Lynks Logistics is to enter into the business of aggregators in the logistics field.

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