Nifty Set for Negative Start; HCL Tech, Dilip Buildcon in Focus

The GIFT Nifty futures, serving as an early indicator for the Nifty50 index, were trading lower by 65 points at 25,190, signaling that domestic benchmark indices are likely to begin Wednesday’s session on a negative note. This cautious sentiment follows Tuesday’s trading where the S&P BSE Sensex slumped by 58 points or 0.07% to settle at 82,102, while the Nifty50 declined by 33 points or 0.13% to close at 25,170. The marginal declines reflect investor hesitation amid ongoing market volatility and anticipation of key corporate developments.

The downward movement in GIFT Nifty futures suggests that market participants are exercising caution, potentially influenced by global market trends, domestic economic indicators, or sector-specific news. The modest losses in the previous session indicate that while there’s no major sell-off, investors are carefully evaluating their positions ahead of new trading opportunities.

HCL Technologies announced the renewal of its long-standing digital transformation partnership with a Sweden-based commercial vehicle manufacturer, focusing specifically on AI-powered digital foundation services. This continuation of the partnership underscores HCL Tech’s strengthening position in the global digital transformation space and its commitment to leveraging artificial intelligence to enhance client operations.

Infrastructure player Dilip Buildcon, through its joint venture DBL-PSP JV, emerged as the lowest bidder for a substantial Rs 1,115.37 crore project from the Kerala Industrial Corridor Development Corporation. The engineering, procurement, and construction (EPC) contract encompasses design, construction, commissioning, and operations and maintenance of infrastructure works at Pudussery Central and Kannambra in the Palakkad Node, Kerala, representing a significant win for the company in the infrastructure development space.

Gandhar Oil Refinery (India) revealed plans to terminate all licenses and agreements of its joint venture, Texol Oils FZC, with partner ESPE Oils FZC, and subsequently wind up the company. Gandhar holds a 50% stake in Texol, which operates under a commercial license from Hamriyah Free Zone Authority in Sharjah. This strategic decision indicates a restructuring of the company’s international operations and portfolio optimization.

Torrent Power announced the acquisition of a 49% stake in Newzone India (NZIPL) and full ownership of Newzone Power Projects (NZPPPL), the holding company of NZIPL, for Rs 211 crore from the Sarawagi family and related Hindu Undivided Families. This acquisition strengthens Torrent Power’s portfolio and expands its footprint in the power sector through strategic investments.

Bajaj Electricals received Board approval to acquire the ‘Morphy Richards’ brand and related intellectual property rights from Glen Electric, part of the Glen Dimplex Group based in Ireland, for Rs 146 crore. The acquisition covers rights for India, Nepal, Bhutan, Bangladesh, the Maldives, and Sri Lanka, significantly enhancing Bajaj Electricals’ brand portfolio and market presence in the consumer appliances segment.

Ceinsys Tech secured a Letter of Award worth Rs 15.95 crore from the Mumbai Metropolitan Region Development Authority (MMRDA) for upgrading and procuring ESRI ArcGIS Software Products under a four-year enterprise agreement. The contract includes license delivery and operations and maintenance support after activation, reinforcing Ceinsys Tech’s position in the geospatial solutions market.

Poly Medicure, through its Netherlands-based subsidiary RisoR Holdings B.V., completed the acquisition of Pendracare Holdings B.V. and Wellinq Medical B.V. (collectively known as PendraCare Group). With this transaction, Poly Medicure now holds 90% economic rights in the group, making both entities step-down subsidiaries and expanding the company’s global medical device footprint.