As stagflation fears remained, Asian stocks were volatile and bonds sank.
In Japan, stocks were neutral, while in Australia and South Korea, they were down. Crude oil prices climbed beyond $122/barrel, stoking concerns about growing expenses and monetary tightening, sending US futures stumbling after Wall Street snapped a two-day rise.
As of 6:40 a.m., the Singapore-traded SGX Nifty, an early indicator of India’s benchmark Nifty 50, had down 0.15% to 16,324 points.
In preparation for a rate hike likely in July, the European Central Bank is prepared to wind down trillions of euros in asset purchases. Bitcoin plummeted to $30,000 in other parts of the world.
Stocks to Keep an Eye On
Tata Power: Tata Power Solar Systems has completed the commissioning of a 450 MW DC solar plant for Brookfield Renewable India.
Tech Mahindra: Tech Mahindra has agreed to purchase a 26% equity stake in Huoban Energy 6 for Rs 1.6 crore through a share subscription agreement.
Vedanta: The company’s encumbrances in the form of a commitment on its 64.92% ownership in Hindustan Zinc have been lifted.
Tata Steel: Tata Steel has paid Rs 165 crore for 16.5 crore TRF Ltd. 12.17% non-cumulative, non-convertible, non-participating, redeemable preference shares.
Indian Oil: Indian Oil has secured a long-term partnership with Air Products & Chemicals Inc. in the United States. The American firm will construct, own, and operate a new industrial gases complex for Indian Oil’s Barauni refinery in Bihar, which will supply hydrogen, nitrogen, and steam.
Bank of India: With immediate effect, the bank increased its repo-based lending rate from 7.25% to 7.75%.
Punjab National Bank: On June 9, the bank increased its repo-linked lending rate from 6.90% to 7.40%.
Wipro: Wipro and ServiceNow will work together to help Petrobras SA, Brazil’s largest publicly traded enterprise, advance its digital transformation.
IL&FS Transportation: Khed Sinnar Expressway, a subsidiary of IL&FS Transportation, has received a settlement value of Rs 736.07 crores from NHAI.
Details on Pledged Shares
On June 6, promoter Max Ventures Investment Holdings cancelled a promise of 94,500 shares in Max Financial Services.
Mukand: Between June 3 and June 6, Promoter Group Bachhraj Factories purchased 14,781 shares.
Apar Industries: Chaitanya N. Desai, the promoter and director of Apar Industries, purchased 26,753 shares on June 7.
Shriram City Union Finance: Shriram City Union Finance: Between June 3 and June 6, promoter group Sriram Value Services purchased 2.67 lakh shares.
JK Cement: On June 6, promoter Yadu International purchased 14,000 shares.
Uttam Sugar Mills: On June 7, promoter Rajan Adlakha sold 20,500 shares in Uttam Sugar Mills.
Zydus Wellness: On June 7, promoter group Zydus Family Trust purchased 107 shares of Zydus Wellness.
Jindal Steel and Power: Sarika jhunjhunuwala, the promoter group of Jindal Steel and Power, sold 50,000 shares on June 3.
Sasken Technologies: Promoter Group Arti Mody purchased 500 shares of Sasken Technologies on June 6.
Deals in Bulk
Future Retail: IDBI Trusteeship Services sold 1.86 crore (3.43%) shares for Rs 7.35 each to Future Retail.
Tweaks in Trading
Ex-Date Dividend: Craftsman Automation, SMC Global Securities, Welspun Corp, Asian Paints, and Voltas are among the companies that have declared an ex-dividend.
Ex-Date Annual General Meeting/Dividend: Annual General Meeting/Dividend: Tata Consumer, HDFC Asset Management Co, Voltas, Power Finance Corp. Ex-Date Annual General Meeting/Dividend: Tata Consumer, HDFC Asset Management Co, Voltas, Power Finance Corp.
Ex-Date Annual General Meeting: Kesoram Industries’ Annual General Meeting has been postponed.
Interim Dividend Expiration Date: Quess Corp
Bonus: AU Small Finance Bank (ex-date)
Ex-Date AGM/Final Dividend/Special Dividend: Elecon Engineering (Ex-Date AGM/Final Dividend/Special Dividend)
Moved Out Of Short-Term ASM Framework: Banco Products has exited the short-term ASM framework (India)
Update on the Money Market
On Wednesday, the rupee closed at Rs 77.73 versus the US dollar, up from Rs 77.71 on Tuesday.
Cues for F&O
- The Nifty June futures ended at 16,355, a 12.5 point discount.
- Nifty June futures fell 0.07%, with 149 shares changing hands in Open Interest.
- Nifty Bank June futures closed at 34,962.70, a 16.55-point premium.
- June Nifty Bank futures are down 0.59%, with 570 shares in open interest.
- Delta Corp. is on the list of securities that have been banned.