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PRE-MARKET REPORT
The benchmark Sensex and Nifty indices are expected to open higher on June 11 following an indication from GIFT Nifty, which is trading higher at 23263.5.
The GIFT Nifty is trading 31 points higher on June 11, compared to the Nifty 50 close, indicating a positive start for the day. Nifty futures were trading at 23263.5 at 07:00 am IST.
The S&P 500 and Nasdaq eked out record closing highs on Monday, although investors were cautious ahead of this week’s consumer prices report and a Federal Reserve policy announcement.
The Dow Jones Industrial Average rose 69.05 points, or 0.18%, to 38,868.04, the S&P 500 gained 13.8 points, or 0.26%, to 5,360.79 and the Nasdaq Composite added 59.40 points, or 0.35%, to 17,192.53.
Asian markets were trading mostly higher in the early trade on Tuesday with Nikkei and Topix up 0.5 percent each. Hang Seng index down by -1.11 from the previous close where Taiwan and Kospi were trading higher by 0.37% and 0.23%.
STOCKS TODAY
Interglobe Aviation: Interglobe Enterprises, a promoter entity of Rahul Bhatia, is planning to sell a stake worth $394 million in Indigo Airlines’ parent company, Interglobe Aviation, via a block deal. The entity currently holds a 37.75% stake in Interglobe Aviation. The proposed sale, which marks the first time in many years that Bhatia is looking to unlock value, involves offloading around 2% of his stake in the company.
Vodafone Idea: The debt-ridden telecom company announced that its board will meet on June 13 to consider a proposal to issue equity shares or convertible securities on a preferential basis to vendors. The company has been reporting widening losses and a marginal increase in annual revenue from operations.
RVNL: Rail Vikas Nigam Limited has been selected as the lowest bidder by Central Railway for work in the Amla-Nagpur Section in the Nagpur division of Central Railway, aiming to achieve a 3000 MT loading target. Separately, a consortium of Siemens and RVNL has secured a contract worth ₹394 crore from Bangalore Metro Rail Corporation Ltd (BMRC), which involves engineering, supply, erection, testing, and commissioning of various systems, to be executed within 130 weeks.
IRB Infrastructure Developers: Cintra, a subsidiary of Spanish infrastructure group Ferrovial, is expected to sell up to a 5% stake in IRB Infrastructure Developers through a block deal. The deal, priced between ₹63-70.16 per share, represents up to a 10.2% discount to the last closing price. The transaction size is approximately ₹1,900.3 crore at the lower end of the price band.
PVR Inox: The multiplex chain is focusing on growing its fastest-growing segment – food and beverage (F&B). The multiplex operator is partnering with EazyDiner to offer its customers up to a 25% discount on popcorn, Pepsi, and more for payments made via EazyDiner.
Tata Motors: The company is offering substantial savings on a range of sought-after models including the Tiago, Altroz, Nexon, Harrier, and Safari. Discounts and benefits reach up to ₹55,000 on select MY2024 units.