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Market Opening - An Overview
SGX Nifty futures were trading 0.41% lower at 16,439.50, signaling that Dalal Street was headed for a negative start on Thursday.
Asian shares were trading lower, tracking Wall Street overnight, as investors were worried over quicker interest rate hikes to combat surging inflation. Japan’s Nikkei 225 fell 0.17% and Topix was down 0.54%. China’s Hang Seng dropped 1.49% and CSI 300 slipped 0.02%.
The Indian rupee rose 12 paise to 77.52 against the US dollar on Wednesday.
FII/DII Trading Data
Stocks in News Today
Reliance industries Ltd (RIL): The company’s arm Reliance Brands (RB) and Plastic Legno SPA have signed a joint venture arrangement through which Reliance Brands will acquire a 40% stake in the latter’s toy manufacturing business in India. The investment by RB brings vertical integration for its toy business and will help diversify the supply chain with a long-term strategic interest in building toy manufacturing in India.
Welspun Enterprises Ltd (WEL): The company said it has received an order worth Rs 4,636 crore from civic body Brihanmumbai Municipal Corporation (BMC) for the Dharavi Wastewater Treatment Facility. This takes the outstanding order book of the company to around Rs 12,500 crore, of which Rs 6,500 crore is in the water sector and the balance Rs 6,000 crore is from the road sector, WEL said in a statement.
Hero MotoCorp: The two-wheeler maker said its total sales stood at 4,86,704 units in May compared with a sales of 4,18,622 units in April this year and 1,83,044 units in May 2021 when the sales were impacted due to the second wave of COVID-19. Domestic sales stood at 4,66,466 units last month.
Mahindra & Mahindra (M&M): The company said its total sales stood at 53,726 units in May, compared to a total sales of 17,447 units in May 2021. Its passenger vehicle sales in the domestic market were 26,904 units in May 2022 while the same stood at 8,004 units in the same period a year ago. Commercial vehicle sales of 24,794 units were posted in the month under review, while it was at 7,508 units in the year-ago period.
Ashok Leyland: The truck manufacturer reported a four-fold jump in total commercial vehicle sales at 13,273 units in May. The company had sold 3,199 units in May last year. Domestic sales stood at 12,458 units, as against 2,738 units in May 2021, it added.
Vedanta: The mining company said a committee of its directors will meet this week to consider raising up to Rs 4,100 crore via debentures.
Meanwhile, Vedanta Aluminium has commissioned India’s largest electric fleet of 27 forklifts, powered by lithium-ion batteries. The company in partnership with Gemini Equipment and Rentals India achieved this feat and sets the ball rolling on Vedanta Aluminium’s plans to decarbonise its industrial vehicle fleet.
NTPC: The state-owned power giant said it is targeting 26 million tonnes of captive coal production in the current fiscal, with focus on such mines situated mostly in Jharkhand. NTPC NSE 0.51 % had produced 14 MT of coal from its captive mines last year.
Power Finance Corporation (PFC): The state-owned company said its maiden green bonds of 300 million euros have been listed on Luxembourg Stock Exchange. PFC Chairman and Managing Director (CMD) RS Dhillon rang the bell at the listing ceremony held in GIFT IFSC Gujarat on Wednesday, the company said in a statement.
Nestle India: The company is looking to tap opportunities in new categories such as ‘healthy ageing’, ‘plant-based nutrition’ and ‘healthy snacking’ to boost growth in the country, its CMD Suresh Narayanan said. He also said the company’s existing businesses, ranging from nutrition, breakfast cereals and beverages to chocolate and confectionery, have “headroom for penetration”.
Delta Corp: The company’s subsidiary Delta Pleasure Cruise Company has started management of operations of the casino at the hotel “The Zuri White Sands Goa, Resort and Casino”, at Pedda Varca Salcete, Goa. With the commencement of operations of this casino, the company and its subsidiaries now operate five casinos in Goa.
Mishtann Foods: The food supply company has seen good response for Mishtann Pink Rock Salt and has bagged orders from major retail stores for 1700 metric tonnes. The supply of these orders will commence from July 2022.