Pre Market Report: Dalal Street likely to open higher; RIL, Telcos, LIC Housing Fin and ONGC in news

Market Opening - An Overview

SGX Nifty futures were trading 0.15% higher at 15,384.50, indicating that Dalal Street was headed for a positive start on Tuesday.

Asian shares opened slightly higher Tuesday morning, extending the previous day’s gains, amid steadier investor sentiments. Japan’s Nikkei 225 index rose 1.76% and topix climbed 1.67%. China’s Hang Seng gained 0.97% and CSI 300 index edged up 0.09%.

Indian rupee rose 9 paise to 77.98 against the US dollar on Monday.

FII/DII Trading Data

Stocks in News Today

Reliance Industries Ltd (RIL): The market regulator, SEBI, has imposed a fine of Rs 30 lakh on the conglomerate and two of its compliance officers for violating fair disclosure norms during Facebook’s $5.7 billion investment in its digital unit in 2020.

Telecom companies: The government has extended the productivity-linked incentive (PLI) scheme for the telecom industry by another year. The government has expanded its scope to cover design-led manufacturing. The Centre will provide additional incentives of over Rs 4,000 crore under the amended scheme.

LIC Housing Finance: The company increased its benchmark Prime Lending Rate, which is linked to its home loans, by 60 basis points. The new interest rates on home loans will now start from 7.5% for borrowers having a credit score of 700 and above.

Oil and Natural Gas Corporation (ONGC): The Ministry of Petroleum and Natural Gas has approved the extension of additional charge of the post of CMD Alka Mittal for a period of two months from July 1 to August 31, 2022.

Bharat Forge: The company has decided to consolidate its electric vehicle business initiatives under Kalyani Powertrain (KPL), a wholly-owned subsidiary, for a better strategic alignment. The company’s investment committee (Strategic Business) has approved the transfer of the company’s stake in Refu Drive GmbH, the joint venture company, to KPL subject to receipt of necessary approval.

Escorts Kubota: The company informed BSE that Ajay Mandhar, CEO of Agri Machinery Business, has resigned from the company. In the interim, President of Agri Machinery Business, Shenu Agarwal, shall be handing the role.

KEC International: The company in a regulatory filing said that it has secured new orders worth Rs 1,092 crore across its various businesses, such as Transmission & Distribution, Railways, Civil and Cables.

IIFL Finance: The company’s board is scheduled to meet on June 23 to consider a proposal for issuance of secured redeemable non-convertible debentures through public issue in one or more tranches.

Suven Life Sciences: The company’s board is scheduled to meet on June 24 to consider a proposal for raising capital by way of issue of equity shares on rights basis.

Engineers India: The company said the board of directors has appointed Sanjay Jindal, Director (Finance), as Chief Financial Officer of the company in place of Vartika Shukla, CMD and Additional Charge Director (Technical). The appointment is with immediate effect for a period of five years, or till the date of his superannuation or until further orders, whichever is earliest.