Pre Market Report: Dalal Street may open higher; HUL, Hero MotoCorp and ONGC in news

Market Opening - An Overview

Nifty futures on the Singapore Exchange were trading 0.50% higher at 15,644, indicating that Dalal Street was headed for a positive start on Friday.

Asian shares rose as investors reassessed the risks of inflation and interest-rate hikes on rising fears of an economic downturn. Japan’s Nikkei rose 0.73% and Topix was 0.33% higher. China’s Hang Seng jumped 1.5% and CSI 300 index was up 0.86%.

Indian rupee rose 9 paise to 78.30 against the US dollar on Thursday.

FII/DII Trading Data

Stocks in News Today

Hindustan Unilever (HUL): The FMCG major said that it will continue to hike prices of its products as inflation remains high even as market growths have moderated and volume growth has declined, Nitin Paranjpe, chairman of the company, told shareholders at its 89th annual general meeting (AGM) on Thursday. The chairman added that he sees demand coming in from all quarters, aiding the company’s growth in the long term, even as inflation weakens the pace in the near term.

Hero MotoCorp: The two-wheeler manufacturer will increase ex-showroom prices of its motorcycles and scooters, with effect from July 1, to partially offset the high input cost. The price revision will be up to Rs 3,000.

ONGC: The company’s wholly owned subsidiary and overseas arm, ONGC Videsh (OVL), has made an oil discovery in the recently drilled well, Urraca-IX, in CPO-5 block, Llanos Basin, Colombia. Earlier, OVLhas discovered commercial oil in the Lower Sand pay in Mariposa and Indico fields in the block in 2017 and 2018, respectively.

HCL Technologies: The company has announced the opening of its new delivery centre in Vancouver, Canada.

Thermax: The company’s subsidiary, First Energy (FEPL), has acquired two companies – Jalansar Wind Energy (JWEPL) and Kanakal Wind Energy (KWEPL). JWEPL and KWEPL will become wholly owned step-down subsidiaries of Thermax.

DCM Shriram: The company’s board has approved to invest upto Rs 65 crore for minimum 26% equity stake in a special purpose vehicle (SPV) to be created for setting up a wind solar hybrid renewable power project. The company will get 50 MW of renewable power supply (25 MW round the clock) from the said SPV. It will also invest upto Rs 57.10 crore to manufacture sulphate of potash (K2SO4) with a capacity of 4,600 TPA at Hariawan (UP) sugar facility and the objective is to optimize the circular economy and derive value from byproducts.

Century Plyboards: The company has made further investments of Rs 20.95 crore in its wholly owned subsidiary company, Century Panels by subscribing 2.09 crore shares through rights issue.

HealthCare Global Enterprises : The company has entered into a Business Transfer Agreement with Radiant Hospital Services for the acquisition of its radiation therapy centre for a cash consideration of Rs 16 crores.

Unitech: The Enforcement Directorate has attachesd assets worth Rs 257 crore in the case of Unitech. Total attachment in the UnitechCase now stands at Rs 1,059.52 crore.

Jammu & Kashmir Bank: The bank’s board will hold a meeting on June 28 to consider the raising of capital (Tier I/Tier II) during the financial year 2022-23.