Pre Market Report: Dalal Street may open slightly lower; Tata Steel, Jet Airways and JWS Steel in focus

Tata Steel: The steel major is betting on new big technology development over next three to four years. The company plans to invest about Rs 1,200 crore to enter materials beyond steel. The new materials business will focus on how graphene can be mixed with plastic and recycled like brand-new products.

Jet Airways: The company is in discussions with aircraft manufacturers and lessors to lease 6-8 planes, including some of those which were to be delivered to Russian carriers prior to the Ukraine war, as it gets ready for the relaunch, according to sources. Moreover, the airline is also negotiating with airport operators to secure slots with “good” timings, they said.

JSW Steel: The company has earmarked Rs 10,000 crore to reduce carbon emissions through various measures. Group Chairman Sajjan Jindal said that the company aims to reduce carbon emissions intensity by 42 per cent by 2030. He also added that the company has contracted for about 1 gigawatt of renewable energy, of which 225 megawatt became operational in April 2022, and the balance will come on stream in phases.

Ultratech Cement: The cement maker has been importing cargo of Russian coal and paying using Chinese yuan, according to an Indian customs document reviewed by Reuters. UltraTech is bringing in 157,000 tonnes of coal from Russian producer SUEK that loaded on the bulk carrier MV Mangas from the Russian Far East port of Vanino, the document showed.

PVR: The multiplex chain operator expects the movie exhibition industry to bounce back dynamically in FY23 and plans to open as many as 125 screens during the year. According to the company’s latest annual report, PVR, which is merging with rival Inox Leisure, expects the process to be completed this fiscal.

JSPL: The company said that the prices of steel are expected to rise from July due to high input costs after back-to-back downward corrections. “The prices have already bottomed out. There is no chance of reducing them further. There will be an upward price correction from Friday, July 1 by (primary players) mainly on account of higher input costs,” said V R Sharma, JSPL Managing Director.

Biocon: The pharma major will acquire 26 per cent stake in AMPYR Renewable Energy Resources Eleven (AREREPL) for Rs 7.5 crore. AREREPL is a special purpose vehicle formed for generation and supply of solar power. It will develop a 30 MWac solar power plant at Benkanhal village in Karnataka.

Indian Oil: The state-run refiner has approved expansion of its Digboi Refinery in Assam to 1 MTPA from 0.65 MTPA at an estimated cost of Rs 740.2 crore. The project is expected to be commissioned by October 2025.

Adani Enterprises: The company acquired mining company Alluvial Natural Resources for Rs 2.14 lakh.

Infosys: The IT services firm has agreed to invest $10 million in a US-based venture capital fund The House Fund III to acquire a minority stake not exceeding 20%.

GR Infraprojects: The infrastructure firm has completed construction of Purvanchal Expressway (Package-VII) from Mojrapur to Bijaura in Uttar Pradesh on EPC basis.

Mazagon Dock Shipbuilders: The company has laid the keel for the fourth ship P17A class stealth frigates. In this series, seven frigates in will be constructed, of which four will be made in Mazagon and the rest by Garden Reach Shipbuilders & Engineers.

Sterlite Technologies: The company will acquire 25% stake in Jiangsu Sterlite Tongguang Fiber (JSTF) for Rs 65 crore and JSTF will become a wholly owned subsidiary of the company.

CSB Bank: Deputy MD Pralay Mondal will stay on as interim CEO and MD for three more months starting July 1, as RBI has approved the term extension.

Karnataka Bank: The lender raised interest rates on its Domestic and NRE Rupee term deposits for amount below Rs 2 crore by 10 basis points to 5.35% for 1-2 years and 5.5% p.a. for more than two years.