Stocks in focus: The SGX Nifty recorded a gain of 0.26% during Wednesday’s early trading session, with a value of 18,833 indicating a positive opening for the domestic indices NSE Nifty 50 and BSE Sensex. On Tuesday, continuing their upward momentum for the second day, the domestic indices NSE Nifty 50 and BSE Sensex recorded gains, ending the day in positive territory. Nifty 50 surged by 118 points, closing at 18,716, while Sensex experienced a 0.67% increase, settling at 63,143.
“The sustained flow of better-than-expected domestic macroeconomic data kept the market mood afloat, with the Nifty midcap trading to all-time highs. The domestic CPI data moderated closer to the RBI’s target due to tone-down in food inflation and a favourable base, which increased the likelihood of a rate cut by the end of the year. Attention now turns to the release of US inflation data and the upcoming FOMC announcement, where the view is optimistic on keeping rates on hold,” said Vinod Nair, Head of Research, Geojit Financial Services.
Reliance Industries
Reliance Industries’ board of directors decided that the renewable energy business should be undertaken through Reliance New Energy, and therefore have withdrawn the process of Reliance New Energy’s merger with the flagship entity.
Zomato
Zomato Australia, step down subsidiary of Zomato based in Australia, has been deregistered effective from June 11, 2023.
Archean Chemicals
Archean Chemicals decided to temporarily suspend operations at its plant located at Hajipir, Gujarat on account of the incoming cyclone ‘Biparjoy’.
Kotak Mahindra Bank
Kotak Mahindra Bank has scheduled a meeting on June 16 to discuss the possibility of raising funds through the issuance of non-convertible debentures or bonds in one or more instalments via private placement.
Anupam Rasayan
Anupam Rasayan has been granted a Letter of Intent for a project worth Rs 2,186 crores with a leading Japanese special chemical company. This project spans over the next five years and involves supplying a new age patented life science active ingredient. The product will be in the validation phase for the next eighteen months and upon successful validation, the supply will commence from CY2025. This product will be manufactured in our existing multipurpose manufacturing facilities.