Stocks in focus: The SGX Nifty lost 0.37% in trade on Thursday morning, signaling that domestic indices NSE Nifty 50 and BSE Sensex would open on a negative basis, continuing to extend losses after snapping a four-day winning streak on Wednesday. Nifty futures were 69 points lower on the Singaporean exchange at 18,595. Benchmark indices NSE Nifty 50 and BSE Sensex ended Wednesday’s session in the red. Nifty 50 fell almost 100 points to 18,534 and Sensex plunged 346.89 points to 62,622.
“As indicated by multiple economic data points, the Indian economy is presently experiencing a robust recovery, leading to an upward trend in domestic equity markets. However, the rally is being hindered at times due to negative signals from global peers, as observed today. Concerns about a recession and potential interest rate hikes in western markets are impacting the domestic market but it is nevertheless maintaining the outperformance,” said Vinod Nair, Head of Research, Geojit Financial Services.
Vedanta
Vedanta parent Vedanta Resources reduced its gross debt to $6.4 billion by paying loans and bonds worth $400 million maturing in May and June.
Coal India
The government proposed to sell up to 3% stake in Coal India through the offer for sale route from 1 June. At the closing price of Rs 241.20 apiece on BSE, the sale of 3% stake in Coal India would be worth around Rs 4,400 crore.
Adani Green Energy
After Adani Enterprises and Adani Transmission approved fundraising measures, Adani Green Energy, that saw its board meeting to approve fundraising canceled, will consider raising an additional $1 billion within the next few weeks.
Cipla
Cipla announced that the sale of their stake held in Cipla Quality Chemical Industries, step-down subsidiary in Uganda, is expected to be completed on or before 31 July.
HDFC Life Insurance
abrdn, a promoter in HDFC Life Insurance, has undertaken a sale of 3,56,94,105 equity shares (representing approximately 1.66% of the total issued and paid‐up equity share capital) at an average price of Rs. 570.60 per equity share. After the sale, abrdn will hold no shares in HDFC Life Insurace.