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CORPORATE AND ECONOMY NEWS

* Adani Transmission: GQG Partners bought 2.13 crore shares in Adani Transmission in two bulk deals. GQG Partners Emerging Markets Equity Fund bought 72.59 lakh shares at Rs 786.19 per share in a bulk deal. Goldman Sachs GQG Partners International Opportunities Fund has purchased 1.40 crore shares in Adani Transmission at Rs 786.19 apiece in a bulk deal. Fortitude Trade and Investment has sold 3.39 crore shares in Adani Transmission at Rs 786.17 per share.

* Siemens Ltd: Siemens Limited on Saturday said it has completed the acquisition of the electric vehicle division of Mass-Tech Controls Private Ltd for ?38 crore. In a regulatory filing, the company said it "has completed the acquisition of EV division of Mass-Tech Controls in accordance with the definitive agreements entered between the parties for a consideration of ?380 million, which is subject to adjustments mutually agreed between the parties to the transaction".

* Vedanta: SEBI has imposed a penalty of Rs 30 lakh on the company for violating disclosure norms. Vedanta made incorrect disclosures about its plan to enter the semiconductor business. Separately, the company said in an exchange filing that it will consider a potential strategic sale of its steel businesses to maximise stakeholder value. The company has engaged advisors to assist in this review.

* State Bank of India: The bank’s Chief Financial Officer, Charanjit Surinder Singh Attra, has resigned from the position. The resignation has been accepted and comes into effect after business hours on June 30.

* Hero MotoCorp: The automaker raised the prices of its motorcycles and scooters by around 1.5% with effect from July 3, 2023. The price revision is part of a price review that the company undertakes from time to time.

* Reliance Industries: RIL and BP have started gas and condensate production from the third deepwater field in India's KG D6 Block, the MJ Field. The output from the block at peak will account for one-third of India's domestic gas production. MJ Field, R-Cluster Field, and Satellite Cluster are the three deepwater fields of Block KG D6 off the east coast of India. Separately, RIL also sold 1.23 crore compulsory convertible preference shares, or 2.89% of the fully diluted share capital, of Viacom 18 to Bodhi Tree Systems.

* Mazagon Dock Shipbuilders: The Company has signed a contract worth Rs 2,724.63 crore with the Indian Navy for medium-refit cum Life Certification of the second Shishumar class submarine INS Shankush.

* Kansai Nerolac Paints: The board of the company approved the sale of its land in Thane and an additional area measuring 97,090 square metres for a total consideration of Rs 671 crore to Shoden Developers. Shoden Developers is a group company of the House of Hiranandani.

* Aditya Birla Capital: The Company completed a Rs 3,000 crore fundraise. BlackRock, Abu Dhabi Investment Authority, and the Massachusetts Institute of Technology were among the key investors in the fundraiser. The funds were raised via a Rs 1,750 crore QIP and a Rs 1,250 crore preferential issuance of equity shares. The preferential equity shares were issued to Aditya Birla Capital's promoter and promoter group entities, Grasim Industries Limited and Surya Kiran Investments Ltd., respectively.

* PVR Inox: The Company opened a 10-screen multiplex in Delhi and a 5-screen multiplex in Ahmedabad. With this launch, the company now operates the largest multiplex network with 1697 screens at 360 properties in 114 cities, including India and Sri Lanka.

* Bank of Baroda: The government-owned Bank of Baroda (BoB) intends to sell up to 49% of its ownership in the credit card division BOB Financial Solutions Ltd. BoB currently holds a 100% ownership interest. According to a senior bank official, the process to bring on a strategic investor would take place through a Request for Proposal that the bank has issued. BOB intends to offload up to 49 per cent in a combination of primary and secondary capital from one or multiple investors to create more value in BOB Financial Solutions and take it to the next level of growth.

GLOBAL MARKETS

Global Market Update

Wall Street's three major indexes advanced solidly on Friday, with the tech-heavy Nasdaq boasting its biggest first-half gain in 40 years as inflation showed signs of cooling while Apple closed with a $3 trillion market valuation for the first time. Apple Inc breached the $3 trillion mark for the first time since January 2022, adding 2.3 percent to close at $193.97 after hitting a record of $194.48. It was lifted by growing appetites for growth stocks generally as well as bets the iPhone maker will succeed in new markets. The Nasdaq registered its strongest first-half performance in 40 years with a more than 31 percent gain. The Nasdaq 100 index of top technology stocks boasted its biggest first half gain on record, adding around 39 percent. The Dow Jones Industrial Average rose 285.18 points, or 0.84 percent, to 34,407.6, the S&P 500 gained 53.94 points, or 1.23 percent, to 4,450.38 and the Nasdaq Composite added 196.59 points, or 1.45 percent, to 13,787.92.

Crude Oil

Oil prices slipped in early Asian trade on Monday as global macroeconomic headwinds and possible further interest rate hikes from the U.S. Federal Reserve’s offset forecasts of tighter supplies amid OPEC+ cuts. Brent crude futures dropped 20 cents, or 0.3 percent, to $75.21 a barrel by 0044 GMT after settling up 0.8 percent on Friday. US West Texas Intermediate crude was at $70.41 a barrel, down 23 cents, or 0.3 percent, after closing 1.1 percent higher in the previous session. Brent fell for the fourth straight quarter by the end of June while WTI notched a second quarterly drop as the world's top two economies, the US and China, lost speed in the second quarter.

Gift Nifty

The Gift Nifty indicates a flat start for the broader index with a gain of 15 points on Monday. The futures stood at 19,360 points.

TECHNICAL VIEW

Nifty Outlook:

Nifty opened gap up on Friday at 19077, made a high of 19202, made a low of 19025, and closed on a positive note at 19189 levels. For the day, support for the Nifty exists at 18900 and 18800 levels, whereas resistance for the Nifty stands at 19300 and 19500 levels.

Bank Nifty Outlook:

Bank Nifty opened gap up on Friday at 44666, made a high of 44787, made a low of 44447, and closed on a positive note at 44747 levels. For the day, support for Bank Nifty exists at 44500 and 44000 levels, whereas resistance for Bank Nifty stands at 45000 and 45200 levels.

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