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Market Updates

The Markets are expected to open higher today as trend in SGX nifty indicate a positive start for the broader index after Nifty closed 127 points higher at 18,726 on wednesday.

Mazagon Dock Shipbuilders:

Company signed a memorandum of understanding with Thyssenkrupp Marine Systems for building submarines in and for India. Thyssenkrupp Marine Systems will contribute to the engineering and design of the submarines and provide consultancy support. Mazagon will take responsibility for constructing and delivering the respective submarines.

Lemon Tree Hotels

Company signed a license agreement for a 60-room property in Rajahmundry in Andhra Pradesh. The hotel is expected to be operational by the third quarter of fiscal 2025. Company’s unit Carnation Hotels will be operating this hotel.

Life Insurance Corp:

Company increased stake in Tech Mahindra by 2%, from 6.87% to 8.89%. The holding increased at an average cost of Rs 1,050.77.

Bank Stocks:

To be in focus ahead of the Monetary Policy Committee decision on policy repo rate. MPC is likely to continue its status quo on the key lending rate at its second meeting in the new fiscal, amidst easing inflation and resilient growth.

Sula Vineyards:

Company said it has identified a new chief financial officer who will join the company in August. It has also added three new lakeside villas in Nasik, Maharashtra.

Gati:

Total volume, including surface and air express, rose 8% sequentially in May. It rose 1% from the year ago period. Company said volumes in May continued to show an improving trend owing to an uptick in preparations for the upcoming festive season starting in the last week of May. This is expected to continue over the coming months.

Aether Industries:

Company signed a Letter of Intent with U.S. based oil field services company for strategic supplier and contract manufacturing partnership. The letter specifies four strategic products that will be supplied to the global energy and oil and gas locations of the U.S. based company, including a significant supply within India.

IKIO Lighting IPO:

The demand for the initial public offering of LED lighting solution provider IKIO Lighting Ltd., was led by non-institutional investors on the second day of subscription. The IPO was subscribed 6.82 times on Wednesday. The portion of institutional investors was subscribed 1.37 times, non-institutional investors subscribed 15.99 times, while retail investors portion was subscribed 5.92 times.

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