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Stocks in News

* ITC HOTEL: The company has acquired a 100% stake in Zuri Hotels and Resorts, absorbing it as a subsidiary effective today, for an enterprise value of Rs 205 crore. Separately, ITC acquired a 49.3% stake in Mother Sparsh Baby Care for Rs 30 crore.

* BHARTI AIRTEL: The telecom operator has launched a new 5G service called 'Priority Postpaid', with plans ranging in price from Rs 449 to Rs 1,749.

* HIMADRI SPECIALTY: The company invested an additional AUD 2.56 million in Sicona via the subscription of CCNs, taking its total investment in the entity to AUD 16.75 million to date.

• SUN PHARMA ADVANCED: The company's licensing partner, Ocuvex, has received a Complete Response Letter (CRL) from the US FDA regarding the new drug application for PDP-716, citing findings at the manufacturing facility.

*SAMBHV STEEL TUBES: The company has secured consent from the Chhattisgarh Environment Conservation Board (CECB) to set up a new cold rolling mill unit with a production capacity of 1.2 MT per annum.

*WAAREE RENEWABLE TECH: The company has signed a turnkey agreement with its arm for EPC works to develop a massive 350 MW / 1400 MWh Battery Energy Storage System (BESS).

*NIBE: The defense manufacturer successfully completed the test firing of its 'SURYASTRA' rocket launcher system.

*JSW ENERGY: The company will acquire a 10.7% stake in Toshiba JSW Power (TJPS) for a consideration of Rs 150 crore.

* M&M FINANCIAL SERVICES: The NBFC's board has approved the issuance of Non-Convertible Debentures (NCDs) worth Rs 2,200 crore.

Economic News

* West Asia Crisis Fuels India’s Inflation Risks Through Rising Fuel and Fertiliser Costs: Oil marketing companies (OMCs) have raised petrol and diesel prices twice within a week due to soaring global crude oil prices linked to the West Asia conflict, increasing inflation concerns and putting pressure on consumers and industries. Petrol and diesel prices have risen by 90 paise per litre after an earlier Rs3 hike, while analysts expect further increases as OMCs continue to face under-recoveries. Simultaneously, India is struggling to secure fertiliser supplies amid global disruptions, prompting the government to source fertilisers from 28 countries, restore 97% gas supply to fertiliser plants, and approve higher subsidies to ensure adequate availability for the upcoming kharif season.

Global News

* High Mortgage Rates and Economic Uncertainty Continue to Weigh on U.S. Housing Recovery: U.S. pending home sales rose for the third consecutive month in April, supported by a temporary decline in mortgage rates, but economists remain cautious about a sustained housing recovery. Despite a 1.4% increase in contract signings, high mortgage rates, elevated home prices, limited inventory especially in entry-level homes and economic uncertainty continue to weigh on demand. Rising borrowing costs linked to the Middle East conflict, along with higher construction expenses, weak consumer confidence, slower population growth, and a soft labor market, are expected to keep housing activity subdued in the near term. Residential investment has now contracted for five straight quarters, while affordability pressures continue to challenge homebuyers across the U.S.

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