Indian equity markets are likely to extend losses on Thursday as SGX Nifty signalled at a gap-down open for benchmark indices BSE Sensex and NSE Nifty 50 on monthly and weekly F&O expiry day. Nifty futures were trading 34 points, or 0.22% lower at 15,732 on the Singapore Exchange, signaling that Dalal Street was headed for a negative start. “Markets will react to the US GDP data in early trades and then the focus would shift to the monthly derivatives expiry. While the Nifty has been hovering around its crucial hurdle of 15,900, the recent decline in the banking index is pointing towards more pain ahead. Participants should maintain caution and focus more on overnight risk management,” said Ajit Mishra, VP – Research, Religare Broking.
Stocks in focus on 30 June, Thursday
Reliance: After handing over the reins of Reliance Jio to elder son Akash Ambani, now father Mukesh Ambani is reportedly going to appoint daughter Isha, 30, as chairman of Reliance’s retail arm. The billionaire is busy with the early stages of succession planning at his energy-to-technology conglomerate Reliance Industries Ltd., naming two of his offspring as chiefs of key units in his $217 billion empires. The 65-year-old tycoon on Tuesday made way for his first-born Akash Ambani to become the chairman of Reliance Jio Infocomm Ltd. Akash’s twin sister Isha is set to be appointed chair of Reliance’s retail arm, and an announcement is expected soon.
Infosys: The IT company has agreed with The House Fund III, LP, a venture capital (VC) fund based out of the US, for an investment of $10 million. The investment is expected to be completed by June 30 this year. This is a minority holding not exceeding 20 percent of the fund size. In a separate news, Infosys has been selected by Australian express logistics business, Global Express, to separate the technology landscape following divestment from Toll Holdings.
LIC: Insurance behemoth Life Insurance Corporation said the exercise of determining its embedded value as of March 2022 is on’ and is likely to be completed by July 15. It is informed that the exercise of determining the Indian Embedded Value (IEV) as on March 31, 2022, may take some more time to get completed.
GR Infraprojects: The recently listed road maker has completed development of Purvanchal Expressway (Package-VII) from Mojrapur to Bijaura in Uttar Pradesh on EPC basis. The completion certificate has been issued by the Independent Engineer on June 28 and has declared the project fit for entry into commercial operation with effect from March 7, 2022
Biocon: The company on Wednesday said it will acquire 26 per cent stake in AMPYR Renewable Energy Resources Eleven Pvt Ltd (AREREPL) for Rs 7.5 crore. AREREPL was incorporated on April 13, 2021. It is a special purpose vehicle formed for generation and supply of solar power. It will develop a 30 MWac solar power plant at Benkanhal village in Karnataka, Biocon said in a regulatory filing. Biocon has entered into an agreement for the purpose of “acquisition of solar power by acquiring equity stake up to 26 per cent in AREREPL”, it said.
Indian Oil: Indian Oil Corporation at its meeting held on 28 June 2022 has accorded investment approval for capacity expansion of Digboi Refinery in Assam from 0.65 MMTPA to 1 MMTPA alongwith associated facilities at an estimated cost of Rs.740.20 crore. The project is expected to be commissioned by October 2025. The capacity expansion would improve the profitability of the Digboi Refinery.