Indian equity markets are likely to open gap-up on Thursday, a day of weekly F&O expiry, as global cues turned supportive after the US Federal Reserve approved the largest interest rate increase of 75 basis points (bps) in 28 years. Ahead of the trading session, the SGX Nifty Futures quoted 15,788 levels, indicating an upside of 96-odd points on the NSE Nifty 50. “The short term trend of Nifty continues to be weak with range bound action. Such lack of strength at the important support signal chances of false downside breakout or one leg of downside before showing sharp upside bounce from the lows of around 15500 levels in the short term. Immediate resistance is placed at 15780,” said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.
Stocks in focus on 16 June, Thursday
Yes Bank: The bank plans to raise debt capital of Rs 10,000 crore through different modes of private placement methods, based on shareholders’ approval. That apart, it plans to borrow funds through debt securities like non-convertible debentures, bonds, and medium-term notes. Besides, it also seeks table amendments for Employees Stock Option Scheme in its annual general meeting scheduled on July 15, 2022.
Network18 Media and Investments: As Reliance Industries controlled Viacom18 bagged digital media rights for the Indian Premier League from 2023 to 2027; they plan to take the sporting event to every nook of India. The company eyes strategic tie-ups for wider reach and a slice in India’s leadership position among digital platforms. Besides that, the broadcaster also has Indian rights to the FIFA World Cup, La Liga, Serie A, Ligue 1 and the NBA.
Zomato: The company inked pact with Jio-bp – a mobility venture between Reliance Industries and bp to support commitment towards 100 per cent EV fleet by 2030. Jio-bp will provide EV mobility services to Zomato along with access to ‘Jio-bp pulse’ branded battery swapping stations for last mile delivery. With the Jio-bp pulse mobile app, customers can easily find nearby charging stations and seamlessly charge their EVs.
Axis Bank: Credit rating agency, Fitch Ratings, have revised their outlook to ‘stable’ from ‘negative’ on the long term default ratings of the bank due to diminished downside risks to India’s medium-term growth due to easing financial sector weakness and rapid economic recovery.
Reliance Industries: The streaming rights for IPL have gone for Rs 20,500 crore ($2.6 billion), according to media reports. Viacom18 Media Pvt., a joint venture between Ambani’s Reliance Industries and Paramount Global, is paying that amount for 410 matches over five years starting 2023, or $6.4 million per game.
Infosys: Infosys is reportedly setting up four new offices in tier II cities in a bid to be closer to the available talent pool. The company already had smaller centres in Indore and Nagpur but is now setting up offices in Coimbatore, Vizag, Kolkata and Noida. The move is aimed at being in the vicinity of the available talent pool since a good number of them were new hirings in the IT sectors were made from these cities, according to Krishnamurthy Shankar, group head of human resource development.
Usha Martin: Promoter entities Peterhouse Investments Ltd and PACs have sold 63,000 equity shares in the company via open market transactions on June 14 and June 16. With this, their shareholding in the company stands reduced to 1.91 per cent, down from 1.94 per cent earlier.
UPL: UPL through its subsidiary USCL has acquired Kudos Chemie for Rs 40 crore, and is required to invest Rs 237 crore in Kudos over a period of 2 years as per the resolution plan approved by NCLT. Kudos manufactures speciality chemicals used as beverage and pharmaceutical ingredients and has a manufacturing facility near Chandigarh.