Nifty futures on the Singapore Exchange traded 22.5 points, or 0.15 per cent, higher at 15,384.50, signaling that Dalal Street was headed for a positive start on Tuesday. The market returned to positive territory in yesterday’s session with the BSE Sensex rising more than 200 points, backed by FMCG, IT stocks and HDFC twins. The rally in European counterparts also aided momentum at Dalal Street. Experts call it a relief rally after the market entered into oversold levels, as the benchmark indices had fallen around 7 per cent in the previous six consecutive sessions. The BSE Sensex closed 237 points higher at 51,598, while the Nifty50 climbed 57 points to 15,350.
Fitch Ratings has affirmed the ratings of Housing and Urban Development Corporation at ‘BBB-‘ level, i.e. at the sovereign level. At the same time, the rating agency has revised the outlook of HUDCO to ‘Stable’ from ‘Negative’. The rating action follows the change in outlook of Government of India rating to ‘Stable’ from Negative’ on June 10, 2022.
Oil and Natural Gas Corporation
Ministry of Petroleum and Natural Gas has approved the extension of additional charge of the post of Chairman and Managing Director (CMD) to Alka Mittal, Director (HR), for a period of two months from July 1 to August 31, 2022, or till the appointment of a regular incumbent to the post, or until further orders, whichever is the earliest.
The utility firm completed the acquisition of 100 per cent equities in SPPL and EREPL for about Rs 609 crore. On June 7, 2022, Adani Power had signed a share-purchase agreements to acquire 100 per cent equity shares of two companies- Support Properties (SPPL) and Eternus Real Estate (EREPL) from their respective shareholders.
The board of debt-ridden telecom firm is scheduled to meet on June 22 to consider a proposal for raising funds to the tune of Rs 500 crore from Vodafone Group. The fundraising will be through the issuance of equity shares or convertible warrants on a preferential basis to one or more entities belonging to Vodafone Group.
Happiest Mind Technologies
Morgan Stanley Investment Funds offloaded shares of IT company for Rs 105 crore through an open market transaction. According to the bulk deal data available with BSE, Morgan Stanley Investment Funds Emerging Leaders Equity Fund sold 13,14,055 shares, amounting to 0.9 per cent stake in the company.
The commercial vehicle maker and Hinduja Group’s flagship firm has strengthened its CNG-operated Intermediate Commercial Vehicle (ICV) portfolio with the launch of its ecomet STAR 1115 truck in 11.44 tonnes Gross Value Weight (GVW) category.
Suven Life Sciences
The company informed exchanges that the Board of Directors will meet on June 24 to consider raising funds through issue of equity shares on a rights basis to the existing equity shareholders of the company.
The company said the board will meet on June 24 to decide on raising funds by issue of equity shares. This is subject to shareholders’ and regulatory approvals.
The company said the board of directors has designated Sanjay Jindal, Director (Finance) as Chief Financial Officer of the company in place of Vartika Shukla, CMD and Additional Charge Director (Technical). The appointment is with immediate effect for a period of five years, or till the date of his superannuation or until further orders, whichever is earliest.
The company has decided to consolidate its electric vehicle business initiatives under Kalyani Powertrain (KPL), a wholly-owned subsidiary, for a better strategic alignment. Accordingly, its Investment Committee – Strategic Business has approved the transfer of the company’s stake in Refu Drive GmbH, the joint venture company, to KPL subject to receipt of necessary approval from regulatory authorities.
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