Infoedge’s Investment, Gensol’s Energy Project,  BHEL’s New Director (Finance) and Gokaldas Exports’ Strategic Move

Opening Bell:             

Gift Nifty is up by 8.5 points in the early morning trade, indicating a positive opening for Indian stock market                              

Asian markets showed mixed performance as investors awaited China’s announcement on one- and five-year loan prime rates. Japan’s Nikkei 225 dropped by 0.28%, and the Topix decreased by 0.12%. In contrast, South Korea’s Kospi gained 0.06%, and the Kosdaq edged up 0.04%. Meanwhile, futures for Hong Kong’s Hang Seng index suggested a lower opening.     

U.S. stock futures showed minimal movement. Futures linked to the S&P 500 increased by 0.05%, while Nasdaq 100 futures rose by 0.2%. Dow Jones Industrial Average futures also added 0.2%.

Stocks News:

👉 BHEL: Rajesh Kumar Dwivedi assumed the position of Director (Finance) at BHEL on June 19 and will serve until his retirement in 2028. Dwivedi has also been appointed as the company’s Chief Financial Officer, succeeding Shri Koppu Sadashiv Murthy.

👉 Infoedge: Allcheckdeals India Private Limited, a wholly owned subsidiary of Infoedge, has committed to investing Rs 1 crore in its wholly owned subsidiary, NewInc Internet Services Private Limited. NewInc specializes in providing internet, computer, and electronics data processing services.

👉 Gensol Engineering: The company received the second tranche under the greenshoe option allotment for a 250 MW/500 MWh standalone Battery Energy Storage Systems (BESS) project from Gujarat Urja Vikas Nigam Limited. This project aims to achieve a total capacity of 500 MW/1000 MWh. Over the 12-year duration of the Battery Energy Storage Purchase Agreement (BESPA), the project is expected to generate total revenue of Rs 2,685 crore by supplying electricity on an “On-Demand” basis to Gujarat State’s DISCOMs during both peak and off-peak hours.

👉 Gokaldas Exports: has agreed to invest in BRFL Textiles Private Limited by subscribing to Optionally Convertible Debentures (OCDs). In the first tranche, the company will subscribe for Rs 50 crores, with additional OCDs worth up to Rs 300 crores to be subscribed in multiple tranches. These funds will primarily be used to meet working capital needs, with a smaller portion allocated to capital expenditure (capex) requirements.

👉 The Foreign institutional investors (FIIs) bought equities worth Rs 7,908.35 crore on June 19, while domestic institutional investors also purchased equities worth Rs 7,107.80 crore on the same day.

Domestic and International Events

• The Indian economy is expected to maintain the growth momentum seen in the January-March quarter through the three months ending in June, driven by increased private consumption and a boost in manufacturing and services sectors, according to Reserve Bank of India (RBI) officials.

• The Reserve Bank of India said on Monday high food prices was impeding the recent easing in inflation, causing its efforts to rein in prices remain a “work in progress”. The RBI cautioned elevated and volatile food prices could cause headline inflation numbers to potentially rise after a temporary fall below the target in the second quarter of 2024/25. “Consequently, a resolute commitment to a durable alignment of headline inflation with the target will warrant careful monitoring of spillovers from food price pressures to core inflation and inflation expectations,” it added.

• Gold prices edged up on Wednesday after data suggesting lacklustre U.S. economic activity kept alive hopes for at least one interest rate cut this year. Spot gold was up 0.1% at $2,330.23 per ounce as of 12:32 p.m. ET (1632 GMT). Most of the markets in the U.S. are closed for the Juneteenth holiday.

• Brent crude futures increased as Israeli tanks advanced into Gaza, while U.S. crude futures declined due to the potential rise in oil inventories, Reuters reported. Brent crude futures for August delivery rose 0.11% to $85.16 per barrel, while U.S. West Texas Intermediate crude for July delivery fell 0.21% to $81.40 per barrel.