KPI Green Energy secures funds; JSW Port acquires Navkar stake, builds GCT; RBL Bank raises capital; Ambuja Cements merger with Adani Cementation.

Opening Bell:             

Gift Nifty is up by 69.5 points in the early morning trade, indicating a positive opening for Indian stock market                            

Asian markets rose on Friday, with Japan’s Topix index nearing its 34-year high. MSCI’s broadest index of Asia-Pacific shares outside Japan increased by 0.06% early in the session and was on track for a 3.2% gain for the month, marking its best performance since February. Japan’s Nikkei 225 climbed 0.6%, while the Topix advanced 0.66%. South Korea’s Kospi saw a slight uptick, and the Kosdaq remained flat. In contrast, Hong Kong Hang Seng index futures pointed to a lower opening.

The US stock market closed with modest gains on Thursday as treasury yields eased ahead of the upcoming inflation data release. The Dow Jones Industrial Average increased by 36.53 points, or 0.09%, to 39,164.33. The S&P 500 climbed 5.16 points, or 0.09%, to 5,483.06. Meanwhile, the Nasdaq Composite finished 53.53 points, or 0.30%, higher at 17,858.68.

Stocks News:

👉 KPI Green Energy has received a sanction letter for credit facilities amounting to Rs 686 crore to develop a 200 MWAC (240 MWDC) solar photovoltaic power project in Khavda, Gujarat.

👉 JSW Infrastructure’s subsidiary, JSW Port Logistics, has agreed to acquire a 70.37% shareholding held by promoters and the promoter group in Navkar Corporation. Additionally, the company has received a Letter of Acceptance from Southern Railway, Chennai Division for the construction and operation of the Gati Shakti Multi-Modal Cargo Terminal (GCT) at Arakkonam, Tamil Nadu.

👉 RBL Bank has received approval from its board members to raise funds up to Rs 3,500 crore through qualified institutions placement, in one or more tranches. Additionally, the bank has been authorized to raise up to Rs 3,000 crore through the issuance of debt securities, in one or more tranches, on a private placement basis.

👉 Ambuja Cements announced that its board has approved a merger with Adani Cementation, a subsidiary of Adani Enterprises. Under the proposed scheme, Adani Enterprises will receive 8.7 million shares of Ambuja Cements. This merger aims to consolidate cement capacity within the group, bringing synergistic benefits to all stakeholders.

👉 The Foreign institutional investors (FIIs) turned net buyers as they bought equities worth Rs 7,658 crore. In comparison, domestic institutional investors turned net sellers as they sold equities worth Rs 3,605 crore on the same day.

Domestic and International Events

• Securities & Exchange Board of India (SEBI) at its board meeting approved a new criterion for a single stock F&O entry and exit, voluntary delisting norms and flexibility on the same, norms on finfluencers, measures to ease of doing business for REITs and InvITs and many other decisions.

• Japan’s factory output increased by 2.8% in May compared to the previous month, surpassing the median market forecast of a 2.0% rise. Manufacturers surveyed by the Ministry of Economy, Trade and Industry expect seasonally adjusted output to decrease by 4.8% in June and then expand by 3.6% in July. In June, core inflation in Japan’s capital accelerated. The core consumer price index (CPI) in Tokyo rose 2.1% year-on-year, up from the previous month’s 1.9% increase and exceeding market expectations of a 2.0% rise.

• Crude oil prices rose on supply concerns. Brent crude futures for August settlement rose 0.23% to $86.59 a barrel, while US West Texas Intermediate crude futures for August delivery gained 0.27% to $81.96 a barrel.