PI Industries’ Acquisition, Bharti Airtel’s Spectrum Purchase, JSW Energy’s Renewable Projects, and Rail Vikas Nigam’s Railway Signal Upgrade

Opening Bell:

Gift Nifty is down by 53.5 points in the early morning trade, indicating a negative opening for Indian stock market

Asian markets traded lower on Thursday as the Japanese yen weakened to a near 38-year low, with investors anticipating upcoming economic data in the region. Japan’s Nikkei 225 fell by 0.93%, while the Topix declined by 0.36%. South Korea’s Kospi dropped 1%, but the Kosdaq saw a slight increase of 0.24%. Futures for Hong Kong’s Hang Seng index indicated a lower opening.

U.S. stock market indexes closed with modest gains on Wednesday ahead of the release of an inflation report. The Dow Jones Industrial Average increased by 0.04%. The S&P 500 rose by 0.16%, The Nasdaq Composite ended 0.49%, higher. Nvidia shares rose by 0.25%, Apple’s share price increased by nearly 2%, Tesla stock gained 4.81%, and Amazon shares rose by 3.90%.

Stocks News: 

👉 PI Industries: The company has announced an offer to acquire Plant Health Care Plc for £32.8 million. This acquisition is part of its strategic objective to build a differentiated portfolio of integrated solutions for sustainable agriculture.

👉 Bharti Airtel has acquired 97 MHz of spectrum in the 900 MHz, 1,800 MHz, and 2,100 MHz frequency bands through an auction for Rs 6,857 crore.

👉 JSW Neo Energy, a wholly-owned subsidiary of JSW Energy, has signed Power Purchase Agreements through its subsidiaries for wind and solar projects with a cumulative capacity of 1,325 MW. This includes 1,025 MW with the Solar Energy Corporation of India and 300 MW with Gujarat Urja Vikas Nigam.

👉 Rail Vikas Nigam: The KRDCL-RVNL joint venture has received a Letter of Acceptance from Southern Railway for a project worth Rs 156.47 crore. The project involves the provision of automatic signaling on the Ernakulam JN (ERS) – Vallattol Nagar (VTK) section on the B-Route of the Thiruvananthapuram division in Southern Railway.

👉 The Foreign institutional investors (FIIs) sold equities worth Rs 3,535 crore, and domestic institutional investors bought equities worth Rs 5,103 crore on the same day.

Domestic and International Events

• India on Wednesday allowed limited imports of corn, crude sunflower oil, refined rapeseed oil, and milk powder under the tariff-rate quota (TRQ), where importers pay nil or lower duty, as New Delhi tries to bring down food inflation. India is the world’s biggest importer of vegetable oils such as palm oil, soyoil and sunflower oil and the top producer of milk. India has allowed imports of 150,000 metric tons of sunflower oil or safflower oil, 500,000 tons of corn, 10,000 tons of milk powder and 150,000 tons of refined rapeseed oil, the government said.

• Japanese retail sales rose by 3.0% in May compared to the same month a year earlier, surpassing the median market forecast of a 2.0% increase. This follows a revised growth of 2% in April.

• Crude oil prices fell on Thursday due to a surprise build in U.S. stockpiles, raising concerns about slow demand from the top oil consumer. Brent crude oil futures decreased by 0.38% to $84.93 a barrel, while U.S. West Texas Intermediate crude futures dropped by 0.41% to $80.57 per barrel.