Prestige Estate to raise Rs 5,000 crore; TVS Motors partners with CSC; IREDA raises Rs 1,500 crore; GRM Overseas approves Rs 136.5 crore issuance.

Opening Bell:             

Gift Nifty is down by 82.0 points in the early morning trade, indicating a negative opening for Indian stock market                                  

Asian markets traded lower ahead of upcoming regional inflation data later this week. In Japan, the Nikkei 225 fell by 0.19%, while the Topix rose by 0.24%. The Japanese yen weakened by 0.1% to 159.91 per dollar. South Korea’s Kospi declined by 0.39%, and the Kosdaq dropped by 0.54%. Futures for Hong Kong’s Hang Seng index suggested a negative opening.         

The US stock market ended mostly lower on Friday, weighed down by selling in technology stocks. The Dow Jones Industrial Average rose by 15.57 points, or 0.04%, to 39,150.33, while the S&P 500 dropped 8.55 points, or 0.16%, to 5,464.62. The Nasdaq Composite decreased by 32.23 points, or 0.18%, to 17,689.36. Shares of Microsoft, Alphabet, and Amazon gained between 0.92% and 1.89%. In contrast, Apple shares fell by 1.04% and Nvidia shares plunged by 3.22%. Qualcomm, Broadcom, and Micron Technology saw their share prices decline between 1.36% and 4.38%.

Stocks News:

👉 Prestige Estate Projects: The company’s board has approved raising up to Rs 5,000 crore through the issuance of equity shares.

👉 TVS Motors: The company has signed an agreement with CSC Grameen e-stores for its range of three-wheeler commercial vehicles. This partnership will allow CSC’s village-level entrepreneurs to act as touchpoints for TVS Motor’s commercial vehicles.

👉 IREDA: The company raised Rs 1,500 crore through a bond issuance, which included a base issue of Rs 500 crore and a green shoe option of Rs 1,000 crore. The issuance was oversubscribed by 2.65 times.

👉 GRM Overseas: The company approved raising Rs 136.5 crore by issuing share warrants on a preferential basis to 33 investors, including both promoters and non-promoters. This includes the allotment of up to 91,00,000 share warrants at an issue price of Rs 150 each, with a premium of Rs 148 per warrant.

👉 After remaining net buyers for the for the first three day’s of last week, the Foreign institutional investors (FIIs) sold equities worth Rs 1790 crore on June 21, while domestic institutional investors bought equities worth Rs 1237 crore on the same day.

Domestic and International Events

• At its 53rd meeting on Saturday, the Goods and Services Tax (GST) Council proposed several recommendations, including a tax exemption on services provided by the Indian Railways and the implementation of biometric-based Aadhaar authentication to combat fake invoicing.

• Brent crude futures fell 0.40% to $84.90 a barrel, after settling down 0.6% on Friday, while US West Texas Intermediate crude futures declined 0.40% to $80.41 a barrel.

• Crude oil prices fell for a second consecutive session on Monday, pressured by a stronger dollar. Brent crude futures dropped 0.40% to $84.90 per barrel, following a 0.6% decline on Friday. Similarly, US West Texas Intermediate crude futures decreased 0.40% to $80.41 per barrel.