Prestige Estates’ Rs 5,000 Crore QIP, IndiGo’s Expanded Jeddah Flights, Craftsman Automation’s Acquisition Deal, and Zee Media’s Kenya Incorporation

Opening Bell:             

Gift Nifty is up by 44.0 points in the early morning trade, indicating a positive opening for Indian stock market                            

Asian markets traded mostly higher despite the overnight selloff in US tech stocks. Japan’s Nikkei 225 rose by 0.19%, and the Topix gained 0.7%. South Korea’s Kospi added 0.38%, while the Kosdaq increased by 0.35%. Futures for Hong Kong’s Hang Seng index indicated a higher opening. 

The US stock market ended mixed on Monday, with the Dow Jones reaching a one-month high while the Nasdaq fell over 1%. The Dow Jones climbed 257.99 points, or 0.66%, to 39,408.32. The S&P 500 declined 15.73 points, or 0.29%, ending at 5,448.89, and the Nasdaq Composite dropped 190.19 points, or 1.09%, to close at 17,499.17. Nvidia shares plunged 6.68%, and other chip stocks, including US shares of Taiwan Semiconductor Manufacturing, Broadcom, Marvell Technology, and Qualcomm, fell between 3.53% and 5.7%, according to Reuters.

Stocks News:

👉 Prestige Estates Projects: The Bengaluru-based real estate developer has selected four investment banks—Kotak Mahindra Capital, JP Morgan, JM Financial, and CLSA—as advisors for its major Qualified Institutional Placement (QIP) through which it plans to raise up to Rs 5,000 crore, according to two sources familiar with the matter. The QIP is likely to be launched in July-August this year.

👉 InterGlobe Aviation: IndiGo has doubled its frequency between Jeddah and Mumbai and will now operate 14 weekly flights starting August 15. With these additions, it will operate 42 weekly flights to Jeddah from five cities in India.

👉 Craftsman Automation: The company has entered into a Memorandum of Understanding (MoU) with Sunbeam Lightweighting Solutions and Kedaara Capital Fund II LLP to acquire the whole or part of Sunbeam’s business (excluding certain specific assets in Gurugram) in one or more tranches.

👉 Zee Entertainment Enterprises: Zee Media Kenya, a wholly-owned step-down subsidiary of the company, has been incorporated in Kenya.

👉 The Foreign institutional investors (FIIs) extended the selling on June 24 as they sold equities worth Rs 654 crore, and domestic institutional investors also sold equities worth Rs 820 crore on the same day.

Domestic and International Events

• India’s current account recorded a surplus of $5.7 billion, or 0.6% of GDP, during the March quarter, compared to a deficit of $8.7 billion, or 1% of GDP, in the previous quarter, driven by higher services exports. In FY24, India’s current account deficit (CAD) decreased to 0.7% of GDP, or $23.2 billion, down from 2% of GDP, or $67 billion, in FY23.

• Asian currencies were trading higher in the early trade on Tuesday against the dollar, while on a month-to-date basis, the Indonesian Rupiah, South Korean Won,  Japanese Yen and Philippines Peso down 1-2 percent.

• Crude oil prices remained relatively stable on Tuesday. Brent futures for August delivery edged up 0.08% to $86.08 a barrel, while the more actively traded September contract increased 0.09% to $85.23. US crude futures rose 0.11% to $81.72 a barrel.