UltraTech revises RAKWCT share offer; NCLT approves Zee Entertainment’s Sony scheme withdrawal; Adani Ports CEO-Logistics change; NTPC to discuss NCD issuance.

Opening Bell:             

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

Asian markets had mixed outcomes on Wednesday, influenced by varied signals from the US stock market overnight. In Japan, the Nikkei 225 rose by 0.26%, while the Topix fell by 0.17%. South Korea’s Kospi declined by 0.38%, but the Kosdaq gained 0.38%. Meanwhile, Hong Kong’s Hang Seng Index futures indicated a lower opening.          

The US stock market had a mixed close on Tuesday, with the Nasdaq rallying due to strong performances in technology stocks, while retail stocks dragged down the Dow Jones. The Dow Jones Industrial Average dropped 299.05 points, or 0.76%, to 39,112.16. The S&P 500 increased by 21.43 points, or 0.39%, to 5,469.30. The Nasdaq Composite climbed 220.84 points, or 1.26%, to 17,717.65. Among the notable movers, Nvidia shares surged 6.8%, Alphabet’s share price rose 2.7%, and Meta Platforms’ stock gained 2.3%. Conversely, Walmart shares fell 2.2%, while FedEx’s stock price jumped 15% in after-hours trading.

Stocks News:

👉 UltraTech Cement Middle East Investments Limited: The company’s wholly-owned subsidiary in the UAE has revised its offer to purchase 125,039,250 shares of Ras Al Khaimah Co. for White Cement and Construction Materials PSC (RAKWCT), representing 25% of RAKWCT’s share capital. This is a change from the previous offer for 158,049,610 shares, which represented a 31.6% stake.

👉 Zee Entertainment Enterprises The National Company Law Tribunal (NCLT) has approved the withdrawal of the implementation application for the composite scheme of arrangement with Sony.

👉 Adani Ports and Special Economic Zone Sushant Kumar Mishra has stepped down as CEO-Logistics due to internal restructuring, effective June 25. Divij Taneja has been appointed as the new CEO-Logistics from the same date.

👉 NTPC The Board of Directors will meet on June 29 to consider the issuance of non-convertible debentures (NCDs) up to Rs 12,000 crore, pending shareholder approval at the upcoming Annual General Meeting.

👉 The Foreign institutional investors (FIIs) turned net buyers as they bought equities worth Rs 1,175 crore, and domestic institutional investors extended selling as they sold equities worth Rs 149 crore on the same day.

Domestic and International Events

• The Reserve Bank of India (RBI) Governor Shaktikanta Das announced that India is on the brink of a major structural shift in its growth trajectory and expressed confidence that GDP growth will reach 7.2% in the current financial year. Speaking at an event, Das highlighted that maintaining a 4% inflation rate would significantly strengthen the economy, financial system, and growth drivers.

• India and China were the top destinations for Russian seaborne fuel oil and vacuum gasoil (VGO) exports in May, traders said and LSEG data showed. Russian fuel oil and VGO seaborne exports last month rose 12% from April to about 4 million metric tons, helped by completion of seasonal maintenance. The European Union’s full embargo on Russian oil products went into effect in February 2023 and the bulk of Russia’s fuel oil and VGO was redirected to other regions, mostly Asia.

• Crude oil prices declined following an industry report that revealed an unexpected increase in US crude inventories. Brent crude oil fell by 0.13% to $84.90 a barrel, while US West Texas Intermediate (WTI) crude futures dropped by 0.09% to $80.76 a barrel.