Today’s Stock Market Action
Power Grid to consider fundraising of up to Rs 6,000 croreA meeting of the Board of Directors of Power Grid Corporation of India will be held on July 6, 2022 to consider and approve raising of funds up to Rs 6,000 crore, from domestic market through issue of secured I unsecured, non-convertible, noncumulative I cumulative, redeemable, taxable I tax-free Debentures I Bonds under Private Placement during the Financial Year 2023-24 in upto twenty tranches/offers; and sanction of rupee term loan of upto Rs 5000 crore from commercial bank to meet capital expenditure requirements.”
TCS launches servitisation engine on Oracle CloudTata Consultancy Services has launched the TCS Servitization Engine on Oracle Cloud to help customers create subscription-first business models and provide outcome-based solutions with intelligent service capabilities.
Investec View On Exide Industries
Investec has maintained buy rating on Exide Industries and cut target to Rs 200 from Rs 230 per share.
The Nexcharge is a key strategic investment and have first mover advantage in new tech landscape of lithium-ion batteries.
The valuations at current levels are supportive, reported CNBC-TV18.
Exide Industries was quoting at Rs 138.70, down Rs 0.65, or 0.47 percent on the BSE.
Nifty Metal index shed 1 percent dragged by the Jindal Steel, Vedanta, JSW STeel
Dr Reddy’s settles patent litigation with Indivior, Aquestive Therapeutics:
Dr Reddy’s Laboratories on June 30 said it has settled patent litigation with Indivior Inc and Aquestive Therapeutics on a medication used to treat opioid dependence or addiction. On June 28, 2022, a US Court dismissed all claims and counterclaims pending in the case with prejudice, pursuant to a joint stipulation of dismissal filed by the parties, the Hyderabad-based drug major said in a statement. The stipulation of dismissal was filed pursuant to a settlement agreement that the company entered into with Indivior and Aquestive, it added.
#OnCNBCTV18 | There are too many ‘scary stories’ people are worried about right now.This global fall has been longer than just a correction, people confusing it with a bear mkt, says @KennethLFisher pic.twitter.com/lpQd0jnsC6
— CNBC-TV18 (@CNBCTV18Live) June 30, 2022
Market update at 11 AM: Sensex is up 66.48 points or 0.13% at 53093.45, and the Nifty added 0.30 points at 15799.40.
TVS Motor in talks with TPG Capital and KKR to raise $300 million for EV business
Recently, the EV segment has seen traditional automobile players in two and four wheeler spaces increasingly raise money and make investments to support growth.
Buzzing:
Shares of Multi Commodity Exchange (MCX) gained nearly four per cent on Thursday after the market regulator Securities and Exchange Board of India (Sebi) gave approval to foreign portfolio investors (FPIs) to trade in commodity derivatives.
“FPIs will be allowed to trade in all non-agricultural commodity derivatives and select non-agricultural benchmark indices. To begin with, FPIs will be allowed only in cash-settled contracts,” Sebi said after a board meeting.
The regulator said the participation of FPIs in Exchange Traded Commodity Derivatives (ETCDs) is expected to enhance liquidity and market depth as well as promote efficient price discovery.
Sebi has already allowed institutional investors such as Category III AIFs, portfolio management services (PMS) and mutual funds to participate in ETCDs.
JB Chemicals to acquire portfolio of brands of Dr Reddy’sThe Board of Directors of JB Chemicals & Pharmaceuticals has considered and approved the acquisition of portfolio of brands, for use and exploitation within India, from Dr Reddy’s Laboratories Limited.
There were 0.23 shares (0.21%) equity of Page Industries worth of Rs 92.05 crore change hands.
