Jain Irrigation to merge international irrigation business with Rivulis:Jain Irrigation Systems Limited (JISL) share price surged 17 percent after company board has decided to merge its international irrigation business with Rivulis Pte Ltd., a part of Singapore’s Temasek Group, to create a global irrigation and climate major and considerably reduce the company’s debt.JISL will merge irrigation business worth Rs 4200 crore with Rivulis of which Rs 2,700 crore will be used to repay it’s all overseas debt and Rs 200 crore will come to the parent company, a PTI report stated. Click to Read More
JMC Projects secures new orders of Rs 874 croreJMC Projects (India) has secured new orders of Rs 874 crore. The orders included construction of elevated viaduct & five elevated stations of Kanpur Metro Rail Project of Rs 459 crore and civil works for a data centre and B&F projects in India of Rs 415 crore.
BSE Oil & Gas index shed 2 percent dragged by the ONGC, Gail, Adani Total Gas
Kalpataru Power Transmission bags orders of Rs 1,416 croreKalpataru Power Transmission & its international subsidiaries has secured new orders / notification of awards of Rs 1,416 crore.
Gainers and Losers on the BSE Sensex in the early trade:
Market Opens: Indian indices opened on negative note on June 22 with Nifty below 15600.
At 09:16 IST, the Sensex was down 377.58 points or 0.72% at 52154.49, and the Nifty was down 119.80 points or 0.77% at 15519. About 711 shares have advanced, 1075 shares declined, and 78 shares are unchanged.
Hindalco Industries, ONGC, Tata Steel, JSW Steel and Coal India were among major losers on the Nifty, while gainers were Dr Reddys Laboratories, Asian Paints, HUL, Bajaj Auto and HDFC.
ICICI Direct
The Indian markets are likely to open on a negative note today tracking mixed global cues. Investors globally are awaiting a key testimony by Fed Chair Jerome Powell due later in the day.
US markets ended higher tracking gains in technology stocks amid release of macroeconomic data.
Prashanth Tapse, Vice President (Research), Mehta Equities:
Even as US markets ended firm in overnight trades, weakness in most of the Asian indices could weigh on domestic benchmarks in early trades. On the other hand, Nifty’s technical charts suggest ‘Bullish Morning Star Candlestick Pattern’.
Nifty’s make-or break support for the day is seen at 15453 and then good support at the recent low of 15181 mark. We suspect Bank Nifty too is aiming for a significant rebound with the biggest support seen at 32155 mark.
Upside, however, may be capped on reports of fears that the global economy will slow dramatically amidst an aggressive tightening from major central banks across the globe to rein in record inflation that has rattled the sentiment.
Rupee Opens:
Indian rupee opened flat at 78.08 per dollar on Wednesday versus Tuesday’s close of 78.08.
Market at pre-open: Benchmark indices are trading lower in the pre-opening session.
At 09:02 IST, the Sensex was down 79.46 points or 0.15% at 52452.61, and the Nifty was down 169.60 points or 1.08% at 15469.20.
Asian stocks stumble as Wall St optimism peters out
Asian stocks slipped in volatile trade on Wednesday, failing to extend Wall Street’s rally as persistent worries about interest rates and inflation remained a key focus for investors, while the Japanese yen hit a fresh 24-year low against the dollar.
MSCI’s broadest index of Asia-Pacific shares outside Japan fell 1%, but was still up 1.39% on the more than five-week low it hit on Monday. Tokyo’s Nikkei gave up early gains and was flat.
Elon Musk’s $44 billion Twitter deal gets board endorsement
Twitter’s board has recommended unanimously that shareholders approve the proposed $44 billion sale of the company to billionaire and Tesla CEO Elon Musk, according to a regulatory filing Tuesday.
Musk reiterated his desire to move forward with the acquisition last week during a virtual meeting with Twitter employees, though shares of Twitter remain far below his offering price, signaling considerable doubt that it will happen.
Shares rose about 3 percent to $38.98 before the opening bell Tuesday, far short of the $54.20 per-share that Musk has offered for each share. The company’s stock last reached that level on April 5 when it offered Musk a seat on the board before he had offered to buy all of Twitter.
