Singapore Exchange-traded Nifty futures were down 0.4 per cent at 16,500 as of 6:52 am on Wednesday. This hinted at a negative open for Indian benchmark indices. US stocks settled lower after the extended weekend trade, while traders await GDP numbers from the world’s largest economy. Back home, investors will react to the domestic production numbers as the Indian economy slowed down to 4.1 per cent in the March quarter.
Bharat Dynamics Limited
The defence ministry sealed a contract worth Rs 2,971 crore with Bharat Dynamics Limited (BDL) on Tuesday to procure several batches of the Astra MK-I beyond visual range (BVR) air-to-air missiles and associated equipment. The missiles are being procured for the Indian Air Force (IAF) and the Indian Navy, the ministry said.
Religare Enterprises and Religare Finvest on Tuesday settled fees of cumulatively more than Rs 10.50 crore with market regulator Sebi in a case about alleged financial mismanagement and diversion of funds.
The promoters of the shoemaker will offload 2.8 per cent stake in the company through a block deal on 1 June, according to CNBC-TV18 report.
The chief financial officer of the company Saikat Mukhopadhyay resigned w.e.f May 31.
Dish TV India Ltd decided to write off about 15 per cent of its investments in its OTT streaming app Watcho, a move which some shareholders said underscores the argument made by the largest shareholder Yes Bank Ltd, which was peeved over these investments and started its fight to push for a promoter change in the satellite-TV provider in September last year.
Shares of automobile companies like Tata Motors, Maruti Suzuki, Ashok Leyland, M&M among others will be in focus as the automakers are set to report their monthly sales data for May.
IndiGo is talking to three-four more global carriers for operational alliances and could likely have 12 partnerships in the next two to three years, its chief executive reportedly said.
The world’s largest commodity consumer China reported better factory growth and also announced the easing of Covid curbs.
Higher oil prices and refining margins will continue to boost the growth of energy companies.
Rail Vikas Nigam
Joint venture RVNL – Bhartia has received a Letter of Acceptance from Northeast Frontier Railway for the construction of a single-line BG tunnel. The total estimated cost of the project is Rs 560.26 crore.
Promoter Pawan Chaudhary acquired 1.26 lakh equity shares in the company via open market transactions. His shareholding in the company has risen to 12.82 per cent from 11.87 per cent.