 "Stock market today: Shares of JSW Infra, Zomato, HDFC Bank, RVNL, and Godrej Industries to be in focus")
At 8:40 a.m. on Wednesday, July 3, the GIFT Nifty index climbed 86 points, or 0.35 per cent, reaching 24,331, suggesting a favorable opening for Dalal Street. The India VIX, a measure of market volatility, fell 1.37 per cent to 13.64.
Global cues remained optimistic. On Tuesday, July 2, the US stock market saw both the tech-heavy Nasdaq and the broad-based S&P 500 close at record highs. Federal Reserve Chair Jerome Powell’s comments during a panel discussion in Portugal heightened expectations of an interest rate cut, positively impacting Asian stocks, which gained on Wednesday morning.
JSW Infrastructure: JSW Tuticorin Multipurpose Terminal Private Limited, a subsidiary of JSW Infra, entered into a concession agreement with V.O. Chidambaranar Port Authority in Tamil Nadu. The agreement involves the development and mechanization of North Cargo Berth-III for handling dry bulk cargo at the port on a Design, Build, Finance, Operate, and Transfer (DBFOT) basis. The company aims to leverage its operational capabilities to increase its cargo share on the East Coast, accessing a diverse cargo profile including dry bulk, coal, limestone, gypsum, rock phosphate, and copper concentrate.
Godrej Industries: As part of a family settlement, the Adi-Nadir Godrej faction will purchase a 12.65 per cent stake in Godrej Industries via block deals from RKN Enterprises, according to a statement to stock exchanges. RKN Enterprises, owned by Rishad Naroaji, a cousin of Adi Godrej, holds a stake worth Rs 3,858 crore as of Tuesday.
RVNL: Rail Vikas Nigam Ltd has emerged as the lowest bidder for a Rs 132.6 crore contract from Central Railway. The contract entails OHE modification work for upgrading the existing 1 x 25 kV electric traction system to a 2 x 25 kV AT feeding system in the Wardha-Ballarshah Section of the Nagpur division, aiming to meet the 3000 MT loading target.
Impact Shorts
More ShortsZomato: The company’s subsidiary, Zomato Financial Services, has decided to withdraw its application to the Reserve Bank of India for a certificate of registration to operate as a non-banking financial company (Type II NBFC-ND). Zomato stated it no longer wishes to pursue the lending business.
HDFC Bank: The bank’s June quarter shareholding revealed a decline in Foreign Institutional Investor (FII) holding to 54.83 per cent. The FII holding needed to drop below 55 per cent to increase MSCI weightage, potentially resulting in inflows of $3 billion to $4 billion. The foreign investment ceiling in HDFC Bank is currently set at 74 per cent.
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