Coal India OFS subscribed 3.46 time on day 1, Aditya Birla Capital board approves preferential issuance

Opening Bell:

SGX Nifty is up by 63 points in the early morning trade, indicating a positive opening for Indian stock market.

Asian stocks surged on Friday as the progress on the bill to raise U.S. debt ceiling and increasing hopes that the Federal Reserve might stand still on interest rates in its next meeting helped perk up investor appetite for risky assets. Markets are broadly higher today with shares in Hong Kong leading the region. The Hang Seng is up 2.86% while Japan’s Nikkei 225 is up 0.84% and China’s Shanghai Composite is up 0.55%.

Stock futures inched higher in overnight trading as traders looked ahead to Friday’s May jobs report. Futures tied to the Dow Jones Industrial Average gained 42 points, or 0.13 percent, while S&P 500 futures added 0.1 percent. Nasdaq-100 futures rose 0.13 percent.

Stocks News:

👉Info Edge’s subsidiary AIPL has given out a loan of Rs 288 crore to a broker network company 4B Networks. The loan is currently impaired. AIPL has initiated a forensic audit into the affairs of 4B Networks.

👉Welspun Corp Ltd (WCL) posted an 8.90 per cent decline in its consolidated net profit to Rs 240.08 crore for the January-March quarter, hit by higher expenses. It had clocked a net profit of Rs 263.56 crore during the January-March quarter of the preceding financial year (FY) 2021-22, the company said in a regulatory filing.

👉Aditya Birla Capital Board approves preferential issuance of Rs 1,250 crore to its Promoter and Promoter group entity, out of the total approved equity fund raise of up to Rs 3,000 crore.

👉Coal India’s OFS was subscribed 3.46 times on Day 1 and the government has decided to exercise the oversubscription option. Retail investors will bid for shares today (T+1).

👉Foreign institutional investors (FIIs) sold shares worth Rs 71.07 crore, whereas domestic institutional investors (DIIs) bought shares worth Rs 488.93 crore on June 1, provisional data from the National Stock Exchange shows.

Domestic and International Events

• Industry body CII on Thursday said India’s economy is expected to grow in the range of 6.5-6.7 per cent in the current financial year supported by strong domestic drivers and robust capex momentum of the government. India’s Gross Domestic Product (GDP) grew by 6.1 per cent in the March quarter of 2022-23, pushing the annual growth rate to 7.2 per cent. The growth has propelled the country’s economy to USD 3.3 trillion, setting the stage for achieving the USD 5 trillion target in the next few years
• The revenue from Goods and Services Tax (GST) crossed Rs 1.57 lakh crore- mark in May for the fifth time since inception of GST, Ministry of Finance said on June 1. At Rs 1.57 lakh crore, the GST collected in May is lower than April’s record Rs 1.87 lakh crore. However, the government has collected monthly GST revenues more than Rs 1.4 lakh crore for 14 months in a row now. Compared to May 2022, the latest GST collections figure is up 12 percent.
• Oil prices rose on Thursday by the most in two weeks ahead of an OPEC+ meeting on Sunday, while House of Representatives passage of a bill to suspend the U.S. debt ceiling helped to offset the impact of rising inventories in the country. U.S. West Texas Intermediate crude (WTI) rose $2.01, or 3 percent, to settle at $70.10 a barrel, recording its biggest daily gains since May 5.
• Gold gained 1 percent to a more than one-week peak on Thursday, as the dollar tumbled after weaker U.S. economic data on expectations of the Federal Reserve skipping an interest rate hike at its June policy meeting. Spot gold last rose 0.76 percent to $1,977.19 per ounce, after earlier hitting $1,981.09 — its highest since May 24. U.S. gold futures gained 0.65 percent to $1,994.90.

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