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Research Periodic Report HCL’s Collaboration, SBI’s Debt Plan, Union Bank’s Fundraising, and Wipro’s AI Launch

HCL’s Collaboration, SBI’s Debt Plan, Union Bank’s Fundraising, and Wipro’s AI Launch

Written by - Fisdom Research

June 12, 2024 4 minutes

Opening Bell:             

Gift Nifty is down by 57.0 points in the early morning trade, indicating a negative opening for Indian stock market                                  

Asian markets exhibited a mixed performance today, reflecting the trends seen overnight on Wall Street and anticipating significant economic data releases in the region. The Nikkei 225 in Japan experienced a 0.65% decline, accompanied by a 0.7% drop in the Topix index. Conversely, South Korea’s Kospi edged up by 0.24%, while the Kosdaq surged by 0.84%. Meanwhile, futures for Hong Kong’s Hang Seng index pointed towards a weaker opening.      

On Tuesday, the US stock market closed with a mixed performance. Both the S&P 500 and Nasdaq achieved record closing highs for the second consecutive day, anticipating forthcoming consumer prices data and a policy announcement from the Federal Reserve. The Dow Jones Industrial Average saw a decline of 120.62 points, or 0.31%, closing at 38,747.42, while the S&P 500 climbed 14.53 points, or 0.27%, reaching 5,375.32. Meanwhile, the Nasdaq Composite surged by 151.02 points, or 0.88%, concluding at 17,343.55.

Stocks News:

👉 Union Bank of India: The state-owned bank’s board has given the green light to a proposal to raise ₹10,000 crore, with ₹6,000 crore sourced from a share sale, aimed at fueling its business expansion. Additionally, the board approved the augmentation of equity capital by up to ₹6,000 crore in stages through avenues like a public issue, further public offering, rights issue, or Qualified Institutional Placement (QIP).

👉 HCL Technologies: Strengthening its partnership with Deutsche Apotheker- und Ärztebank eG (apoBank), Germany’s largest cooperative primary bank, the IT company has entered into a new agreement valued at around USD 278 million over a span of 7.5 years.

👉 State Bank of India: The bank’s board has given the nod to a plan to raise $3 billion through debt in the fiscal year 2025. This capital will be raised in one or more instalments through either a public offer or a private placement of senior unsecured notes denominated in dollars or other major foreign currencies.

👉 Wipro: Launching its Lab45 artificial intelligence (AI) platform, Wipro aims to leverage generative AI (GenAI), machine learning (ML), and deep learning technologies to enhance operational efficiencies, transform business processes, and facilitate industry-specific solutions. The Lab45 AI platform, accessible to all Wipro employees and clients, is hosted within Wipro’s innovation lab, Lab45.

👉 After two day’s of buying the Foreign institutional investors (FIIs) remained seller on June 11 as they sold Indian equities worth Rs 111 crore , while domestic institutional investors extended their buying as they purchased equities worth Rs 3193 crore on same day.

Domestic and International Events

  • According to the latest Global Economic Prospects report from the World Bank, the Indian economy is anticipated to expand at an average rate of 6.7% annually from 2024 to 2026. India is projected to maintain its position as the fastest-growing major economy during this period. The report forecasts growth rates of 6.6%, 6.7%, and 6.8% for the fiscal years 2024, 2025, and 2026, respectively.
  • The US Federal Reserve commenced its policy meeting on June 11, with widespread expectations that the central bank will leave interest rates unchanged. The Federal Open Market Committee (FOMC), chaired by Jerome Powell, is anticipated to maintain its stance of keeping rates steady and retaining the current policy status quo during the meeting.
  • Crude oil prices traded higher, with the Brent oil scaling back above $82 a barrel level. Brent crude oil rose 0.21% to $82.09 a barrel, while the US West Texas Intermediate (WTI) crude futures gained 0.36% to $78.18.
Hang Seng18,176(1.0) %
Shanghai Composite3,028(0.8) %
Dow Jones38,747(0.3) %
DAX18,370(0.7) %
FTSE 1008,148(1.0) %
Nikkei39,1350.3 %
Straits Times3,309(0.4) %

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