“Despite challenges in the global economies, the domestic market displayed better than estimated Q4 earnings growth, along with 7.2% GDP growth in FY23, adding buoyancy to the market during the week. However, today the market closed with a marginal negative bias in which banks witnessed heavy profit booking. Investors turned cautious in anticipation of inflationary pressure in the US after raising the US debt ceiling. The US 10-year bond yield inched higher; the market is looking ahead to the trajectory of US interest rates to get more visibility,” said Vinod Nair, Head of Research, Geojit Financial Services.
Stocks to Watch on 2 June, 2023
Coal India received bids worth Rs 6,500 crore from institutional investors for 1.5% of the stake divested by the Centre on Thursday. Following the resounding success of the offer, the Centre has decided to exercise the greenshoe option, divesting an additional 1.5% of equity on Friday. Coal India settled trade yesterday 4.42% lower at Rs 230.55.
Aditya Birla Capita, Grasim
The board of Aditya Birla Capital approved a preferential issuance of Rs 1,250 crore to its promoter and promoter group entity. Aditya Birla Group flagship Grasim Industries will invest Rs 1,000 crore, while Surya Kiran Investments, another group entity, will invest Rs 250 crore in the preferential issue.
The company has completed the sale of 26% stake held in Minda Nexgentech to Pioneer Finest at a total consideration of Rs 2.08 crore.
MOIL registers record May production, growth of 43% on-year. The firm produced of 1.53 lakh tonnes of manganese ore in May 2023.
Hero MotoCorp sold 519,474 units in May 2023, clocking an on-year a growth of 7% over the corresponding month of May 2022, when the company had sold 486,704 units.
Adani Enterprises subsidiary, Adani Road Transport terminated its agreement with MAIF Investments to purchase 100% stake in Swarna Tollway Private and 56.8% stake in Gujarat Road and Infrastructure Company.
GAIL (India) Limited infused Rs 2,101 crore in JBF Petrochemicals, with the equity portion at Rs 625 crore and the debt portion at Rs 1,476 crore, towards the total resolution plan. JBFPL has become a wholly-owned subsidiary of GAIL.