GIFT Nifty
The GIFT Nifty is trading higher at 23,972 as of 7:21 a.m., indicating a positive opening for the benchmark Nifty 50. US equity-index futures (S&P 500) are up 1.03%. European futures (Euro Stoxx 50) are up 1.77%.
India Market Recap
Benchmark indices ended sharply higher, reversing earlier losses for the week on the back of strong Friday gains. The NSE Nifty 50 rose 1.99% to close at 23,622.90, up 461.30 points. The BSE Sensex climbed 2.30% to 75,527.95, gaining 1,695.40 points. Both indices turned positive for the week, with Nifty and Sensex ending higher after earlier declines between Monday and Thursday. The rebound came after optimism around a potential US-Iran deal lifted sentiment across global markets and eased risk concerns. On the technical front, Nifty support is placed in the 23,500–23,300 range, while resistance is seen between 24,000–24,100.
US Market Wrap
Wall Street was split shortly after the opening bell, as the tech-heavy Nasdaq Composite was down 0.2% at 25,764.8 despite the buzz over the listing of SpaceX, the Elon Musk-led space company whose record $75-billion IPO was oversubcribed four times.
Stocks In News
- Patanjali Foods: The Chennai Tax Authority has completely dropped its previous Rs 1,353 crore tax and penalty demand notice against the FMCG player. Following a thorough review of the company's clarifications, the department formally observed that no short payment of GST or transactional anomalies existed for the period under scrutiny.
- JSW Energy: The company's wholly-owned subsidiary, JSW Neo Energy, has signed a definitive agreement to acquire a 100% equity stake in Maruti Clean Coal and Power Ltd for an Enterprise Value (EV) of Rs 1,410 crore. This strategic acquisition adds a key operational 300 MW coal-reject-based thermal power plant in Chhattisgarh to JSW's basket, aligning with its diversification and base-load capacity expansion mandates.
- Aditya Birla Capital: The board has approved a massive equity capital-raising program aggregating to Rs 4,000 crore via preferential share allotments to fortify its capital adequacy. Under the approved structure, parent entity Grasim Industries will inject up to Rs 2,880 crore, Suryaja Investments will subscribe to shares worth Rs 200 crore, and global institutional investor International Finance Corporation (IFC) will inject Rs 920 crore.
- Ather Energy: The electric two-wheeler manufacturer is gearing up for aggressive manufacturing scale-up and balance sheet strengthening ahead of its proposed market listing. The board has approved a multi-tranche fundraising layout to raise up to Rs 1,500 crore through a Qualified Institutions Placement (QIP), alongside an additional enabling resolution to raise up to Rs 1,000 crore via preferential allotments, rights issues, or other equity-linked instruments.
- Thirumalai Chemicals: Shareholders have approved a major overseas fundraising proposal allowing subsidiaries to execute a loan facility of up to $140 million to support chemical manufacturing projects. To secure the funding, corporate guarantees and physical manufacturing assets owned by underlying step-down arms will be comprehensively pledged for the parent company's loan lines.
- Hexaware Technologies: The IT services provider has officially inaugurated a state-of-the-art global delivery centre at GIFT City, Gujarat. The specialized facility will be dedicated to serving global clients across banking, financial services, insurance (BFSI), and generative AI workflows, with management targeting the creation of 1,000 high-skill digital technology jobs over the next three years.
- Ashoka Buildcon: Secured a prestigious Letter of Acceptance (LoA) for the development of a Gems & Jewellery Park in Chhattisgarh under a Public-Private Partnership (PPP) model. The project has been awarded for a premium of Rs 112 crore, with the annual lease rental structured at 2% of the premium amount alongside a 10% compounding escalation clause applicable every fourth year.
- Dr Reddy's Laboratories: Expanded its oncology portfolio in the highly lucrative US generics market by commercially launching its generic Bosutinib Tablets. The product is a bioequivalent therapeutic alternative to the reference listed drug Bosulif, widely indicated for the treatment of chronic myeloid leukemia.
- HG Infra Engineering: Received a formal Letter of Intent (LoI) from REC Power Development and Consultancy to establish an Inter-State Transmission System (ISTS) network grid in Jharkhand, marking a steady expansion of its higher-margin power infrastructure vertical.
- NLC India: Declared the "Preferred Bidder" for the commercial exploration of the highly strategic Govindpur Mineral Block in Telangana. The mineral repository holds deep industrial significance due to rich deposits of critical and strategic rare earths, including Vanadium, Titanium, and Aluminous Laterite.
- Steel Exchange India: Received a formal empanelment mandate from the Andhra Pradesh Capital Region Development Authority (APCRDA) to supply construction steel for the mega Amaravati Capital City project. The development body will utilize the company's primary source TMT reinforcement bars, commercially branded as 'SIMHADRI TMT'.
- Zaggle Prepaid Ocean Services: Consolidated its operational footprint in the corporate fintech SaaS ecosystem by acquiring the remaining 100% Compulsory Convertible Preference Shares (CCPS) stake in Rivpe Technology, taking its total direct equity and preference control in the subsidiary to 100%.
- Affle 3i: Signed a definitive asset purchase agreement via its step-down arm to acquire the operational technology assets of AdColony for a consideration of $4.7 million, expanding its multi-agent conversational AI and mobile advertising infrastructure layers.
- KIMS (Krishna Institute of Medical Sciences): The board has approved a targeted promoter group funding round, authorizing the preferential allotment of equity share warrants worth Rs 600 crore to its core promoters to fund upcoming brownfield hospital expansions.
- Sammaan Capital: Received final NCLT clearance for its structural corporate scheme of arrangement to execute a reverse merger with its underlying arm, Sammaan Finserve, streamlining corporate governance and regulatory compliance frameworks.
- Electrosteel Castings: Announced a temporary operational shutdown at its main Mini Blast Furnace (MBF) production unit for a duration of 10 days to undertake necessary, routine asset-integrity and preventative maintenance schedules.
- CreditAccess Grameen: The microfinance major has successfully allocated Non-Convertible Debentures (NCDs) worth Rs 100 crore on a private placement basis to reinforce its liquidity pipeline.
- JSW Energy: The company successfully commissioned the 150 MW Tidong Hydro Project in Kinnaur, Himachal Pradesh, significantly ahead of its scheduled October 2026 timeline. The run-of-river plant operates under a long-term PPA with UP Power Corporation at a remunerative tariff of Rs. 5.57/KWh, boosting the company's total installed capacity to approximately 13,900 MW.
- ONGC: Its downstream subsidiary, ONGC Petro additions Ltd (OPaL), has approved a massive fundraising plan to issue non-convertible debentures (NCDs) worth up to Rs 4,471 crore. The private placement will be strategically utilized for debt refinancing and meeting working capital requirements.
- Meesho: The e-commerce major is making a deeper push into the B2B grocery space by acquiring Kirana Club for Rs 202 crore in cash. The deal includes a 100% stake in the Singapore-incorporated entity and a 0.41% direct stake in its Indian subsidiary, Retail Pulse Labs.
- Aurobindo Pharma: The US FDA has classified the inspection outcome at its arm's Telangana manufacturing facility (Eugia Pharma Specialities) as 'Official Action Indicated' (OAI) after concluding the inspection with 11 procedural observations. This classification indicates potential regulatory or administrative actions by the FDA.
- Nestle India: Categorically rejected allegations circulating regarding insect infestation in its Maggi noodles. The company stated that an NABL-accredited lab found no infestation in the samples, and detailed batch records and reports have been transparently submitted to the FSSAI.
- Ipca Labs: Signed a global licensing agreement with BRL to access its proprietary biologics delivery platform. The partnership will focus on the development of advanced monoclonal antibody therapies, specifically targeting oncology and inflammatory diseases.
- SEPC: Secured substantial Letters of Acceptance (LoAs) worth Rs 673 crore from SAIL's IISCO Steel Plant (ISP) located in Burnpur.
- Power Grid: Declared the successful bidder for a critical transmission project in Andhra Pradesh, involving the establishment of a massive 765/400kV GIS substation to bolster regional grid stability.
- NTPC Green Energy: The ONGC-NTPC joint venture has successfully commissioned a 50 MW solar unit as part of a 300 MW Round-The-Clock (RTC) project in Rajasthan, taking its cumulative solar capacity to 250 MW.
- ACME Solar: Its subsidiary, ACME Sun Power Pvt, commissioned a 33.3 MW Battery Energy Storage System (BESS) project in Rajasthan to support grid storage architecture.
- ICICI Lombard General Insurance: Received significant relief as a Mumbai Tax Body set aside a massive tax demand, including all associated penalties, amounting to Rs 228 crore.
- DCB Bank: The RBI has officially approved the appointment of Pushan Mahapatra as the Non-Executive Part-Time Chairman of the bank for a period spanning from June 12, 2026, to March 9, 2029.
- Yatharth Hospital: The company is strategically transferring its Gurugram hospital asset to a subsidiary for a consideration of Rs 100 crore to streamline localized operations.
- Campus Activewear: Announced the resignation of Sanjay Chhabra from the position of Chief Financial Officer, effective July 7.
- Suzlon Energy: In its latest investor presentation, the wind energy major highlighted that global wind capacity additions are sustainably outpacing total power capacity growth, driven by a highly favorable policy profile. It noted that the industry needs to aggressively ramp up execution reliability to maintain this momentum.
- Karur Vysya Bank: The private lender has raised its Foreign Currency Non-Resident (FCNR) deposit rates to up to 7% to attract greater NRI inflows.
- Indian Overseas Bank: The state-owned bank announced a systemic revision in its Marginal Cost of Funds Based Lending Rate (MCLR).
- MSP Steel: The promoter group signaled deep confidence in the business by purchasing an additional 2.61% stake in the company via the open market, increasing their total shareholding to 42.82%.
- Capacite Infra: The board approved the issuance of 350 NCDs to raise Rs 35 crore, with an option to raise an additional Rs 20 crore via a greenshoe option.
- Aurum PropTech: The Ministry of Corporate Affairs (MCA) approved the merger of its two arms, Liv Real Solutions and Aurum Softwares and Solutions, to streamline corporate structure.
- Adani Green: The renewable energy major has incorporated a new subsidiary, Adani Global IFSC, likely aimed at tapping into international green finance avenues.
- Ashoka Buildcon: The company's stake in its arm APTPL has reduced from 59% to 39.33%. Consequently, APTPL ceases to be a subsidiary and becomes an associate company.
- Dr Lal PathLabs: The diagnostics chain has incorporated a new subsidiary in Dubai, UAE, to expand its international footprint across the Middle East.
- Pennar Industries: Received formal exchange approvals for the issuance of convertible warrants to its promoter on a preferential basis.
- IIFL Finance: Its subsidiary, IIFL Fintech, has successfully completed the strategic acquisition of Xtracap.
- Prabha Energy: The board approved the conversion of 88.9 lakh partly-paid shares, moving the rights shares from 34% to 67% paid-up status.