After Indian benchmarks BSE Sensex and NSE Nifty 50 fell to 52-week lows in the previous session, they are expected to extend losses and start trading on a subdued note on Friday as well, as global indices turn negative amid recession fears. Ahead of today’s trading session, the SGX Nifty Futures quoted 15,330 levels, signaling that Nifty is heading for an early gap. “Markets are likely to remain under pressure despite concerns over a significant economic downturn. A further delay in the monsoon also hurts sentiment, as it could further accelerate the recovery in rural demand,” said Siddhartha Khemka, head of research. on retail, Motilal Oswal Financial Services.
Actions in the spotlight on June 17, Friday
HDFC: The mortgage lender relied on 50 lakh pledged shares of Ansal Housing as part of the recovery of its arrears from the developer. “For the purpose of recovering part of the arrears of loans made by certain pledges / borrowers, the Company, on June 15, 2022, invoked the pledge on 50,000,000 shares of Ansal Housing Ltd (Ansal) totaling 8.42% of its paid-up share capital, pledged to the Company by said pledge/borrower,” HDFC said in a regulatory filing.
Bharti Airtel: Telecommunications company Bharti Airtel on Thursday announced the launch of its Fiber-To-The-Home (FTTH) broadband service – Airtel Xstream Fiber – in Ladakh and the Andaman and Nicobar Islands. By 2025, Airtel Xstream Fiber plans to expand its footprint to 2,000 cities, according to a company statement. “Airtel Xstream Fiber extends FTTH network to the remotest corners of India…launches high-speed broadband services in Ladakh and the Andaman and Nicobar Islands,” the company said.
At Dr. Reddy: LIC increased its stake in Dr. Reddy’s Laboratories over a period of more than nine months. After the acquisition, the public sector insurer now owns a 5.646% stake in the pharmaceutical major. “Life Insurance Corporation’s stake in ‘DR REDDYS LABORATORIES LTD’ increased from 60,64,345 to 93,96,801 equity shares, increasing its stake from 3.644% to 5.646% of the paid-up capital of said company,” according to a filing. LIC exchange.
Future Retail: The National Company Law Tribunal (NCLT) will continue to hear argument on Monday from Amazon opposing the Bank of India’s (BoI) insolvency petition against indebted Future Retail. The insolvency petition, filed by the BoI in May, was heard again in the Mumbai court bench today. The bankruptcy court would continue to hear Amazon’s side on why its plea stands, after which it will hear BoI’s arguments.
Grasim Industries: The Aditya Birla Group’s flagship company has appointed Pavan Jain as Chief Financial Officer (CFO) and key management personnel of the company effective August 15. He will replace Ashish Adukia in the coming months. Jain’s appointment as the new CFO comes on the basis of his outstanding track record and the recommendations of the company’s Nomination and Remuneration Committee and Audit Committee.
Addiction: Reliance Jio and Airtel, which are seen as the main buyers of spectrum in the upcoming auctions, will, in addition to opting for the 5G band of 3,300-3,670 Mhz and 24.25-28.5 Ghz, also strengthen their existing portfolio in 4G bands. Indeed, by increasing the quantum of 4G spectrum, it can also be optimized and used to deliver 5G services. As a result, expect competition between Jio, Bharti Airtel and even Vodafone Idea in some cases for spectrum in the 800, 900, 1800 and 2300 MHz band, where each would try to consolidate their positions.
Wipro: Eros Investments announced on June 16 its partnership with Wipro to evolve and scale content localization solution based on artificial intelligence (AI) and machine learning (ML). level of accuracy, generating significant time and cost savings for global media organizations, post-production and direct-to-consumer over-the-top (OTT) streaming platforms.