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Adani Group, SBI, Maruti, HUL, Sejal Glass are in Focus

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Equities could be volatile again on Tuesday as global signals remain subdued while the Reserve Bank of India (RBI) begins its three-day monetary policy meeting. At 7:45 am, the SGX Nifty closed at 18,707, down 18 points.

In Asia, Australia’s S&P/ASX 200 fell 0.67% ahead of the country’s central bank rate decision.

However, Japan’s Nikkei gained 0.18%, while South Korean markets were closed for a holiday. The S&P 500 lost 0.2% overnight, the Nasdaq Composite lost 0.09%, and the Dow Jones Industrial Average lost 0.59%.

Adani Group: In a Credit Note issued on Monday, Adani Group said it had fully prepaid $2.15 billion in loans secured by pledging stakes in the group’s listed companies and another $700 million for acquiring Ambuja Cement.

State Bank of India: The board of directors will meet on June 9 to consider and approve raising funds through private placement through the issuance of Rupee and/or foreign currency debt instruments (including capital instruments) in FY24.

Bharat Forge: A majority of Bharat Forge’s institutional shareholders (53.51%) voted against the resolution to approve the reappointment of B N (Baba) Kalyani as the company’s managing director last week.

Titan: The Tata group and the founders of Carat Lane reportedly disagreed over the valuation of the founder’s remaining stake, leading to a months-long standoff.

Maruti Suzuki: India’s largest domestic automaker has built two new solar power plants in Rohtak and Manesar to boost its renewable energy plans.

BL Kashyap and Sons: BL Kashyap and Sons get new orders totalling Rs 147 crore. The total order book so far stands at Rs 2,774 crore (excluding GST).

SBI Card: The board has approved raising funds by issuing non-convertible debentures (NCD) in tranches or tranches totalling Rs 3,000 crore on a private placement basis.

Godrej Consumer Products: The company has appointed Aasif Malbari as Chief Financial Officer (CFO), effective August 10, 2023. Malbari will succeed Sameer Shah, who will assume a role in the group’s consumer investing space.

Hindustan Unilever: FMCG company Hindustan Unilever (HUL) said in an interview with a TV channel that it would reduce the prices of soaps, detergents and shampoos in the coming weeks. Separately, HUL chief financial officer Ritesh Tiwari also said the company is betting on growth opportunities in the “masstige” beauty space and eyeing acquisitions.

SpiceJet: The NCLT has reportedly postponed the hearing of the insolvency case against the airline until June 8. Separately, real estate firm Acres Buildwell Sdn Bhd has applied to the National Company Law Tribunal to withdraw its insolvency plea against the low-cost airline.

JK Cement: The board has approved in principle the execution/execution of a Share Purchase Agreement (SPA) with shareholders and Toshali Cements Private Limited to acquire 100% of the equity interest in Toshali from all existing shareholders.

Sejal Glass: Due to the current market situation, the company’s board of directors has decided to withdraw the QIP offer worth Rs 35 crore.

Nelco: The company has agreed with the promoters and other shareholders of Piscis Networks Private Limited to acquire 9.09% of the paid-up capital of Piscis Networks for an initial investment of Rs 99.99 lakh. The company will also make further investments, increasing its stake to at least 30% of Piscis Networks’ paid-in capital.

GE T&D India: The company has received shareholder approval to appoint Sandeep Zanzaria as the company’s managing director and chief executive officer.

Indian Energy Exchange: Total trade volume on India’s energy exchanges rose 8% year-on-year to 8,251 million units (MU) in May. The average spot electricity price in May 2023 is Rs 4.74 per unit, down 30% from Rs 6.76 per unit in May 2022.

Tata Power: Tata Power Renewable Energy Limited (TPREL), a subsidiary of Tata Power Limited, has launched a 110 MW solar power project in Bikaner, Rajasthan. The project is expected to generate approximately 211 MU (million units) and reduce the carbon footprint by 2,58,257 MT (metric tons) annually.

Suzlon: With 12,467 wind turbines installed in 17 countries across six continents, Suzlon became the first Indian wind energy company to reach 20 GW of installed global wind capacity.

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