Jet Airways shares stranded in 5% of upper circuit as final NCLT order likely today

Jet Airways shares have been frozen in 5% of the circuit above Rs 99.45 per share on BSE as the National Company Law Tribunal (NCLT) is due to render its final decision on the company’s resolution plan aerial today. Jet Airways, India’s oldest and once the largest private airline, was grounded in April 2019 after a severe shortage of funds, after which an SBI-led consortium referred it to the NCLT for resolution under the Insolvency and Bankruptcy Code. After several tenders, Jet Airways lenders finally focused on the Kalrock-Jalan consortium in October 2020.

Indian bank shares jump 5% after lender launched QIP to raise Rs 4,000 crore

Indian Bank shares jumped 5% on Tuesday, trading near their 52-week high after the lender launched its Qualified Institutional Placement (QIP). The lender is seeking to raise around Rs 4,000 crore through QIP with a floor price set at Rs 142.15 per share. The stock rose 5.2% to its daily high of Rs 153.10 per share on BSE. It was trading near its 52 week high of Rs 156.90, reached on February 18, 2021. By comparison, Sensex was trading around 0.7% higher.

Market Watch: Dipan Mehta, Director of Elixir Equities

On the market

Corrections are good entry points for long term investors and even if the market correction does not occur, the correction in equities does take place because there is a lot of rotation in and out of sectors and sectors. should be used by investors to gradually increase their exposure to equity.

On the financing of housing GNP

We and our customers are invested in this stock. The outcome of this issue will be positive for minority shareholders. Such corrections are good opportunities for investors who are slightly underweight in housing finance companies to start investing a little in this one. PNB Housing Finance could be the real outperformer on HFCs over the next six to twelve months.

Opening bell: Sensex opens at record high, Nifty approaches 15,850; metals, energy stocks increase

Indian indices opened higher with Sensex to an all-time high on Tuesday, following gains by its Asian peers. The rise was led by widespread buying across all sectors, with metals, energy and bank stocks contributing the most. The Sensex rose 327 points to a new high of 52,901 while the Nifty was up 94 points to 15,840. Larger markets were also higher with the mid-cap index rising 0.8 % and the small cap index up 1%. On the Nifty50 index, Adani Ports, UPL, ONGC, Maruti and Tata Steel were the main winners while Bajaj Auto, Nestlé, Britannia, HCL Tech and Powergrid led the losses.

Asian stocks rebound from four-week lows, dollar retreats

Global stocks extended their rally on Tuesday as Asian markets rebounded from four-week lows as investors focused on economic growth, partially offsetting concerns about any near-term hikes in U.S. interest rates. The initial momentum in the region was supported by a rally on Wall Street, with the Dow Jones posting its strongest session in more than three months. The largest MSCI index of Asia-Pacific stocks outside of Japan rose 0.35%, topping Monday’s four-week lows and posting a gain of 4% so far this year. Japanese stocks led the way, with the Nikkei advancing 2.1%. South Korea’s stocks rose 0.4%, Australia’s 1.2% and Chinese stocks 0.6%. More here

Central Bank of India and Overseas Bank of India screened for divestment: report

The central government has shortlisted the Central Bank of India (CBI) and the Indian Overseas Bank (IOB) for divestment, according to a report released on Monday. The government is likely to amend the Banking Regulation Act and the Banking Act Act during the monsoon session of parliament to privatize two-state-run banks, the report suggests. The move comes after Union Finance Minister Nirmala Sitharaman announced during her 2021 budget speech in February that two public sector banks (PSBs) would be privatized in 2021-2022. More here

NCLT to Issue Final Order in Jet Airways Insolvency Case Today

The National Company Law Tribunal (NCLT) is due today to issue a final order in the Jet Airways insolvency case. The verdict will be delivered on the Kalrock-Jalan consortium’s resolution plan for Jet Airways. The NCLT had reserved an order on approval of Jet’s resolution plan on June 14. As of October 2020, Jet’s lenders approved Kalrock-Jalan’s resolution plan for the company. Jet was admitted to the NCLT in June 2019 under the Insolvency and Bankruptcy Code (IBC). Kalrock Capital is a UK based asset management company and Murari Lal Jalan is a UAE based entrepreneur. More here

Retail will be the next growth engine for Reliance Industries: Goldman Sachs

With the potential to grow 10 times the company’s pre-tax profit over the next decade, retail, including e-commerce, will be the next growth engine for Reliance Industries Ltd (RIL), said Goldman Sachs in a report. After increasing 5-fold in FY16-20, RIL’s core retail revenue growth paused in FY21 (April 2020 to March 2021) due to COVID headwinds , in particular a drop in attendance. The oil and telecommunications conglomerate led by billionaire Mukesh Ambani has used this period to boost the digital capabilities of retailing while continuing to expand its physical reach. “We believe that retail (including e-commerce) should be RIL’s next growth engine, with the potential for retail EBITDA to grow 10 times over the next 10 years,” said the brokerage house. More here

Gasoline and Diesel Prices Hit New Highs After Another Hike Today

Oil marketing companies (WTO) raised gasoline and diesel prices 27-28 paise and 26-28 paise respectively on Tuesday after keeping rates unchanged on Monday. As a result, the price of gasoline and diesel rose to Rs 97.50 and Rs 88.23 per liter in the nation’s capital, according to Indian Oil Corporation, the country’s largest fuel retailer. In Mumbai, the price of gasoline rose to Rs 103.63 per liter on Tuesday. The cost of diesel has advanced to Rs 95.72 per liter.

Indian Bank opens a QIP number of Rs 4000 cr; sets the floor price at Rs 142.15 / share

India’s state-owned bank on Monday launched its Equity Qualified Institutional Placement (QIP) to raise around Rs 4,000 crore, setting the floor price at Rs 142.15 per share. The directors’ committee on capital raising at its meeting on Monday approved and cleared the opening of the QIP on June 21, the Bank of India said in a regulatory filing. The committee approved the floor price of QIP at Rs 142.15 per share. More here

First up, here’s a quick catch up on what happened in the markets on Monday.

Indian indices staged a smart rally to end higher on Monday after falling more than one percent in intra-day trading. The gains were led by banks, metals and energy, with PSU banks rallying the most. The Sensex finished 230 points at 52,574 while the Nifty rose 63 points to stand at 15,746. Larger markets also rebounded, with mid and small cap indices rising nearly one percent. one hundred each. On the Nifty50 index, Adani Ports, NTPC, Titan, SBI and Bajaj Finserv were the main winners while UPL, Wipro, Tata Motors, Maruti and Tech Mahindra led the losses. More here

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