With the Lok Sabha election results set to be announced on Tuesday, several sectors are gearing up for potential impacts. Public sector enterprises, financials, infrastructure, railway, and defense are all expected to be in focus following the election outcome.
In other news, ICICI Bank and Adani Group have teamed up to launch co-branded credit cards with airport-linked benefits, in collaboration with Visa. Adani Power is planning to amalgamate its subsidiary, Mahan Energen, with Stratatech Mineral Resources to enhance fuel security and competitiveness in the power market.
Mahindra and Mahindra reported positive numbers in May, with overall disbursements up 7% year-on-year and business assets up 23% year-on-year. RVNL secured an EPC order worth Rs 440 crore from South Central Railway, while Moil reported a 41% year-on-year increase in manganese ore sales.
Zee Entertainment Enterprises is set to consider raising funds through the issuance of equity shares at a board meeting on June 6. Biocon received USFDA approval for the antifungal medication Micafungin, used to treat fungal or yeast infections.
Wipro appointed Bruno Schenk as Country Head and Managing Director for Switzerland, while Dr. Reddy’s Laboratories’ arm, Aurigene Pharmaceutical, opened a biologics facility in Hyderabad. Century Textiles incorporated a wholly owned subsidiary, Vibhavya Properties, for real estate projects.
In the IPO space, Kronox Lab Sciences saw strong demand on day 1, with the public issue oversubscribed by 11.07 times. In a block deal, Tinna Rubber and Infrastructure saw PGA Securities buying shares while Bhupinder Sekhri & Sons HUF sold shares.
In bulk deals, Bajaj Electricals and Fiem Industries witnessed significant trading activity. Insider trades were reported in Som Distilleries & Breweries and Ajanta Pharma. Cochin Shipyard and Techno Electric and Engineering Company saw a change in price band, while ITC announced an ex-record dividend.
Lastly, Zee Entertainment Enterprises has been put in the F&O ban list. Stay tuned for more updates on these developments as they unfold.
