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Shares of JSW Infrastructure are likely to be in focus over its subsidiary’s concession agreement. News regarding developments in the family settlement agreement is expected to keep the shares of Godrej Industries abuzz. Shares of Zomato, HDFC Bank, and RVNL are also expected to keep the bourses buzzing. Here’s why read more
 "Shares of JSW Infra, Zomato, HDFC Bank, RVNL, and Godrej Industries to be in focus")
GIFT Nifty index hinted at a positive start for Dalal Street on Wednesday (July 3). Reuters
At 8:40 a.m. on Wednesday, July 3, the GIFT Nifty index climbed 86 points, or 0.35 per cent, reaching 24,331, suggesting a favorable opening for Dalal Street. The India VIX, a measure of market volatility, fell 1.37 per cent to 13.64.
Global cues remained optimistic. On Tuesday, July 2, the US stock market saw both the tech-heavy Nasdaq and the broad-based S&P 500 close at record highs. Federal Reserve Chair Jerome Powell’s comments during a panel discussion in Portugal heightened expectations of an interest rate cut, positively impacting Asian stocks, which gained on Wednesday morning.
JSW Infrastructure: JSW Tuticorin Multipurpose Terminal Private Limited, a subsidiary of JSW Infra, entered into a concession agreement with V.O. Chidambaranar Port Authority in Tamil Nadu. The agreement involves the development and mechanization of North Cargo Berth-III for handling dry bulk cargo at the port on a Design, Build, Finance, Operate, and Transfer (DBFOT) basis. The company aims to leverage its operational capabilities to increase its cargo share on the East Coast, accessing a diverse cargo profile including dry bulk, coal, limestone, gypsum, rock phosphate, and copper concentrate.
Godrej Industries: As part of a family settlement, the Adi-Nadir Godrej faction will purchase a 12.65 per cent stake in Godrej Industries via block deals from RKN Enterprises, according to a statement to stock exchanges. RKN Enterprises, owned by Rishad Naroaji, a cousin of Adi Godrej, holds a stake worth Rs 3,858 crore as of Tuesday.
RVNL: Rail Vikas Nigam Ltd has emerged as the lowest bidder for a Rs 132.6 crore contract from Central Railway. The contract entails OHE modification work for upgrading the existing 1 x 25 kV electric traction system to a 2 x 25 kV AT feeding system in the Wardha-Ballarshah Section of the Nagpur division, aiming to meet the 3000 MT loading target.
Zomato: The company’s subsidiary, Zomato Financial Services, has decided to withdraw its application to the Reserve Bank of India for a certificate of registration to operate as a non-banking financial company (Type II NBFC-ND). Zomato stated it no longer wishes to pursue the lending business.
HDFC Bank: The bank’s June quarter shareholding revealed a decline in Foreign Institutional Investor (FII) holding to 54.83 per cent. The FII holding needed to drop below 55 per cent to increase MSCI weightage, potentially resulting in inflows of $3 billion to $4 billion. The foreign investment ceiling in HDFC Bank is currently set at 74 per cent.
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