Indian markets traded on a subdued note on Monday, with benchmark indices ending lower amid mixed global cues and profit booking in select heavyweight counters. According to reports from The Economic Times, the Nifty continues to trade between its key moving averages -- the 20-day and 100-day EMA -- indicating a lack of clear directional bias. A decisive close above the 24,200 mark could trigger the next leg of the up move towards the 24,450-24,600 zone. In today's trade, shares of Bajaj Auto, ZEE, BPCL, HDFC Bank, and HUL among others will be in focus due to various news developments.
Several prominent companies are in focus today due to significant corporate developments. SIS has approved, in principle, a proposal to undertake a share buyback of up to ₹120 crore, marking its fifth buyback since listing in August 2017. The company has fixed the maximum buyback price at ₹478.50 per share, representing a 10% premium to the previous closing price of ₹435. Bajaj Auto has announced that its share buyback will open for tender on July 1 and close on July 7, following shareholder approval received through a postal ballot on June 18.
ZEE Entertainment Enterprises has received government approval for a ₹418-crore foreign investment from OFI Global China Fund LLC, according to data released by the Department for Promotion of Industry and Internal Trade (DPIIT). HDFC Bank has appointed former Financial Services Secretary, Rajiv Kumar, as its part-time chairman for a four-year term with effect from June 30, with the appointment receiving Reserve Bank of India approval. Hindustan Unilever Ltd has roped in Koteshwar L.N., who held senior leadership roles at Marico, Flipkart and Coca-Cola, as the chief executive of its wellness nutrition business Oziva.
Tata Motors Commercial Vehicles said it sees a path to crossing 1 million annual vehicle sales after completion of its proposed acquisition of Italy's Iveco Group, while expressing confidence that structural drivers such as infrastructure spending, freight growth and stable regulations will continue to support the commercial vehicle industry. State-run Bharat Petroleum Corporation Ltd will acquire a 40% stake in Tiki Tar and Shell India Private Ltd for ₹85 crore, marking its entry into India's fast-growing value-added bitumen market as it seeks to capitalise on the country's infrastructure and road construction boom.
