The Indian stock market resumed its losing streak on Wednesday, 3 June, with both benchmark indices declining despite recovering from intraday lows. According to reports from The Hindu BusinessLine, the BSE Sensex ended at 74,346.17, down 304 points or 0.41%, after recovering nearly 850 points from the day's low. The NSE Nifty 50 recovered sharply from its intraday low of 23,151 to close at 23,406, a decline of 78 points or 0.33%. With this decline, India's benchmark indices have now ended lower in five out of the past six trading sessions. Market trends indicate a negative opening on Thursday as Gift Nifty was trading near the 23,346 mark, down over 170 points from the previous close of Nifty futures.
NLC India is set to see significant government divestment as the Government of India will sell up to a 3 percent stake through an offer-for-sale (OFS), with a floor price of ₹303 per share. The OFS will open on June 9 for non-retail investors and on June 10 for retail investors. IRB Infrastructure Developers reported strong financial performance with toll revenue increasing sharply by 25 percent year-on-year to ₹843 crore in May, compared to ₹672 crore in the corresponding month last year. Rail Vikas Nigam secured a significant order worth between ₹100 crore and ₹300 crore from CC7 Emirates Engineering Solutions L.L.C., UAE, for waste gas handling systems. JNK India has commissioned its wind blade manufacturing plant at Halol, Gujarat, marking a significant step towards vertically integrating its wind energy value chain.
Motilal Oswal Financial Services experienced a significant stake transaction as HDFC Life Insurance Company purchased 18.2 lakh shares, representing a 0.3 percent stake for ₹153.3 crore. The transaction was executed at ₹842.5 per share with Motilal Oswal Healthcare Foundation and Motilal Oswal Foundation selling their respective stakes. NRB Bearings saw promoter entity Trilochan Singh Sahney Trust 1 sell 43.7 lakh shares, equivalent to a 4.5 percent stake for ₹170.43 crore to Singapore-based investment firm Arohi Asset Management. Cera Sanitaryware saw Goldman Sachs Funds acquire 1.18 lakh shares for ₹64.92 crore, while HDFC Standard Life Insurance Company nearly exited its investment by selling 1.5 lakh shares for ₹82.2 crore.
Grasim Industries announced a major expansion with investment of ₹3,094 crore for the Phase II expansion of its Lyocell capacity by 110 KTPA at Harihar, Karnataka. The expansion will comprise two production lines of 55 KTPA each, with the first line expected to be commissioned by 2028 and the second by 2030. Panacea Biotec launched the DENSTAR project, which aims to advance the licensure of its dengue vaccine, DengiAll, in sub-Saharan Africa (sSA) and facilitate its broader global adoption. The four-year initiative is funded under the Global Health European & Developing Countries Clinical Trials Partnership 3 Joint Undertaking (GH EDCTP3 JU), supported by the European Union. HCL Technologies launched the AI Innovation Zone in collaboration with Google Cloud, located in California, to enable global enterprises to scale AI applications.
