* In the last week, the Nifty and Sensex index increased by a total of 175.45 points and 299.41 points, respectively, both the indices closed at the level of 23465.6 points and 76992.77 points, i.e. the highest record levels till date. The Nifty recorded a total gain of 0.75 percent, while the Sensex recorded a gain of 0.39 percent. The Nifty and Sensex recorded huge fluctuations in the week after the Lok Sabha results. However, investors got assurances this week that a stable government is being formed. Investors' confidence increased as the cabinet also allocated accounts. This resulted in Sensex and Nifty jumping to the highest levels.
Among the top gainers during the week were Shriram Finance (9.4 per cent), Ultratech Cement (7.5 per cent), HDFC Life (6.3 per cent), Cipla (4.5 per cent), Bharat Petroleum (4.5 per cent). Top decliners included HUL (-3.8 percent), Infosys (-2.9 percent), Kotak Mahindra (-2.1 percent), Tata Consumer Products (-2.0 percent), ITC (-1.8 percent). The capital market capitalization of Bombay Stock Exchange (BSE) touched a record high of Rs 435 lakh crore in the week ended June 14. In one week, capital market value added about 11.5 lakh crores.
* India's wholesale inflation rate touched a 15-month high of 2.61 percent in May. Similarly, in the month of April, the retail inflation rate in India came down to a 12-month low of 4.75 percent. Food inflation rate remained stable at 8.69 percent during the same period. The Index of Industrial Production, which shows the progress of the country's industrial production, fell to a three-month low of 5 percent in April.
Bajaj Housing Finance, the home loan distribution company of Bajaj Udyog Group, will soon launch an IPO of Rs 7,000 crore. This includes Offer for Sale Shares (OFS) worth Rs 3,000 crore and fresh shares (Fash Issue) worth Rs 4,000 crore will be issued to general investors. Bajaj Housing Finance's capital value under management (AUM) rose 32 percent year-on-year to Rs 91,370 crore in the week ended March 31.
* Hyundai Motors India Company will raise funds of about 3 billion dollars i.e. 18 to 19 thousand crores through IPO. If this happens, it will be the largest IPO in India till date. Earlier, LIC had launched an IPO worth $2.5 billion in the market. Hyundai Motors India is looking to sell 15 to 20 percent stake through an IPO. Looking at the size of the IPO, analysts believe that the market value of Hyundai Motors India is around 18 to 20 billion dollars.
* Vodafone Udyog Group to sell its entire stake in Indus Towers for $2.3 billion. Vodafone owns about 21.5 percent stake in Indus Towers. Indus Towers provides Tarx facilities to telecom companies. Earlier in 2022, Vodafone had decided to sell its entire stake in Indus Towers i.e. 28 percent at that time. However, the company was not successful in selling this entire stake. The proceeds from the sale will be used to pay off the $42.17 billion debt owed by Vodafone-Idea.
* India's exports rose 9.1 percent to $38.13 billion in May. Also, imports increased by 7.6 percent to reach 61.91 billion dollars and trade deficit widened to 23.78 billion dollars. This is the largest trade deficit since October last year.
* Adani Group's Ambuja Cement Company bought South India's Penna Cement for Rs 10,422 crore. The transaction will increase Adani Udyog Group's cement production capacity by 14 million tonnes per annum. Adani Group currently owns two companies namely ACC and Ambuja Cement. The total cement production capacity of these two companies is 89 million tonnes. By 2028, Adani Group has set a target of 140 million tonnes of cement production per annum.
* Airtel made early repayment of government taxes (specdus) levied in exchange for airwaves (spectrum) acquired between 2012 and 2015. Airtel calculated a total of 7904 crores for this. This will result in savings of 9.75 to 10 per cent interest on arrears.
* New record of SBI Mutual Fund. The first mutual fund family in the country to reach 10 Lakh Crores in terms of Asset Under Management. During the year 2021 to 2024, SBI Mutual Fund has recorded a growth of 27 per cent in the capital value at compound interest rate. With a total of 116 schemes, SBI Mutual Fund has become the largest mutual fund house in the country.
* Tata Group preparing to venture into smart phone manufacturing. Tata Group is in talks with China's Vivo India for this. Tata will buy 51 percent share in this company. The Centre's stance is that an Indian company should have a 51 per cent stake in any Chinese mobile manufacturing company that is being sold or manufactured in India, for security reasons. For example, the Tata Group's efforts are underway.
* Newly elected Union Petroleum Minister Hardeep Singh Puri has said that there is currently no idea to privatize the state-owned company BPCL (Bharat Petroleum). BPCL was also considered for privatization along with Air India in FY 2022; But now it is clear that he has fallen behind. The government receives about 20 percent of its total revenue from the oil and natural gas industry. Hardeep Singh asserted that soon the production of this mineral oil will be increased to 45 thousand barrels per day. In FY 2024, BPCL earned a profit of Rs 19 thousand crores.
* India's foreign exchange reserves rose again by $4.3 billion to a record high of $655.8 billion in the week ended June 7.
