Markets remained under pressure on Monday, with benchmark indices losing over half a percent amid weak global cues. Technically, indications continue to point toward further pressure in the Nifty, with immediate support placed in the 23,150–23,250 zone. Analysts say a decisive breach below this range could trigger a fresh leg of decline. On the upside, the 23,600–23,800 zone is likely to act as a strong resistance area in the event of any rebound.
In today's trade, shares of Ola Electric, Eicher Motors, Axis Bank, Anant Raj, Wipro among others will be in focus due to various news developments.
Ola Electric Mobility on Monday approved the opening of its qualified institutional placement (QIP) issue and fixed a floor price of Rs 37.74 per equity share for the fund raise. The company's Fund Raising Committee approved the launch of the issue at a meeting held on June 1 and also cleared the preliminary placement document and application form to be sent to eligible qualified institutional buyers.
Mid-size motorcycle maker Royal Enfield on Monday reported a 15% rise in monthly sales at 1,03,231 units in May, against 89,429 units sold in the same month last year. Domestic sales were at 94,115 units in May, up from 75,820 units in the same month last year, up 24 per cent year-on-year, a statement by the company showed.
Private lender Axis Bank on Monday said it has raised its stake in Axis Max Life Insurance Company to 19.9%. Based on approval granted by the Acquisitions, Divestments and Merger Committee of the board of directors, Axis Bank has additionally invested in equity shares of Axis Max Life Insurance Company for an amount of up to Rs 380 crore, the lender said in a regulatory filing.
Anant Raj has signed a Memorandum of Understanding (MoU) with the Government of Haryana to invest Rs 20,000 crore in the development of large-scale data center infrastructure across the state.
IT services major Wipro on Monday said it will acquire an additional 20 per cent stake in insurtech firm Aggne Global Inc for $28.5 million (about Rs 271 crore). Following this transaction, Wipro's overall shareholding in Aggne Global will increase to 80%, the company said in a regulatory filing to the stock exchanges.
