Here are the top headlines of the day:
1.Opening bell: Sensex falls 235 points, Nifty50 slips below 10,750; HDFC Bank drops 2%
-Market Opening bell: Sensex falls 235 points, Nifty50 slips below 10,750; HDFC, HDFC Bank drop 2% each. Future Consumer, BHEL, YES Bank, SBI among most active stocks. Watch for more details!
2. Dabur Family Office raises stake in Battery maker Eveready by 8.8%
-Sources tell your channel that Dabur Family Office has raised their stake further in Battery maker Eveready by 8.8%. There were 6.37 MN shares this morning and we understand this was sold by ILFS and picked up by Dabur Family office, which was already using the law to 11-12% stake so now after this transaction their stake goes up to just above 20%. Dabur Family Office and Eveready mgmt's were not available for comment. Sources say Daburs see value in the company brand and the co can be resurrected to its former glory by getting in more marquee playing and restructuring the operation working closely with current Mgmt. Dabur's are keen to have 1-2 of their representatives on the board as well. ET Now first told our viewers that Daburs are eyeing this co closely and keen to raise stake on June 9th.
3.Reliance Industries to host virtual 43rd AGM tomorrow | All you need to know
-Reliance Industries will be hosting their 43AGM tomorrow, preparations have been made for 1 lac shareholders to attend this virtual AGM. This is special as it comes on the back of a sharp rally in the stock and record-setting value unlocking transactions with global marquee players. Investors are keen to hear from Mukesh Ambani on their broad roadmap from here on also what has led to the delay in their petrochemical deal with Aramco. What's the value unlocking plans in Reliance Retail and is there an overseas listing on cards for Jio' Platforms. It is going to be an exciting affair for sure. Listen to know more details.
4.Time to turn to defensives? | Gautam Duggad of Motilal Oswal Securities To ET NOW
-Several sectors where a double-digit decline is expected such as the autos, telecom, metals, cap goods & retail sectors. Expect them to post losses while we believe banks might see marginal growth. Investors are currently focusing on corporate commentary more than they are focusing on earnings. We are very positive about the prospects of M&M due to its rural exposure but on the other hand, we are not comfortable with some of the valuations in the auto sector. All in all, we expect rural demand to be much better than urban demand. We recommend a defensive portfolio positioning, says Gautam Duggad, Head of Research, Motilal Oswal Securities. Listen in!
5. Google to invest $10 Billion in India, says CEO Sundar Pichai
-Google and Alphabet CEO, Sundar Pichai announced the Google for India Digitization Fund - a commitment of INR 75,000 crores (approximately US$10 billion) towards digitizing the Indian economy, at the sixth edition of Google for India event, which was held virtually this time.
The Fund, to be invested in the country over the next five to seven years, will be deployed to accelerate Google’s efforts through a mix of equity investments, partnerships, operations, infrastructure, and ecosystem investments. The announcement came hours after Sundar Pichai held discussions with PM Modi. Google also announced initiatives in the SMB and education space. Google, announced a partnership with CBSE to train over 1 million teachers in 22,000 schools across India by the end of 2020.
ET Now's Chandra gets us more details. Listen in!
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