Key facts
- Indian markets closed lower on weekly expiry day due to weak global cues.
- GNG Electronics saw a block deal of approximately Rs 175 crore.
- Lenskart experienced a block deal worth Rs 1,960 crore, with an investor selling a 2.3% stake.
- Vedanta's demerger is complete, with four new entities to start trading on June 15.
- Infosys contributed to the CMMI AI Maturity (AIM) Framework.
- Reliance, Vedanta, and Adani are interested in developing facilities for rare-earth minerals.
Indian equity markets concluded the weekly expiry session on a lower note, influenced by weak global sentiment and persistent selling pressure on any uptick. Analysts are closely watching the 23,000 level as a critical support, with resistance expected around 23,500.
Several companies were in focus due to significant corporate developments. GNG Electronics experienced a block deal valued at approximately Rs 175 crore, where promoter Vidhi S Khandelwal sold shares. Multiple domestic mutual funds and foreign investors participated in acquiring shares of the recently listed refurbished electronics firm.
In another significant transaction, Lenskart Solutions saw a block deal worth Rs 1,960 crore. ADIA-backed Platinum Jasmine A 2018 Trust offloaded a 2.3% stake in the company at a discount of about 2% to its previous closing price.
Vedanta's long-awaited demerger exercise is set to conclude, with four newly formed entities—Vedanta Aluminium Metal, Vedanta Oil & Gas, Vedanta Power, and Vedanta Iron & Steel—scheduled to commence trading on Indian stock exchanges on June 15. This marks a substantial corporate restructuring within India's metals, mining, and natural resources sector.
IT major Infosys announced its successful completion and contribution to the CMMI AI Maturity (AIM) Framework and Pilot Assessment, conducted by the CMMI Institute. This collaboration aimed to advance the AIM framework.
Additionally, Indian industrial conglomerates Reliance, Vedanta, and Adani have reportedly expressed interest in developing facilities to process Andhra Pradesh's considerable reserves of rare-earth minerals, which are gaining strategic importance globally.