Asian stocks are trading lower today after US stocks slid amid concern that the Federal Reserve and its peers around the world will push economies into recession.

The Nikkei is trading 0.9% lower, and the Hang Seng index is trading higher by 1.6%. While Shanghai composite was down 0.9%

US stocks closed lower on Monday, as investors were wary of betting on riskier assets before seeing the outcome of Russia's aborted weekend mutiny.

The Dow Jones Industrial Average ended marginally lower, and the tech-heavy Nasdaq Composite ended 1.4% lower.

Here's a table showing how US stocks performed on Monday:

Source: Equitymaster

Back home, Indian share markets are trading on a positive note.

At present, the BSE Sensex is trading higher by 127 points. Meanwhile, the NSE Nifty is trading up by 42 points.

Tata Steel and M&M are among the top gainers today.

IndusInd Bank and Titan on the other hand are among the top losers today.

Broader markets are trading on a positive note. The BSE Mid Cap index is trading higher by 0.6% and the BSE Small Cap index is trading at 0.9% higher.

Sectoral indices are trading on a positive note with the exception of the consumer durables sector. Stocks in the realty sector and metal sector witnessed most of the buying.

Shares of J K Cement and Interglobe Aviation hit their 52-week high today.

The rupee is trading at Rs 81.96 against the US dollar.

In commodity markets, gold prices are trading higher by Rs 98 at Rs 58,510 per 10 grams today.

Meanwhile, silver prices are trading 0.4% higher at Rs 69,472 per 1 kg.

Now track the biggest movers of the stock market using the stocks to watch today section. This should help you keep updated with the latest developments...
 

SBI's subsidiary to open an office in Abu Dhabi

State Bank of India (SBI)'s investment banking and project advisory arm, SBI Capital Markets, has expanded operations to the Middle East with its new Abu Dhabi office.

SBI Caps recently received approval to establish a branch office at the Abu Dhabi Global Market (ADGM), an international financial center. According to the media reports senior SBI and SBI Caps executives will be inaugurating the branch on 3 July.

The banking company's move to set up an office in the region reflects the growing importance of funds from the Middle East willing to invest in Indian businesses.

Speaking of SBI did you know that SBI is one of the five Indian banks that posted record-high profits in FY 2023? Little wonder SBI share price rallied in 2023.

Aditya Birla Capital launches QIP

Aditya Birla Capital on Monday launched a qualified institutional placement (QIP) issue. The issue opened on 26 June, 2023.

The floor price of the said QIP is set at Rs 175.99 per share.

Earlier this month, the financial services company stated that the board of directors has approved preferential issuance of Rs 12.5 billion (bn) to Grasim and Surya Kiran Investments. This issuance is a follow-up of Rs 30 bn equity fundraising that was approved earlier last month.

Both Grasim and Surya Kiran Investments are part of the promoter and promoter group entity in Aditya Birla Capital. As per the regulatory filing, the company will raise Rs 10 bn from Grasim and Rs 2.5 bn from Surya Kiran Investments.

The company's board approved equity fundraising of up to Rs 300 m on 11 May 2023.

As of 31 March 2023, Aditya Birla Capital manages aggregate assets under management of about Rs 3.6 trillion (tn) with a total lending AUM of Rs 943.6 bn and gross written premium of Rs 177.9 bn in life and health insurance businesses.

The Birla group company through its subsidiaries/JVs has a strong presence across Protecting, Investing, and Financing solutions catering to the diverse needs of its customers across their life cycle.
 

Bharti Airtel rejigs its leadership team

Bharti Airtel on Monday announced changes to its leadership team in Airtel Business. Ajay Chitkara, the CEO of Airtel Business has decided to exit, while the overall business will be operated in three segments and each will be led by Vani Venkatesh, Ganesh Lakshminarayanan, and Ashish Arora.

Chitkara will continue with the company until the third week of August 2023.

Further, the telecom company announced that Airtel Business will operate as three businesses and channel segments - global business for which Vani Venkatesh will take charge; Domestic business will be headed by Ganesh Lakshminarayanan, and Nxtra Data Centers which will be led by Ashish Arora.

Airtel is the tenth largest company in India in terms of market share. As of 26 June 2023, Airtel's market cap was around Rs 4,753.6 bn.

Last week, Matter Motor Works, a technology-led innovation start-up, and Bharti Airtel announced a strategic partnership to deploy Airtel's IoT solution in Matter AERA, India's first and only geared electric motorbike.

Under the partnership, Airtel will enable advanced automotive-grade E-Sims on all Matter AERA bikes.

In the first phase, 60,000 Matter bikes will be enabled with Airtel E- Sims with advanced IOT features, offering a smart and connected experience on Airtel's panIndia superior network. It needs to be noted that Matter plans to produce over 300,000 such bikes over the next three years.

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