Asian stocks fell, weighed by Japanese shares, while the yen traded in a narrow range as markets awaited the outcome of the Bank of Japan's two-day policy meeting.

The Nikkei and Topix fell, while the Japanese currency hovered around the 157.10 per dollar mark, as the central bank is widely expected to consider reducing bond purchases.

The US stock market ended mixed on Thursday, with the S&P 500 and Nasdaq registering record closing highs for a fourth session in a row, led by a rally in technology stocks.

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

Source: Equitymaster

At present, the BSE Sensex is trading 173 points lower and NSE Nifty is trading 35 points lower.

Titan, Nestle, and ICICI Bank are among the top gainers today.

Grasim Industries, Eicher Motors, and Britannia the other hand are among the top losers today.

Broader markets are trading on a positive note. The BSE Midcap index and the BSE Smallcap index are trading 0.5% higher.

Sectoral indices are trading mixed today, with stocks in the realty sector and the telecom sector witnessing buying. Meanwhile, stocks in the power sector, metal sector and banking sector witnessing selling pressure.

The rupee is trading at Rs 83.55 against the US dollar.

In commodity markets, gold prices are trading marginally higher at Rs 71,460 per 10 grams today.
 

Suzlon Energy to Review Corporate Government Issues

Suzlon Energy Ltd. informed the exchanges on Thursday evening that it has appointed Khaitan & Co., an eminent law firm in India, to conduct a review of its corporate governance practices.

The move comes a few days after one of Suzlon's independent directors, Marc Desaedeeler quit, citing corporate governance issues.

Besides Khaitan & Co., Suzlon also said that certain additional advisors may be appointed as required from time to time.

Suzlon also added that it is committed to achieving the highest standards of corporate governance and this step is being taken to identify any existing gaps in the corporate governance practices of the company and ways to strengthen them.

In his resignation letter, Desaedeleer said that while he is "very pleased" with Suzlon's operational and financial performance in the last 18 months, there have been several situations where the corporate governance standards did not meet his expectations.

RITES Partners DMRC

RITES and Delhi Metro Rail Corporation (DMRC) have signed an MoU to collaborate on operations and management projects of Metro Railway Systems, both in India and abroad.

The partnership will focus on areas such as rolling stock, depot management, station management, and maintenance of railway infrastructure. This collaboration aims to streamline the process of identifying and executing consultancy assignments for Metro/LRT/Mass Rapid Transit Systems.

RITES Limited, a Navratna Public Sector Enterprise with extensive experience in the transport consultancy and engineering sector, will work closely with DMRC to leverage each other's strengths. RITES has a rich history of over 50 years and has completed projects in more than 55 countries across various regions.

In a joint effort, both companies will enhance their business capabilities and work in tandem to achieve successful outcomes in the operations and management of Metro Railway Systems.

This collaboration signifies a significant step towards efficient and effective transportation solutions both domestically and internationally.
 

Vodafone Idea Approves Fundraising

Telecom major Vodafone Idea on 13 June said that its board has approved the issuance of about 1.7 bn shares at Rs 14.8 per share to raise funds to Rs 24.6 bn on a preferential basis.

Vodafone Idea will allot 1 bn shares aggregating to Rs 15.2 bn to Nokia Solutions and Networks India and the remaining 633.7 m shares aggregating to Rs 9.4 bn to Ericsson India Private Limited.

The board also approved the convening of an extraordinary general meeting of the company on 10 July, inter-alia, to approve the above matters, VIL added.

This preferential allotment price is higher by about 35% than the FPO price and comes with a lock-in of 6 months.

Post this preferential issuance, the shareholding of Nokia and Ericsson in the Vodafone Idea will be 1.5% and 0.9%, respectively.  The Promoter (ABG and Vodafone) shareholding will stand at 37.3% and the shareholding of the Government of India will stand at 23.2%, while the balance of 37.1% will be public shareholding.

With this equity issuance, VIL said that it has raised Rs 240 bn of equity. Additionally, in line with its stated fund-raising roadmap, the company is in active discussions with its lenders to raise debt funding to the tune of Rs 250 bn.

The company has been looking to turn around its unprofitable operations through a series of measures, including launching 5G services.

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