Business News Highlights: Market Gains for 4th Straight Session; Jio BlackRock Appoints Leadership; Insurance Tax on GST Council Radar

Electricity supply across India may be disrupted on July 9 as more than 27 lakh power workers plan a nationwide strike opposing the Uttar Pradesh government’s move to privatise two major distribution companies, Purvanchal Vidyut Vitran Nigam Ltd (PVVNL) and Dakshinanchal Vidyut Vitran Nigam Ltd (DVVNL), which serve 42 districts.

Shailendra Dubey, Chairman of the All India Power Engineers' Federation (AIPEF), accused Uttar Pradesh Power Corporation Ltd and senior officials of colluding with private firms to sell discom assets worth thousands of crores at undervalued prices.

The National Highways Authority of India (NHAI) announced plans to launch a public Infrastructure Investment Trust (InvIT) aimed at expanding its investor base, including retail investors, by providing easier access to infrastructure assets.

Building on its existing private InvIT that has monetised over 2,300 km of highways, NHAI intends to offer three Toll-Operate-Transfer (ToT) bundles quarterly—small (₹2,000 crore), medium (₹5,000 crore), and large (₹9,000 crore)—and conduct one or two public InvIT phases annually. The authority will monitor market conditions to adjust bundle sizes as needed.

Birla Estates, a subsidiary of Aditya Birla Real Estate Ltd, has raised ₹420 crore (approx. $50 million) from the International Finance Corporation (IFC) to fund two major residential projects in the Mumbai Metropolitan Region and Pune.

According to a regulatory filing, around ₹148 crore will go toward the Manjri project in Pune, spanning 3.13 million sq ft, while ₹272 crore is allocated to the Thane project, covering 6.43 million sq ft.

Jio BlackRock Asset Management, the 50:50 joint venture between Jio Financial Services and BlackRock, has announced its executive leadership team, including CEO Sid Swaminathan. Key appointments include Amit Bhosale as Chief Risk Officer, Amol Pai as CTO, and Biraja Tripathy as Head of Product.

The firm also launched an early access initiative on its website, inviting users to explore its digital-first mutual fund offerings and educational content aimed at making investing more accessible across India.

IT services giant Wipro has shifted its Middle East regional headquarters from Al Khobar to Riyadh, strengthening its presence in Saudi Arabia. Alongside the move, Wipro appointed Mohamed Mousa as Managing Director for the region. The new Riyadh office adds to Wipro’s existing footprint in cities including Jeddah, Jubail, and Al Khobar.

The company also signed a Memorandum of Understanding with Prince Mohammad Bin Fahd University to establish a Centre of Excellence in Riyadh. On Monday, Wipro shares closed 1.09% higher at ₹251.30 on the BSE.

The GST Council is likely to consider long-awaited tax relief on life and health insurance premiums at its next meeting, expected before the monsoon session of Parliament. According to a MoneyControl report, the Group of Ministers (GoM) is set to reaffirm its earlier recommendation for a full GST exemption on term life insurance and health policies for senior citizens, possibly extending the relief to health cover of up to ₹5 lakh.

Currently taxed at 18%, insurance products may see this rate scrapped or reduced following the insurance regulator IRDAI’s final comments, which is already submitted to the ministry. Though the proposed exemptions could cost the government ₹2,600 crore annually, officials believe the benefit of wider insurance coverage would outweigh the revenue loss.

"The Nifty has finally broken out of its prolonged consolidation on the daily timeframe. Market sentiment appears positive, with the index sustaining well above the crucial 50-day moving average (50DMA). A golden crossover on the daily chart has been a support the bullish sentiment. Following the breakout, a rise towards 25,350 looks likely. A decisive move above this level could trigger a rally towards 25,700. On the downside, support is placed at 24,850; a breach below this level may lead to a shift in sentiment," says Rupak De, Senior Technical Analyst at LKP Securities.

"The up move in the index was largely in line with expectations; however, mixed performance from heavyweights—particularly in the private banking space—limited the momentum. We maintain our bullish outlook and recommend a focus on selective stock picking during any intermediate consolidation or dip. At the same time, participants should exercise caution, especially in the small- and mid-cap segments, which are currently buoyed by strong domestic flows and sentiment. Emphasis should remain on themes and stocks where the risk-to-reward ratio continues to be favorable," says Ajit Mishra, SVP, Research, Religare Broking Ltd.

"Financial stocks extended their rally in Indian markets, driven by the RBI’s supportive aggressive policy of rate and CRRA cut.  These actions have boosted investor confidence and are expected to enhance liquidity in the near to medium term, especially in midcaps. The positive U.S. jobs data and renewed optimism over U.S.-China trade talks lifted global sentiment. Domestically even large caps expressed renewed momentum led by FIIs inflows," said Vinod Nair, Head of Research, Geojit Investments Limited.

Paul Parambi will step down as Kotak Mahindra Bank's Group Chief Risk Officer on June 11, ahead of his retirement on June 30, but will continue serving as Group President - Risk. Srishti Sethi has been appointed as the new Group Chief Risk Officer for a five-year term starting June 12, 2025.

The Indian rupee closed unchanged on Monday at 85.63 per US dollar, maintaining the same level as Friday’s closing rate.

Indian markets closed Monday trading with all key Nifty sectoral indices ending in the green except for the realty. Leading the gains were Nifty Next 50, Nifty Energy, and Nifty Midcap indices, which saw over 1% gains. Financials, auto, and FMCG sectors also posted moderate advances, reflecting broad-based optimism across the market.

Equity benchmarks closed Monday's session with moderate gains, as the BSE Sensex rose 256 points to end at 82,445.21, while the Nifty 50 closed above the 25,100 mark at 25,103.20. Banking and financial stocks led the rally, with Kotak Mahindra Bank, Bajaj Finance, and Axis Bank among the top gainers. Meanwhile, Eternal (formally Zomato), ICICI Bank, Titan, and M&M were among the laggards.

RailTel Corporation of India has secured orders totalling ₹259 crore from education departments in Himachal Pradesh and Bihar. The company received a work order worth ₹15.96 crore from Samagra Shiksha, Department of Education, for supplying UPS and printers to 5,507 government primary schools (GPS) across Himachal Pradesh.

Additionally, it received a ₹243.11 crore order from the Bihar Education Project Council for providing student kits to government school students from Class 1 to 12.

Indian stock market indices are heading to Monday's trade closer with marginal gains, rising less than half a percentage point. BSE's Sensex is up 252 points higher (0.30%) at 82,439.9. On the NSE, the Nifty 50 is around 25,100.8, up 97.75 points or 0.39%.

Japan's Fujitsu General Ltd. announced on Monday the sale of its power modules business, managed by subsidiary Fujitsu General Electronics Ltd. (FGEL), to India’s L&T Semiconductor Technologies Ltd. The deal, valued at about 2 billion yen ($12.8 million), is part of Fujitsu’s broader portfolio restructuring.

L&T Finance (LTF) has completed the acquisition of the gold loan business of Paul Merchants Finance (PMFL), including a ₹1,350 crore loan book, 130 branches, and around 700 employees. This marks LTF’s formal entry into the gold loan segment, broadening its secured loan portfolio.

Leveraging its rural franchise of 1.6 crore customers and 20,000-strong field workforce, LTF plans to cross-sell gold loans across regions.

At 3 PM, L&T Finance shares on NSE rose 2.03% to ₹193.65.

Shares of Wipro Ltd. surged up to 2% on Monday, June 9, following a significant block trade in the afternoon window. A total of 20.23 crore shares—equivalent to 2% of Wipro’s outstanding equity—were traded at an average price of ₹250 per share, valuing the transaction at ₹5,057 crore. The identities of the buyers and sellers remain undisclosed. At 2:56 PM, Wipro stock was quoted at ₹251.23, up ₹2.64 (1.06%).

The government is reportedly targeting ₹80,000 crore in dividends from Central Public Sector Enterprises (CPSEs) for FY26, exceeding the budget estimate of ₹69,000 crore. CPSEs paid ₹74,000 crore in dividends during FY25, which was 34.5% higher than the budgeted amount. The new target represents an approximate 8% increase over last year’s actual dividends, according to a report by CNBC TV18.

Olectra Greentech Limited has announced that its Chairman and Managing Director, Mr. K.V. Pradeep has submitted his resignation from the board and his executive roles, effective June 9, 2025. The company stated that the decision was made due to personal reasons. The effective date of his departure will be confirmed at a later stage.

A man found old JSW Steel shares that his father had bought for ₹1 lakh in the 1990s, now they are reportedly worth around ₹80 crore. The story, shared on social media, has amazed many and underscored the massive potential of long-term investing.

Shares of food delivery platform-Eternal and Swiggy-plunged as much as 2-4% after CNBC-TV18 reported that Rapido is set to launch a food delivery pilot in Bengaluru by the end of the month.

Rapido has started onboarding restaurants for its upcoming pilot and is offering a flat fee of ₹25 for orders under ₹400 and ₹50 for those above, translating to a commission rate of 8-15%.

Hyundai Motor India shares crossed their listing price of Rs 1,960 on June 9. Shares of the company increased 7% during Monday’s session to touch a new all-time high of Rs 1,986.60, recording its biggest single-day gain in nearly three months. 

Hyundai Motor India launched $3 billion IPO in October last year.

Afcons Infrastructure’s share jumped around 6% to Rs 460.7 in Monday’s trade on BSE after the Shapoorji Pallonji Group’s construction giant bagged a Letter of Award (LoA) from Reliance Industries Limited. 

“We are pleased to inform that Afcons Infrastructure Limited has been awarded a Letter of Award (LoA) from Reliance Industries Limited (RIL) for the execution of construction works related to the Vinyl Projects at Dahej, Gujarat,” Afcons Infrastructure said in a statement on exchange filing.

Kumar Mangalam Birla-chaired Aditya Birla Real Estate share price has increased over 30% in the last one month. The stock of the company opened at Rs 2,324 against its previous close of Rs 2,359.35 and surged nearly 6% to touch an intraday high of Rs 2,495.

Shares of Bajaj Finance surged sharply on Monday following shareholder approval for the issuance of bonus shares. Reflecting the positive sentiment, Bajaj Finserv also saw a notable rise in its stock price.

By 11:00 am, Bajaj Finance shares were trading at ₹9,753, up 4.07% on the NSE. Meanwhile, Bajaj Finserv shares rose 3.32% to ₹2,056, tracking the buoyant trend in the financial services sector.

Shares of Indian Energy Exchange (IEX) rallied 6.5% to ₹215.4 on Monday, due to robust trading volumes on the NSE and strong operational performance for May. The company reported a 14% year-on-year rise in electricity traded, totalling 10,946mn units (MU) for the month.

Investor interest remained high, with around 2.3 lakh shares changing hands, amounting to a total turnover of ₹485.2 crore, underscoring growing confidence in the energy bourse’s growth outlook amid evolving dynamics in India’s power sector.

Shares of Hindustan Zinc Ltd., India’s largest silver producer, surged over 2% on Monday, reaching a seven-month high, buoyed by a sharp rally in global and domestic silver prices. The precious metal hit a lifetime high of $36.34 per ounce on Friday, with spot prices in India crossing ₹1 lakh per kg.

Investor sentiment was also lifted ahead of a board meeting scheduled for Wednesday, June 11, where the company will consider its first interim dividend for FY26, as per a recent exchange filing.

Suzlon Energy share price surged 2% in Monday's trading session to ₹68.30 apiece after reports circulated that promoters offloaded stocks worth ₹1,309 crore via block deal.

Despite a broadly positive market, the Nifty Realty index was trading in the red, down 0.42% at 1,034.75 around 10:54 AM on Monday. Anant Raj Ltd. bucked the trend, emerging as a top gainer with a rise of 2.35%. The weakness in the index comes amid profit booking in select stocks following recent highs.

During today's session, the NIFTY BANK index intraday range has been between a low of 56,792.70 and a high of 57,049.50, which also stands as the 52-week high. All 12 constituents of the Nifty Bank index opened in the green today, reflecting broad-based bullish sentiment in the banking space. Notably, IDFC First Bank, Kotak Mahindra Bank, and Axis Bank led the gains, each rising by as much as 3% in early trade.

Shares of Multi Commodity Exchange of India (MCX) surged 3.8% to hit a new all-time high of ₹7,700.20 on the BSE on Monday, June 9. The rally came after the exchange secured regulatory approval to launch electricity derivatives, marking a first for India.

BSE Ltd. shares extended their winning streak on Monday, breaching the key ₹3,000 mark on the National Stock Exchange (NSE). The stock climbed over 2.5% during the session, hitting a record high of ₹3,024.90 per share, buoyed by continued investor interest and strong market sentiment.

The Lilavati Kirtilal Mehta Medical (LKMM) Trust, which operates Mumbai’s Lilavati Hospital, on Saturday urged financial-sector regulators—including the Reserve Bank of India (RBI), SEBI, and the Ministry of Finance—to suspend and prosecute HDFC Bank MD and CEO Sashidhar Jagdishan over allegations of financial fraud.

In response, HDFC Bank strongly refuted the charges, stating that it will explore legal remedies to counter what it termed as baseless allegations. The bank also reaffirmed its confidence in Jagdishan’s integrity and leadership.

Meanwhile, the HDFC Bank's intra-day high touched ₹1990.00 in pre-open trade. Following the recent developments, it is expected to be in focus today

On Monday, Sensex jumps 480.01 points to 82,669 in early trade; Nifty surges 157.05 points to 25,160.10