Stocks To Watch: Coal India, Tata Motors, Mahindra & Mahindra, Bank Of India, HDFC Life Insurance, Gati

Asian stock futures fell after Wall Street closed lower as investors looked beyond the debt ceiling to instead focus on the path for interest rates and concern in earnings reports.

Contracts for benchmarks in Japan, Hong Kong and Australia all slid, adding pressure to the region’s equities, which fell more than 1% Wednesday against the backdrop of worries about Chinese growth. Manufacturing data for China due Thursday is forecast to show a further contraction in activity.

Contracts for U.S. equities were flat in early Asian trading after declines on Wednesday. The S&P 500 closed 0.6% lower, narrowly clinging to a small gain for May to mark three consecutive monthly advances. The Nasdaq 100 index fell 0.7%, weighed down by a decline for Nvidia Corp. shares after a rapid rally that has tripled the stock price this year.

Comments from Federal Reserve Governor Philip Jefferson signaled the central bank is inclined to keep interest rates steady in June to assess the economic outlook.

Meanwhile, the yield on 10-year treasuries in U.S. was trading at 3.63%. Crude declined nearly 1% below $73-mark, while Bitcoin was above 27,000-level.

At 05:36 a.m., the Singapore-traded SGX Nifty, an early indicator of the Nifty 50 Index’s performance in India, down 0.37% at 18,595.

Domestic benchmark indices ended lower as banks and financial stocks, including the HDFC twins, Axis Bank Ltd. and State Bank of India dragged. The Indian rupee closed flat against the U.S. dollar as domestic equities came under pressure and the greenback retained its strength.

Foreign investors were net buyers for the eighth straight day and bought equities worth Rs 3,405.9 crore. On the other hand, domestic institutional investors were net sellers for two days in a row and offloaded Rs 2,528.5 crore worth of equities.

• Coal India: The government will sell up to 18.48 crore shares of the company, representing a 3% stake, via an offer for sale on June 1 and 2. The floor price of the offer has been pegged at Rs 225 per share.

• MOIL: The company increased prices of manganese ore grades BGF452, CHF473 and GMF569 by 10%, effective from the June 1.

• Tata Motors: The company is looking to buy back external commercial bonds worth $250 million from bond holders.

• HFCL: The company will spend Rs 470 crore to expand current optical fibre capacity to 33.9 million fibre kilometer per annum from 10 million fibre kilometer per annum at its manufacturing facility in Telangana.

• Bank of India: The bank hiked marginal cost of funds-based lending rates by five basis points across tenures, effective June 1.

• Mahindra & Mahindra: Subsidiary Mahindra Holdings completed the sale of 30% stake of Mahindra Susten to 2452991 Ontario, a wholly owned subsidiary of Ontario Teachers' Pension Plan Board. Additional 9.99% stake of Mahindra Susten will be completed by March 31.

• Laurus Labs: The company will acquire additional 7.24% stake in Immunoadoptive Cell Therapy for Rs 80 crore. Some promoters and senior management of the company will also acquire 0.54% stake in ImmunoACT for Rs 4 crore through secondary purchases. The company already holds 26.62% stake in ImmunoACT.

• Vinati Organics: The company bought additional 65.97 lakh shares of subsidiary Veeral Organics for Rs 6.59 crore.

• Lemon Tree Hotels: The company will acquire 9.67 lakh compulsorily convertible preference shares of Fleur Hotels from APG Strategic Real Estate Pool NV at Rs 505 apiece, resulting in a total outgo of Rs 48.84 crore.

• Steel Authority of India: Amarendu Prakash has taken over as chairman of the company, effective May 31.

• Rainbow Children’s Hospital: The company appointed Vikas Maheshwari as the chief financial officer, effective June 1, following resignation of R Gowrisankar from the position.

• South Indian Bank: The board approved the panel of candidates for the position of managing director and chief executive officer. This will be sent to the Reserve Bank of India for approval. The bank also appointed General Manager Nandakumar G as the head of inspection and vigilance department and head of internal audit and chief of internal vigilance, effective June 1.

• Gati: Pirojshaw Aspi Sarkari has stepped down as the chief executive officer of Gati to take charge as managing director and CEO of material subsidiary Gati-Kintetsu Express, effective immediately. Shashi Kiran Shetty, chairman and managing director of Gati, has been appointed as non-executive chairman of Gati-Kintetsu Express.

• PNC Infratech: Bhupinder Kumar Sawhney has stepped down as chief financial officer of the company on health grounds, effective May 31.

HDFC Life Insurance Company: Abrdn (Mauritius Holdings) sold 3.57 crore shares (1.66%), Aditya Birla Sun Life Mutual Fund bought 25.75 lakh shares (0.12%), Amazon Market Neutral Fund bought 1.73 lakh shares (0.01%), Aptus Global Financials Fund bought 1.73 lakh shares (0.01%), BNP Paribas Arbitrage bought 13.99 lakh shares (0.07%), BofA Securities Europe SA bought 1.74 lakh shares (0.01%), FIAM Group Trust for Employee Benefit Plans bought 2.23 lakh shares (0.01%), Fidelity Investment Trust bought 11.44 lakh shares (0.05%), Ghisallo Master Fund LP bought 6.5 lakh shares (0.03%), ICICI Prudential Mutual Fund bought 25.75 lakh shares (0.12%), Morgan Stanley Asia Singapore Pte bought 6.5 lakh shares (0.03%), Nippon India Mutual Fund bought 11.5 lakh shares (0.05%), Norges Bank on account of Government Petroleum Fund bought 27.5 lakh shares (0.13%), SBI Mutual Fund bought 1.42 crore shares (0.66%), Societe Generale bought 33.25 lakh shares (0.15%), T Rowe Price Asia Opportunities Trust bought 18.5 lakh shares (0.09%), WF Asian Smaller Companies Fund bought 26 lakh shares (0.12%) at Rs 579.6 apiece.

• Max Healthcare Institute: Government of Singapore bought 66.6 lakh shares (0.69%) at Rs 549.53 apiece, UBS Principal Capital Asia sold 74.44 lakh shares (0.78%) at Rs 548.03 apiece.

• Sona BLW Precision Forgings: Societe Generale bought 81.98 lakh shares (1.4%) at Rs 503 apiece, Government of Singapore bought 36.44 lakh shares (0.62%) at Rs 540.44 apiece, Aureus Investment sold 1.9 crore shares (3.23%) at Rs 503.73 apiece.

• Welspun Enterprises: Welspun Enterprises Employees Welfare Trust bought 10 lakh shares (0.72%) at Rs 151 apiece.

• Arman Financial Services: Stallion Asset bought 64.950 shares (0.76%) at Rs 1,.850.84 apiece.

• Goodluck India: Nandanvan Investments bought 1.57 lakh shares (0.57%) at Rs 467.45 apiece.

Jubilant FoodWorks: Promoter Jubilant Consumer revoked a pledge of 28.5 lakh shares on May 30.

• Ex-Date Interim Dividend: Shree Cement, Trident, Aptech

• Record-Date Interim Dividend: Shree Cement, Trident, Aptech

• Move Into Short-Term ASM Framework: Centum Electronics

• Move Out of Short-Term ASM Framework: Gland Pharma, Kaynes Technology India.

• Cummins India: To meet analysts and investors on June 1, 2, 6 and 15.

• Zomato: To meet analysts and investors on June 1.

• Siyaram Silk Mills: To meet analysts and investors on June 1.

• Safari Industries: To meet analysts and investors on June 1.

• Nifty June futures ended at 18,622, a discount of 90.40 points.

• Nifty June futures fell 6.32% and 12,561 shares in Open Interest.

• Nifty Bank June futures ended at 44,246.35, a discount of 220 points.

• Nifty Bank June futures fell 0.46% and 385 shares in Open Interest.

• Securities added to the ban period: Nil

• Securities removed from the ban period: Nil