Good morning!
Here are the top stories to start your day.
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⭐ Expansion plans for HDFC Bank 🏦
India’s largest private sector lender HDFC Bank has major expansion plans for FY23. The bank said it will form new partnerships for loans, credit cards and deposit products every three weeks. It also plans to open 2,000 branches each year for the next three to five years. The bank will launch more products and services under its 'Digital 2.0' drive in the upcoming quarters.
⭐ KNR Constructions plunges on margin concerns 😓
Shares of KNR Constructions fell 4% intraday to touch a 52-week low of ₹207.8 on Tuesday. However, the stock recovered and closed 0.7% higher. The civil construction company has now slipped 16% in June, as investors worry that rising input prices may have impacted margins.
⭐ Metro projects offer major opportunity for construction firms 🚄
According to rating agency ICRA, domestic metro projects will provide a business opportunity worth ₹80,000 crore for construction companies over the next five years. Fifteen cities have operational metro networks, many of which are undertaking expansion projects. Meanwhile, there are seven other cities where metro projects are under construction. Apart from this, there are metro projects worth ₹2 trillion that are still in the proposal or approval stage.
Global markets (at 7:30 AM today)
| Indices | Today's movement |
| SGX Nifty | ▼ 0.3% |
| Nikkei 225 (Japan) | ▲ 0.08% |
| Hang Seng (Hong Kong) | ▼ 0.7% |
| SSE Composite (China) | ▼ 0.3% |
| Dow Jones (US) (June 21) | ▲ 2.1% |
| NYSE (US) (June 21) | ▲ 2.5% |
| Nasdaq (US) (June 21) | ▲ 2.5% |
| S&P 500 (US) (June 21) | ▲ 2.4% |
Fact of the day
As per a report from the World Gold Council, India is ranked fourth in the world in gold recycling. Last year, India recycled 75 tonnes of gold. China topped the chart, with Italy in second place and the US placed third.
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Disclosures and Disclaimer
Investment in securities markets is subject to market risks; please read all the related documents carefully before investing. The securities quoted are exemplary and are not recommendatory. Past performance is not indicative of future results. Details provided in the above newsletter are for educational purposes and should not be construed as investment advice by RKSV group. Investors should consult their investment advisor before making any investment decision.