Morning Update for 22 June 2021

Indices at previous closing

Nifty50: 15,746 ▲+63 (+0.4%)
Sensex: 52,574 ▲+230 (+0.4%)
Nifty Bank: 34,871 ▲+313 (+0.9%)

In the news

Auto industry bets on pent-up demand

• As per reports, automobile manufacturers and dealers are hoping that sales will improve in June after the easing of restrictions and pent-up demand. They are estimating that the sales will hit June 2020 levels, when the unlocking had begun after the first wave of the pandemic.
• The sales are expected to receive a similar push as the regional lockdowns are being lifted. The auto dealers' association has said that auto sales in the first nine days of June were better than expected. Meanwhile, the Nifty Auto Index has dipped about 1% in June.

Dish TV to raise ₹1,000 crore via rights issue

• DTH service provider Dish TV will raise ₹1,000 crore through a rights issue in one or more tranches. The share price fixed for rights issue is ₹10 per share, which will be 33% lower than yesterday’s closing price of ₹15.1.
• The size of the rights issue is almost 35% of the company’s market capitalisation of ₹2,780 crore. Shares of Dish TV were up 2% yesterday. 

Jet Airways readying to fly again

• Shares of the cash-strapped airline surged 5% today after reports suggested that it may resume operations within six months of the approval from the NCLT. 
• Once the country’s leading airline, Jet Airways had shut operations in April 2019 due to lack of funds. Under the resolution process, the Jalan-Kalrock Consortium emerged as the winning bidder for the airline. 

Sectoral indices (21 June)

Global markets (at 8:00 am)

Fact of the day 

According to a 2018 study, France was the most visited country in the world with 90 million annual visitors, about 35% more than its population. 

Source: World Economic Forum

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