Stocks are bracing for a gap at the open on Monday as global markets cheered a last-minute deal on the US debt ceiling. US President Joe Biden on Friday signed a two-year dotted line to raise the debt ceiling, averting a last-minute default by the world’s largest economy.

As a result, Wall Street indexes rose as much as 2.12% overnight on Friday, while Asia-Pacific indexes, including the Nikkei, Kospi, Hang Seng and S&P/ASX 200, rose between 0.4% and 1.5% this morning. At 7:35 am, the SGX Nifty closed 86 points higher at 18,715.

Oil-linked stocks: Brent crude-linked stocks could see wild swings today, as oil prices rose more than 2% overnight and another 2% on Monday morning after top OPEC member Saudi Arabia decided to cut output by another 1 million barrels a day. Paint, tyres, ceramics and oil marketing companies may see some pressure as they use oil as a raw material. In contrast, Indian Oil Corporation, Hindustan Petroleum Exploration Corporation, Reliance Industries, etc., may see uptrends.

SBI Life Insurance: Insurance regulator IRDAI has approved the transfer of the life insurance business of Sahara India Life Insurance Co. to SBI Life, effective immediately.

NTPC: NTPC Green Energy Limited, a wholly-owned subsidiary of NTPC Limited, has entered into a 50:50 joint venture with India Oil Corporation Limited in a new company named India Oil NTPC Green Energy Private Limited. The establishment date of the joint venture is June 2, 2023. The JV will develop renewable energy-based power projects (i.e. solar PV, wind, any other renewable energy, energy storage or any combination thereof) to provide 650 MW or more of renewable energy around the clock to meet Indian Oil Corporation requirements.

Wipro: IT major Wipro Ltd has set June 16, 2023, as the record date for a buyback programme of up to Rs 12,000 crore.

Ipca Lab: The Income Tax Department conducted investigations at the company’s Mumbai office and Sikkim manufacturing plant between May 30, 2023, and June 3, 2023.

Lupin: The pharmaceutical giant announced the launch of Darunavir tablets (600 mg and 800 mg) to market in the US as the generic equivalent of Janssen Products, LP’s Prezista tablets. Darunavir Tablets estimates annual sales in the US of $308 million in March 2023.

Bajaj Finserv: Bajaj Finserv Ltd on Saturday signed a memorandum of understanding (MoU) with the Maharashtra state government to develop the Rs 5,000 crore project in Pune.

Tech Mahindra: The company’s subsidiary Comviva Technologies and its downgraded subsidiary Comviva Technologies BV has agreed to sell 0.04%, and 99.96% of the shares in Comviva Technologies do Brasil Indústria, Comércio, Importação e Exportação, respectively, to Druid Internet Systems Comércio E Serviços for an upfront payment $20,000 in payments and $1.42 million in deferred payments.

Indo Rama: Indorama Yarns Private Limited, a wholly owned subsidiary of Inda Rama Synthetics (India) Limited, has successfully commenced commercial production of bottle-grade PET resin at its new Solid State Polymerization (SSP) plant in Butibori, Nagpur, Maharashtra, June 2, 2023.

Wonderla Holidays: The Tamil Nadu government has granted the company a 10% local tax (LBT) exemption for 10 years after starting business operations.

Hero MotoCorp: The two-wheeler maker has increased the price of its electric scooter VIDA V1 Pro by around Rs 6,000 to offset the curtailment of the subsidy structure for electric two-wheelers effective June 1.

Vedanta: Bharat Aluminium Company Limited (BALCO), a subsidiary of Vedanta Limited, has entered into a power transmission agreement to procure 200 MW of solar renewable energy via special purpose vehicles for its aluminium operations in BALCO, Chhattisgarh.

Godrej Properties: The company acquired the remaining 26% stake in Godrej Home Constructions for Rs 14.99 crore, bringing its total holding to 100%.

Indoco Remedies: The company’s Hyderabad-based clinical research facility, AnaCipher, was inspected by the United States Food and Drug Administration (USFDA) in July 2022. USFDA has confirmed that no adverse events were observed during the remote evaluation.

Brigade Enterprises: MD Pavitra Shankar told PTI that the real estate firm would launch 10 housing projects in Bengaluru and Chennai this financial year at Rs 3,000 crore.

Minda Corp: The board of directors of the company has approved a proposal to raise funds by way of public and/or non-public offering, including preferential offering, qualified institutional placement, further public offering or any permissible means (one or more) for an aggregate amount of up to Rs 600 crore.

Greenply Industries: The board has approved the sale and/or disposal of the property, plant and equipment, and other current assets of Greenply Industries (Myanmar) Private Limited, a subsidiary of Greenply Alkemal (Singapore) Pte Ltd. Ltd. has had difficulty continuing to operate due to the unfavourable business environment in Myanmar due to political developments. This resulted in a loss-share of Rs 20.75 crore for the joint venture for the year. Accordingly, management has estimated and recognized an impairment loss of Rs 16.39 crore in the books of Greenply Industries Limited for the quarter and year ending March 31, 2023.

Dish TV: The company cancelled its extraordinary general meeting, scheduled for June 9, after Zohra Chatterji resigned as a non-executive independent director.

Indian Overseas Bank: RBI fined Rs 2.2 crore for regulatory non-compliance.