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The strategic initiative between NSE IX and SGX enables Gift Nifty orders from SGX members to be routed to NSE IFSC for trading and execution with clearing and settlement through SGX Derivatives Clearing.

Since April 1, state governments have raised ₹1.4 lakh crore through the sale of bonds as against ₹84,240 crore in the same period in the previous financial year, the RBI data showed. On a gross basis, sales of state government bonds were anyway set to outstrip the previous year issuance due to larger redemptions lined up this year

Indiamart Intermesh and Gulshan Polyols are set to trade ex-bonus this week. Indiamart has announced a bonus of shares to investors which will be credited to shareholders whose names appear on its register of members maintained by the company’s registrar. Gulshan Polyols has also declared a bonus issue of shares to investors. With both companies set to release bonus shares, it will help in increasing liquidity of the stock and gradually decrease the stock price.

The IPO opens on June 20 and closes on June 23. The share allotment is likely to be finalised on June 29 and the listing of shares will be on July 4.

The US dollar inched higher while the UK pound was near a 14-month peak as investors analysed decisions made by central banks globally to combat high inflation. While the European Central Bank signalled it may raise rates again, the US Federal Reserve did not which caused the Dollar Index to slide to its largest weekly fall since January, remaining close to a one-month low of 102.00, its biggest fall since January. Bank of England decisions, expected this week, are crucial as the bank attempts to tackle inflation running at over four times its target.

Abrdn Investment Management, formerly known as Standard Life, plans to sell its entire 10.2% stake in HDFC Asset Management Company in an open market transaction. The sale of 2.18 crore shares will be priced between Rs 1,800 and Rs 1,892.45 per unit, with an expected value of Rs 3,920 crore.

Indian retail investors and wealthy citizens largely stay away from investing in startups, resulting in heavy dependence on foreign venture capitalists and big investment houses. CEO of Zerodha, Nithin Kamath, suggests incentivising them with tax relief and capital gains exemption for startup investments, similar to the UK, to utilise local wealth stuck in fixed assets. Kamath believes wealth creation must be captured by a vast number of Indians to spread wealth inclusively and not just the elite, which can only happen when retail investors move assets to back Indian entrepreneurs.

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NSE International Exchange (NSE IX) will start trading the Gift Nifty derivative contracts on July 3, which is accessible for almost 21 hours across Asia, Europe, and US trading hours. Gift Nifty offers foreign investors a single pool of liquidity and venue to access dollar-denominated Nifty derivatives at NSE IX regulated by the International Financial Services Center Authority (IFSCA). Initially, participants can access Gift Nifty 50, Gift Nifty Bank, Gift Nifty Financial Services and Gift Nifty IT derivative contracts, and later, other indices will be unveiled under the Gift Nifty suite.

Private equity firm TPG Investments sold all its shares in Shriram Finance through its Indian arm, TPG India Investments, which amounted to 2.64% of the company. The sale reportedly earned the PE firm INR13.89bn ($185.84m). Shriram Finance, offering consumer services such as automobile, commercial vehicle, business and gold loans, is majority public-owned with 74.49% stake, the rest being owned by promoters, and has performed well this year.