TOP NEWS Kaynes Technology: Kaynes Semicon and L&T Semiconductor Technologies (LTSTC) are set to acquire the power modules business of Japan’s Fujitsu General Electronics for INR 118.32 Cr. As part of the deal, Fujitsu will transfer its power modules business to LTSTC, the fabless chip company of Larsen & Toubro, and transfer the related production facilities to Kaynes Semicion, a subsidiary of Kaynes Technologies. Fujitsu is involved in developing, manufacturing, and selling electronic devices and manufacturing equipment for information and communications in the tech solution business. The venture is backed by two crucial elements: a multi-million-dollar, high-volume service agreement with customer Alpha and Omega Semiconductor (AOS) and the acquisition of three power packaging lines from Fujitsu Electronics Ltd Japan. Positive JSW Energy: Ministry will float a tender for 30 gigawatt hour (GWh) BESS capacity in the next three months with a viability gap funding (VGF) of Rs 5,400 crore at a rate of Rs 18 lakh per MWh. Besides, to make energy storage system (ESS) projects more viable the Ministry has decided to waive-off Inter-State Transmission Charges (ISTS) charges for BESS and PSP projects commissioned on or before June 30, 2028. Positive Wipro: The company announced the extension of its partnership with Metro AG, an international food wholesaler, for an additional two years. Under the renewed agreement, the company will continue to provide Metro with integrated digital services across cloud, data, application development, and AI-enabled IT support services. Positive HCLTech: The company expanded its agreement with US-based Standard Insurance Company to accelerate AI-led transformation and deliver digital-first services at scale. Positive Alcohol stocks: Alcohol will become expensive in Maharashtra as the state government has decided to hike excise duties in the state. The Maharashtra state cabinet has approved an increase in excise duty on Indian Made Foreign Liquor (IMFL) to 4.5x the manufacturing cost, up from the previous rate of 3x, with a ceiling of Rs. 260 per bulk litre. Duty on country liquor has also been raised, moving from Rs. 180 to Rs. 205 per proof litre. The new policy applies to both retail purchases from a liquor store and consumption in a restaurant or bar. Negative for stocks such as United Spirits, ABDL, among others. CreditAccess Grameen: The NBFC-microfinance institution has secured a $100 million multi-currency syndicated social loan facility, qualifying as an External Commercial Borrowing (ECB) under the automatic route of the Reserve Bank of India (RBI). Positive MACRO WRAP • The DJIA, the S&P500, and the Nasdaq Composite Index rose 0.3%, 0.6%, and 0.6% respectively. The Eurostoxx 50 fell 0.1%. The Dollar Index rose 0.2% to 99.10. EUR-USD was little changed at 1.1430. The US 2Y yield rose 1.5bp to 4.02% while the 10Y yield was little changed at 4.47%. The German 10Y yield fell 4bp to 2.52% and the UK 10Y yield dropped 9bp to 4.54%. Brent crude oil prices fell 0.3% to USD66.87. Gold edged down 0.1% to USD3,324. • US and China reached a preliminary agreement on implementing the Geneva consensus, with negotiators confident that rare earth minerals and magnets issues will be resolved. The proposals now require US and Chinese leaders' approval before implementation, though both teams said they expect issues around rare earth minerals to be resolved. Positive for broader market and negative for Gold • World Bank cut its 2025 global growth forecast to 2.3%, the weakest in 17 years outside of recessions, and 2026 to 2.4%. Growth is hindered by trade barriers and uncertain policies. Halving tariffs by May 2025 could boost growth by 0.2 percentage points in 2025 and 2026. • US and Mexico are negotiating to reduce or eliminate Trump's 50% steel tariffs on imports. A likely outcome is a quota allowing a certain volume from Mexico to enter duty-free or at a reduced rate, with excess imports facing the full tariff. • US CPI preview : The market expects headline CPI inflation to edge up to 2.4% yoy in May vs 2.3% in April, and core inflation to edge up to 2.9% vs 2.8% previously • Economic data – UK Spending Review, US Inflation Rate, US CPI, US MBA 30-year Mortgage Rate. OTHER NEWS Aditya Birla Capital : Jomei Investments (Advent International) is likely to sell a 1.4% equity stake in the company via block deals, reports CNBC-TV18, quoting sources. The total block size may be around Rs 856 crore, with a floor price of Rs 237.8 per share. It has 3.84% holding in the company as of March 2025. Bajaj Finserv: The company has appointed veteran Kotak fund manager Lakshmi Iyer as its new Group President, Investments vertical. Iyer has 27 years of expertise in financial services across wealth advisory, strategy and product solutions spanning fixed income, real estate and alternates. Iyer was earlier the CEO - Investments & Strategy, at Kotak Alternate Asset Managers Limited, and was associated with the Kotak Group for over two decades. SIS: The company will buy back equity shares worth Rs 150 crore at Rs 404 each, from eligible shareholders. The buyback opens June 12 and closes June 18. Vodafone Idea: The company announced the launch of its 5G services in Bengaluru. ABDL: The board has approved the acquisition of 100% stake of UTO Asia Pte. Ltd. (UTO Asia) for Euro 12,25,000 (Rs. 12 crore). With this acquisition, the company has gained worldwide rights of ‘Mansion House’ and ‘Savoy Club’ brands *excluding certain territories (Singapore, Malaysia, Indonesia, Philippines, Thailand, Cambodia, Vietnam, Laos, China, and Myanmar). Positive ICICI Bank: India's second largest asset management company in terms of managed assets, ICICI Prudential Asset Management Company kicked off its mega IPO recently and has engaged an army of up to 17 investment banks, arguably an all-time record for size of IPO syndicates in India. Positive