Share Market Highlights June 05, 2024: Sensex, Nifty settle 3% higher amid broad-based buying on hope of political stability; metal, banking stocks shine; most Adani group stocks gain

BSE Sensex was up by 3.20 per cent, or 2,303.19 points, to 74,382.24, while the NSE Nifty was at 22,366.15, up 2.2 per cent or 481.65 points at 3.30 pm on Wednesday.

Rail Vikas Nigam Limited has received a Letter of Acceptance from Eastern Railway for a contract valued at ₹390.97 crore.

Torrent Pharmaceuticals has entered into a non-exclusive patent licensing agreement with Takeda to commercialise Vonoprazan in India. 

Vonoprozan is a novel potassium-competitive acid blocker (P-CAB), used for the treatment of acid related disorders - Gastroesophageal Reflux Disease (GERD). Torrent will market Vonoprazan under its own trademark, Kabvie. 

Torrent Pharmaceuticals stock closed at ₹2,770.50 on the NSE, higher by 2.82%

Le Travenues Technology Ltd, which operates travel booking platform ixigo, is looking to raise up to ₹740 crore through its initial share-sale opening for public subscription on June 10.

HG Solar Projects Private Limited, a wholly-owned subsidiary of H.G. Infra Engineering Limited, has incorporated the following wholly-owned subsidiary companies: 

1. H.G. Jalore Solar Project Private Limited 

2. H.G. Ajmer Solar Project Private Limited

Tube lnvestments of lndia Limited and Tl Clean Mobility Private Limited, a subsidiary of Tll, have entered into Securities Subscription Agreement with Luxembourg Specialist lnvestment Fund FCP-RAIF for subscription towards Equity Shares and Compulsorily Convertible Preference Shares, aggregating about ₹310 crore in TICMPL.

BSE Sensex jumped 2,303.19 pts or 3.20% to 74,382.24 and NSE Nifty gained 735.85 or 3.36% to 22,620.35.

Rail Vikas Nigam Limited emerges as the Lowest Bidder (L1) from Dakshin Haryana Bijli Vitran Nigam Limited for implementation of SCADA and DMS/OMS works in Gurugram Revamped Distribution Sector Scheme (RDSS) in DHBVN (Dakshin Haryana Bijli Vitran Nigam).

The cost of the project is ₹124.36 crore.

Stock traded at ₹353.40 on the NSE, up 0.54%

Titagarh Rail Systems Limited (TRSL) has inaugurated new engineering centre in Bangalore.

Stock trades lower by 6.42% on the BSE at ₹1,121

Heritage Foods, company founded by N Chandrababu Naidu, has hit upper circuit on Wednesday’s trade at ₹546.50, higher by 19.99% on the NSE.

All stocks of Nifty 50 pack traded positive as of 3 pm.

Top gainers:

Adani ports (9.09%), IndusInd (8.20%), Tata Steel (6.61%), M&M (6.60%), Hero Motocorp (6.41%)

Stocks advanced on BSE at 3 pm on June 5, 2024, were 2,497 against 1,275 stocks that declined; 112 stocks remain unchanged. Total stocks traded were 3,884. The number of stocks that recorded a 52-week high was 109, and those that hit a 52-week low was 107. 

In addition, 161 stocks traded in lower circuit, while 343 hit the upper circuit.

Adani Green Energy (10.11%)

Adani Ports & SEZ (6.10%)

Adani Enterprises (4.24)

ATGL (2.64)

Ambuja Cements (6.76%)

ACC (5.01%)

Adani Wilmar (0.71%)

Adani Energy Solutions (-2.40%)

Adani Power (-0.30%)

NDTV (4.21%)

Lupin has completed the acquisition of two brands from Sanofi—Aarane in Germany and Nalcrom in Canada and the Netherlands—along with the associated trademark rights.

Indian Oil Corporation Ltd and Sun Mobility Pte Ltd Singapore have signed a joint venture agreement for formation of JV Company for battery swapping business in India as a private limited company with 50:50 collaboration.

IOC stock surges 3.30% on the NSE, trading at ₹159.60

The board of DS Kulkarni Developers has approved sale of the Company’s land measuring approx. 29.91 acres situated at Village Phursungi, Pune, to Marcom Realty LLP, a related party entity, for a total consideration of ₹75.50 crore.

BSE Sensex surged by 2082.16 pts or 2.89% to trade at 74,161.21 as of 2.35 pm, and Nifty 50 gained by 658.75 pts or 3.01% at 22,543.25.

​Nisaba Godrej has resigned as the independent director​ on the ​VIP Industries​ board due to differing views on leadership accountability and succession planning.

PM Modi tenders resignation to the President as part of the procedure ahead of the oath-taking ceremony expected on June 8.

Adroit Infotech Limited’s shares were up by 4.98 per cent after the company reported that its subsidiary, Verso Altima India Private Limited, secured an order worth ₹2.54 crore from Asianet Satellite Communications Limited for Sap Brim and CRM portal managed services. The project entails onsite/offshore support for one year.

Dhruv Consultancy Services Ltd has been shortlisted along with Rodic Consultants Pvt. Ltd. to submit the Request for Proposal(RFP) as Consultant towards for improvement of roads within Imphal city with rigid pavement including concrete lined drains from the office of The Project Director-cum-Chief Engineer, Project Implementation Unit, Externally Aided Projects, Public Works Department, Manipur.

Dhruv Consultancy Services stock trades at ₹99.05 on the NSE, down by 1.98%.

Gopal Snacks has launched new products Kolapuri Bhadang and Sabudana Chivda under the flagship brand name ‘Gopal’.

Foreign brokerages anticipate changes in economic policy dynamics, with tougher reforms being delayed due to Prime Minister Narendra Modi’s smaller-than-expected poll victory. However, they believe policy continuity on investment-led growth, Capex, infrastructure creation and manufacturing will be maintained under the Bharatiya Janata Party-led coalition government.

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The Department of Telecommunicationshas deferred the spectrum auction for the second time to June 25 from June 6, earlier. The fauction was originally scheduled to be held on May 20, which was postponed to June 6. Read more

Nazara Technologies Limited’s shares were up 6.22 per cent after the company announced an expansion through its subsidiary, Absolute Sports. The subsidiary inked an asset purchase agreement to acquire all assets of SoapCentral.com, a US-based entertainment content website. Read more

The board of NLC India will meet on June 10 to consider raising foreign currency loans through external commercial borrowings (ECB) of up to $600 million through the direct route, subject to RBI guidelines.

Stock declines 2.52% on the NSE, trading at ₹198.90

KEC International Ltd’s shares were up 2.66 per cent after the company announced the acquisition of new orders totaling ₹1,002 crores in its Civil business segment. The company reported that it secured its largest order to date in the Residential Building Segment, alongside contracts for residential projects in both Northern and Southern India from prominent real estate developers. Read more

Jindal Stainless stock trades at ₹760 on the NSE, up 0.18%. The company has completed the acquisition of Evergreat International Investment Pte Ltd, Singapore (EIPL).

Top gainers: Hindustan Unilever (6.45%), Hero Motocorp (6.26%), Tata Consumers (6.25%), M&M (5.85%), Asian Paints (4.64%)

Top losers: BPCL(-3.15%), L&T (-3.11%), Power Grid (-2.15%), Grasim (-1.81%), SBI(-1.38%)

Of a total of 3,753 stocks traded on the BSE at 12 noon on June 5, 2,103 advanced against 1,515 stocks that declined; 135 stocks remained unchanged. While 98 recorded a 52-week high, 99 hit a 52-week low. 

In addition, 108 stocks traded in the lower circuit, while 396 hit the upper circuit.

ADF Foods Ltd received a Show Cause Notice from the Goods and Service Tax Department on June 4, 2024 for a penalty amount of ₹40,74,370. Stock trades at ₹216 on the NSE, higher by 5.44%.

Bhagiradha Chemicals & Industries (19.34%)

Heritage Foods (18.14%) 

Emami (13.48%) 

Hero Motocorp (7.11%) 

Marico (6.86%) 

Dabur (4.57%) 

TVS Motors (4.39%

Brahmaputra Infrastructure Ltd has consolidated its order book along with its joint venture /operations partners; as of May 31, 2024, it had a total amount of ₹1,150 crore (approximately). The company is consistently looking to bid for new tenders of State and Central Governments, along with private party contracts.

The Brahmaputra Infrastructure stock trades lower by 1.75% on the BSE, trading at ₹78.10

Read the latest on Hindalco stock price movements live here

Lupin announced that its European hub entity, Lupin Atlantis Holdings SA, has completed the acquisition of two brands, AaraneTM in Germany and NalcromTM in Canada and the Netherlands, along with the associated trademark rights, from Sanofi. 

Lupin stock is up 3.48% on the NSE, trading at $1,619.20.

Kotak Mahindra Bank Ltd has received RBI approval for the acquisition of 70% shareholding in Kotak Mahindra GeneralInsurance Company Limited (Kotak General) by Zurich Insurance Company Ltd (Zurich) by way of a combination of primary and secondary acquisitions, for a total consideration of approximately ₹5,560 crore.

Kotak stock rose 4.09% on the NSE, trading at ₹1,705

Sharda Motor Industries has appointed Deepak Manchanda as CEO- Global Business ( Exports )

Bank Nifty, after tumbling nearly 8 per cent yesterday, began today’s session with a gap-up at 47,487 versus yesterday’s close of 46,929. However, after marking a high of 47,502, the index declined and is now hovering around 46,680, down 0.5 per cent.

Supporting the bearish inclination, the advance/decline ratio of Bank Nifty stands at 4/8. Kotak Mahindra Bank is the top gainer by advancing 2.6 per cent whereas Bank of Baroda, down 3.8 per cent, is the top loser.

Top gainers on the BSE at 11 am:

Emami (13.69%), Vmart (13.17%), Jyothy Lab (12.06%), Zydus Wellness (11.38%), Triveni Turbine (10.58%)

Top losers:

Titagarh (-10.93%), BDL (-10%), Techno Electric (-10%), JP Associates (-9.98%), SBI Mutual Fund (-9.89%)

Greaves Electric Mobility Pvt Ltd (GEMPL), the electric mobility segment of Greaves Cotton Ltd, said deliveries of Nexus electric scooters will begin in Bengaluru in the first week of June 2024. 

Stock rose 1.82% on the NSE, trading at ₹117.80

Garden Reach Shipbuilders & Engineers has entered into a contract with the Bangladesh Inland Water Transport Authority (BIWTA) for the procurement of a Trailing Suction Hopper Dredger (Hopper Capacity 1000 m3 ) with spare parts.

The total contract value is $1,65,75,210 excluding taxes

The Garden Reach Shipbuilders & Engineers stock trades at ₹1,153 on the NSE, tanking by 9.61%

BSE Sensex was up by 0.60 per cent, or 430 points, to 72,507, while the NSE Nifty was at 21,990, up by 0.48 per cent, or 106 points. A total of 3,012 stocks were actively traded; 1,368 advanced, 1,547 declined, and 97 stocks remained unchanged. At 9.30 am on Wednesday, 38 stocks hit a 52-week high, and 65 stocks hit a 52-week low. Read more

In May 2024, originating freight loading was 9 per cent higher than in April, at 139.16 million tonnes (mt), compared to 128.30 mt in April. Read more

Absolute Sports, a Nazara Technologies subsidiary and parent company of Sportskeeda.com and ProFootballNetwork.com, has signed an asset purchase agreement to acquire all the assets of SoapCentral.com, a premier source of entertainment content in the US.

Nazara stock rises 2.81% on the NSE, trading at ₹694.15.

Top gainers: Hindustan Unilever (5.11%), Hero Motocorp (4.51%), Britannia (4.02%), Nestle India (3.80%), Asian Paints (3.49%)

Top losers: Hindalco (-4.06%), L&T (-3.46%), Power Grid (-2.23%), Adani Ports (--2.18%), Adani Enterprises (-2.07%)

Route – Tender

Buyback Price: 2,770

Current Market Price: 2293.55/-

Market Cap: Rs 28,880 Crs

Buyback Size: Rs 285 Crs (Representing 8.34% and 8.03% of the aggregate of the Company’s fully paid-up equity capital and free reserves)

Buyback Size: 10,28,881 shares (Representing 0.82% of O/s. shares)

Retail Quota: 1,54,332 Shares

Entitlement:

General Category - 1 Equity Share for every 128 Equity Shares held on the Record Date

Retail Category - 1 Equity Shares for every 8 Equity Shares held on the Record Date

Buyback Record Date: 30 May 2024

Tender Period:

Start Date - 05 June 2024 (Today)

Close Date - 11 June 2024 

Obligation Date - 18 June 2024 

Settlement Date - 19 June 2024

Macquarie on verdict

India’s GDP growth trajectory since 1980 has been less influenced by the ruling party

Like large caps : HCLT, SUNP, HUVR, HERO, HDFCB. 

Stocks to add in this pullback with a 2-3 year view: Cummins, Bharat Electronics, Delhivery

JEFFERIES ON VERDICT:

Cut OWT on real estate, industrials, & PSUs 

Buying opportunity-large-cap laggards offer the best risk/reward

OWT pvt banks, consumer staples, auto OEMs

CLSA on Elections Result:

Replace L&T with HCL Tech in India portfolio

Private banks, IT, insurance and commodities are our preferred sectors

Fear de-rating expensive discretionary and capex space

ITC remains preferred staples name

Prefer valuationssupport -Pvt Bank.

Bernstein on Verdict

Retain view of high single-digit returns, Nifty target 23,500

Financials key OW

Remain UW SMIDs over large caps

Nuvama On Election Verdict

New coalition may be less decisive than the outgoing one 

Spending push could shift towards rural (versus capex earlier) in near term

Do not see the new govt backtracking on reforms or resorting to fiscal profligacy

Jefferies on HUL

Upgrade to Buy, TP Rs 2950

Surprise election outcome makes us believe that gov’t will likely adopt a more favourable policy towards consumption, esp rural/BOP

This comes at a time when a few cos pointing to an expected pickup in rural, which augurs well for HUL

Bernstein on Power Sector

No matter who govt. power demand in India has grown at 0.8-1x of real GDP growth over last 2 decades

With new use cases of power coming in EVs, Data Centers etc., still see higher probability of power demand 

NTPC & Power Grid top picks

Jefferies on Industrials

Siemens, Hindustan Aeronautics, ABB, Thermax, KEI stand out in this context.

L&T has geographical and sector diversification.

NTPC, Power Grid and JSW Energy are key utility plays

CLSA on Defence

Downgrade BEL from Buy to O-P, TP Raised to Rs 294

Retain O-P on HAL, TP Rs 4731

Expensive val leave little space for execution error

Expect Modi govt to continue to walk-the-talk for defence ‘Make in India’& to execute $43bn in Indian made products during FY24

We believe that the new NDA government will not take this underwhelming verdict as a reason to turn populist and start doling out freebies at large. It may not be possible for the BJP to deviate from its core thought process of capex-led nation-building, control on inflation and a strong currency. Hence, there is no reason to be Overweight consumption, just based on the outcome of the polls. However, some rural focus, which was already part of BJP’s manifesto, could benefit rural consumption in the third NDA term. It is worth noting that in the speech made by PM Narendra Modi, he sounded confident as regards sticking to the NDA agenda.

No risk to ongoing programs; new reforms may hit speed-breaker

We do not believe that there will be significant slowdown in the ongoing nation-building programs. Thus, we do not see any major risk to the levels of infrastructure capex / defence capex. However, the froth built in, in terms of high valuation / major growth acceleration built into the stocks may fizzle out.

Some delay in political reforms possible

Significant political reforms such as Uniform Civil Code, and land /labour reforms may see a delay, as a fall-out of the electoral verdict. PSU privatization, which has some political ramifications, could also see some delay, but we do not see the entire process getting de-railed.

Contrary to EXIT poll predictions of 340-350+ seats, NDA has won close to ~292 seats, what spooked market more is ~240 seats for BJP, which means that it will be coalition government where BJP can’t be very aggressive in transformational reforms.

Ø It will be back to basics investing where investors need to chase sectors/stock where earnings visibility is more certain. Days of paying any multiple for stocks in industries where big reforms are expected are gone.

Ø Rural will remain one of the strongest themes as incomes are improving, monsoon is expected to be good and election outcome will lead to increase in social spending.

Ø Building materials, consumer durables, Automobiles, Industrial consumables and Exporters (China + 1 beneficiaries) are preferred picks.

Rural recovery is the theme which can get further triggers: After 3 years of bad monsoon/un-seasonal rains which impacted farmers income from Kharif crop, 2024 seems to be a promising year as monsoon is expected to be normal. Migrant labour got back to their normal jobs over last 2 years and hence discretionary spend from their side is likely to improve. With mandate not very strong for NDA government during elections, more sops are likely to be given to rural India over next few years. Inflation has also moderated compared to last 2 years and hence rural recovery in form of staples as well as discretionary spending is likely to be the theme for next 2 years.

Crude oil futures traded marginally lower on Wednesday morning as the industry report showed increase in inventories in the US. At 9.12 am on Wednesday, August Brent oil futures were at $77.50, down by 0.03 per cent, and July crude oil futures on WTI (West Texas Intermediate) were at $73.19, down by 0.08 per cent. June crude oil futures were trading at ₹6123 on Multi Commodity Exchange (MCX) during the initial hour of trading on Wednesday morning against the previous close of ₹613267, down by 0.71 per cent, and July futures were trading at ₹6134 against the previous close of ₹6176, down by 0.68 per cent.

Two key debates from the election outcome:

* Will the pace/direction of reforms slow/change? Our view is that this is

unlikely. Most of the likely reforms in the coming five years are in the arena

of execution rather than law changes.

* Will the focus on macro stability (which has driven down inflation and

asset market volatility) that has informed government policy change? The

details of the results are still to be analyzed, but the prima facie evidence

suggests that the BJP’s near 60-seat loss from 2019 is largely down to local

and non-economic issues. Thus. our base case is that the BJP-led NDA

government is unlikely to sacrifice macro stability as its anchor to economic

policy.

Key events to watch:

* Government and cabinet formation over the next few days.

* The RBI policy on June 7 – we expect no change in policy rate. Liquidity

conditions should improve as government spending resumes after elections.

* The onset of the monsoons – rains are expected to be above average.

* The budget which is likely in early July: The interim budget pegged the deficit

at 5.1% with capital spending growth exceeding social expenditure. Since

then, the actual trailing deficit was 20bps lower than estimate and the RBI

dividend cheque has added about 30bps to revenues. How the government

uses this extra 50bps plus the final estimate for the deficit will be key

information. In our base case, we do not expect an increase in populist

spending.

* The earnings season starts in the second week of July.

Indian equity markets led by Modi stocks had approached the national elections with a lot of conviction in the continuity of a strong BJP government. The election verdict of the BJP lacking a simple majority questions this conviction and raises doubts over a stable government and policy-making styles. These doubts openly question the notable premium of Indian equities versus history, compared to bonds, the near record premium of SMIDs and the recent re-rating of Modi stocks. Turning more defensive, we replace L&T with HCL Tech in CLSA’s India focus portfolio. Private banks, IT, insurance and commodities are our preferred sectors

We believe that continuity of power is a powerful enough narrative to support the economy. We also think that while some focus on subsidies at the expense of capex is likely, we do not see a material impact in the near term. Given what we see - our previous stance on the market holds good. This is about decent economic growth but a peaking of earnings growth, less room for upward revisions and somewhat rich valuations. Hence, we retain our view of high single-digit returns, with the Nifty target unchanged at 23,500. We see volatility to remain a feature given uncertainty on policy path. Financials remain our key OW, but we have selective picks across sectors. We remain UW SMIDs over large caps. From a very short-term perspective, we see the market sell-down as a bit extreme, leaving room for a modest rebound, with capex-linked stocks leading that.

Indian voters are great teachers. They have certainly surprised the politicians, exit pollsters and market watchers.

LTI Mindtree: Strategic Partnership with SAP to pioneer Digital Solutions for Complex Manufacturing

GPT Infra: Company bags order worth ₹547 cr from RVNL 

Punjab National Bank: Company Board approves diluting 10% stake Canara HSBC Life Ins by listing it on NSE/BSE via IPO 

CONCOR and Shipping Corp: Both companies have inked MoU to provide seamless end to end logistics solution 

Wipro: Company in pact with Zscaler for AI-assisted decision support platform Wipro Cyber X-Ray

Infosys: Company collaborates with Japan-Based Nihon Chouzai to expand healthcare access in Japan 

Jindal Stainless: Company completes acquisition of Evergreat International Investment, Singapore. 

Shilpa Medicare: Arm filed application with USFDA for serum products.

IKIO Lighting: Commenced commercial production at the Factory Situated in Noida

Oil downstream stocks: Brent crude below $78/bbl-Lowest Since Februrary 2024 

VPRPL: Company’s order book as on march 31 stands at about 47.17b rupees to be executed over next 24-36 months 

Vodafone Idea: CARE Ratings revised rating assigned to long-term bank facilities to CARE BB+ from CARE B+ with outlook maintained as Stable 

NLC India: Company to consider raising foreign currency loan of up to $600 million on June 10

VIP Ind: Company announced the resignation of Nisaba Godrej as Independent Director of the company on 03 June 2024. 

Tata Motors: Board approves set up of wholly-owned subsidiary 

Sun Pharma: Company submits marketing authorization application to EMA for approval of Nidlegy. 

Ashok Leyland: Company launches ‘Sarathi Suraksha’ policy aimed at safeguarding driver community. 

State Bank: Board meeting intimation for long term fund raising upto $3 bn 

NLC India: Company to consider raising foreign currency loan of up to $600 million on June 10. 

Filatex Fashions: Company Board will meet on 07 June 2024 to consider stock split of equity shares of the company from face value of Rs 5 to Re 1 per share. 

Vakrangee: Company to acquire further 48.5% stake in Vortex Engineering.

SJVN expects its under-construction 900 MW Arun-3 hydro-electric project in Nepal to start power generation from next year as nearly three-fourths of work has been completed, its chairman and managing director Sushil Sharma said on Tuesday. Read more

Aluminum products maker Novelis, owned by Kumar Mangalam Birla’s Hindalco Industries, on Tuesday postponed its initial public offering citing market conditions.

“Novelis will continue to evaluate the timing of the offering in the future,” it said in a statement, without giving further details. Read more

A day after a drastic fall due to the unfavourable poll outcome, it appears domestic markets are likely to see a positive opening on Wednesday, suggest signals from trading at Gujarat Gift City. According to the indicator, Nifty could open with a gain of about 150 points (at 730 am), as Nifty futures in Gujarat Gift city is ruling at 22,035, as against Tuesday’s closing of 21,908. Read more

The election outcome is a near-term derating event for the markets, with most impact on recent winners such as PSUs, select industrials, and Realty, along with impact to capital market proxy stocks. We trim weight in our model portfolio on SBI (-1ppt) & ONGC (-1.5ppt) in the PSU segment, Lodha (-2.3ppt) in Realty, 360 One (-2.5ppt) as a capital market proxy and Kajaria Ceramic (-1.6ppt) in industrials. Likelihood of welfare spending /populist announcements by the coalition govt. in the July budget, alongside forecast good monsoon rainfalls, favors the rural recovery theme. We add HUL (+2.5ppt), replace Tamo with M&M as rural proxies, and add Aavas as affordable housing play. We also add HDFC Bank (+2ppt) and bring Reliance to neutral as govt policy agnostic plays in our model portfolio.

Policy implications: The election outcome could result in some reorientation of spending towards revex from capex, however we do not foresee a dismissal of macro prudence. We do not expect any slip of the interim budget target of 5.1% of GDP, but if the government deems reflationary policies as a political necessity, then that could mean slower consolidation. Supply-side reforms are likely to continue, while factor market reforms will remain difficult. We do not expect material impact on monetary

policy.

•

Economic implications: Our assessment is that India’s economic fundamentals remain robust. Reforms in India have generally survived the test of politics, and we expect the government to continue the pace of governance and administrative reforms, leaving states to work around the more intractable reforms around land and labour. Hence, while near-term uncertainty is high and the political backdrop is slightly different, the broader direction of reforms, macros and the economy remain unchanged, in our view.

•

What’s next: The immediate focus is on government formation as well as political parleys between parties. News reports suggest the swearing-in ceremony could happen on 9 June. We believe the cabinet could have some new faces and our focus will be on the final budget, most likely in early July, to assess the policy direction. The first 125-day agenda of the new government will most likely focus on digitalization, infrastructure, industrialisation and governance related reforms

The rupee tumbled 45 paise to close at 83.59 (provisional) against the US dollar on Tuesday as the ruling BJP is unlikely to muster an absolute majority in the Lok Sabha elections. Read more

SEBI has formed an ad-hoc Committee under Usha Thorat, to review the ownership and economic structure of clearing corporations, and to suggest measures to ensure that clearing corporations function as resilient, independent, and neutral risk managers. Read more

Reliance Industries is all set to build a global economic hub in Navi Mumbai, where it has secured sub-leases on about 3,750 acres of land for ₹13,400 crore. The lease is for a period of 43 years, and it follows a memorandum of understanding that the company had signed with the Maharashtra government back in 2018. Read more

10:30 INDIA HSBC Service PMI (Expected: 61.4 versus Previous: 60.8) 

14:00 U.K. Final Service PMI (Expected: 52.9 versus Previous: 52.9) 

17:45 U.S. ADP Non-Farm Payroll (Expected: 173k versus Previous: 192K) 

19:30 U.S. ISM Service PMI (Expected: 51.0 versus Previous: 49.4)

Dollar Tree, Inc. (Pre market) (Sector- Retail)

Brown Forman Corporation (Pre market) (Sector- FMCG)

Campbell Soup Company (Pre market) (Sector- FMCG) 

Thor Industries, Inc. (Pre market) (Sector- Automobile) 

lululemon athletica inc. (Post market) (Sector- Textiles) 

Smartsheet Inc. (Post market) (Sector- Technology)

Adani group company stocks have been hammered amid the crash in the equity markets after the ruling NDA failed to live up to its own expectations of winning in 400 constituencies. Even though the BJP-led NDA will form the government in Centre for the third time in a row, it has to get the consent of alliance partners for pushing in reforms. Read more

A long-drawn election process has come to a close and its most immediate impact has been on equity markets. But within sectors, it was PSUs that witnessed the highest declines in the day. In the last five years, these stocks gained from higher capital expenditure, logistics upgradation, defence spending and power infrastructure upgradation. With an overhang on policy continuity, these stocks shed around 20 per cent on Tuesday. Read more

The rupee (INR) depreciated 0.46 per cent on Tuesday as it ended at 83.53 versus dollar (USD). This is the biggest intraday fall since February 6, 2023. As the election results came in, the market spooked, leading to a substantial sell-off. Not just rupee, but the domestic equity benchmark, Nifty 50, too, slumped nearly 6 per cent. Read more

Indian financial markets went into a tizzy after the election results showed that Bharatiya Janata Party would have to rely on its partners to form a government, contrary to exit polls that had predicted a comfortable majority. Read more

The General Election results proving to be contrary to market expectations kept the Indian stock markets highly volatile . by end of the day, the Nifty 50 and the Nifty Bank indices tumbled to close down by about 6 per cent and 8 per cent, respectively. Nifty has closed at 21,884.50 and Nifty Bank index at 46,928.60. Indeed, at a point the intraday fall in the indices were 9.3 per cent in Nifty and 10.6 per cent in the Nifty Bank index. Read more

Tata Motors announced the formation of a wholly-owned subsidiary for its commercial vehicle business. The owned subsidiary will be called TML Commercial Vehicle Ltd (TMLCVL). Read more

The Reserve Bank of India (RBI) on Tuesday absorbed surplus liquidity aggregating ₹44,430 crore through two variable rate reverse repo (VRRR) auctions of three days tenor. The aforementioned amount was deployed by banks even as the central bank was ready to absorb a total of ₹1-lakh crore (notified amount). Read more

The outlook for Kajaria Ceramics is bearish. The stock has been falling consistently over the last one week. On Tuesday the stock had declined over 5 per cent. Although the share price had bounced from the intraday low of ₹1,125 on Tuesday, the broader picture remains weak. Strong resistance is around ₹1,195 which can cap the upside. Read more