Share Market Highlights June 11, 2024: Sensex, Nifty end flat amid volatile trade

The rupee settled for the day lower by 6 paise at 83.56 (provisional) against the US dollar on Tuesday, weighed down by a muted trend in domestic equities and the strength of the American currency in overseas markets.

Forex traders said the US dollar strengthened due to increased demand from oil importers and stronger-than-expected economic data from the US. Moreover, elevated crude oil prices also weighed on the local unit.

Shares of Dredging Corporation of India Ltd (DCIL) hit the upper circuit on receipt of a new work order worth ₹2,015.9 crore.

The company has received a contract from Syama Prasad Mookerjee Port Authority (SMPA), pertaining to the maintenance dredging in the Hooghly Estuary, primarily focusing on the shipping channel leading to Haldia Dock.

India’s equity benchmarks BSE Sensex and NSE Nifty closed on a flat note on Tuesday, tracking mixed global cues. While the Sensex closed 33.49 points, or 0.04%, lower at 76,456.59, the broader Nifty50 gained 5.65 points, or 0.02%, at 23,264.85, show provisional data on the exchanges.

Vedanta Group’s Cairn Oil & Gas, a private oil and gas exploration and production company, has announced the implementation of ASP flooding in the Mangala oil field in Barmer, Rajasthan

BSE Sensex was down by 0.14% or 109 points to 76,380, while the NSE Nifty was at 23,329 down by 0.08% or 19.40 points at 3.23 pm

A total of 3,960 stocks were actively traded, 2,432 advanced, while 1,409 declined and 119 stocks remained unchanged where 252 stocks hit a 52 week high and 22 stocks hit a 52 week low on the BSE

Major gainers on the NSE include- Oil and Natural Gas corporation (5.54%), Tata Motors (1.88%), Larsen and Toubro (1.53%), Adani Ports (1.33%), Hero MotoCorp (1.19%). Major Losers include, Kotak Mahindra Bank (-1.50%), Divis laboratories (1.38%), Dr Reddy Lab (-1.10%), Reliance (-1.09%), Sun Pharma (0.90%)

Krishna Institute of Medical Sciences announced an investment of ₹1.02 crore in Meda Institute of Podiatry Private Limited by acquiring 10,20,000 equity shares. This investment aims to establish and expand small podiatric hospital clusters in Hyderabad, starting with a 9-bed facility and potential expansion to 20 beds. The shares were up by 2.96% to ₹1,921 on the BSE

Vedanta Ltd.’s Cairn Oil & Gas branch commenced commercial ASP flooding operation in the Mangala oil field, Rajasthan. This initiative aims to enhance oil recovery from the mature field by injecting polymers and surfactants. The project is expected to increase recovery by up to 20% in the targeted area. The shares were up by 0.75% to Rs 447.70 on the BSE

Gateway Distriparks Limited announced the sale of part of its land and building located at its CFS facility in Krishnapatnam. The property, comprising 7.63 acres and two warehouses, has been sold to Snowman Logistics Limited for Rs 20 crore. This transaction is in line with Gateway Distriparks’ strategy to monetize non-core assets. The shares were up by 0.74% to Rs 100.53 on the BSE.

State Bank of India, the country’s largest lender, said on Tuesday that its board has approved raising up to $3 billion via debt in the current financial year

The Executive Committee of the Central Board of State Bank of India approved the examination and decision on long-term fund-raising of up to $3 billion. This will be conducted in single or multiple tranches through a public offer and/or private placement of senior unsecured notes in US Dollar or other major foreign currencies during FY 2024-25. The shares were up by 0.68% to Rs 837.85 on the BSE.

NBCC (India) Limited announced the receipt of work orders totaling ₹878.17 crore. The awarded projects include the development of “Bliss City” in Kakkanad, Ernakulam District, Kochi, for ₹700 crore, construction of a Boys College at Hindu College, University of Delhi, for ₹69.71 crore, construction of an office and training institute for the Institute of Company Secretaries of India (ICSI) in Hyderabad for ₹8.62 crore, and construction of a Centralized Core Repository with Advanced Laboratory Facilities for Oil India Limited in Guwahati, Assam, for ₹99.84 crore. The shares were up by 8.40% to Rs 154.90 on the BSE.

National Plastic Industries Limited has been recognized as the Top Exporter of Plastic Furniture in India by the Plastics Export Promotion Council. The shares were up by 1.23% to Rs 67.15 on the BSE.

Adani Defence & Aerospace has signed a cooperation agreement with EDGE Group, one of the leading advanced technology and defence groups in the UAE, to establish a global platform leveraging the defence and aerospace capabilities.

Adani Aerospace is an arm of Adani Enterprises.

The Hyderabad real estate market will be significantly affected by the outcomes of the recent general election, according to Anarock Research. On the back of a strong political comeback, there is likely to be greater emphasis on infrastructure and pro-business policies. This will draw in more IT firms and other industries, increasing the demand for commercial real estate.

Fresh development initiatives and improved connectivity may draw additional investment to remote locations. 

According to ANAROCK Research, Hyderabad’s residential market has exhibited robust growth between 2021 and Q1 2024, with a cumulative total of approximately 218,800 new residential units launched and 154,300 units sold. 2023 witnessed a peak in activity, recording nearly 76,300 units launched and 61,700 units sold.

Dixon Technologies (₹10,150): The stock hit a record high of ₹10,263 on Monday and has softened a bit. The breakout of the psychological level of ₹10,000 and hitting a new life-time means that the upward momentum is strong. Therefore, the probability of further appreciation is high.

Adani Enterprises Ltd. reported that it signed a cooperation agreement with the EDGE Group in the defence and security sectors, focusing on missiles, weapons, unmanned platforms, and cyber systems. The partnership aims to establish R&D facilities in India, the UAE, and other global markets to advance technological capabilities in defence. The shares were up by 0.95% to Rs 3248 on the BSE.

A total of 3,860 stocks were actively traded, 2,506 advanced, while 1,212 declined and 142 stocks remained unchanged where 224 stocks hit a 52 week high and 18 stocks hit a 52 week low on the BSE

Major gainers on the NSE at 12.15 pm include - Oil and Natural Gas corporation (3.76%), Larsen and Toubro (2.20%), Adani Ports (2.13%), Tata Motors (1.95%), Hero Motocorp (1.67%)

Major losers include- Dr Reddy laboratories (-0.99%), Kotak Mahindra Bank (-0.85%), Bharat Petroleum Corporation (-0.83%), Eicher Motors (-0.69%), ITC (-0.47%

Persistent Systems announced a partnership with Google Cloud to drive digital transformation globally, focusing on BFSI, Healthcare, Communications, Consumer Tech, and Hi-Tech sectors. The shares were up by 0.85% to Rs 3773.45 on the BSE.

Lead futures on the Multi Commodity Exchange (MCX) has been in a downtrend over the past few weeks. The June contract faced resistance at ₹196 and began declining.

In the past week, June lead futures fell below the 50-day moving average, as also an important support at ₹190. This has turned the outlook weak for the contract.

Gopal Snacks Limited introduced the “Korean BBQ” wafer under its “Cristos” brand, it is targeted at young consumers, the product is available nationwide in retail outlets and online. The shares were up by 2.54% to Rs 329.50 on the BSE.

RailTel Corporation of India Ltd. has secured a work order from the Ministry of Defence for the creation of RailTel PoP. The contract is valued at ₹11,23,69,040 (including tax). 

Earlier this month, the company secured order from National Informatics Centre Services Incorporated for supply, installation, configuration, commissioning, and integration of ICT infrastructure, for operation, and maintenance of the ICT infrastructure in compliance amounting to ₹81,45,64,548 (including tax).

Tata Steel expressed concern over UK media reports suggesting that the £1.25 billion investment of the company will be put in peril due to policy differences expressed by the Conservative and Labour parties, during the ongoing election period.

The company has urged the current and incoming government post-elections, to adhere and safeguard the agreed terms of the £500 million package of support for the Electric Arc Furnace (EAF) project announced in September 2023, said Tata Steel in a statement on Tuesday

BSE Sensex was up by 0.23% or 178.23 points to 76,668, while the NSE Nifty was at 23,325 up by 0.28% or 65.80 points at 10.35 am

Mphasis adopted HPE GreenLake cloud, and HPE Alletra Storage to enhance IT transformation for its healthcare clients, the company said that it expands storage capacity, boosts process efficiencies, and enhances security with encryption at rest. The shares were down by 0.01% to Rs 2394 on the BSE

Suzlon Energy secured a 103.95 MW wind power project order from AMPIN Energy Transition to install 33 turbines in Rajasthan’s Fatehgarh district. The project will supply electricity to about 85,000 households and reduce CO2 emissions by 3.38 lakh tonnes annually. Shares up by 2.05% to ₹48.32 on the BSE

Easy Trip Planners ltd.’s EaseMyTrip Foundation, and YOLO Foundation partnered to promote animal welfare, donating 10 equipped animal ambulances. The shares were up by 0.45% to ₹42.11 on the BSE.

Tata Technologies implemented SAP S/4 HANA for Mitsubishi Electric India, boosting operational efficiency by 15% and reducing the implementation timeline by 25%. Tata Technologies will provide annual maintenance services for the next three years. The shares were up by 0.49% to ₹1062 on the BSE

Tata Motors says to step up margins 200 basis points in passenger vehicles in the coming years. In EVs it aims to drive up penetration of its portfolio to 30% by FY30.

Tata Motors shares were up by 1.84% to ₹986.95 on the NSE

Need to win back share in small commercial vehicles. Accelerate growth further leveraging the government’s infra investments backed

by innovation and customer experience • Improve profitability and sustain returns

and cash flows through the cycle

Nifty 50 has bounced back well from the intraday low of 23,206. It is currently trading at 23,295, up 0.16 per cent. The advances/declines ratio is currently at 36:14. This leaves the bias positive. If this sustains, then further rise is possible during the day

Bank Nifty opened today’s session marginally lower at 49,751 versus yesterday’s close of 49,781. But then the index recovered and is now hovering around 49,850, up 0.15 per cent by the end of the initial hour of trading

Garment Mantra Lifestyle Ltd launched a line of premium men’s apparel for the export market, targeting Gulf countries. The shares were down by 0.34% to ₹5.92 on the BSE

L&T Technology Services and IIT Hyderabad, formed a partnership to advance research in Advanced Driver Assistance Systems (ADAS) and Cellular Vehicle-to-Everything (CV2X) communication. This collaboration aims to enhance road safety by integrating AI algorithms and sensor technologies. It will focus on working on features like collision avoidance and adaptive cruise control. The shares were up by 1.60% to ₹4869.70 at 10.14 am on the BSE

Barclays: NDA 3.0:

PM Modi and his cabinet took oath on 9 June. The cabinet has

72 ministers, of which 61 are from BJP, and 11 from its allies.

With most ministries, including the top four, unchanged, we

expect policy continuity from the new government. Focus

moves to the Budget in July; we think fiscal deficit should be

maintained at 5.1%.

Butterfly Gandhimathi Appliances Limited received a demand notice from West Bengal GST authorities for ₹97,553, including tax, interest, and penalty, for the financial year 2019-20. The shares were up by 2.62% to ₹749 on the BSE

Global private equity and venture capital deal value in May grew 29.2% to $61.73 billion from $47.56 billion in the same month in 2023, according to new S&P Global Market Intelligence data and analysis

The June FOMC meeting will be one of the most pivotal this year as Federal Reserve Chair Jerome Powell may provide the clearest hint to the rate-cut timetable. The new dot plot likely will indicate two 25-basis-point cuts this year, compared with three in the March version.

With growth indicators consistently surprising to the downside since the May meeting even as inflation data have met expectations — we expect Powell to sound relatively dovish in his news conference.

The FOMC will hold rates at a target range of 5.25%-5.50%. Economic activity has surprised to the downside recently, which should prompt officials to mark down real GDP growth to 1.8% (from 2.1% in the March) and boost the unemployment-rate forecast to 4.1% (vs. 4.0%).

Surprising weakness in the next jobs report — and May’s robust payroll print doesn’t suggest there will be — inflation data alone won’t be enough to spur the Fed to cut rates in July.

Given the political sensitivity around November’s presidential election, we think the most plausible start date is December. In the dot plot, we expect the median participant to reduce the scope of cuts expected this year from 75 bps to 50 bps.

The FOMC is likely to indicate rates are on a holding pattern until officials gain more confidence about the disinflation trajectory. They’ll probably reach that threshold sometime this fall.

Equirus Securities on Whirlpool of India: Post-COVID, Whirlpool of India has seen continuous topline and margin stress, with topline growing at a meagre 3% CAGR and margins sliding from 11.2% to 5.9% over FY20-FY24. We believe this was due to massive pressure on entry-level demand and cut-throat competition from giants like LG and Samsung.

➢ But of late, things have started improving with early signs of demand revival in entry-level

SKUs. Also, Whirlpool’s recent steps – new premium product launches, improving channel extraction, and strategic pricing actions – have started yielding positive results.

➢ From here on, we expect a meaningful improvement in topline performance, to be further supported by scale-led margin expansion.

➢ While the stock has seen a sharp run-up over the last few days, we maintain our positive stance on the name. Maintain LONG with a Sep 2025 target price of Rs 2,362 (vs. Rs 1,887 earlier) at 45x (earlier 40x) on forward EPS of 52.5.

Major gainers on the NSE at 9.30 am include - Oil and Natural Gas corporation (3.07%), Britannia industries (2.03%), Larsen and Toubro (1.30%), Apollo hospitals (1.26%), Tech Mahindra (0.84%)

Major losers include- Kotak Mahindra Bank (-0.75%), Shri Ram finance (-0.72%), Bharat Petroleum Corporation (-0.60%), Dr Reddy laboratories (-0.59%), ICICI Bank (-0.57%)

Motilal Oswal: In 2024, the corporate profit to GDP ratio for the Nifty-500 Universe and listed India Inc swelled to 4.8% and 5.2%, respectively, scaling a 15-year high.

- The YoY improvement was led by the BFSI, Oil & Gas, and Automobile sectors, which contributed 95% of the total improvement. Conversely, Metals, Technology, and Chemicals contributed adversely. The 0.8% YoY improvement in the 2024 profit to GDP ratio for Nifty-500 was propelled by the BFSI (0.3% increase), Oil & Gas (0.3% rise), and Automobile (0.2% increase) sectors.

- The corporate profit for the Nifty-500 universe grew at a faster pace of 30% YoY in FY24, after moderating to 9.3% YoY in FY23 (+52% YoY in FY22). We note that the Nominal GDP grew 9.6% YoY, slower than the corporate profit growth in FY24 and 14.2% YoY GDP growth in FY23 (vs. 18.9% recorded in FY22).

- India’s corporate profit (Listed + Unlisted) to GDP ratio dropped materially to 1.9% from 7.9% over 2008-20. For the Nifty-500 Universe, the ratio contracted to 2.1% (at a two-decade low) from 5.2% over the same period.

- PSU corporate’s profit to GDP ratio decreased to 0.5% in 2020 from 2.1% in 2008, given the significant value migration from public to private sectors such as Banking, Telecom, and Airlines. However, the sectors recovered to 1.8% in 2024.

Crude oil futures traded lower on Tuesday morning as reports related to crude oil supply and demand from various international agencies are scheduled for release during the week. At 9.08 am on Tuesday, August Brent oil futures were at $81.44, down by 0.23 per cent, and July crude oil futures on WTI (West Texas Intermediate) were at $77.63, down by 0.14 per cent. June crude oil futures were trading at ₹6481 on Multi Commodity Exchange (MCX) during the initial hour of trading on Tuesday morning against the previous close of ₹6486, down by 0.08 per cent, and July futures were trading at ₹6468 against the previous close of ₹6472, down by 0.06 per cent.

On Tuesday, Indian benchmark indices, including the Sensex and Nifty, opened weak due to a mix of global cues. The 30-share BSE Sensex fell 84.32 points to 76,405.76 in early trading, while the NSE Nifty dropped 9.55 points to 23,249.65. Analysts observed that the market’s confidence is supported by the continuity of major portfolios, particularly with Nirmala Sitharaman’s trusted presence as Finance Minister. 

Ruchit Jain, Lead Research, 5paisa.com, said: “Our markets have seen a sharp V-shaped recovery from last week’s low and the index posted new record by surpassing last Monday’s high.” However, some profit booking was seen at higher levels as the index has rallied sharply in the last few days, and the momentum readings on the lower time frame charts reached the overbought zone. Thus, although the broader trend remains positive, some consolidation or pullback move cannot be ruled out to cool off the overbought setups, he said. “But any such corrections will be seen as a part of the uptrend as the daily and weekly readings are positive and hence, traders should use dips/consolidations to use as a buying opportunity,” he added.

Analysts say the focus now shifts to policy initiatives of various government departments after the portfolio allocation. With the portfolio allocation over, experts believe that the economy will grow on a stable trajectory. However, some fear that the government may also indulge in populist measures.

ABHAY SURESHKUMAR BHUTADA sold 76 lakh (0.98%) shares at 437/share

ABHAY SURESHKUMAR BHUTADA was a Co-Founder, Managing Director & CEO till last month(May 2024). Currently he is Non-Executive Director.

Route – Tender Buyback 

Price: 1,800/- 

Current Market Price: 1662.20/-

Market Cap: Rs 4,942 crores 

Buyback Size: Rs 185 Crs (Representing 23.66% and 24.41% of the aggregate of the Company’s fully paid-up equity capital and free reserves)\u0009\u0009

Buyback Size: 10,27,777 shares (Representing 3.46% of O/s. shares)\u0009

Retail Quota: 1,54,167 Shares

Entitlement:

General Category - 1 Equity Share for every 33 Equity Shares held on the Record Date

Retail Category - 5 Equity Shares for every 24 Equity Shares held on the Record Date

Buyback Record Date: 05 June 2024

Tender Period:

Start Date - 11 June 2024 (Today)

Close Date - 18 June 2024 

Obligation Date - 24 June 2024 

Settlement Date - 25 June 2024

Route – Tender 

Buyback Price: 2,770/- 

Current Market Price: 2415.50/-

Market Cap: Rs 30,415 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)\u0009\u0009

Buyback Size: 10,28,881 shares (Representing 0.82% of O/s. shares)\u0009

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

Close Date - 11 June 2024 (Today)

Obligation Date - 18 June 2024 

Settlement Date - 19 June 2024

Issue Open - 28-May-24

Issue Close - 11-Jun-24 (Today)

Right issue Size: Rs. 449.95 Crs (1.20 Crs Shares)

Stock Price – 432.45/-

Right issue Price: Rs. 375/-

Payment Terms: Rs. 375/- (Rs 131.25 has to be paid on application and remaining Rs 243.75 will be called within 24 months from allotment date.)

Rights Entitlement Ratio: 1 Rights Equity Share for every 3 shares held (Effectively 0.33 for every 1 share held).

Last Trade date (Cum Right): 14 May 2024

Ex-Right Trading date: 15 May 2024

Record Date: 15 May 2024

Right Entitlement (RE) Trading Period:- 28 May 2024 to 05 Jun 2024

Last day of Renunciation of Rights Entitlements: 8 May 2024

Date of Allotment (on or about): 19 Jun 2024

Date of listing (on or about): 20 Jun 2024

Oriental Carbon & Chemicals Limited (Demerged Company)

OCCL Limited (Resulting Company)

Symbol: OCCL 

Stock Price: 676.20 /-

Last cum date: 28 June 2024

Record date: 01 July 2024\u0009

Ratio : 5:1 (For every 5 shares held in Oriental Carbon & Chemicals, the shareholders will receive 1 share in OCCL)

Initiate Buy, TP Rs 220

Promoter group has shown renewed vigor & placed their trust in an all-round leader 

AUM growth to sustain at 20%+; structurally working on reducing credit cost

Initiate Buy, TP Rs 63

Expect INR 90bn inflows in FY25E vs guidance of INR 100bn, increasing by 15% pa for next 2 yrs 

Expect standalone rev & EBITDA CAGR of 20% each during FY24-27E with an earnings CAGR at 50%, due to lower interest cost

Initiate Buy, TP Rs 220

Promoter group has shown renewed vigor & placed their trust in an all-round leader 

AUM growth to sustain at 20%+; structurally working on reducing credit cost

Buy, TP Rs 390 

Believe policy continuity on pricing reforms post elections should keep Co ‘s profitability elevated 

Recent correction appears overdone & provides an attractive entry point 

Ramp-up in KG basin production & accretion to profitability key triggers 

Surging spot LNG Prices

Likely to have +ve rub-off effect for GAIL, GSPL & PNG, which have become a way to gain exposure to peak domestic power demand. 

CNG sales growth for Delhi slowed in May while Mumbai & Gujarat continued their uptrends 

Prefer MGL & IGL

Buy, TP Rs 250

GAIL’s Rs600bn project may start in FY31; Board approval yet to be taken 

GAIL diversifying its feedstock; Reliance has been using ethane since 2017 

GAIL investing heavily towards petchem; a 2.95mmtpa portfolio by end-2025

O-P, TP Rs 1685 

View as a consistent compounder given continued earnings mix shift towards branded businesses driving profitability & ROIC improvement. 

Specialty, innovation medicines biz (>$1bn FY24 rev), readying for growth 

O-P, TP Rs 1685 

Strong balance sheet with net cash of >US$2bn & annual free cash flow of >US$1bn offers acquisition/in-licensing optionality.

Nvidia’s 10-for-1 stock split aimed at luring retail investors has taken effect, sparking speculation over chances of the artificial intelligence bellwether’s inclusion in the blue-chip Dow index.

The split, aimed at lowering per-share value to make it more affordable for employees and investors, increases the company’s outstanding shares without changing its market valuation. - Reuters

Silver dropped below $29.50 as strong economic data in the United States backed a hawkish outlook for the Federal Reserve. Non-farm payrolls rose much more than expected by markets in May, reigniting evidence of a strong labor market and pressuring US Treasuries. In the meantime, the US imposed 50% tariffs on Chinese imports of solar cells, among the biggest industries for silver in an industrial end, to pressure output in panels throughout key factories in Asia with corporate bases in China. Still, strong demand in the domestic Chinese markets prevented a further drop, underscored by the connection of the world’s largest solar farm in northwestern Xinjiang.

Gold inched lower as investors awaited U.S. inflation data and the Federal Reserve’s policy announcement later in the week, after a stronger-than-expected payrolls report on Friday. A New York Fed survey showed that the U.S. public’s outlook on the future path of inflation was mixed in May. Updated economic projections from Fed officials this week are expected to show fewer interest rate cuts than policymakers anticipated three months ago. China, the biggest official sector buyer of gold, is expected to resume its bullion shopping spree once prices ease from the record highs hit in May, as the fundamental case for the metal remains.

Price Band revised from 10% to 5%: Heritage Foods. 

Ex/record Dividend: Tata Motors, Asian Paints, Jindal Saw 

Ex/record AGM: Jana Small Finance Bank, Jindal Saw. 

Moved out short-term Framework: GRP, Heritage Foods.

Kalyan Jewellers: Promoter Thrikkur Seetharama Iyer Anantharaman (Revised) sold 25,000 shares.

Wardwizard Innovations and Mobility: Wardwizard Solutions India sold 25 lakh shares (0.95%) at Rs 62.71 apiece. 

Cigniti Technologies: Old Bridge Capital Management sold 1.97 lakh shares (0.72%) at Rs 1350.01 apiece, while Rajasthan Global Securities bought 1.85 lakh shares (0.68%) at Rs 1349.23 apiece. 

Mphasis: BCP Topco

Ix sold 285 lakh shares (15.11%) at Rs 2363.37 apiece, Kotak Funds - India Midcap Fund bought 15.71 lakh shares (0.83%) at Rs 2363 apiece, Kotak Mahindra Mutual Fund A/C - Kotak Emerging Equity Scheme bought 31.73 lakh shares (1.68%) at Rs 2363 apiece, Morgan Stanley Asia Singapore Pte bought 22.25 lakh shares (1.18%) at Rs 2363 apiece, and Societe Generale bought 10.61 lakh shares (0.56%) at Rs 2363 apiece. 

Poonawala Fincorp: Abhay Sureshkumar Bhutada sold 76 lakh shares (0.98%) at Rs 437 apiece. 

Le Travenues Technology: The public issue was subscribed to 1.95 times on day 1. The bids were led institutional investors (0.12 times), non-institutional investors (2.78 times), and retail investors (6.21 times).

Raymond: Raymond Realty, an arm of the company, received a second redevelopment project in the Bandra (East) area of Mumbai. The project is estimated to generate over Rs 2,000 crore in revenue.

* PTC Industries:* The company announced its partnership with leading entities under the DTIS scheme in the Indian defence and aerospace sectors to advance the ‘Make in India’ initiative.

* Rail Vikas Nigam:* The Siemens-RVNL consortium has received a letter of acceptance from Bangalore Metro Rail Corporation for engineering, supply, erection, testing, and commissioning of 33 KV distribution and 750 V DC Third Rail Traction Electrification.

* Repco Home Finance:* CFO K. Lakshmi has resigned due to personal reasons.

* Bank of Baroda:* The company has kept MCLR unchanged across tenures, effective June 12.

* NLC India:* The company raised foreign currency loans up to $600 million and it will make an investment of Rs 994.5 crore in unit NLC India Renewables. To seek external assistance from the Multilateral Development Bank via DEA for renewable power projects.

* Jubilant Foodworks:* Domino’s Pizza crossed the 2,000-store mark in India.

* Vodafone Idea:* The company will consider fund-raising in its board meeting on June 13.

* H. G. Infra Engineering:* The company incorporated a step-down subsidiary company, namely H.

G. Jaipur Solar Project, to carry out business in the field of solar power.

InterGlobe Aviation: InterGlobe Enterprises, owned by the Rahul Bhatia family, is set to sell a 2% stake in the budget airline Indigo, according to Bloomberg. The deal will involve offloading 7.7 million shares at a minimum price of ₹4,266 each, representing a 7% discount from Monday’s closing price.

Last Friday, the Bureau of Labor Statistics reported Friday that the U.S. non-farm payrolls increased by 272,000 for the month, considerably higher than the Wall Street consensus of 190,000 and well above April’s comparatively muted gain of 165,000.

In addition, average hourly earnings rose 4.1% over the past 12 months, more than expected. 

Beyond signaling a still-vibrant labor market, the data at the very least adds to the narrative that the Fed doesn’t have to rush to lower interest rates. As such, futures traders cut bets on rate cuts which meant a stronger US Dollar for now. 

Pricing in FED funds futures pointed to almost no chance of a reduction at either the Federal Open Market Committee’s meeting on Wednesday or on July 30-31. From there, pricing indicates about a 50-50 chance of a September move, and only about a 43% probability that the Fed will follow up with a second cut before the end of the year

Nuvama Institutional Equities on the cement sector: May-24 began on a positive note with announcements of price hikes across regions, but a rollback through the month erased most of the gains. The rollback was mainly a result of poor demand on account of the general elections (which impacted availability of labour) and the heatwave sweeping through vast swathes of the country. With cement players undertaking cost efficiency measures and fuel prices benign (lag effect), there is likely to be relief on the cost front going ahead, which might soften the adverse impact of muted realisations.We believe the chances of any substantial price hikes till H1FY25 remain bleak, and reiterate our neutral stance on the sector. ​​JK Cemen​​t (‘BUY’) remains our top pick.

The Bank of India has acquired a 6.125 per cent stake in the recently incorporated Clearing Corporation of India Ltd. (IFSC) listed in the GIFT SEZ in Gujarat.

At a celebration to commemorate the opening of the bank’s IFSC Banking Unit in GIFT City on Monday, Bank of India Executive Director (International Operations) Subrat Kumar made the announcement.

“The acquisition of a 6.125 per cent stake in CCIL IFSC for ₹6.125 crore showcases our strategic commitment towards the growth of GIFT City IFSC and its emergence as a global financial services provider,” Kumar stated in an official release here.

The Securities and Exchange Board of India (SEBI) has asked for auditor-certified disclosures about utilisation of pre-IPO proceeds towards objects of the issue. If this is not done, the proceeds will have to be attributed or adjusted towards the portion reserved for general corporate purposes (GCP), SEBI’s recent advisory said. 

Since companies cannot spend more than 25 per cent of IPO proceeds under GCP, the above rule could take away the flexibility for companies to manage their pre-IPO proceeds, said experts. 

Buzzing Stocks: Vodafone Idea, IRB Infra, IndiGo, BOI, Mphasis, RVNL, Cosmic CRF, Prime Securities, Alufluoride, Siemens, Pearl Academy, KIOCL, PowerGrid, NLC India, PTC Industries

The Telangana High Court recently made a significant ruling on General Anti-avoidance Rule (GAAR), marking a crucial point in tax law. The judgment emphasised the importance of commercial rationale in transactions and clarified the application of GAAR over SAAR. This ruling serves as a reminder that tax planning must align with the law and should not involve colourable devices.

Turnover: (NSE + BSE)

Cash Volume: 127364.64 + 9552.39 Total: 136917.03

F&O Volume: 457622.69 + 14505036.93 Total: 14962659.62

Provisional Cash

FII/FPI: NET BUY: +2572.38 

(13721.97 - 11149.59) 

DII: NET BUY: +2764.46 

(16933.99 - 14169.53)

* BALRAMPUR

* INDIACEM

* SAIL

* ZEEL

GODIGIT

Academy Sports and Outdoors, Inc. (Pre market) (Sector- Consumer Durables)

Oracle Corporation (Post market) (Sector- Technology)

GameStop Corporation (Post market) (Sector- Miscellaneous)

Caseys General Stores ,Inc. (Post market) (Sector- FMCG)

Rubrick, Inc. (Post market) (Sector- Technology)

Woodside Energy Group Limited (TENT) (Sector- Energy

11:30 U.K. Claimant Count Change (Expected: 10.2k versus Previous: 8.9K)

11:30 U.K. Average Earnings Index 3m/y (Expected: 5.7% versus Previous: 5.7%)

Asian stocks were largely unchanged in early trading, reflecting a subdued session on Wall Street as investors prepared for this week’s Federal Reserve decision and US inflation data.

The Japanese benchmark Nikkei 225 index climbed 0.70%, or 274.27 points, to 39,312.43, while the broader Topix index rose 0.65%, or 18.18 points, to 2,800.67. South Korea’s KOSPI increased by 0.46%, or 12.38 points, to 2,713.55. Meanwhile, Australia’s S&P/ASX 200 index fell 1.20%, or 94.30 points, to 7,765.70.

Earlier, the Dow Jones Industrial Average rose 69.05 points, or 0.18%, to 38,868.04. The S&P 500 gained 13.8 points, or 0.26%, to 5,360.79, and the Nasdaq Composite added 59.40 points, or 0.35%, to 17,192.53.

Analysts noted that traders are bracing for volatility ahead of US macroeconomic catalysts, while political uncertainty in Europe also weighed on equities.

In commodities, oil prices rose on Tuesday, continuing the previous day’s rally on hopes of higher seasonal fuel demand and potential U.S. crude purchases for its petroleum reserve, although gains were limited by a stronger dollar. Brent crude futures climbed 28 cents, or 0.3%, to $81.91 per barrel by 0038 GMT, and U.S. West Texas Intermediate crude futures rose 31 cents, or 0.4%, to $78.05.

Gold prices rebounded after experiencing the largest drop in 3-1/2 years in the previous session, as investors awaited inflation data and the Fed’s policy statement. Spot gold added 0.72% to $2,309.15 an ounce.

The new government can hit the ground running, now that it has finished with the business of allocating portfolios to the 72 new ministers. To begin with, there is the Budget around the corner, the contours of which were laid out in the vote on account in February. Besides the Budget, there are a host of issues to be addressed, such as rationalisation of GST and income tax rates, creation of jobs and reforms in farming.

Despite a coalition government, Prime Minister Narendra Modi on Monday maintained continuity in his Cabinet with all the top berths — Home, Defence, External Affairs, Finance and Surface Transport — going to the same ministers. Among the allies, only the TDP has been awarded key ministries while the JD(U), the JD(S), the Lok Janshakti Party, the Hindustani Awam Morcha, and others had to be satisfied with lesser portfolios.

Here are the intraday supports and resistances for widely traded stocks such as Reliance Industries, ITC, ONGC, Infosys, HDFC Bank, TCS and SBI

Here’s an interesting stock idea: The stock idea that we have for you today is Thirumalai Chemicals. The upmove in the stock is gaining momentum. The stock has surged 7 per cent on Monday and has closed on a strong note.