Share Market Highlights 25 June 2024: Sensex breaches 78k level for 1st time, Nifty settles at new all-time high; Shriram Finance, Axis Bank, ICICI, HDFC among top gainers

BSE Sensex advanced by 712.44 points, or 0.92 per cent, to close at 78,053.52 on Tuesday, while NSE Nifty50 ended at 23,721.30, higher by 183.45 points, or 0.78 per cent.

Read more here.

Alkem Laboratories Limited announced the closure of US FDA inspection at its Baddi, India manufacturing facility with the issuance of a Voluntary Action Indicated (VAI) classification. 

The Establishment Inspection Report (EIR) confirms the facility’s compliance as a positive outcome for the company. The shares were up by 2.31% to ₹5,127 on the BSE.

A total of 3,988 stocks were actively traded, 1,811 advanced, while 2,057 declined and 120 stocks remained unchanged where 309 stocks hit a 52 week high and 21 stocks hit a 52 week low at 3.17 pm on Tuesday on the BSE

​NSE nifty​ was up by 0.79 per cent, or 185.35 points to 23,718.80, while the ​BSE Sensex​ was at 78,045.04, up by 0.91 per cent, or 703.96 points. Hits all time high.

Top losers include- Bharat petroleum corporation (-2.93%), Eicher motors (-1.93%), Power Grid (-1.58%), Asian paints (-1.25%), Tata Steel (-1.24%)

Top gainers on the NSE at 3.12 pm include- Shri Ram finance (3.47%), Axis Bank (3.41%), ICICI Bank (2.32%), HDFC Bank (2.28%), HDFC life (1.97%)

The stock has been gaining steadily since mid-May. While the stock was largely moving sideways over the past few sessions, it saw a fresh breakout in the first half of today’s session. This has opened the door for another leg of rally potentially to ₹200.

There are no signs of a bearish reversal yet.

Nephro Care India, where former HDFC chairman Deepak Parekh is an investor, on Tuesday announced that its initial public offering (IPO) is scheduled to open for subscription on June 28. The price band for the issue has been fixed at ₹85-90 per share.

PDS Limited divested its wholly owned subsidiary, Dizbi Private Limited, effective June 24, 2024, marking a move to streamline its corporate structure within the PDS Group. The shares were down by 0.54% to ₹538 on the BSE.

Muthoot Microfin has secured a corporate agent licence from the ​Insurance Regulatory and Development Authority of India (IRDAI)​.

Colab Cloud Platforms Limited appointed Amardeep Singh as Executive Director, focusing on advancing its presence in Sports Management and Sports Technology sectors. The shares were down by 4.96% to Rs 16.49 on the BSE.

Tech Mahindra Limited announced the approval of a merger plan between its wholly-owned subsidiaries, Healthnxt Inc. and Tech Mahindra (Americas) Inc., aimed at enhancing operational synergies in IT services, the shares were up by 1% to Rs 1,414.85 on the BSE.

Royal Cushion Vinyl Products Limited reported a minor fire incident at its Garadhia Plant in Vadodara, disrupting machinery operations for 10 to 15 days. No injuries were reported, and investigations are underway to determine the cause and assess damages.

Indian Gems & Jewelleryimports sees a steep rise of 23.61% in May, 2024

According to data released by the Gems and Jewellery Export Promotion Council (GJEPC), in terms of overall gross exports of Gems & Jewellery in May 2024, it stood at USD 2484.48 million (Rs. 20713.370 crores) showing a decline of 6.14% compared to USD 2646.92 million (Rs. 21795.65 crores) for the same period last year. This decline is due to the economic uncertainties that the global market is grappling with. However, with the constant support by government through its initiatives in the form of FTAs and with increased emphasis on ‘ease of doing business’ will act as an enabler in amplifying the exports in the next few quarters. 

Commenting on the same, Mr. Colin Shah, MD, Kama Jewelry, said, “The gems & jewellery industry is going through a challenging phase for over a year. With the outbreak of geo-political tensions earlier between Russia & Ukraine and then between the Israel & Hamas has deeply impacted the exports as the demand has been volatile in the overseas markets. Additionally, with 60+ countries undergoing elections this year, is yet another crucial event, which may further hamper trade in the said countries. Hence, this calls for a close monitoring of these events, which will further decide the course of trade activities for the rest of the year. However, with the onset of festive season that is approaching, we hope for a gradual pickup in trade activities.”

Trent Ltd(TRENT IN) FY24 Annual Report Analysis( PhillipCapital Institution Equity Research Report)

Key Takeaways:

Zudio: Major Growth Driver

•Added 203 stores in FY24, total now 545 (up 55% yoy).

•Plans to add 200 more stores in FY25.

•Expanded to 46 new cities, now present in 154 cities.

•Sold 90 t-shirts, 20 denims, 19 fragrances, and 17 lipsticks per minute.

•Contributed ~55% to Trent’s standalone revenue in FY24.

Westside: Steady Performance

•Added 30 stores, closed 12, total now 232 stores.

•City count increased slightly to 91.Plans to add 30 more stores in FY25.

•Online sales mix reduced to 5%.

Star: Emerging Growth Engine

•Net added 3 stores, total now 66 stores across 10 cities.

•Plans to add 20-25 stores in FY25.

•LFL growth of 27% in FY24.

Improved gross and operating margins.

•Standalone Financial Performance Revenue grew 55% yoy to Rs 119bn.

•Gross margin at 45.2%, slightly down by 20bps.

•Pre-IndAs EBITDA margin improved by 295bps. Adj. PAT up 86% yoy to Rs 10.3bn.

•Cash conversion cycle improved by 7 days.

Gross capex at Rs 7.2bn; net capex at Rs 3.8bn.

Valuation and View

Strong retail growth led by Zudio.

Expansion in grocery business could boost performance.

Maintained BUY with a target of Rs 5,811 on Sep’26 numbers.

BSE Sensex jumped 404.20 pts, or 0.52 per cent, to trade at 77,745.28, as of 12.30 pm, and Nifty 50, rose by 95.45 pts, or 0.41 per cent at 23,633.30.

Sectoral indices traded in mix. Nifty realty declined by 2.03 per cent, to trade at 1,112.35. Nifty financial services, bank, and private bank stocks, were up over 1 per cent.

The major gainers of the Nifty 50 pack were, Axis Bank (2.29 per cent), HDFC Bank (1.95 per cent), ICICI Bank (1.51 per cent), Ultratech Cement (1.27 per cent), and SBI (1.15 per cent). BPCL (-1.90 per cent), Coal India (-1.59 per cent), ONGC (-1.41 per cent), Eicher Motors (-1.35 per cent), and Adani Ports (-1.01 per cent), were top losers.

Pavna Industries Limited reported Q4 FY24 revenue of Rs 81.45 crore, EBITDA of Rs 9.53 crore, and PAT of Rs 2.93 crore. For FY24, the company records revenue of Rs 316.87 crore, EBITDA of Rs 34.49 crore, and PAT of Rs 12.00 crore, the stock trades at Rs 522.55 down by 2.17% on the BSE.

Muthoot Microfin secured an IRDAI corporate agent license, enabling it to offer tailored insurance products alongside microfinance services. This initiative aims to enhance financial inclusion and security for its 3.35 million customers, coverage for natural disasters, medical emergencies, and life insurance. The shares were up by 3.05% to Rs 249 on the BSE.

Imagicaaworld Entertainment Limited revised its transaction plans with Malpani Parks Indore Private Limited, now opting to acquire 100% equity shares of MPIPL for up to Rs 55 crore. This acquisition includes plans for a water park project in Indore spanning approximately 25 acres, with additional land near Shirdi. The transaction, subject to shareholder approval, is expected to be completed by September 30, 2024. The shares were up by 2.14% to Rs 80.72 on the BSE.

Alkem Laboratories Limited announced the closure of US FDA inspection at its Baddi, India manufacturing facility with the issuance of a Voluntary Action Indicated (VAI) classification. The Establishment Inspection Report (EIR) confirms the facility’s compliance as a positive outcome for the company. The shares were up by 2.31% to Rs 5,127 on the BSE.

Shares of Zomato climbed close to 2 per cent on Tuesday’s early trade. Brokerages have been bullish on the stock following Prosus’ report on Swiggy, which disclosed that the latter’s GOV revenue was up 26 per cent in the last calendar year, similar to Zomato.

Domestic brokerage Emkay Global stated that Zomato’s higher growth has been aided by the superior performance in quick commerce.

A total of 3,909 stocks were actively traded, 1,990 advanced, while 1,774 declined and 145 stocks remained unchanged where 275 stocks hit a 52 week high and 15 stocks hit a 52 week low at 12.26 pm on Tuesday on the BSE.

Major gainers on the NSE at 12:20 pm include - Axis Bank (1.77%), HDFC Bank(1.48%), Ultratech cement ltd (1.41%), Larsen & Toubro (1.14%), Britannia (0.99%)

Top Losers on the NSE include - BPCL (-1.97%), Coal India (-1.44%), ONGC (-1.33%), SBI Life (-1.19%), Bajaj Finance (-1.13%)

HDFC Bank has launched a new digital investment platform to take wealth services to every Indian and make investments simple and transparent.

Incorporating cutting-edge technology, the HDFC Bank SmartWealth comes loaded with first-ever features that allow investors to make the right investment decisions and plan their financial journey.

It has been developed with first-time investors in mind, built with smart intelligence and has pioneering tools that allow users to make the right investment decisions to plan their finances, said the bank.

Fischer Medical Ventures Ltd’s subsidiary DigiHealth Specialists Inc. partnered with RiteMED Philippines, Inc. to advance affordable healthcare via DigiHealth’s Automated Telehealth Machine (ATM). This collaboration aims to enhance primary care access and streamline medical consultations and diagnostics. The shares were up by 5% to ₹665.70 on the BSE.

Intellect Design Arena Ltd. forged a seven-year partnership with Vancity, Canada’s community credit union. This collaboration integrates Intellect’s Digital Engagement Platform and Contextual Banking Experience to elevate Retail, SME, and Commercial member interactions. The shares were up by 0.64% to ₹1,075 on the BSE.

*Vodafone Idea:*

* *Government Support:* Ambit expects the Indian government to continue supporting VI, potentially converting deferred spectrum and AGR dues into equity in FY26/27E. This will enable VI to survive and invest in network upgrades.

* *Successful Fund Raise:* VI’s recent ₹225bn equity raise signals confidence from investors and the ability to fund crucial 4G/5G network expansion.

* *Tariff Hike Expectations:* Ambit anticipates a 20% tariff hike in September 2024, followed by biennial 12% increases, which will significantly improve VI’s financial position and enable it to compete more effectively.

*Indus Towers:*

* *VI’s Network Expansion:* VI’s planned network expansion will directly benefit Indus Towers as VI is expected to utilize Indus’s existing towers, leading to increased tenancy and revenue for Indus.

* *Airtel’s Ownership:* Airtel becoming the sole promoter of Indus Towers brings greater financial discipline and reduces leniency towards delayed payments, particularly from VI. This assures better cash flow management for Indus.

Essentially, Ambit believes VI’s revival, fueled by government support and funding, will drive growth for both VI itself and Indus Towers, making both companies attractive investments.

Bank Nifty began today’s session higher at 51,759 versus Friday’s close of 51,704. It advanced further after opening and is now hovering around 51,990, up nearly 0.6 per cent.

Nifty 50 is trading higher. The index opened with a gap-up and is manging to hold higher. It is currently trading at 23,573, up 0.15 per cent. The advances/declines ratio is at 18:32. This is inclined towards bearishness and indicates caution.

​Kings Infra​ expands its presence in EU markets, aiming to introduce Indian shrimp varieties like Vannamei and Black Tiger amid import regulations. The company will export seafood to Spain, Italy, France, and Portugal, addressing challenges such as transit delays due to the Red Sea crisis. The shares surged 12.27% to ₹166.95 on the BSE.

Schaeffler India launched its Planetary Gear System (PGS) for Dedicated Hybrid Transmission vehicles, produced locally at its Hosur Plant. This development supports the ‘Make in India’ initiative and aims to enhance vehicle performance while promoting sustainability in the Indian automotive sector. The shares were up by 0.72% to ₹4,684 on the BSE.

JSW Steel Ltd. reported that it will invest $110 million to modernize its Baytown, Texas manufacturing operations. This upgrade will support the U.S. Administration’s goal to deploy 30 GW of offshore wind energy by 2030. The stock trades at ₹929 down by 0.54% on the BSE.

Organic Recycling Systems Limited and CSIR-Indian Institute of Petroleum signed a technology transfer agreement for CSIR-IIP’s Vacuum Swing Adsorption technology. This agreement aims to upgrade raw biogas to compressed biogas for industrial and vehicular use. The shares surged 10.23% to ₹264 on the BSE.

Kalpataru Projects International Limited secured new orders worth ₹2,333 crore across its Transmission & Distribution business in India and overseas, an EPC order for an industrial plant in the metal industry, and a residential building order in India. The shares were up by 1.52% to ₹1191 on the BSE.

CLSA on Zomato

Buy Call, Target Rs 248

Prosus’ Annual Report For FY24 Shows Swiggy’s Overall GOV Grew By 26% YoY

Overall gross order value (GOV) Includes Food Delivery + Quick-Commerce

Swiggy’s Overall GOV Growth Lagged Co’s Corresponding Growth Of 36% During The Same Period

Swiggy’s Overall Rev Growth Was 24% YoY While Zomato’s Adj Rev Growth Was 55.9% YoY

Swiggy’s Trading Losses Reduced To $158 m During FY24

Co Reported A Positive EBITDA Of $5 m During FY24

UBS on Zomato

Buy, Target Rs 250

Swiggy’s GOV Grew 26% YoY As Of Dec’23 With 104 m Users Per Prosus

Swiggy’s Food Delivery GOV Grew ‘Double Digits’ With Improved Advertising & Platform Fees

Q-Com Saw ‘Fast’ GOV Growth With 487 Darkstores In 26 Cities For Swiggy

In Swiggy’s Comparison, Co’s GOV Grew 37% In FY24 & It Had 530 Darkstores As Of Mar’24

MS on L&T

Overweight Call, Target Rs 3,857

Co Targets Carbon Neutrality By 2040 & Expects Its GHG Emissions To Peak Out By FY26

Co Sees Energy Efficiency (35%), Decarbonizing Energy Uses (55%) Driving Its Net Zero Goal

Co Sees Offsets (10%) Driving Its Net Zero Goal

L&T GHG Emission Intensity Improved By Nearly 12% In FY24

L&T’s Carbon Footprint (Scope 1+2) Is Primarily Due To Diesel & Electricity Consumption

Diesel And Electricity Form 75% And 16% Of Its Energy Consumption

Bernstein on HDFC Bank

Outperform Call, Target Rs 2,100

RoA To Improve From 1.8% To 2.1% In Next 4 Years Driven By Loan Mix Improvement

RoA Improvement Driven By Cost Of Funds Normalisation

Operating Leverage Kicks In

JPMorgan On Amara Raja

Neutral Call, Target Rs 1,210

Technical Licencing Agreement With Gotion; Taking The Right Steps

Co Highlighted That Partnership Will Help Accelerate Development Of Its Gigafactory

The Partnership Should Provide Investors More Confidence On Co

Should Drive More Confidence On Co’s Ability To Progress Towards 16 GWh Capacity Target

Further Clarity On Details Of This Tech Partnership Will Be Key To Further Re-rating

Potential OEM Contracts & Any Equity/Debt Funding Will Be Key To Further Re-rating

Investec on Amara Raja

Buy, TP Rs 1250

Partnership with Gotion significantly +ve

Enhances Co’s capabilities in transition to lithium-ion cell manufacturing

Co had already announced investment of Rs95bn for establishment of Giga Corridor in Telangana

Trades @21x FY26E EPS

NUVAMA on KRYSTAL INTEGRATED

initiates coverage with BUY call with 80% upside

Target Price Rs 1369

Company into comprehensive range of services including housekeeping, sanitation, landscaping

Number of locations served has increased from 1,962 to 2,487

Expect revenue to grow at a 27% CAGR over FY24–26E

Stock trading at 11.1x FY26 price to earnings ratio

Investec on HCL Tech

Sell, TP Rs 1300

Had guided for EBIT% of 18-19% for FY25E

However, note Q4 exit EBIT% for FY24 was 17.6% vs 18.2% at end of FY23

Co needs to ensure that its EBIT% performance does not fall below 17% for Q1FY25E despite guided 2% QoQ decline in rev for Q1FY25E

Kotak Inst Eqt on Ujjivan SFB

Add, TP Rs 57

Management meet takeaways

Management reiterated its focus on loan mix diversification, improving deposit franchise & enhancing productivity

Management also highlighted higher delinquencies in select pockets in a few states

Kotak Inst Eqt on Whirlpool

Sell, TP Rs 1350

Stock up about 40% since parent sold 24% in Feb 24

Improving market share, product mix & a strong peak season bode well for FY25E outlook

However, remain wary of rising competition, recent surge in commodity prices, & parent’s leverage

UBS on USL

U-P, TP Rs 1000

Tax reduction in Karnataka; hike in Haryana

Media articles indicate that Karnataka has reduced number of liquor price slabs from 18 to 16

This effectively reduces taxes on liquor by Rs100-2000/brand, with reduction sharper at premium-end

Further, Haryana has increased taxes, resulting in 20% hike in liquor prices

Believe a subdued 1H outlook needs to be offset by a favourable volume growth outlook, to provide comfort on management’s double-digit FY25 sales growth guidance

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Remedium Lifecare Ltd. reported that Aster Biotech Limited, UK, awarded the company a three-year supply contract, valued at ₹175 crore for the first year (July 2024 to June 2025). The contract involves the supply of Active Pharmaceutical Ingredients, Intermediates, and Specialty Chemicals. The shares were up by 5.13% to ₹70.47 on the BSE.

RateGain Travel Technologies Limited was recognized as one of the Top 100 Mid-Size Workplaces in India by Great Place to Work India. Stock trades at ₹751 down by 1.27%

A total of 3,230 stocks were actively traded, 2,242 advanced, while 887 declined and 101 stocks remained unchanged where 177 stocks hit a 52 week high and 8 stocks hit a 52 week low at 9.50 am on Tuesday on the BSE.

NSE nifty was up by 0.26 per cent or 60.30 to 23,598 points, while the BSE Sensex was at 77,544.61 up by 0.26 per cent or 203 points.

Top gainers on the NSE at 9.45 am include- Ultra Tech Cement (1.49%), Hindalco Industries (1.12%), HDFC Bank (0.79%), Apollo Hospitals (0.76%), Mahindra and alcohol (0.69%)

Top Losers include- HCl technologies (-0.70%), Grasim Industries (-0.52%), Shri Ram finance (-0.51%), NTPC (-0.50%), Tata Consumer products (-0.49%)

Crude oil futures traded marginally lower on Tuesday morning as a recent development showed China’s economy is still facing challenges. At 9.14 am on Tuesday, September Brent oil futures were at $85,12, down by 0.04 per cent, and August crude oil futures on WTI (West Texas Intermediate) were at $81.62, down by 0.01 per cent. July crude oil futures were trading at ₹6817 on Multi Commodity Exchange (MCX) during the initial hour of trading on Tuesday morning against the previous close of ₹6822, down by 0.07 per cent, and August futures were trading at ₹6778 against the previous close of ₹6780, down by 0.03 per cent.

Indian benchmark indices, including the Sensex and Nifty, started the day on Tuesday with gains, maintaining their narrow trading range. Investors are looking for fresh catalysts as the indexes remain near their all-time highs. The 30-share BSE Sensex rose by 183.07 points to 77,524.15 during early trading, while the NSE Nifty increased by 47.35 points to reach 23,585.20. On Monday, the Nifty closed approximately 0.2% higher, staying within a 450-point trading range observed over the past ten sessions. Last Friday, it reached a record high of 23,667.10.

Foreign brokerage Jefferies expects foreign portfolio investors flows into India to improve in second half of this calendar year as clarity on government policies emerge post Budget.

This follows Jefferies’ interactions with 50-plus investors in recent US roadshows. This expectation of likely turnaround in flows is significant as FPIs have remained net sellers in Indian equities so far this calendar year with outflows touching $3.7 billion. 

Silver prices fell as investors awaited significant U.S. inflation statistics anticipated this week, which could provide new indications about how quickly the Federal Reserve could decrease interest rates. Mary Daly, President of the San Francisco Federal Reserve Bank, believes the US central bank should not decrease interest rates until policymakers are convinced that inflation is on track to reach 2%. Investors are also looking forward to comments from Fed officials scheduled to appear this week, including Fed Governors Lisa Cook and Michelle Bowman. According to the CME FedWatch Tool, traders are currently pricing in a 68% possibility of the Fed cutting interest rates in September.

Gold dipped to approximately $2,320 as investors awaited this week’s US economic reports for more information on the Federal Reserve’s plan for interest rate decreases. Key focus points include the core PCE index data, the Fed’s preferred inflation indicator, as well as consumer spending and income, the third estimate for Q1 GDP growth, and the goods trade balance. Meanwhile, San Francisco Fed Bank President Mary Daly remarked on Monday that she believes the US central bank should not decrease interest rates until policymakers are convinced that inflation is approaching 2%. Investors are now anticipating remarks from several Fed officials scheduled to appear this week, including Fed Governors Lisa Cook and Michelle Bowman.

Nuvama on Krystal: Initiate Buy on Company, target price at Rs 1369/Sh (Positive)

CLSA on Star Health: Maintain Buy on Company, target price at Rs 715/Sh (Positive)

Bernstein on HDFC Bank: Maintain Buy on Bank, target price at Rs 2100/Sh (Positive)

UBS on Zomato: Maintain Buy on Company, target price at Rs 250/Sh (Positive)

CLSA on Zomato: Maintain Buy on Company, target price at Rs 248/Sh (Positive)

MS on L&T: Maintain Overweight on Company, target price at Rs 3857/Sh (Positive)

Axis on TBO Tek: Initiate Buy on Company, target price at Rs 1920/Sh (Positive)

Investec on Amara Raja: Partnership with Gotion to boost Lithium-ion cell manufacturing capabilities (Positive)

JP Morgan on Amara Raja: Maintain Neutral on Company, target price at Rs 1210/Sh (Neutral)

Citi on Tech Mahindra: Maintain Sell on Company, target price at Rs 1150/Sh (Neutral)

JSW Steel USA has announced at the 2024 Select USA Summit that it will be investing $110M in Texas to create a new facility dedicated to making high grade plates for offshore wind segments

Price band revised from 10% to 5%: Omaxe, Windsor Machines. 

Ex/record rights issue: SEPC. 

Ex/record dividend: Voltas, Alkyl Amines Chemicals, Cera Sanitaryware, Tata Elxsi. 

Ex/record AGM: Indian Overseas Bank, Voltas, Alkyl Amines Chemicals, JSW Holdings, Cera Sanitaryware, Dodla Dairy, Tata Elxsi.

Moved out short-term framework: Bhansali Engineering Polymers, Cosmo First, Exicom Tele-Systems, Hester Biosciences, and C.E. Info Systems. 

Moved in short-term framework: Associated Alcohols And Breweries, Dredging Corporation of India, Elecon Engineering, Hindustan Construction, Reliance Power, and SEPC.

Star Cement: Promoter Laxmi Chamaria sold 2.05 lakh shares between June 18 to 21. 

Advanced Enzyme Technologies: Promoter Chandrakumar Laxminarayan Rathi sold 28,988 shares between June 19 and 20. 

Cartrade Tech: Highdell Investment sold 40.65 lakh shares (8.67%) at Rs 828.58 apiece, Cmdb II sold 3.6 lakh shares (0.76%) at Rs 830.27 apiece and Macritchie Investments sold 20.32 lakh shares (4.33%) at Rs 828 apiece. On the other hand, Goldman Sachs Funds Goldman Sachs India Equity Portfolio bought 6.19 lakh shares (1.32%) at Rs 828 apiece and The Royal Bank of Scotland PLC as Trustee Of Jupiter India Fund bought 4.89 lakh shares (1.04%) at Rs 829.06 apiece. Societe General also bought 5.95 lakh shares (1.27%) at Rs 828 apiece, Verition Multi-Strategy Master Fund bought 5.04 lakh shares (1.07%) at Rs 828 apiece and Patronus Tradetech LLP bought 4.87 lakh shares (1.04%) at Rs 828.63 apiece. Bajaj Allianz Life Insurance acquired 4.83 lakh shares (1.03%) at Rs 828 apiece; HSBC Global Investment Funds Asia Ex Japan Equity Smaller bought 4.34 lakh shares (0.92%) at Rs 828 apiece; CLSA Global Markets Pte Ltd. Odi bought 2.46 lakh shares (0.52%) at Rs 828 apiece; and Irage Broking Services LLP bought 2.36 lakh shares (0.5%) at Rs 828.93 apiece. 

Arvind: Aura Securities sold 40 lakh shares (1.52%) at Rs 350.04 apiece. 

R R Kabel: Ram Ratna Research and Holdings sold 5.90 lakh shares (0.5%) at Rs 1,735 apiece. 

Allcargo Logistics: Shashi Kiran Janardhan Shetty sold 69.06 lakh shares (2.81%) at Rs 60.58 apiece. 

Tide Water Oil: Standard Greases and Specialities Private Limited bought 1.62 lakh shares (0.92%) at Rs 2029.37 apiece.

Allied Blenders and Distillers: The company will offer its shares for bidding on Tuesday. The price band is set from Rs 267 to Rs 281 per share. The Rs 1,500 crore IPO is a combination of a fresh issue of Rs 1,000 crore and the rest of the offer for sale. The company has raised Rs 449 crore from anchor investors.

Stanley Lifestyles: The public issue was subscribed to 5.22 times on day 2. The bids were led by institutional investors (0.74 times), non-institutional investors (8.86 times), and retail investors (6.11 times). 

Satin Creditcare Network: The company has agreed to raise up to Rs 5,000 crore through non-convertible debentures. The microlender has also approved the appointment of its chief financial

officer.

* Sun Pharmaceutical Industries:* The company successfully completed the merger of Taro Pharmaceutical Industries with its subsidiary company. 

As part of this merger, Sun Pharma acquired all outstanding ordinary shares of Taro other than those already held by Sun Pharma or its affiliates.

* Shalby:* The company has terminated its franchise agreement with Madhuban Orthopaedic and Multispecialty Surgical Hospital due to a breach of various terms and conditions of the agreement by the ranchisee. There will not be any significant financial impact on the company’s financial position.

* Craftsman Automation:* The company signed a MoU with Sunbeam Lightweighting Solutions and

Kedaara Capital to acquire the whole or part of the business of Sunbeam.

* Borosil Renewables:* The company opened QIP and set the floor price at Rs 331.75 per share, which indicates a discount of 4.6% to the stock’s previous close.

* RBL Bank:* The bank will consider a fund-raising proposal through QIP on June 27.

* AU Small Finance Bank:* The financial institution to consider raising funds through QIP on June 27.

Last date for Cum-Dividend Today

Aegis Logistics Ltd.

Dividend Per Share Rs.2

Previous day Closing Price – Rs. 801.95

Welspun Living Ltd

Dividend Per Share Rs.0.1

Previous day Closing Price – Rs. 145.95

ACEMEN 

General;Audited Results 

INNOVATUS 

Preferential Issue of shares;General 

INVENTURE 

General;Rights Issue 

MIVENMACH 

General 

MLKFOOD 

Interim Dividend;Bonus issue;Stock Split 

MMLF 

Increase in Authorised Capital;Stock Split 

RITCO 

Increase in Authorised Capital;Preferential Issue of shares 

RMCL 

General 

ROYALIND 

Preferential Issue of shares 

SHYMINV 

Preferential Issue of shares;General 

SUPREMEINF 

Audited Results 

VIRTUALS 

Preferential Issue of shares;General 

YESBANK

GIFT Nifty +17 pts (23572) from last trade 23555 , 

Nikkei +22 pts , 

Hangseng +60 pts , 

Now @6.52am . 

Dow +260.88 pts ,Nsdq -192.54 pts, S&P 

-16.75 pts , Bovespa +1295 pts , Ftse +43 pts , Dax +162 pts , Cac +78 pts , Crude @ $81.69 brl (+0.06), Brent @ $86.01 brl (-0.00) , Gold @ 2343.20 (-1.20), Silver $29.545 (-0.02), Euro @ $1.0731, JPY @ $159.67, INR @ 83.435

🔹US GOVT. 10-YR YIELD : 4.23%

The ₹1,500 crore initial public offering of Allied Blenders & Distillers Ltd will open for the public on Tuesday. The IPO, which consists of a fresh issue of ₹1,000 crore and an offer for sale (OFS) of up to ₹500 crore by promoters, comes out with a price band of ₹267-281. The IPO closes on June 27.

Investors can bid for a minimum of 53 equity shares and in multiples of 53 equity shares thereafter.

The initial public offering of the Bengaluru-based Stanley Lifestyles closes today. The ₹537-crore IPO of elite furniture makers saw a robust response from non-institutions (HNIs) and retail investors during the first two days of issue opening.

The IPO hit the market at a price band of ₹351-369 and was subscribed 5.22 times. The IPO, with a face value of ₹2, consists of a fresh issue of ₹200 crore and an offer for sale of up to 91,33,454 shares by promoters and other selling shareholders. As against the offer size of 1.02 crore shares (net off anchor portion), the IPO received bids for 5.35 crore shares.

Buzzing stocks: Happiest Minds, L&T, Amara Raja, Hero MotoCorp, Sun Pharma, TVS Electronics, Craftsman Automation, Borosil, Swan Energy, SH Kelkar, Muthoot Capital, Vishnu Prakash

Godrej Capital, the financial services arm of Godrej Industries Group, has launched a month-long initiative called ‘Pride Capital’. Reaffirming its commitment to fostering an inclusive and diverse workplace, this initiative aims to promote dialogue about LGBTQIA+ inclusion in the workplace and onboard talent from the LGBTQIA+ community.

As part of the ‘Pride Capital’ event, the company, in partnership with the Tweet Foundation, a renowned non-profit organization supporting transgender individuals, conducted an inclusive career fair. With over 240 profile screenings and hiring from the pool of people of the LGBTQIA+ community, both organisations collectively conducted interview sessions and provided candidates with insights into roles and the work culture at Godrej Capital.

Route – Tender 

Buyback Price: 2,800/-

Current Market Price: 2373.45/-

Market Cap: Rs 11,635 Crores 

Buyback Size: Rs 385 Crs (Representing 24.98% and 18.38% of the total paid up equity share capital and free reserves) 

Buyback Size: 13,75,000 shares (Representing 2.80% of O/s. shares) 

Retail Quota: 2,06,250 Shares

Last Cum Trading Date – 03 July 2024

Ex-Date – 03 July 2024

Buyback Record Date: 04 July 2024

Tender Period:

Start Date - 09 July 2024

Close Date - 15 July 2024

Obligation Date - 19 July 2024 

Settlement Date - 22 July 2024

Entitlement: Not Yet Announced

Apex Group Ltd. (“Apex”) has announced global investment firm Carlyle’s Global Credit business (“Carlyle”) and Goldman Sachs Private Credit (“Goldman Sachs”), have jointly committed in excess of $1.1bn into the global financial services provider. This commitment endorses Apex’s sustainable growth strategy, following the successful integration of a number of previous acquisitions, continued strong organic growth and technological innovations.

Apex’s assets on platform now stand at ~$3.1tn serviced across custody, administration, depositary and under management by over 13,000 employees worldwide.

Carlyle and Goldman Sachs have committed to Holdco PIK Notes of Apex to continue to support the company’s growth plans that will focus on optimising the current platform, strategy and combined investment in technology innovation.

This builds on the firms’ continued relationship with Apex, following an initial Preferred Equity Note in 2020 and a follow-on issuance in 2021. Upon completion of the transaction Apex will have enhanced its financial profile, both in terms of leverage and liquidity.

•The lab has developed multiple AI-driven projects focused on enhancing customer experience and operational efficiencies. 

•Additionally, the company has introduced BlinkX Insights, a GPT equivalent for financial information, empowering customers to make data-driven, AI-led decisions.

“India’s current account turned to a welcome surplus in Q4 FY2024 after a gap of ten quarters, with the size of the same, at $5.7 billion, exceeding ICRA’s more modest expectations. The turnaround to a surplus in Q4 FY2024 from a deficit in the year-ago period, was primarily driven by a narrowing in the merchandise trade deficit print to a ten-quarter low of $50.9 billion in Q4 FY2024 from $69.9 billion in Q3 FY2024.

Aided by a narrower merchandise trade deficit and a robust expansion in the services trade surplus, India’s current account deficit (CAD) more-than-halved to a seven-year low of $23.2 billion in FY2024 from $67 billion in FY2023. As a proportion of GDP, it eased to a mild 0.7% from 2.0% in FY2023.

ICRA expects the CAD to rise slightly in FY2025, while remaining eminently manageable at ~1.0-1.2% of GDP, owing to a widening in the merchandise trade deficit in this fiscal, on the back of domestic demand and higher commodity prices. In particular, we have assumed an average price of the Indian basket of crude oil of $85/barrel. A CAD of 1.0-1.2% of GDP in FY2025 would be comfortably financed, particularly given the expectations of large FPI-debt inflows on account of the bond index inclusion starting end-June 2024.”

Info Edge moves 3% higher on a positive note from brokerage note

Realty stocks gain on continued healthy demand, Godrej Prop up 3% 

HAL gains 3% as company is likely to come out of F&O ban 

Garden Reach rises 6% as company announces an order win 

CONCOR, NMDC & SAIL slip following rpts related to Quant MF 

Fert stocks fall up to 9% after GST council refers exemption proposal to GoM 

Century Textiles rises 5% after co acquires land with ₹2,500 crore rev potential

* BALRAMPUR 

* CHAMBALFERT 

* GNFC 

* GRANULES 

* INDUSTOWER 

* PEL

* PNB

* SAIL

Carnival Corporation (Pre market) (Sector – Hotels and Restaurants)

TD SYNNEX Corporation (Pre market) (Sector - Technology)

FedEx Corporation (Post market) (Sector - Logistics)

Woodside Energy Group Limited (Tent) (Sector - Energy)

16:30 U.S. FOMC Member Bowman Speaks

19:30 U.S. CB Consumer Confidence (Expected: 100.2 versus Previous: 102.0)

19:30 U.S. Richmond Manufacturing Index (Expected: 2.00 versus Previous: 0.00)

21:30 U.S. FOMC Member Cook Speaks

BSE Sensex-30 (P/E NA) + 131 (77,341) 🔼🫤

BSEmidcap-150 (P/E NA) + 75 (15,743) 🔼🙂

BSE small cap-250 (P/E NA) + 1 (6,884) 🔼😐

Nifty-50 (P/E - 22.38) + 37 (23,538) 🔼🫤

Bank Nifty (P/E - 15.80) + 43 (51,704) 🔼😐

India VIX + 0.88 (14.06) 🔼😕

Fii Cash - 654 Crs 😑

Dii Cash - 820 Crs 😑

New 10 Yrs G’Sec. Benchmark 7.10 GS-2034 (Rs. 100.8875) YTM 6.9741 % 🔼😑

Call 6.71 % (6.70 %) 🔼😑

TREP 6.57 % (6.68 %) ↘️😊

REPO 6.64 % (6.69 %) 🔽🫤

T-Bill(3m) 6.83 % ↔️😶

BrntCrude 85.25 $/brl ₹. 6,745 🔽

Gold Comex 2,326 $/oz ₹/10 gms 71,713 ↘️

Silver Comex 29.90 $/oz 89,155 ₹/kg ↘️

$/₹ 83.46 🔼😐

€/₹ 89.60 🔽🙁

£/₹ 105.72 🔽😑

Baltic Dry Index + 13 (1,997) 🔼

DJIA Future + 98 (39,248) 🔼🫤

US Tech 100 Future - 40 (19,665) 🔽😕

👉Stocks V/S Bonds👈

# Stocks 

When you buy a stock, you are buying part of that company.

# Bonds

When you buy a bond, you are lending money to that company.

Here’s an interesting stock idea: The stock idea that we have for you today is Firstsource Solutions. The stock has risen well breaking above a key resistance on Monday. The outlook is bullish, and the share price can go up in the coming days.

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