Share Market Highlights June 04, 2024: Sensex, Nifty settle 6% lower on election results day; PSU stocks drag; Adani Ports, Adani Enterprises emerge as top losers

Deepak Jasani, Head of Retail Research at HDFC Securities: Nifty tumbled to log its worst session in over four years on June 04 as vote counts from the nation’s marathon elections indicated that the incumbent Bharatiya Janata Party might be reliant on alliance partners to return to power for a third time. At close, Nifty was down 5.93% or 1379.4 points at 21884.5. Cash market volumes on the NSE rose to a record high of Rs.2.71 lakh cr. Broad market indices fell more than the Nifty even as the advance decline ratio touched a low of 0.10:1 – the lowest since March 13, 2024.

Asian shares retreated Tuesday, on signs of weakness in the US economy, even as the data boosted hopes for an interest rate cut, while Indian markets dived as it appeared India’s prime minister would not win as big an election victory as expected. European stocks slipped, led by a fall in energy stocks (due to crude oil price weakness) while investors refrained from placing huge bets before the European Central Bank’s interest rate decision later this week.

Nifty crashed on June 04 as vote count suggested weaker than expected performance by the NDA. Nifty fell with a large bear candle that engulfed the candles of the last 3 weeks, after filling the upgap made on the previous day. While clarity on the final outcome and formation of the new Govt could take some more time, Nifty could vacillate between 21710 to 22417 in the near term.

Manish Jain, Director - Institutional Business (Equity & FI) Division at Mirae Asset Capital Markets:

“Investors like certainty and continuation of policies. India is a long term structural growth story. A lot of elements are in place. Over anything the economics should prevail. We are already in top in factors like GDP, market cap, demographic dividend etc. It will be an endeavour for all the policy makers to take the country to further heights. I don’t think any derailment on these efforts is in anybody’s interest. As a country we have seen many regime changes. Businesses and markets have weathered all of it and good businesses have always rewarded the investors. If valuations get more reasonable from here on because of some factors, more the reason to invest in India.”

Yashovardhan Khemka, Senior Manager, Research & Analytics at Abans Holdings Ltd:

“The Election results are showing a less than halfway mark for the current BJP government, Pointing towards a coalition government. This will lead to dependence on allies in making key policy decision, and sharing certain cabinet seats, which will lead to policy paralysis and uncertainty in the government’s functioning.

The markets, are pricing the risk associated with this scenario, and the potential impact of shift toward socialistic policies by the government, thus leading to sell-off in the market”

Manish Chowdhury, Head of Research, StoxBox, said “Markets have reacted sharply to the initial trends of the NDA leading on around 290 seats which look way behind the exit polls which were projecting around 350-370 seats. With the NDA still looking to form a government, though with the important support of coalition partners, markets look jittery about the prospects of strong decision making. Markets believe that the reformistic approach, which was a hallmark of the previous two terms, might take a backseat in the third term. However, our sense is that it is still early to jump to conclusions and should ideally wait for a clearer picture”.

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.

Colin Shah, MD, Kama Jewelry on ‘Election Results and Its Impact On Gems & Jewellery Sector’:

“While the consumer demand largely remains unaffected due to election results, the industry hopes on continuity on governance as a key take away from the elections and looks forward to a further seamless ease of doing business. Despite the hurdles, Indian gems & jewellery sector has flourished in the last one decade and looks forward to policy reforms that promote a favourable environment for the sector.

From the investors’ perspective, gold has once again proven to be a robust hedge against economic weather fluctuations. As the stock market witnesses a blood bath owing to election results, yellow metal continues to hold fort as it’s barely impacted by domestic factors.”

The BSE Sensex was down by 5.74 per cent, or 4389 points, to 72,097, while the NSE Nifty was at 21,884 down by 5.93 per cent, or 1,379 points, at 3.30 pm.

Adani Ports ended the day’s trade at ₹1,245, lower by 21.40%, and Adani Enterprises at ₹2,950, lower by 19.07%.

The stock market posted its worst session in more than four years on Tuesday, as voting trends on election results day showed Prime Minister Narendra Modi’s alliance falling short of a predicted landslide victory.

BSE Sensex tanked 4389.73 pts or 5.74% to close at 72,079.05, and Nifty 50 ended at 21,884.50, lower by 1,379.40 or 5.93%.

Supreme Industries announced that a fire occurred at the assembly shop of the moulding plant situated at SIPCOT Industrial Park, Sriperumbudur.

Stock is down 5.36% on the NSE, trading at ₹5,269.05

Datamatics Global Services Ltd secured its position in the 2024 Gartner Magic Quadrant for finance and accounting business process outsourcing for the third consecutive year. The company said that among the 18 vendors evaluated, Datamatics was acknowledged as a niche player.

Top gainers on the NSE as of 3.02 pm:

Hindustan Unilever (5.52%), Britannia (2.91%), Nestle India (2.64%), Hero Motocorp (2.60%), Tata Consumer Products (1.04%)

Top losers:

Adani Ports (-21.18%), Adani Enterprises (-19.82%), ONGC (-17.72%), NTPC (-15.9%), SBI (-15.22%)

Stocks advanced on BSE at 3 pm on June 4, 2024, were 413 against 3,401 stocks that declined; 90 stocks remain unchanged. The total stocks traded were 3,904. The number of stocks that recorded a 52-week high was 132, and those that hit a 52-week low was 290. 

In addition, 111 stocks traded in lower circuit, while 684 hit the upper circuit.

Fischer Medical Ventures Ltd (formerly known as Fischer Chemic Limited) through its Wholly Owned Subsidiary, Time Medical International Ventures (India) Private Limited entered into a partnership with The Therapy Platform to revolutionise mental healthcare with advanced technology and inventive solutions.

BSE Sensex fell 4,165.91 pts or 5.45% to 72,302.87 and NSE Nifty was down 1,303.85 pts or 5.60% to 21,960.05.

Punjab National Bank board has approved initiating the process of diluting 10.00% stake of the Bank in M/s Canara HSBC Life Insurance Company Ltd, an associate company of the Bank, by listing the Company in Stock Exchanges (BSE/NSE) through an Initial Public Offer (IPO). 

Stock trades lower by 13.28% on the NSE at ₹118.80.

Vakrangee Limited shareholding in Vortex Engineering Private Limited has increased from 27.3% to 75.8% following the acquisition. 

Vakrangee stock declines 9.13% on the NSE, trading at ₹20.90

Easy Trip Planners Ltd announced that EaseMyTrip commenced its 16th anniversary sale, offering discounts on various travel services from June 4 to June 11, 2024. This sale includes deals on domestic and international flights, hotels, buses, cabs, trains, and holiday packages. Read more

Adani Ports and Special Economic Zone Ltd said the arbitral tribunal has passed its award in the arbitration proceedings between Ennore Port and Kamarajar Port Ltd. The majority of the arbitral tribunal has allowed all the monetary claims raised by Ennore Port in the arbitration proceedings. Ennore Port will decide on the next steps in due course. 

Adani Ports stock trades at ₹1,374.95 on the NSE, lower by 13.19%. Read about Adani Group stock price movements live here

As the election results have not aligned with the expectations set by the exit polls, it is evident that the Bharatiya Janata Party (BJP) will not be able to form the government without the support of coalition partners. We anticipate an increase in market volatility in the near term. Due to the dependency on coalition partners, the upcoming National Democratic Alliance (NDA) government may shift its focus towards a welfare-oriented approach rather than concentrating on reforms during the July Interim Budget. However, our long-term view remains bullish on India’s story. The expected continuation of existing policies and the strong fundamentals of the Indian economy support the sustainability of long-term growth and valuations for Indian corporations. It is anticipated that if the incumbent party forms the government with narrow margins, it could potentially impact the pace and implementation of policies, leading to a healthy correction in the markets in the near term.

Get the latest updates on our election results page

Adani Enterprises (-25%) (lower circuit)

Adani Ports & SEZ (-24.44%)

Adani Green Energy (-20) (lower circuit)

ATGL (-18.89)

Ambuja Cements (-21.88)

ACC (18.97%)

Adani Power (-17.62)

NDTV (-16.86)

Adani Wilmar (-9.99) (lower circuit)

Read about Adani Group stock price movements live ​here​

Shares of public sector enterprises and state-owned banks tumbled up to 15 per cent on Tuesday as benchmark equity indices plunged after the initial trend showed the BJP winning a lesser number of seats than predicted in the exit polls. Read more

Adani Energy Solutions, Astra Microwave, Container Corp, Dynamatic Technologies, Gujarat Mineral Development Corp, Hemisphere Properties, Jain Irrigation Systems, Hindustan Aeronautics, Ambuja Cements, Mazagon Dock Shipbuilders, Adani Enterprises are at their 20% lower circuit

TD Power Systems said its plant operations could be partially affected on or after June 20, 2024, due to a strike notice issued by the workers’ union.

TD Power Systems shares slumps 14.90% on the NSE, trading at ₹290.65.

Top gainers: Hindustan Unilever (4.72%), Britannia (1.25%), Cipla (0.80%), Nestle India (0.78%), Sun Pharma (0.52%)

Top losers: Adani Enterprises (-19.19%), Adani Ports (-19.18%), Coal India (-15%), ONGC (-14.99%), NTPC (-14.09%)

Of a total of 3,757 stocks traded on BSE at 12 noon on June 4, 2024, 387 advanced against 3,267 stocks that declined; 103 stocks remained unchanged. 105 stocks recorded a 52-week high, and 166 hit a 52-week low. 

In addition, 92 stocks traded in lower circuit, while 544 hit the upper circuit.

On Lok Sabha election results day, the BSE Sensex and NSE Nifty 50 have experienced extended losses after a flat opening, driven by early trends indicating a thinner-than-expected lead for the BJP. BSE Sensex was down by 4.58 per cent or 3501 points at 72,967, while the NSE Nifty was at 22,263 down by 4.3 per cent or 1061.25 points. GIFT Nifty was trading at 1,359.50 points, or 5.78 per cent, at 22,154 at 11.30 am. Read more

Philogen S.p.A. and Sun Pharmaceutical Industries Ltd have submitted a marketing authorisation application (MAA) to the European Medicines Agency (EMA) for the approval of Nidlegy, an investigational treatment for neoadjuvant (i.e., prior to surgery) locally advanced fully resectable melanoma. 

Sun Pharmaceutical stock is up 1% on the NSE, trading at ₹1,467.55

H.G. Solar Projects Private Ltd, a wholly-owned subsidiary of H.G. Infra Engineering Ltd, has incorporated a wholly-owned subsidiary, H.G. Renewable Energies Private Ltd. 

HG Infra stock tumbles 10.99% on the NSE, trading at ₹1,370.

Get real-time Lok Sabha election updates on Businessline election results page

Shelter Pharma Ltd has secured an order from Genet International for the product of Lactocal Gel 5 Ltr x 2000 pcs and 10 Ltr x 500 pcs, Utron Plus 500 ml x 2000 pcs, Pee Bloat 100 ml x 2000 pcs, Livodin Powder 25 Kg x 100pcs, Total Order worth ₹8.68 lakh ($10,450) approximately. 

The Shelter Pharma stock is down by 0.90% on the BSE, trading at ₹48.50

Top gainers: Dabur (3.36%), DMart (3.27%), Hindustan Unilever (2.42%), Campus Activewear (2.41%), Go Colors (2.17%)

Top losers: PFC (-14.99%), REC (-14.80%), Adani Ports (-13.79%), Ambuja Cements (-13.36%), Adani Energy Solutions (-13.15%) 

RBI will conduct a three-day variable rate reverse repo auction aggregating ₹50,000 crore today between 11 AM and 11.30 AM to absorb surplus liquidity from the banking system. “On a review of the current and evolving liquidity conditions, it has been decided to conduct a Variable Rate Reverse Repo auction on June 04, 2024,” the central bank said.

The Rupee has weakened 21 paise so far vis-a-vis its previous close and is currently trading at 83.3550 per dollar in the backdrop of the fall in benchmark equity indices due to the likelihood of a reduced victory margin for NDA in the 2024 general elections

Edelweiss Financial Services’ subsidiaries ECL Finance Limited, Edelweiss Rural & Corporate Services Limited, and Edelweiss Retail Finance Limited, have multiple assessment order and demand notice under the Income Tax Act, 1961

Edelweiss Financial Services stock declines 5.16% on the NSE, trading at ₹69.90

”The steep fall is due to the results so far falling short of the exit polls which the market had discounted yesterday. If BJP doesn’t get a majority on its own there will be disappointment and this is getting reflected in the market. Also it is possible that Modi 3.0 may not be as reform-oriented as the market expected and may turn more welfare- oriented. This is getting reflected in the strength in FMCG stocks.”

Airtel is offering a three-month subscription to Disney + Hotstar, the official streaming partner of the World’s Biggest T20 Cricket Tournament in India, across its pre-paid, post-paid, International roaming, home broadband and Airtel Digital TV users.

Adani Enterprises (-6.60%)

Adani Ports & SEZ (-6.18%)

ATGL (-6.78)

Ambuja Cements (-6.96)

NDTV (-6.30)

Adani Green Energy (-5.40)

Adani Wilmar (-4.07)

Adani Power (-3.33)

Find the latest election vote counting trends ​here ​

Get real-time Lok Sabha election updates on businessline’s election results page.

With TDP-led NDA alliance in AP leading in 111 out of 175 assembly seats, shares of Chandrababu Naidu family-promoted Heritage Foods surges on BSE. Shares gain 8.24 p.c., trading at ₹461.50. It had earlier hit a 52-week high of ₹455.90

Reliance Industries Ltd (RIL) had entered into an MoU with the Maharashtra Government in February 2018 to develop a Global Economic Hub. Further to this, RIL’s wholly-owned subsidiaries have completed the registration of sub-lease deeds for about 3,750 acres of land along with the associated development rights for a period of 43 years for an aggregate consideration of ₹13,400 crore from Navi Mumbai IIA Private Limited, in which CIDCO holds 26%. The sub-leased land has to be used for development of an integrated industrial area in terms of Maharashtra Industrial Policy, 2013. 

Reliance Industries stock declines 2.74% on the NSE, trading at ₹2,937.95

Delton Cables has received an order of ₹177.83 crore from EPC Companies under Revamped Distribution Sector Scheme (RDSS Scheme) for supply of power cables.

Stock falls 4.99% on the BSE, trading at ₹386.55

The stock market opened on a negative note on Tuesday amid the ongoing trends from the Lok Sabha election. This downturn comes after the market hit an all-time high on Monday, with significant advances and no losers. At the opening bell, the Sensex plunged by 1,135.48 points to 75,333.30, while the Nifty dropped by 408.35 points to open at 22,855.55. 

At 9:52 am, Sensex was at 74,676.72, down 1792.06 points or 2.34 per cent lower. Nifty was at 22,728.00, down 535.90 points or -2.3 per cent lower Read more

Get real-time Lok Sabha election updates on businessline’s election results page.

Yield of the 10-year benchmark Government Security breached the 7 per cent mark as the NDA’s victory margin in 2024 polls appeared to thin as per early counting trends.

The paper is currently trading at a yield of 7.03 per cent against the previous close of 6.94 per cent. The price of this paper is down about 63 paise so far as against the previous close. It is currently trading at Rs 100.46.

RIL’s wholly-owned subsidiaries have completed the registration of sub-lease

deeds for about 3,750 acres of land along with the associated development rights for a period

of 43 years for an aggregate consideration of Rs. 13,400 crore from Navi Mumbai IIA Private

Limited, in which CIDCO holds 26%. The sub-leased land has to be used for development of

an integrated industrial area in terms of Maharashtra Industrial Policy. This follows a MoU between RIL and Maharashtra government in February 2018 to develop a Global Economic Hub consisting of world-class integrated digital and services industrial area with global partnerships.

Crude oil futures traded lower on Tuesday morning as the market felt that the global supply of the crude oil could increase by the end of the year. At 9.12 am on Tuesday, August Brent oil futures were at $77.89, down by 0.60 per cent, and July crude oil futures on WTI (West Texas Intermediate) were at $73.71, down by 0.69 per cent. June crude oil futures were trading at ₹6156 on Multi Commodity Exchange (MCX) during the initial hour of trading on Tuesday morning against the previous close of ₹6181, down by 0.40 per cent, and July futures were trading at ₹6179 against the previous close of ₹6192, down by 0.21 per cent.

Get real-time Lok Sabha election updates on businessline’s election results page.

Contrary to expectations, benchmark indices Sensex and Nifty opened negative on Tuesday. Sensex was at 75,346.45, down -1122.33 or 1.47 per cent lower.Nifty was at 22,935.25, down 328.65 points (-1.41%)

“With the 733 point rally in the Nifty yesterday the market has already discounted a clear win for the NDA and majority on its own for BJP. Only a dramatic change from this expected outcome will cause a major change in the market.

Investors need not rush in to buy today even if the results confirm the exit polls. Remain invested in largecaps and do some profit booking in smallcaps.

A significant trend yesterday was the largecaps outperforming smallcaps. This is primarily the consequence of FIIs turning buyers. If the FIIs continue to buy, this largecap outperformance will continue. RIL, L&T, HDFC, ICICI and M&M are on strong wickets.”

Sanofi India Limited (Demerged Company)

Sanofi Consumer Healthcare Limited (Resulting Company)

Symbol: SANOFI 

Stock Price: 8767.15/-

Last cum date: 12th June 2024

Record date: 13th June 2024\u0009

Ratio : 1:1 (for every 1 share held in Sanofi India, the shareholders will receive 1 share in Sanofi Consumer Healthcare)

Route – Tender

Buyback Price: 1,800

Current Market Price: 1600.30/-

Market Cap: Rs 4,758 crores\u0009\u0009\u0009

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

Last Cum Trading Date – 04 June 2024 (Today)

Ex-Date – 05 June 2024

Buyback Record Date: 05 June 2024

Buyback Schedule: Not Yet Announced

Global Developments

US May ISM manufacturing came in at 48.7 against expectations of 49.6. The print was in contraction territory, lower than previous print and below expectations. 

US April JOLTS data is due today. 

Price action across assets

US 2y treasury yield is down 5bps and 10y is down 9bps after the ISM manufacturing data. 

Dollar has weakened across majors

Cross Currencies

EUR: Euro has risen about 60 pips to 1.0912. ECB monetary policy is due on Thursday

GBP: Sterling has breached the 1.28 mark. It is up about 60 pips from yesterday’s levels at 1.2810

AUD: Aussie is up about 25 pips at 0.6685. It has not gained as much as risk sentiment has deteriorated a bit. 

JPY: Yen has strengthened about 70 pips to 156.36 on lower US treasury yields. 

Brent has come off to USD 78.1 per barrel as lower than expected ISM Mfg has dampened growth outlook. Gold has risen to USD 2350 per ounce. 

Domestic Developments

Today is the counting day. Most exit polls are indicating a convincing majority for NDA. The new anchor for the number of seats NDA would get is 350 we believe. If there is any major departure in either direction from that number, we may see the domestic asset classes react. One also needs to be prepared for intraday volatility as initial results may not be representative of the final results depending on which seats’ trends are revealed first 

Equities

Nifty rallied 3.25% on exit polls to end at 23263, a new all time high. VIX collapsed to 21 from around 24 levels. Infra, Realty and energy stocks outperformed. Among thematics, PSU stocks and Adani group stocks outperformed. GIFT is indicating a gain of 1% for Nifty at open

Bonds and Rates

Yield on the benchmark 10y dropped 4bps to 6.94% as the market expects fiscal consolidation to continue if the NDA gets a third term. We may a further rally in domestic bonds on lower crude prices and lower US treasury yields, if election results do not throw any surprises. 

USD/INR

Rupee strengthened 32p to 83.15. It has momentarily breached the 83 mark to trade at 82.95 but gave up gains to subsequently. 

FPI and FDI flows which are on the sidelines, waiting for election uncertainty to get out of the way will gradually start pouring in. These would be beside the bond index inclusion related flows. RBI would mostly absorb the inflows and put a firm floor under the USD/INR pair to ensure competitiveness with peer basket, especially Yuan. If the Dollar weakens overall, we may see the RBI become a bit tolerant of Rupee appreciation. 

Rupee is likely to open around 83.10 and trade a 82.80-83.20 range with appreciation bias. 

3m ATMF implied vols had ended 24bps lower at 2.66%. 1y forward yield ended 3bps lower at 1.63%

~India Forex & Asset Management Pvt. Ltd.

“The Nifty surged yesterday, fuelled by strong exit poll results predicting a decisive victory for the BJP-led NDA and positive economic indicators like an 8.2% GDP growth in FY24, an ‘above normal’ monsoon forecast, a 10% rise in GST collections, and falling oil prices. Today, with Lok Sabha election results pending, markets are keenly watching for a potential historic third term for PM Narendra Modi and whether the NDA will exceed 400 seats. A favourable outcome could drive Nifty towards the 24000 mark, while the 22500 level remains crucial support. Key stocks to watch include HDFC AMC, SUZLON, and DLF, with SUZLON recommended for long-term accumulation.”

Sectors: The public sector enterprises, financials, infrastructure, railway, and defense will be in focus with the Lok Sabha election results to be announced on Tuesday. 

ICICI Bank, Adani Group: The bank and Adani One launched co-branded credit cards with airport-linked benefits. The credit cards are to be rolled out in collaboration with Visa. 

Adani Power: The company plans to amalgamate its subsidiary, Mahan Energen, with Stratatech Mineral Resources to enhance fuel security and competitiveness in the power market.

Mahindra and Mahindra: The company reported overall disbursements at Rs 4,430 crore in the month of May, up 7% YoY and business assets at Rs 1.05 lakh crore, up 23% YoY, and collection efficiency stood at 96%. 

RVNL: The company received an EPC order worth Rs 440 crore from South Central Railway.

Moil: The company reported manganese ore sales up 41% YoY at 2.15 lakh tonnes. 

Zee Entertainment Enterprises: The company board meeting is scheduled for June 6 to consider raising funds by way of the issuance of equity shares. 

Biocon: The company received a USFDA nod for the antifungal medication Micafungin. Micafungin is used as an antifungal medication to treat fungal or yeast infections. 

Wipro: The company appointed Bruno Schenk as Country Head and Managing Director for Switzerland. 

Dr. Reddy’s Laboratories: The company’s arm, Aurigene Pharmaceutical, opens a biologics facility in Hyderabad. 

Century Textiles: The company arm incorporated a wholly owned subsidiary, Vibhavya Properties for real estate projects. 

Techno Electric: The company has acquired NERES XVI Power Transmission from REC Power Development and Consultancy for Rs 7.15 crore. 

Cupid: The company announced the commencement of its Rapid In Vitro Diagnostic (IVD) kits distribution network. The company is targeting a nationwide presence by the end of the fiscal year. 

Kalyan Jewellers: The company acquired a 15% stake in Enovate Lifestyles for Rs 42 crore. 

Seamec: The company has informed us that the deployment of the vessel “SEAMEC SWORDFISH” with Zamil Offshore Services, Saudi Arabia, is extended for a further period of 30 days from May 25. 

Sapphire Foods: The board meeting is scheduled for June 19 to consider and approve the stock split of equity shares of the company.

IPO Offering

Kronox Lab Sciences: The public issue was subscribed to 11.07 times on day 1. The bids were led institutional investors (1.11 times), non-institutional investors (19.94 times), and retail investors (12.95 times). 

Block Deal

Tinna Rubber and Infrastructure: PGA Securities bought 0.9 lakh shares (0.52%), while Bhupinder Sekhri & Sons HUF sold 0.9 lakh shares (0.52%) at Rs 1,270 apiece. 

Bulk Deals

Bajaj Electricals: HDFC Mutual Fund bought 7.3 lakh shares (0.63%) at Rs 930 apiece, while Norges Bank on Account of The Government Pension Fund Global sold 7.35 lakh shares (0.63%) at Rs 929.97 apiece. 

Fiem Industries: Aanchal Jain sold 5 lakh shares (3.79%) at Rs 1170.3 apiece, Rahul Jain sold 5 lakh shares (3.79%) at Rs 1170.61 apiece, and Setu Securities Pvt Ltd bought 2.25 lakh shares (1.71%) at Rs 1174.58 apiece.

Insider Trades

Som Distilleries & Breweries: Promoter Jagdish Kumar Arora bought 20,000 shares on June 3. 

Ajanta Pharma: Promoter Aayush M Agrawal, Trustee Aayush Agrawal Trust created a pledge of 37.87 lakh shares between May 29 and 31. 

Trading Tweaks

Price Band Change from 20% to 10%: Cochin Shipyard, Techno Electric and Engineering company. 

Ex/record dividend: ITC.

F&O BAN

1. ZEEL

Reliance Energy Ltd (REL), a wholly-owned subsidiary (WOS) of Reliance Infrastructure Ltd, has incorporated a WOS Reliance Unlimit Pvt Ltd (RUPL).

The main objective of RUPL is to provide advance IT technology and infrastructure facilities to enhance business activities, automation, system integration, analytics, among others, RInfra said in an exchange filing.

RUPL received the certificate of incorporation from the Ministry of Corporate Affairs on June 3, 2024, per the filing. 

ADAG (Anil Dhirubhai Ambani Group) is the promoter of RInfra. The group has 16.50 per cent stake in the company.

The authorized and paid-up share capital of RUPL is Rs 1 lakh, comprising 10,000 equity shares of Rs 10 per equity share.

Shares in the domestic market are likely to open higher on Tuesday as counting of votes in the recently concluded elections begins, led by banks and infrastructure stocks, which analysts said would benefit if Prime Minister Narendra Modi returns to power. Read more

Citi on M&M: Maintain Buy on Company, raise target price at Rs 3010/Sh (Positive) 

Jefferies on CMS Info: Maintain Buy on Company, raise target price at Rs 600/Sh (Positive) 

JM on Bharti Airtel: Maintain Buy on Company, target price at Rs 1480/Sh (Positive) 

JM on Bharti Hexacom: Maintain Buy on Company, target price at Rs 1075/Sh (Positive) 

Jefferies on HEG: Maintain Buy on Company, raise target price at Rs 2800/Sh (Positive) 

Jefferies on Graphite: Maintain Buy on Company, raise target price at Rs 680/Sh (Positive) 

ICICI on Balkrishna Ind: Maintain Buy on Company, raise target price at Rs 3200/Sh (Positive) 

Jefferies on Industrials: Potential Govt continuity adds wings to the strong sector outlook’, positive on L&T, HAL, Siemens, ABB, Thermax, Data Patterns and KEI (Positive) 

CLSA on Elections: Top Picks HAL, Adani Ent, ONGC, NALCO and Bharat Forge (Positive) 

MOSL on Elections: Top Picks SBI, ICICI Bank, Larsen, Coal India, M&M, Adani Ports, HPCL and Hindalco (Positive) 

Nomura on Elections: Top Picks SBI, ICICI Bank, Infoedge, Reliance and Uno Minda (Positive) 

Investec on Elections: Top Picks Cipla, Kotak Bank, Bector Food, Exide and Bajaj Auto (Positive) 

IIFL on Elections: Infrastructure, Cement, Private Banks, NBFC’s Select Industrial top sectors (Positive) 

Investec on Insurance: Surrender value regulation: Long-term positive. ICICI Pru has lowest impact (Positive) 

MS on Voltas: ‘May 2024 AC volumes +100% YoY : Reports’ (Positive) 

Axis Cap on Aviation Stocks: ‘ATF price, w.e.f. 01 Jun’24, corrected 6.5% over May’24 (Positive) 

JM on Vodafone Idea: Maintain Sell on Company, target price at Rs 8/Sh (Neutral) 

Emkay on InfoEdge: Naukri’s JobSpeak Index declined 1.8% YoY, but grew 5.9% MoM in May-24’ (Neutral) 

MS on Reliance Ind: Maintain Overweight on Company, target price at Rs 3046/Sh (Neutral) 

MS on Adani Ports: Maintain Overweight on Company, target price at Rs 1517/Sh (Neutral)

Wipro has appointed Bruno Schenk as Country Head and Managing Director for Switzerland with immediate effect. He will report to Wipro’s Europe CEO Pierre Bruno. Schenk takes over from René Mulder. Read more

Route – Tender 

Buyback Price: 2,770

Current Market Price: 2319.45 /-

Market Cap: Rs 29,205 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 

Close Date - 11 June 2024 

Obligation Date - 18 June 2024 

Settlement Date - 19 June 2024

Provisional Cash Rs. In Crs.

FII/FPI: NET BUY: +6850.76 

(23451.26 - 16600.5) 

DII: NET BUY: +1913.98 

(22651.16 - 20737.18)

Closing Bell:

* Sensex: 76468.78(+2,507.47)

* Nifty 50: 23263.90 (+733.20)

* Nifty bank: 50979.95 (+1,996.00)

Nifty top 5 Gainers: 

* Adani Ports: 1,583.95 (+146.55)

* SBI: 905.65 (+75.30)

* Power Grid Corp: 337.65 (+27.65)

* NTPC: 391.80 (+32.80)

* Shriram Finance: 2,509.15 (+155.10)

Nifty top 5 losers:

* DRL: 5,783.30 (-8.55)

* LTIMindtree: 4,649.40 (-52.50)

* Divis Labs: 4,321.90 (-14.70)

* HCL Tech: 1,314.45 (-9.65)

* Eicher Motors: 4,670.85 (-62.60)

Ferguson plc (Pre market) (Sector- Infrastructure) 

Core & Main, Inc. (Pre market) (Sector- Miscellaneous)

Bath & Body Works, Inc. (Pre market) (Sector- FMCG)

Donaldson Company, Inc. (Pre market) (Sector- Miscellaneous)

Crowd Strike Holdings, Inc. (Post market) (Sector- Technology) 

Hewlett Packard Enterprise Company (Post market) (Sector- Technology)

Guidewire Software, Inc. (Post market) (Sector- Technology)

PVH Corp. (Post market) (Sector- Textiles)

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

India General Election’s Outcome

19:30 U.S. JOLTS Job Openings (Expected: 8.40M versus Previous: 8.49M) 

19:30 U.S. Factory Orders (Expected: 0.7% versus Previous: 0.8%)

The stock of Havells India began its latest leg of rally towards the end of January, after finding support at ₹1,280. But after reaching ₹1,900, the uptrend lost steam, leading to a sideways movement. But on Monday, the stock opened with a gap-up and hit a record high of ₹1,986.55 before giving up the gains and ending the day lower by nearly 1.6 per cent. Read more

Foreign brokerage Goldman Sachs has upped India GDP growth forecast by 20 basis points to 6.9 per cent this calendar year from an earlier projection of 6.7 per cent. Read more

A faster-than-anticipated pace of fiscal consolidation could pave the way for a sooner-rather-than-later sovereign rating upgrade for India, according toKaushik Das, Chief Economist - India and South Asia, Deutsche Bank. Read more

Singapore-headquartered DBS Bank expects India’s economic growth to stay in the 7 percent handle in the April-June 2024 quarter. Thus, foreign bank also retained its India GDP growth forecast for current fiscal at 7 per cent. Read more